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(ii) Workmen's compensation insurance as required by law.
In the absence of written direction frcxn Mortgagee, the insur-
ance amount required herein shall not be less than such amount as
may-be required to prevent Mortgagor from becoming a co-insurer un-
der the terms of any applicable policy, or the amount of the Secured
Indebtedness, whichever is greater.
If Mortgag or defaults in so insuring the Premises or in so as-
signing and delivering said policies, Mortgagee may, at the option
of Mortgagee, effect such insurance from year to year and pay t1~e
premiums therefor, and Mortgagor will reimburse Mortgagee for the
premiums so paid, with interest at the same rate provided in the
Note~, from the time of payment, on demand, and the same shall be
secured by this mortgage and security agreernent.
Not less than ten~(10) days prior to the expiration date of ~ >
each policy of insurance required o€ Mortgagor pursuant to this
Article, and of each policy of insurance held as additional colla-
teral to secure the Secured Indebtedness, Mortgagor shall deliver
to Mortgagee a renewal policy or policies marked "premium paid" or
accompanied by other evidence of payment satisfactory to Mortgagee.
In the event of a foreclosure of this mortgage and security
agreement, the purchaser of the Premises shall succeed to all the
rights of Mortgagor, including any right to unearned premiums, in
and to all policies of insurance assigned and delivered to Mortga-
gee pursuant to the provisions of this Article.
4. Mortgagor sha1Z maintain the Premises in good condition and
repair, shall not commit or suffer any waste to the Premises, and '
shall comply with, or cause to be complied with, all statutes, or-
dinances and requirements of any governmental authority relating
to the Premises or any part thereof. Mortgagor shall promptly x~e-
pair, restore, replace or rebuild any part of the Premises, now or .
hereafter encumb~red by this mortgage and security agreement which
may be affected by any proceeding of the character referred to in
.Article 7 herein. Except as required by the K mart Lease,'no part
of the Premises, including, but not limited to, any build~ing,- struc-
tnre, parking lot, d riveway, landscape scheme, timber or other ground
improvement, equipment or other property, now or hereafter mortgage~3,
shall be removed, d er.olished or materially altered without the prior
written consent of Mortgagee. Nothing in the preceeding sentence
shall.prohibit Mortgagor from ~ompleting the improvements contempla-
ted by the Required Lease, as the same is defined in the C~nstruc-
tion Loan Agreement, executed this date between Mortgagor and Mort-
gagee, and the Site Plan dated February 7, 1980, last revised Janu- _
ary 13, 1981, prepare~ by Wiggins Associates. Mortgagor will com-
plete and pay~for, within a reasonabte time, any structure at any
time in the process of construction on the Premises. Mortgagor
shall not initiate, join in or consent to any change in any private
restrictive covenant, zoning ordinance or other public or private
restrictions limiting or defining the uses which may be made of the
Premises or any part thereof without obtaining the written consent
of Mortgagee. Mortgagee and any persons authorized by Mortgagee
shall have the right to enter and inspect the Premises at all rea-
sonable times, and access thereto shall be permitted tor that purpose.
5. Mortgagor shall faithf~~lly perform the covenants of Mortgagor
as lessor under any present and future leases affecting all or any
portion of the Premises, and neither do nor neglect to do, nor permit
to be done, anything which may cause the termination of any of said
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a~'~ 348 PN~E 234