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i <br />86-- 105915 <br />covenant, warrant and defend said premises against the lawful' <br />claims; of all _ <br />persons whomsoever; <br />t <br />WHEREAS, the Mortgagor, has executed and delivered to thex:, <br />Mortgagee, certain Promissory Note, in the principal sum of <br />,a <br />$438,750.00 of even date herewith, maturing as therein provided, <br />and bearing interest at the rate which is payable in the manner <br />4 <br />therein specified. <br />The Mortgagor hereby expressly covenants and agrees: <br />1. neither to commit nor permit waste on the premises. <br />2. To pay all legal taxes, assessments and water rates <br />levied or to be levied on said premises. <br />3. To procure and deliver to said Mortgagee a paid up <br />certificate of insurance naming the Mortgagee as an additional <br />insured, and renewals thereon on the buildings and improvements <br />on said premises during the existence of this mortgage, in such <br />company or companies as the Mortgagor may select in the sum of <br />Four Hundred Thirty -Eight Thousand Seven Hundred Fifty and 00/100 <br />Dollars ($438,750.00). <br />4. In case of failure to pay the said taxes and assessments <br />or to procure said insurance the Mortgagee, its successors or <br />assigns, may, for the benefit of the holder of said note, pay <br />such taxes and procure such insurance, and the sums so paid, with <br />interest at the rate specified in the Promissory Note referred to <br />herein, shall be repaid by the mortgagor, and the amount so paid <br />shall be secured by this mortgage; and in case of loss and <br />payment by any insurance company, the amount of the insurance <br />2 <br />J <br />