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<br />It is agreed that mortgagor shall by ordinance pledge its <br />full faith and credit to assure repayment of the Agreement loan <br />to Mortgagee. <br /> <br />I. Mortgagor shall pay to Mortgagee the Secured <br />Indebtedness with interest thereon as in the Agreement and <br />this mortgage provided. <br /> <br />2. Mortgagor shall pay. when due and payable. (a) all <br />taxes. assessments. general or special. and other charges <br />levied on. or assessed. placed or made against the Premises. <br />this instrument or the Secured Indebtedness or any interest of <br />the Mortgagee in the Premises or the obligations secured <br />hereby. <br /> <br />In the event of the passage. after the date of this <br />instrument. of any law or ordinance of the United States. the <br />State or any political subdivision thereof. wherein the <br />Premises are situated. or any decision by a court of competent <br />jurisdiction. creating or providing for any tax. assessment or <br />charge against the Premises. this instrument or the Secured <br />Indebtedness or any interest of the Mortgagee in the Premises <br />or the obligations secured hereby. that is to be paid by <br />Mortgagee. the Secured Indebtedness shall. at the option of <br />Mortgagee. become immediately due and payable and. in the <br />event payment thereof is not made by Mortgagor forthwith. <br />Mortgagee may take. or cause to be taken. such action or <br />proceeding as may be taken hereunder in the case of any other <br />default in the payment of the indebtedness. <br /> <br />Mortgagor soa 11 keep-the Premises- insilred for-the-benefit <br />of Mortgagee against loss or damage by fire. lightning. <br />windstorm. hail. explosion. riot. riot attending a strike. <br />civil commotion. aircraft. vehicles and smoke and such other <br />hazards. including business interruptions insurance covering <br />loss of rents. revenues. income. profits or proceeds from <br />leases. franchises. concessions or licenses of or on any part <br />of the Premises. or as Mortgagee may from time to time <br />require. all in amounts approved by Mortgagee not exceeding <br />one hundred percent (100%) of full insurable value; all <br />insurance herein provided for shall be in the form and <br />companies approved by Mortgagee; and. regardless of the types <br />or amounts of insurance required and approved by Mortgagee. of <br />all unearned premiums existing from time to time thereon. If <br />Mortgagee. by reason of such insurance. receives any money for <br />loss or damage, such amount may. at the option of Mortgagee. <br />be retained and applied by Mortgagee toward payment of the <br />Secured Indebtedness. or be paid over, wholly or in part. to <br />Mortgagor for the repair or replacement of the Premises or any <br />part thereof. or for any other purpose or object satisfactory <br />to Mortgagee. but Mortgagee shall not be obligated to see to <br />the proper application of any amount paid over to Mortgagor. <br /> <br />-4- <br />