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I
<br />83--~~GU2'7!~
<br />have in such real estate by reason of this Mortgage, but only to the extent
<br />that any such payment when added to the interest payable hereunder and
<br />under said Promissory Note shall not exceed the maximum legal rate then or
<br />thereafter permitted by law upon the principal sum hereby secured, hereby
<br />waiving and releasing alt rights of offsets or deductions against the
<br />indebtedness secured hereby because of the payment of any such taxes,
<br />assessments or charges aforesaid; to deliver to Mortgagee at least ten (10)
<br />days before delinquency receipted bills evidencing payment therefor; to pay
<br />in full, under protest and in the manner provided by statute, any tax,
<br />assessment, rate, rental, charge, fine or imposition aforesaid which Mortgagor
<br />may desire to contest; that the interest of the Mortgagor and- also of the
<br />Mortgagee in such real estate shall be assessed for taxation and taxed together;
<br />and in the event of the passage after the date of this Mortgage, of any law
<br />of the State deducting from the value of the land for the purposes of taxation
<br />of any lien thereon, or changing in any way the laws for the taxation of real
<br />estate for state or loco! purposes, nr the manner of the collection of any such
<br />taxes so as to impose a tax upon or otherwise to affect this Mortgage, or upon
<br />the rendition of any court of competent jurisdiction of a decision that any
<br />undertaking by Mortgagor as in this paragraph provided is legally inoperative,
<br />then in any such event, the indebtedness secured hereby, at the option of
<br />the Mortgagee and upon thirty (30) days prior written notice, shall become
<br />immediately due, payable and collectible; provided, however, said option and
<br />right shall be unavailing and the NoXe and this Mortgage shall remain in effect
<br />in any event if. Mortgagor lawfully may pay all taxes, assessments and charges,
<br />including interest and penalties thereon to ar far the Mortgagee and does, in
<br />fact, pay same when so payable. Any assessment which has been made payable
<br />in. installments at the application of the Mortgagor or any lessee of the premises
<br />shall, nevertheless, for the purpose of this paragraph, be deemed due and
<br />payable in its entirety on the day the first installment becomes due and payable
<br />or a lien.
<br />4. To keep the improvements now existing or hereafter erec3ed on
<br />the premises described by this Mortgage insured as may be required from
<br />time to time by the Mortgagee against loss or damage by, or abatement of
<br />rental income resulting from, fire, maiitious mischief, sprinkler leakage,
<br />bailer risk and such other hazards, casualties and contingencies (including,
<br />but not limited to war risk insurance, if available) in such amounts and for
<br />such period as reasonably may be required by the Mortgagee and will pay
<br />promptly when due any premiums on such insurance. All such 'insurance
<br />shalt be carried in companies approved by the Mortgagee and the policies and
<br />renewals thereof shad be deposited with and held by the Mortgagee and have
<br />attached thereto standard noncontributing mortgagee clause (in favor of and
<br />entitling Mortgagee to collect any and all proceeds payable under al! such
<br />insurance), as well as standard waiver of subrogation endorsement, all to be
<br />in form acceptable to Mortgagee. Mortgagor shall not carry separate insurance,
<br />conzurrent in kind ar form or contributing, in the event of loss, with any
<br />insurance required hereunder. !n the event of a change in ownership or of
<br />occupancy of the said premises, immediate notice thereof by mail shall be
<br />delivered to all insurers and, in the event of loss, Mortgagor wi#I give
<br />iisa,ricdiat°c ivtic°c w the S".:"'tga^yee. Th° Mart^ya^ya hei'@b Y ai~th^rS<c.`~ ti ie
<br />Mortgagee, at its option, to collect, adjust and carnpromise any losses under
<br />any of the insurance aforesaid and after deducting casts of collection to apply
<br />titre proceeds, at its option, as follows: {a) As a credit upon any portion, as
<br />se#e{:ted by Mortgagee, of the indebtedness secured hereby, or (b} To
<br />restoring the improvements, in which event the Mortgagee shall not be ob~i-
<br />gated to sae to the proper application thereof nor shalt the amount so
<br />released or used be defined a payment on any indebtedness secured hereby,
<br />or (c) Ta deliver same to the owner of said property. Provided, however,
<br />that in the event any insurance proceeds are applied as a credit upon the
<br />indebtedness secured hereby pursuant to this paragraph, such application will
<br />be without prepayment penalty or premium, and provided further, in the
<br />event suds insurance proceeds shall be less than 350,000.00, Mortgagee shalt
<br />make such proceeds available to Mortgagor for restoration of the premises if
<br />same can ba restored to an ecano,~nic unit eat Less valuable than it was
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