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and shall Perform, comply with and abide by each and every of ?
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the agreements, stipulations, conditions and covenants thereof, ~
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and of this mortgage, then this mortgage and the estate hereby ~
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created, shall cease, desist, and be null and void.' ~
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Mortgagors shall keep the improvments now existing or ~
hereafter erected on the property insur.ed for the full insurable ~
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value during the term of this mortgage against loss by fire and ~
hazards, and such policy shall show Mortgagee herein as loss payee ~
for the amount of.this Mortgage.
Unless Mortgagors and Mortgagee otherwise agree in writing,
insurance proceeds shall be applied to restoration or repair of
the property damaged, provided such restoration or repair is economi-
cal~ly feasible and the security of this Mortgage is not thereby impaired.
If such restoration or repair is not economically feasible or if the
security of this Mortgage would be impaired,.the insurance proceeds
shall be applied to the sums secured by this Mortgage, with the
excess, if any, paid to Mortgagee. If the property is abandoned by
Mortgagors or if Mortgagors fail to respond to Mortgagee within 30
days after notice by Hortgagee to Mortgagors that the insurance
carrier offers to settle a claim for insurance benefits, Mortgagee is ~
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authorized to collect and apply the insurance proceeds at Mortgagee's
~ option either to restoration or repair of the property or to the sums -
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secured by this Mortgage. ~
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And the Mortgagors hereby further covenant and agree to pay ~
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promptly when due the principal and interest and other sums of money ~
provided for in said note and th?s mortgage, or either; to pay all ~
and singular the taxes, assessments, levies, liabilities, obligations, ~
and encumbrances of every nature on said property; to permit, commit ~
or suffer no waste, impairment or deterioration of said land or the ~
improvements thereon at any time; to pay all costs, charges, and ex- ~
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~ penses, including lawyer's fees and title searches, reasonably incurred
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~ or paid by the t4ortgagee because of the failure of the Mortgagors to
~ promptly and fully comply with the agreements, stipulations, conditions
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~ and covenants set forth iri said note and this mortgage or either.
In the event the Mortgagors fail to pay when due any tax, .
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