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<br />83- i30U2 ~"~
<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 Prorpissory 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 all 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 or 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 SUte 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 far state or local purposes, or the manner of the collection of any such
<br />Uxes so as to impose a tax upon ar 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; ~~ro,,Yvid ,however, said option and
<br />right shall be unavailing and the Noxe/~n~`~i$"tt~kSrtgage 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 or for the Mortgagee and does, in
<br />fact, pay same when so payable. Any assessment which has beR_n made payable
<br />in insUllmants at the application of the Mortgagor or any lessee of the premises
<br />shalt, navartheless, for the purpose of this paragraph, be deemed due and
<br />payable in its entirety on the day the first irstailment becomes due and payable
<br />or a lien.
<br />4. To keep the improvements now existing or hereafter erected 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, malicious mischief, sprinkler leakage,
<br />boiler 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 />shall be carried in companies approved by the Mortgagee and the policies and
<br />renewals thereof shall be deposited with and held by the Mortgagee and have
<br />atUched thereto sUndard noncontributing mortgagee clause (in favor of and
<br />entitling Mortgagee to collect any and ail proceeds payable under all such
<br />insurance}, as well as standard waiver of subrogation endorsement, all to be
<br />In farm acceptable to Mortgagee. Mortgagor shall not carry separate insurance,
<br />concurrent in kind or farm or contributing, in the event of lass, with any
<br />insurance required hereunder. In the event of a change in ownership or of
<br />occupancy of the said premises, immediate notice thereof by mail shall be
<br />deliver~l to ail insurers and, in the event of toss, Mortgagor will give
<br />immediate notice to the Mortgagee. The Mortgagor hereby authorizes the
<br />Mortgagee, at its option, to collect, adjust and compromise any IOSSes under
<br />any of the insurance aforesaid and after deducting costs of collection to apply
<br />the proceeds, at its option, as follows: (a) As a credit upon any portion, as
<br />selected by Mortgagee, of the indebtedness secured hereby, or (b) To
<br />re~LOring the improvements, in which event the Mortgages shall not be obii-
<br />gatad to sea to the proper application thereof oar shall the amount so
<br />released or used be deemed a payment on any indebtedness secured hereby,
<br />or (c} To deliver same to the owner of said property. Provided, however,
<br />that in the event any insurance proceeds are applied as a credit upon [he
<br />indebtedness secured hereby pursuant [o this paragraph, such application sviil
<br />ba without prepayment penalty or premium, and provided further, in the
<br />event such insurance proceeds shall be less [hen 350,000.00, Mortgagee snail
<br />make such proceeds available to Mortgagor for restoration of the premises :t
<br />lima ran be restored to an economic unit not tees va+uabie than t was
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