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Mortgagee and Mortgagors as their interest may appear, and not less ~
than ten (l0) days in advance of the expiration of such policy
Mortgagors shall deliver to said Mortgagee a renewal thei•eof, together
with a receipt for the premium of such renewal, and there sh~.ll be no
fire insurance placed on any of said building, or any interest therein ~
or part thereof, unless in the form and with the loss payab:~e as
1
aforasaid, and in the event any sum of money becomes payable under
such policy or_policies, said Mortgagee shall have the option to
receive and apply--~h; same on account of the indebtedness secured hereby, ~
or to permit said Mortgagors to receive and use it or any part thereof
for other purposes without therehy waiving or impairing any equity, lien
or right under or by virtue of this Mortgage, and in the event said
Mortga.gors shall for any reason fail to keep the said premises so insured,
o~ fail to deliver promptly any of said policies of insurance:~ to said
Mortgagee, or fail promptly to pay fully any premium therefor, or in
any respect fail to perform, discharge, execute, effect, compleie, ~
comply with a.nd abi$e by this covenant, or any part thereof, said
Mortgagee may place and pay for such insurance or any part thereof
without waiving or affecting any option, lien, equity,-or right under
or by virtue of thi.s Mortga.ge; and the full amount of each and every {
payment shall be immediately due and payable and shall bear interest
from the date thereof until paid, at the rate of ten (10) percent per
annum, and together with such interest shall be secured by the lien of
' the Mortgage.
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IN WITNESS WHEREOF, the said Mortgagors have hereunto set their ±
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~--~~~~s~-~par ~st abovP written
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Signed and sealed in =
~ the presence of:
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Beverl R. a ey
~ooK ~.83 PAGE 255
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