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Loan heretofore and hereafter advanced by Mortgagee to Mortgagor under the Note; (ii) pay all <br />taxes and special assessments that are now or may be hereafter levied and assessed on and <br />against the Premises as they shall be due and before they become delinquent; (iii) keep the <br />improvements on the Premises continuously insured as hereinafter provided; (iv) pay the <br />principal and interest installments on any prior mortgage or mortgages as the same or any part <br />thereof become due; and (v) keep and perform each and every covenant herein, then this <br />Mortgage shall be null and void; otherwise it shall be and remain in full force and effect. <br />MORTGAGOR WARRANTS AND COVENANTS to and with Mortgagee as follows: <br />L Mortgagor is lawfully seized in fee simple of the Premises and has good right to sell and <br />convey the same. The Premises are free from all liens and encumbrances, except any <br />prior mortgage or mortgages of record and other matters listed in the Mortgagor's title <br />policy. Mortgagor shall warrant and defend the title of the Premises against all lawful <br />claims except such prior mortgage or mortgages of record. The foregoing covenants and <br />warranties shall survive foreclosure of this Mortgage and shall run with the land. <br />2 Mortgagor shall pay the principal and interest (if any) as the same become due on any <br />prior mortgage or mortgages on the Premises. <br />3. Mortgagor shall procure at Mortgagor's own expense fire and extended coverage <br />insurance on the improvements on the Premises, payable in case of loss to Mortgagee, its <br />successors and assigns, as its interest may appear, such insurance to be written by a <br />reliable insurance company approved by Mortgagee in an amount at least equal to the full <br />insurable value of such improvements. <br />4. Mortgagor shall pay all taxes and special assessments now and hereafter levied and <br />assessed on the Premises before the same become delinquent. <br />5. Mortgagor shall keep the Premises in good repair, shall not remove the improvements <br />from the Premises, and shall not commit waste or permit impairment or deterioration of <br />the Premises. <br />6. Mortgagor shall comply with the terms of the Note. <br />7. In the case of failure of Mortgagor to pay such taxes or to keep said improvements <br />insured as provided herein, or to pay the principal or interest (if any) on the prior <br />mortgage or mortgages on the Premises, Mortgagee may at its option pay and discharge <br />such taxes, effect such insurance on said improvements and pay the premiums thereon <br />and pay the principal and interest (if any) that become due and remain unpaid on the prior <br />mortgage or mortgages on the Premises, and the sum or sums that may be so paid by <br />Mortgagee shall bear interest from the time of such payment at the rate of 8% per annum <br />or the highest rate allowed by law, whichever is lower, and shall be deemed and is hereby <br />declared to be an additional lien upon the Premises in the amount that shall be so paid, <br />with interest thereon, as aforesaid, and shall be added to and be collectable as part of and <br />in the same manner as the original debt which this Mortgage is given to secure. <br />8. The following shall be Events of Default by Mortgagor: <br />fb.us.4624999.03 2 <br />