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83- 005334 r 2. TAXES. Mortgagor shall pay each installment of all taxes and special assessments of every kind, now or hereafter levied and as- sessed against the Property or any part thereof before the same become delinquent, without notice or demand and shall provide Mortgagee with evidence of the payment of same. Mortgagor shall pay all taxes and assessments which may be levied upon Mortgagee's interest herein or upon the Mortgage or the debt secured hereby without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the Mortgagee. 3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and ex- tended coverage insurance insuring the improvements and buildings con- stituting part of the Property for an amount equal to the actual cash value of such improvements, exclusive of foundations, but in no event for an amount less than the amount of the unpaid principal balance of the Note. Such insurance policies shall contain a standard mortgage clause in favor of Mortgagee and shall not be cancellable, terminable or modifiable without ten (10) days written notice to Mortgagee. Mortgagor shall promptly repair, maintain and replace the Property or any part thereof so that, except for ordinary wear and tear, the Property shall not deteriorate. In no event shall the Mortgagor commit waste on or to the Property. 4. OPTIONAL ADV.l,NCES. If the insurance required above is not promptly effected, or if the taxes or special assessments levied and assessed against the Property shall become delinquent, Mortgagee (whether electing to declare the whole mortgage due and collectible or not), may, but need not, effect such insurance, effect such repairs, pay such taxes and special assessments, and all such payments with in- terest thereon at the highest legal rate applicable to a natural person, or, if the Mortgagor is a corporation, or partnership or other entity at the default rate provided in the Note, from time of payment shall be a lien against the Property. 5. ACCELERATION AND RECEIVERSHIP. If default shall be made in the payme~t of the Note, or any part of the interest thereon, or any other advance or obligation which may be secured hereby, such as taxes, special assessments, insurance and repairs, or if Mortgagors shall suffer or commit waste on or to the Property, or if there be any change in the ownership of the property by sale, either outright or by land contract, or by assignment of any interest therein or otherwise, or if there shall be a failure to comply with any and every condition of this Mortgage, then, at the option of the Mortgagee, the Note and the whole of the indebtedness secured by this Mortgage, including all payments for taxes, assessments, repairs, or insurance premiums, shall become due and shall become collectible at once by foreclosure or otherwise after such default or failure, and without notice of such default. At any time after the commencement of an action of foreclosure, or during a period of redemption, the Mortgagee shall have the right to have a receiver appointed to take immediate possession of the Property and of the rents and profits accruing therefrom, and to rent or cultivate the same as the Receiver may deem best for the interest of all parties concerned. Page 2 of 3 L