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endorsement in favor of the Mortgagee, and said policy or policies and all
renewals thereof and evidence of current payment of premiums shall be deposit-
ed with and held by the Mortgagee. I~ the event of loss the Mortgggor will
give immediate noti~e by mail to the Mortgagee. In the event any su~ of money
becomes payable under such policy or policies, the MorCgagee, acting ~
reasona6ly, shall have the option: ~
;
a. to allow Mortgagor to use the saine in the restoration and ~i
repair of the improvements damaged if, in the ~udgment of ~
Mortgagee, the aecurity of this Mortgage would be restored ~
or enhanced thereby; or f
;
b. to receive and apply the same on account of the ~
indebtedness hereby secured; _ ~
without thereby waiving or impairing any equity, lien or right under and by ~
virtue of this Mortgage. Upon any default thereof, the Mortgagee may (but
without obligation on its part so to do), p~ace insurance on such buildings
and pay the premium and charge such sums to the Mortgagor and such sums of
- maney so paid shall bear interest from the date of such p~yment at the default
rate.
8. No building or other improvement on the premises sha11 be
structurally altered, removed or demolished, without the Mortgagee's prior
written consent, nor shall any fixture or chattel of material value covered by
the Mortgage and adapted to the proper use and en~oyment of the premises be
removed ~t any time without like consent unless actually replaced by an
article of equal suitability owned by Mortgagor.
9. No failure of Mortgagee to exercise any option herein given to
~ declare the maturity of tr.e debt hereby secured shall be taken or construed as
a waiver of its right to exercise such option or to declare such maturity by
reason of any past, present or future default on the part of Mortgagor; and
~ the procurement of insurance or the payment of taxes or other liens, debts, or
~ charges by Mortgagee shall not be takea or construed as a waiver of its right
~ to declare the maturity of the indebtedness hereby secured by reason of
~ failure of Mortgagor to procure such insurance or to pay such taxes, debts,
liens or charges.
10. If Mortgagor shall default in the payment of any of the
indebtednesa hereby secured, or if Mortgagor shall default in the performance
of anq of the terms or conditions hereof, Mortgagee, after the expiration of
any applicable grace period, may proceed to collect the rent, income and
profits fxom the premises, either with or without the appointment of a
receiver; any rents, income and profits collected by Mortgagee prior to
foreclosure of this Mortgage, less the cost of collecting the same, including
any real estate commission or attorney's fees incurred, shall be credited
first to advances with interest thereon, then to interest due on the principal
indebtedness, and the remainder, if any, to the principal debt hereby secured.
11. That in the event the premises hereby mortgaged, or any part
thereof, shall be condemned and taken for public use under the power of
eminent domain, the Mortgagee ahall have the right to demand that all damages
awarded for the taking of or damages to said premises shall be paid to Mort-
gagee, up to the amount then unpaid on this Mortgage and the obligation
secured hereby and may be applied upon the payments last payable under this
Mortgage and the obligation secured thereby.
12. The lien of this instrument sha21 remain in full force and
effect during any postponement or extension of time of payment of any part or
aIl of the indebtedness secured hereby and during the term of any future
~ advances made hereunder.
13. When and if Mortgagor and Mortgagee shall respectively become
the Debtor and Secured Party in any Uniform Commercial Code Financing State-
ment affecting property either referred to or described herein, or in any way
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800K ~48 PACE ~7~