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V3857-L - 9/12/80 ~Ua~3i~:~:: 10. Damage or Destruction in case of any damage to or destruction of the Prop- erty or any part thereof, Mortgagor shall promptly restore the Property to its condition immediately prior to the occur- rence of such damage or destruction regardless of whether or net there shall be any insurance proceeds therefor. All proceeds of insurance payable in respect of any damage or destruction shall be paid in accordance with the terms and conditions of the Superior Mortgages, and each insurance cospany is authorized and directed to make payment of such proceeds as therein directed. Mortgagee is authorized and empowered to settle, adjust, or compromise any claims for loss, damage or destruction under any policy of insurance unlass the ease power and authority has been granted to Super- ior Mortgagee. Any portion of such proceeds remaining after application as directed by Superior Mortgagee shall be applied to the repair of the Property, with ary remaining balance to be retained by Mortgagor. tt. Events of Default tt.i The following shall constitute events of default i"Events of Default") hereunder: 11.1.1 if default shall be made in the due and punctual payment to Mortgagee of any installment of prin- cipal. er interest or any other sum payable hereunder or under the Note when and as the same shall have became due and pay- able., whether at aaturity, by acceleration, or otherwise, and such default shall continue for a period of thirty t30) days after notize fry Mortgagee; ar 12 t,..,..