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(v) such other forms of insurance in such minimum amounts as <br /> Mortgagee may reasonably require or as may be required by law. <br /> Mortgagor shall pay or cause to be paid all premiums on insurance <br /> required hereunder by making payment directly to the insurer. Mortgagee <br /> shall have the right to hold the policies and renewals thereof, and <br /> Mortgagor shall promptly furnish to Mortgagee all such policies, renewals <br /> thereof, renewal notices and all paid-premium receipts received by it. All <br /> policies of insurance and any and all refunds of unearned premiums are <br /> hereby assigned to Mortgagee as additional security for the payment of the <br /> Obligations secured hereby. In the event of foreclosure of this Mortgage, <br /> all right, title and interest of Mortgagor in and to any insurance policies <br /> then in force shall pass to the purchaser at the foreclosure sale. <br /> (b) The policies of all such insurance shall have mortgagee and <br /> loss payable provisions in favor of Mortgagee. All such insurance shall be <br /> in form acceptable to Mortgagee, shall provide for at least thirty (30) days' <br /> prior written notice of cancellation, termination or modification thereof to <br /> Mortgagee, shall permit Mortgagee to make premium payments to prevent <br /> cancellation, and shall provide that no act or negligence of Mortgagor or <br /> of any occupant of the Mortgaged Property, and no occupancy or use of <br /> the Mortgaged Property for purposes more hazardous than permitted by <br /> the terms of the policy, will affect the validity or enforceability of such <br /> insurance as against Mortgagee. In the event of loss under such insurance <br /> Mortgagor shall give prompt notice to the insurance carrier and <br /> Mortgagee; Mortgagor shall duly make proof of loss, and shall <br /> immediately furnish to Mortgagee a copy of such proof of loss. <br /> ' (c) Subject to the rights of the mortgagee under any Other <br /> Mortgage which has priority over this Mortgage, Mortgagee is authorized <br /> and empowered to settle, collect and receive all fire and hazard insurance <br /> proceeds, to apply such proceeds to all expenses (including reasonable <br /> attorneys' fees) reasonably incurred by Mortgagee in collecting the same <br /> and, at Mortgagee's option and in its sole discretion, apply the balance of <br /> said proceeds ("Net Proceeds") to payment of the Obligations or make the <br /> Net Proceeds available for the repair and restoration of the Mortgaged <br /> Property; provided, however, Mortgagor may settle claims without <br /> Mortgagee's consent if the loss is less than $5,000.00 and no Event of <br /> Default exists at the time of settlement. Mortgagor shall apply any such <br /> proceeds to the repair and restoration of the Mortgaged Property. So long <br /> as no Event of Default exists, any settlement of a fire and hazard insurance <br /> claim of more than $5,000.00 shall require the consent of Mortgagor, <br /> which consent will not be unreasonably withheld. <br /> (d) If Mortgagee elects to apply the Net Proceeds to repair and <br /> restoration of the Mortgaged Property (i) the Net Proceeds shall be held by <br /> Mortgagee and at Mortgagee's election may be disbursed either by <br /> -6- <br />