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And shall duly, prc~mptly and fully perfc~rm, discharge, execute, effect,
complete and comply with and abide by each and every the stipulatic-ns, agree-
ments, cc~nditions and covenants of the Note and this Mart~a~e, then this Mc~rt~a~e
and the estate hereby created shall cease and Ue null and void.
And the Mortgagor covenants and agrees to and with the Mort~a~ee as
follo~vs;
1. Mortgagor will pay the principal and interest and the various an~l
sundry sums ~f cnoney payable by virtue c~f the N~te and this Mort~a~e promptly
on the days the same become due and he will prc~mptly perform and comply with
each and every other covenant and agreement in the Note and Mortga~e.
2. The Mortgagnr covenants that until the Note and indeUtedness secured
hereby are fully ,paid, the Mortgagor will promptly pay when due all taxes, liens,
judgments or a~sessments now ar hereafter lawfully levied against the mortgaged
property, and upon the interest of the M~rt~agee in said land or prc~perty, and ~vill
pramptly deliver t~~ the Mortga~ee, at its rec~uest, upon ten (10) days' nc~tice. tl~e
official receipt or receipts evidencing such payment and the Mortgagor further
covenants that if he fails to pay such taxes, liens, judgments or assessments
promptly when due, the Mortgagee may at its option pay such taxes, liens, judg-
ments or assessments, in ~vhich event the sums sa paid shall become immec~iately
due and be a part of the indebtedness secured hereby~ and bear interest at the same
rate as specitied in the Note. IE the Mortgagee exercises its option to pay such levy
or assessment the MortgaQor hereliy agrees that the receipts of the proper officers
or persons representing the taxin~ authority shall be conclusive evidence as
between the Mortgagor and MortQa~ee as to the amount of such payments and the
validity of such levy or assessment. _
The Mortgagor hereby waives all ri~ht to require any taxing authc~rity tc~
first exhaust the personal property of the Mortgagor in the collecti~n of any levy ~~r
assessment, and waives all defects and irregularities in such levy or assessment.
3. The Mortga~or covenants that until the Note and indebtedness secured
hereby are paid in full, the Mor-tga~or ~vill keep the improvements on the land
herein conveyed insured a~ainst loss by firc with extended ~overage, vandalism
and malicious mischief endorsements, in the su~n oE at least the full replacement
cost of the improvements, and rental insurance f~r the payment c~f rental fc~r n~~t
less than six (b) months after a casualty or Business Interruption Insurance, if
applicable, in an amount suff[cient to cover lc~ss e~f income fc~r a perind of six (G1
months, and flood insurance if required Uy Mort~agee, in some company or c~mpanies
accepfah:e to the 1~IortQagec, with loss payable by standard mort~a~e clause to the
rdort~a~ee as its interest n~ay appear, and the M~rt~agor covenants to pay the
premium on such palicy or p~licies when due, to deliver tc, the Mortgagee upon its
request the official receipts for such premium payrnents, and upon issue of such
policies to pr~mptly deposit them with the Mortgagee as collateral security f~~r the
payment of the Note and indebtedness hereby secured. The Mortgagor further
covenants to deliver to the Mortgagee at least ten (10) days before the expirati~~n
of any such policy, a renewal of such policy or policies, tc~gether with receipts
fcir the payment ~f the premium therean. The Mortgagor agrees that thc proceeds,
if any, of such insurance policies shall be applied to the payment of the indebted-
ness hereih, or at the opti~n of the Mortgagee t~ the repairing c~r replacement
c~f the improvements upon the property mortga~ed hereby. Should the I~tort~ ~~r
fail t~~ comply with any of the fc~regoing covenants, the Mortga~ee may at its
~ptic~n pay any due ~remiums ~~n such insurance, c~r take out new insurance and
pay thc premiums on same, in either r,f which events the sums so paid shall
be immediately due and payablc and l~e a~~art ~~C thc ------------------------"---
~o~K346 PaGEz~64
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