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A-419 (Rev. 1/59) Page ~2 of 3
Mortg,agor hereby flurther covenants and agrees With Shell as follaWS:
1. Mortgagor shall pay praaptly and ftilly all sua?s becaming due and
payable by Mortgagor to Shell under the Pro~issory Note, at the time and in the
manner therein provided.
2. Mort~agor shall pey all taxes, assessmente end charges, both general
and special, that may be levied or assessed upon the premises, before the same
become delinquent, and a11 obli~tions Which are or may become a lien thereon, When
the same become due; and iY l~brtg,agor fails so to do, Shell shall have the right,
at its option, to pay the same and charge to Mortgagor all sums so expended, and to
be subrogated to all the rights of the holders oY such lien obli~atious,
3. Mortgagor shall n~ke all necessary repeirs to the buildings and
improvements (including fixtures) na~ or hereafter located on the premises. If any
of the bui2dings and improvements are damaged or destroyed, in vhole or in part, by
ar~y cause ~hatscever, Mortgagor sha11_ ia~edistely repaix, replace and .reconstruct
the same. If Mortgagor faile, at any time, to me.ka such necessary repe~irs, or fails
~rithin thirty (30) days after the occurrence eP a~y such damage or destruction, to
make the necessary repe~irs, replacements snd reconstruction, S~ell shall have the -
right, at its option, to make such repQirs, replacements or reconstruction snd charge
to Mortgagor all sums expended therefor. I~rtg,egor shall not substaatially alter or
modif~r or remove ar~y of the buildings and improvements, or ar~y part thereof, ~rithout
the prior Written conse~t of She1Z.
4. Mortgagor shall sect;~e aud maintain in force insurance on all buildings
and improveadents (including fYxtuxes) nor or hereaf'~er located on the premises, in
the amou.~t of their Ril.l insurable value, against the perils covered by the standard
fire snd extended coverage policy, the policy or policies of Which shall be by
insurers satisfactory to Shell, shall be pe~yable to Shell as its interest may appear,
and shall be deposited With Shell. If Mortg,agor fails ta secure or maintain such
insurance Shell shall have the right, at its option, to secure snd maintsin the same
and charge to Mortg,agor a12 swas expended there~or. I~ the buildings and improvements
are damaged or @estroyed, in ~hole or in pert, by ar~y oY the insured perils, Shell
shaZl have the right, at its option, to apply the proceeds of such insurance either to
the payment of the indebtedness secured hereby, or any part thereof, Whether or not the
same is~then due and payable, or to the payment of the cost of the repair, replacement ~
or reconstruction of the buildings snd improvements so damaged or destroyed; and any
unapplied balance thereoP shall be paid to Mortgagor.
5. If all or ar~y part of the premises is condemned for public or quasi-public
use, Mort~agor shall give Shell prvmpt notice o~ the initiation oY the conde,mnation
proceec3ing; and out o~ any aWard, settlement or co~pensation payable to Mortgagor in
the condemnstion proceedings there shall be pe~id to Shell the then unpaid balance of
the inc~ebtedness secured hereby or so amuch thereof as such airard, settlement or
compensation ~ill cover, ~or application to the pQyment of such balance, xhether or not
then due and payable; and Mort~gor hereby assi~s such amount to Shell. Nothing
contained in this paragraph shall iraive, limit or aPfect in a~y ~ray Shell's rights,
then accrued or thereaf'ter to accrue, in any condemnation proceeding, settlement or
a~ard.
6. All swms expended by Shell and charged to Mortgagor under the provieions
of this Mortgsge shall be added to the indebtedness secured hereby, shall be peyable
upon demand, and shall bear interest at the rate of six percent (6F~) per annum from `
the date oY thei"r e~tpenditure until peid. ~
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7. If Mortgagor defaults in the payment of ar~y sum becoming due and payable ~
by Mortgagor under the Promissory Note, or in performe~nce or observance of a~y of the ~
covenants or ~onditions of this Mort~age, or oP any mort~age xhich msy be a prior lien
on the premises, or iP Mort~agor enters bankruptcy, insolvency or reor~nization
proceedings, either voluntari2.y or involuntarily, or makes an assignment Por the
benefit of creditors, or commits or permits ~rsste on the premises, Shell shall have
the folloving cumulative rights, in a~dition to ar~y other rights or remedies Shell
may have:
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