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S. Mortgagor will procure, deliver to and maintaia for the benefit of Mortgagee
during the continuance of this ~nortgage and until [he same is fully satisfied
and released~ a policy or policies of insurnnce fnsuring tne buildings ana im-
provements now existing or hereafter erected on the said premises against loss
~ or damage by fire, lightning, windstor~, hail, explosion, riot, civil co~sno• _
tion, aircraft, vehicles, smoke, and such other hazards, casualties, and con-
tingencies as Mortgagee may designate, including, but wi[hout limitation, var
sisks {as, when and to the extent insurance~against war risks is obtainable
fro~ the United States of America or any agency thereof). AI1 policies of in-
at~ance required hereunder shall be in such form, caupnnies, and amounts as may
be acceptable to Mortgagee, and shall contain a mortgage clause accepteble to
liortgagee, vith loss payable to Mortgagee. Mortgagor will praaptly pay when
due any premiuc~s on any policy or policies~of iasurance required hereunder, and
vill deliver to Mortgagee renewals of such policy er policies at least ten (10)
• daqs prior to the expiration date(s) thereoF; the said policies and renewals to
be maY~ced "paid" by the issuing company or agent. Upon Mortgagor's failure to
comgly With the requirements of this paragraph, Mortgagee may, in its discre-
tion, effect any insurance required hereunder and pay the prer~iums due there-
for, and any amounts so paid by Mortgagee shall become i~mediately due and pay-
able by Mortgagor with interest at the rate specified in thc note secured
. hereby.
' • In the event of any loss or damage, Mortgagor wfll give ium~ediate notice there•
of to Mortgagee, and Mortgagee may thereupon make proof of such loss or da~ca~e,
if the sa~ee is not promptly made by Mortgagor. All proceeds of insurance, in
the event of such Ioss or damage, sha12 be payable.to Mortgagee, and any affec-
ted insurance campany is authorized aad directed to mal:e payu~ent thereof di-
. tectly to Mortgagee. riortgagee is authorized and empowered to settle, adjust,
or compromise any claims fer loss, damage, or destructi~n under any policy or
policies of iasurance. AlI such insurance proceeds m~y, at the sole discretion -
. of Mortgagee, be applied to the restoration, repair, or replacement, or re-
builditig of the premises, or to ar.d in reduction of any indebtedness secur~d by
this u~ortgage. The delivery to Mortgagee of any policy or policies of insur- -
aace hereunder, or renewals thereof, shall constitute an assign~ent to ::ortga-
gee of all unearned premiua~s thereon as further security for the pay~e:~t of the
i~debtedness secured hereby. In the event of_any foreclosure action or oth~:
tiansfer of title to the property covered hereby in extinguisauent of ~he debt
secured hereby, alt right, title, aad interest of Mortgagoz in and to any p~li-
ey or policies of insurar.ce then in force shall~pass to the Purchaser ot
Grantee. - - -
' 6. I~iortgagor will maintain the premises in good condition and repair and will not
commit or suffer any waste thereof, reasonable vear and tear excepted. Mortge-
gor Will comply aith, or cause to be complied with, all statutes, ordinances,
segulations, o: requirements of any govern~ntal authority relating to the pre-
E miaes, and will prosnptly repair, restore, replace, or rebuild any part of the
psemises now or hereafter subject to the Iien of this mortgage which cay be _
~ - a,~g~a or destroyed by any casualty or as [he resuZt of any proceeding hezein-
after referred to in Paragraph 8. tlone of the bsildings, structures, or ic?-
provements now or hercatter erected or iocated on the above described pcemises
shall be removed, deaoZished, or substar.tially or structural2y altered in any
respect ~rithout t:~e prior Written consent of Mortgagee. Mortgagee, and any ~
peraon s•sthorized by Mortgagee, shall have the iight to enter upon and inspect ;
; ~ the preuF~s~s at all reasonable times. Mortgagor Will pay promptly ~rhen due ali
i ehazgea for utilities or ser~ices, including but not lfmited to, electricity,
~ gas and water, and upon failure so to pay, Mortgagee ~ay, at its option, make
_ •UC~II payu~u~ v~ j,oy..~.^.~~ ~ 3~:~ ?nv gm~ttntS SO osid by :iortgaRee shall becoa~e fm•
medistely due and payable and shall be secured by the Iien of this mortgage
vith iaterest at the rate specified in the note secured hereby,
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7. Mortgagor vill not create or suffer to be cre~ted sny c~arge, li~n or eacur.- f
; brance up~n the~premises, or any part thereof, exceptfng the lien nereof, and `
; tt?e lien of general and special taxes duly levied and assessed, witho~it the
psior vrittea consent oF Mortgegee. 'It:at in the event Mortgagor volur.*_eri~y -
- -3- . 300! 2~5 °A"~ cl! 1;)
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