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.vith such additional advances to a maximum principal in excess of s__ 21, 000.00 plus interest
thereon and any disbursements made for the payment of taxes, levies, or insurance on the property covered by the
);en wi[h interest on such disbursements.
AND the mortgagors do hereby covenant and agree:
1. To pay all and singular the Principal and interest and other sums of moreq payable by virtue of said promissory
note and this mortgage, or etcher, on the days respectively the same severally come due.
7'o pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on
the Property covered by this mortgage when due and Payable according to law, before they become delinquent,
and t[ the same shall not be promptly paid the Associatton may at any time, either before or alter delinquency, pay
the sa»tr without waiving or affecting the option to foreclose, or atty2 ig~~~ereunder. and every payment so made
shall bear interest from the date thereof at the default rate of i per annum; to repay on demand
any sums so paid by the Association and the failure of the mortgagors to comply with the demand of the Associa-
[ion Eor a per?«I of thirty (30) days shall constitute a breach of this mortgage, and the Association, at its optio-t,
immediately and without notice, may institute proceedings to foreclose this mortgage and apply for the appoint-
ment of a receiver as hereinafter provided; to deliver to the Association on or before March 15th of each year, '
tax receipts evidencing the payment of all liens Eor public improvements within ninety (90) days, after the same
shall become due atttt payable, and to pay or discharge within ninety (90) days after due date. any~and all govern-
mental levies that may be made on the mortgaged property. on this mortgage or note, or in other way resulting from
the mortgage indebtedness secured by this mortgage.
To keep the buildings and all equipment and Personal property and other improvements now existing or hereafter
placed or erected on the mortgaged premises tnsuretl as may be required from time to time by the Association
against loss b}• fire and other hazards, casualties and contingencies. to such amounts and for such periods as may be
required by the Association; to pay Promptly when due the premiums on said insurance; to carry all insurance in
companies approved by the Assoctauon and written by a responsible local agent satisfactory to the Association;
a?td the policy or polic?es shall be of a tZpe or types acceptable to the Association and shall be held by the Associa-
tion unless the Association waives in wruing such nght to hold said policy or policies, and further provided that
said waiver niay be revoked at any time by the Assoctation; and each and every of said policies shall have attached
thereto an acceptable mortgagee clause. wtthout contribution, i»aking all losses payable to the Association; to give
immediate notice by mail to the Association so that the Association may make proof of loss if not promptly made
by the mortgagors; that each insurance company concerned is hereby authorized and directed to make payment for
such loss directly to the Association instead of [o the mortgagors and the Association jointly, and the insurance
proceeds or any part thereof may be applied by the Association at its option either to the reduction of the indebted-
ness hereby secured or to the restoration or mpair of the property damaged without impairing or waiving any
equity, lien or right under and by virtue of this mortgage; that in the event of the foreclosure of this mortgage or
other transfer o[ title to the mortgaged property in expnguishment of the indebtedness secured hereby, all right,
title and interest of the mortgagors in and to any insurance policies then in force shall pass to the purchaser or
granter; in the event the mortgagors shall tail to keep the premises insured as above provided or shall insure in
a manner not acceptable to the Association. the Association may place- and pay for such insurance or any part
therm[ without waiving or affecting its option to foreclose or any right hereunder, and each and every payment
shall bear interest from the date thereof at the default rate as stated in paragraph 2 and shall be repaid to the As-
sociation upon demand, and failure of the mortgagors to comply with said demand by the Association for a period
of thirty (SO) days shall constitute a breach of this mortgage, and, at the option of the Association, immediately
mature the entire amount secured by this mortgage, and the Association immediately and without notice may in-
stitute proceedings to foreclose this mortgage and apply for the appointment of a receiver as hereinafter provided, c
to deliver renewal or acceptable substitute policies or evidence thereof acceptable to the Association not less than
fifteen (15) days prior to the anniversary date of the current policy; if the policy is cancelled by the insurer, the
mortgagors muse have a new polity, acceptable to the Association, in the hands of the Association twenty-four
(24) hours before the effective dace stated in the notice of cancellation co the mortgagors,
-3. 1'o permit, commit, or suffer no waste, impairment or deterioration o[ said property, or any part thereof, including i
but not limited [o vegetation, and upon the failure of the mortgagors to keep the improvements on said property
in good condition of repair, the Association may demand the immediate repair of said improvements or, at its
option, the Association may make and pay such repairs as in its discretion it may deem necessary to the proper
preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and
shall be paid to the Association immediately upon demand; and the failure of the mortgagors to comply with
the demand of the Association to make such repairs, or reply such monies expended by the Association, within
thirty (30) days of either of said demands, shall constitute breach of this mortgage, and the Association, at its
option, immediately and without notice, may institute proceedings to foreclose this mortgage and apply for the
appointment of a receiver as hereinafter provided,
To furnish co the Association upon its request, within one hundred twenty (120) days after the end of each fiscal
year of mortgagors, a balance sheet and a profit and loss statement and such other financial information as the
Association inay reasonably require relating to the ability of the mortgagors to make the payments herein provided,
Each item requested shall be in reasonable detail and certified by mortgagors, and, if the Association shall require,
by an independent certified accountant, 4
6. To execute and deliver financing statements covering all of the personal property specified above from time to
time and in such form as lender may require to perfect a security interest with respect to said personal property.
Mortgagors shall pay all costs of filing such statements and renewals and releases thereof and shall pay all reason-
able costs and expenses of any record searches for financing statements as Lender may reasonably require. With-
out the prior hTitten consent of Association, mortgagors shall not create or suffer to be created pursuant to the
Uniform Commercial Code any other security interest in said personal property, including replacements and addi-
lions thereto. Upon mortgagors breach of any covenant or agreement of mortgagors contained in this mortgage,
including the covenants to pay when due all sums secured by this mortgage, Association shall haee the remedies
o[ a secured party under the Uniform Commercial Cvde, and, at the Association's option, may also declare all of )
the sums secured by this mortgage to be immediately due and pay,~ble without further demand and may fore-
close this mortgage by judicial proceeding.
7. To refrain from paying dividends to stockholder, salaries to officers or making loans to affiliates which in the _
opinion of the Association will impair the mortgagors' ability to make the paymenu provided [or in the said prom-
issory note which is a part hereof.
8. Subject to applicable law or to a written waiver by Association, mortgagor shall Qay to Association on the day that
monthly installmedts of principal and interest are payable under the said promissory note, until the said promis-
sory note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which
may attain priority over this mortgage, and ground rents on the property, if any, plus one-twelfth of the yearly pre-
mium installments for hazard insurance, plus one-twelfth of yearly. premium installments for mortgage tnsuranee,
i[ any, all as reasonably estimated initially and from time to time by Association on the basis of assessments and
bills and reasonable estimates thereof. , nnw