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<br />r <br /> <br />83~. 005600 <br /> <br /> <br />the lien created hereby is a first and prior lien on the Property. <br /> <br />3. Taxes, Assessments. To pay when due all taxes, specia.l <br />assessments and all other charges against the Property and, upon <br />written demand by Mortgagee, to add to the payments required <br />under the Note secured hereby, such amount as may be sufficient <br />to enable the Mortgagee to pay such taxes, assessments or other <br />charges as they become due. <br /> <br />4. Insurance. To keep the improvements now or hereafter <br />located on the real estate described herein insured against <br />dama<je by fire and such other hazards as Mortgagee may require" <br />in amounts and companies acceptable to the Mortgagee, and with <br />loss payable to the Mortqaqee. In case of loss under such <br />policies the Mortgagee i5- authorized to adjust, collect and <br />compromise, in its discretion, all claims thereunder and at its <br />sole option, is authorized to either apply the proceeds to the <br />restoration of the Property or upon the indebtedness secured <br />hereby, but payments hereunder shall continue until the sums <br />secured hereby are paid in full. <br /> <br /> <br />5. Repair, Maintenance and Use. To promptly repair, <br />restore or rebuild any buildings nr improvements now or her~after <br />on the Property; to keep the property in good condl tion and <br />repair, without waste, and free from mechanic's or other liens <br />not expressly subordinated to the lien hereof; not to make, <br />suffer or permit a.ny nuisance to exist, nor to diminish or impair <br />the value of the property by any act or omission to act: and to <br />comply with all requirements of law with respect to the Property. <br /> <br />6. Condemnation. Tn the event the Property, or any part <br />thereof, shall be taken by eminent domain, the Mortgagee is <br />empowered to collect and receive all compensation which may be <br />paid for any property taken or for damages to property not taken, <br />and Mortgagee shall apply such compensation, at its option, <br />either to a reduction of the indebtedness secured hereby or to <br />repair and restore the property so darnaoed. <br /> <br />7. Performance bv Mortgagee. Mortgagee may, but shall <br />have no obligation, to do anv act which the Mortgagor has agreed <br />but fails to do, ,,,nd Mortgagee may also do any act it deems <br />necessary to protect the lien hereof. Mortgagor agrees to repay, <br />upon demand, any sums so expended by the Mortgagee for the above <br />purposes, and any sums so expended by Mortgagee shall he added to <br />the indebtedness secured hereby ,,,-nd become subiect to the lien <br />hereof. Mortgagee shall not incur any personal liability because <br />Q f anyth ing it may do ('lr ami t to de hereunder. <br /> <br />8. Default: Assignment of Rents. Time is of the essence <br />hereof, and upon Mortgagor's default in any covenant or agreement <br />of this Mortgage, including covenants to pay when due the sums <br />secured by this Mortgage, the Mortgagee shall be entitled, at its <br />sole option and without notice, to declare all sums secured bv <br />this Mortgage to be immediately due and payable and may commence <br />foreclOsure of this Mortgaqe by judicial proceedings: and, <br /> <br />-3- <br /> <br />u <br /> <br /> <br />L <br /> <br />-.l <br /> <br /> <br />L <br />