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by Mortgagee, has full authority to grant this Mortgage, and
will warrant and defend the Property against the claims of
all persons. All improvements thereon and Mortgagor's use
thereof, will always comply with applicable building restric-
tions, codes and zoning and other ordinances.
2. Mortgagor agrees to pay when due all taxes and
assessments levied or assessed against the Property, including
sewer, water and similar charges, as well as all taxes or
assessments which may be levied or assessed against Mortgagee
upon this Mortgage or the Note and other indebtedness secured
hereby, or upon Mortgagee's interest in the Property, and
within 30 days of payment thereof will deliver to Mortgagee
receipts showing payment thereof.
3. Mortgagor agrees to maintain and pay the premiums
for fire and extended coverage insurance on the Property in an
amount, without coinsurance, not less than-the entire indebted-
ness secured hereby, containing the standard mortgagee clause,
such policies to be held by Mortgagee. All proceeds therefrom
shall be applied at Mortgagee's option and in such manner as
it determines to the installments of the Note or the restoration
of the Property.
4. Mortgagor agrees to keep the Property in good con-
dition and repair, including the repair or replacement of
damaged improvements; not to commit or allow waste to be com-
mitted thereon; not to remove, or materailly alter any improve-
ments thereon; and not to do any act which will impair its value.
5. Mortgagor agrees to comply with all laws, ordi-
nances and regulations affecting the Property.
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; 6. Mortgagor shall continue to make the payments pro-
vided in the Note notwithstanding any full or partial taking
; by eminent domain or other decrease in value of the Property.
: Any award resulting from any such taking shall be paid to
~ Mortgagee and shall be applied at Mortgagee's option in such
~ manner as it determines to rebuilding or restoration or pay-
~ ment of the Note.
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~ 7. Mortgagor agrees to keep the Property free of all
W superior liens and encumbrances and not to sell, transfer or
~ otherwise dispose of part or all of the Property or Mortgagor's
v interest therein.
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~ 8. Mortgagee shall have the right at reasonable times
to enter the Property to inspect and, at Mortgagee's option, to
repair same.
9. Mortgagor agrees to pay all sums now or hereafter
- owing pursuant to the Notes and to pay a late charge of the
- greater of 5$ of the installment or $5.00 on any installment
- of the Note which is not paid within 30 days from the date due.
10. If Mortgagor fails to timely perform any act re-
quired by this Mortgage, Mortgagee, at its option, may perform
- it and the cost thereof, with interest thereon at the rate of
12$ per annum, shall be immediately due and payable and shall
be secured by this Mortgage.
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