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<br />I <br /> <br />í <br /> <br />edge no such taxes or assessments on the Consortium HOME Loan exist as of the time of <br />execution of this document. <br /> <br />3. Grantor shall keep the premises free and clear from all mechanics liens and <br />statutory liens during the continuance of this mortgage. <br /> <br />4. Grantor shall not sell, encumber, lease, enter into a land contract or <br />dispose of the premises or any part thereof or interest thereon without fIrst obtaining the written <br />consent of Grantee. In the event title to the premises, or any part thereof or interest therein, <br />become vested in a person or persons not approved by Grantee, the Consortium HOME Loan <br />secured hereby shall become due and payable at Grantee's option. In the event ownership of <br />the premises, or any part thereof or interest therein, becomes vested in such person or persons <br />other than Grantor, the Grantee may, without notice to the Grantor deal with such successor or <br />successors in interest with reference to this mortgage, and the said obligations in the same <br />manner as with Grantor, without in any way releasing, discharging or otherwise affecting <br />Grantor's liability hereunder, or for the obligations hereby secured. <br /> <br />5. Grantor shall keep and maintain all buildings and improvements (including <br />fIxtures), and all apparatus and personal property, now or hereafter situated on the premises at <br />all times in good order, condition and repair, and no buildings or substantial improvements on <br />the premises shall be demolished or removed by Grantor without the prior written consent of <br />Grantee. <br /> <br />6. Grantor hereby acknowledges that the Consortium HOME Loan was <br />incurred in good faith for full value received. <br /> <br />7. Grantor shall keep the buildings on the premises insured in such sums, <br />fonns, companies and length of time as shall be approved by the Grantee, for the benefit of said <br />Grantee, as its interests may appear, and shall place and keep the policy of such insurance with <br />said Grantee or, at Grantee's election, a certifIcate thereof. All insurance policies are to be held <br />by and, to the extent of its interest, are to be for the benefit of and payable in the order of <br />priority in case of loss to the Grantee, and the Grantor shall deliver to the Grantee a new policy <br />of replacement or insurance certificate for any expiring policy at least fIfteen (15) days before <br />the date of such expiration. All amounts recoverable under any policy are hereby assigned to <br />the Grantee and in the event of a loss the amount collected may, at the option of the Grantee, <br />be used in anyone or more of the following ways: <br /> <br />(a) applied upon the Consortium HOME Loan whether such indebted- <br />ness be then matured or unmatured; <br /> <br />(b) used to fulfIll any of the covenants contained herein as the Grantee <br />may detennine; <br /> <br />(c) used to replace and restore the premises to a condition satisfactory <br />to the Grantee; or <br /> <br />F-3 <br />