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of this mortgage and in collecting the ambunt secured hc~reby, each and every
such payment shall bear interest from date thereof until paid at the rate of
10-1/2% per annum and such payments with interest thereon as aforesaid, shall
be secured by the lien thereof.
4. To permit, commit or suffer no waste, impairment or ;
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deterioration of said property, or any part thereof. ~
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5. To keep the buildings, now or hereafter on said land,
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insured against fire and tornado and all improvements lacated on said land,
in the sum not less than $715, 000. 00 loss, if any, payable to the Mortgagee,
as its interest may appear, and in the event any sum of money becomes
payable under such policy or policies, the Mortgagee, its successors or
assigns, shall have the option to receive and apply the same on account of the
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indebtedness secured hereby, or to permit said Mortgagor to receive and use ~
it, or any part thereof, for the purpose of improving said land, without
thereby waiving or impairing any equity, lien or right under or by virtue of
this mortgage; and said lliortgagee, its successors or assigns, may place and
pay for such insurance, or any part thereof, without waiving or affecting the
option to foreclose, or any right hereunder, and each and every payment shall
bear interest from date thereof until paid at the rate of 10-1/2% per annum,
and all such payments, with interest as aforesaid, shall be secured by the
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lien hereof. The \Ilortgagee, its successors or assigns, is empowered to
~ adjust, compromise, and submit to arbitration and appraisement and collect,
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~ and apply to the reduction of said indebtedness, any claim for loss arising
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€ under any insurance policy covering said premises; and to that end the
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~ 1rlortgagee, its successors and assigns, are irrevocably appointed the attorney
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~ in fact of the iVlortgagor, its successors or assigns, to execute and deliver
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3 such receipts, releases and other writings as shall be requisite to accomplish
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such adjustment, compromise, arbitration, appraisement and collection.
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; 6. That this mortgage is a third mortgage and in addition to
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' two (21 existing mortgages from the said Mortgagor to the said Mortgagee, ~
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` said first mortgage being recorded in Official Record Book 88 at page 9 in
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~ the initial sum of ~400, 000. 00 being assigned to Life Insurance Company of
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~ Georgia, said assignment recorded in Official Record Book 111 at page 465
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