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HomeMy WebLinkAbout0964 3. To pay all and singular the taxee, asae8amente, levies. liabilitiea, obligations ~ and encumbrances of every nature on eaid described property, each and every, be- fore they becose deliaquent and no later than 90 days after the same shall several- ly become due and payable according to la~w, and if.the same shall not be proaptly paid SMA 'may at any time either before or after delinqaency pay the saae vithout aaiving or affecting its option to foreclose, or any right hereunder and every payment eo made ahall bear interest from the date thereof at the rate of Ten (lOX) percent per annum. 4. To deliver to g~p, on or before wpr11 lst, of each year, tan receipts eviden- cing the paqments of all lawfully imposed•taxes for the preceding calendar year; to deliver to g~ receipts evidencing the payments of all liens for public in- provements vithin ninety (90)~days after the sa~ae shall become due and payable, and to pay or discharge within ninety (90) days after due date any sud all govern- mental levies that may be made on the mortgaged propertq, on this mortgage or note, or in any other way resulting from the mortgage indebtedness secured by ~ this Mortgage. 5. To furnish to SMA policies of hazard insurance on the building and all equipment and personal property now or hereafter on said premises covered by this mortgage; that such policies of hazatd iri"suraric~ shall be placed with companies and in amounts approved by SMA, but it is hereby stipulated that ~the mqrtgagor shall have reasonable freedom of choice in the selection of the company or covpanies with whom the insurance is placed ~uch insurance shall be carried in amounts ~ which SMA may deem sufficient for its complete protection, but in no event shall insurance be carried for fire in an amount less than the principal sum of this mortgage (hazard insurance shall be defined as being insurance against loss to the physical property described in this mortgage and/or loss or financial or personal impairment of the mortgagors from fire; windstorm or any cause whatsoever wherein such loss or impainaent could aff ect the security of this mortgage). $ uch policies of hazard imsurance shall be delivered to $IrIA one full business day prior (if not a legal holiday, and in that event, one daq prior to such legal holiday) to the expiration of existing insuranc ~ p ailure on the part of the mortgagor to de2iver to the main office of Slyp~ such policies of insurance shall ~onstitute a breach of this mortgage and at the option of S~ , the entire aaount of the principal and interest due may i~ediately mature, and gjyp immediatelq and without notice may institute proceediags to foreclose this nortgage or at the option of SMA, poiicies of hazard insurance may be placed bq g~ in amounts j and in cotnpanies selected by g~ for its protection, and the mortgagor cavenants and agrees that the premium or_charges for such hazard insurance is to be paid to ~ the insuring companies by SMA and such premium or charge so advanced shall be paid to SMA by the mortgagor as a part and condition of this mortgage.? he policy or policies shall be held by SMA and shall be made payable to S~ by having attached or cantained in the policy or pollciP~ a NeW York Standard Hortgage Clause without contribution making loss or losses under said policq or policies, each and every payable to g~, as its interest may appear; and in the event any ~ swa of money beco~es payable under such policy or policies, g~ shall have the option to receive and apply the same upon the payment or payments last payable on the indebtedness hereby secured, or to permft the Mortgagor to receive and use it, or any part thereof, for other purposes, vithout thereby waiving or im- pairing any equitq, lien ar right under and by virtue of this mortgage. he placing of such insurance and the paying of the presniums of such insurance or any t part thereof by SMA does not waive or affect the option of SMA to foreclose or ? any right hereunder and each and every paqment of insurance so made sha11 bear ; interest from date of payment thereof at the rate that the mortgage note hereunder- bears. If SMA acquires title to the property hereinabove described by fore- closure proceedings.or other~rise, any unearned premiums on airy hazard insurance covering the propertq and held bq g~p are hereby assigned to and ghall belong to SMA. If at any time during the lien of this mortgage any insurance policies shall be cancelled and returned premiums available,-these returned pre~iums shall, at the option of SMP~ be credited against the indebtedness secured hEreunder. 6. In the event any losses shall be payaSle on any insurance policies of the denised premises on the equipment and persor.al propertq therein contained, Lhe mortgagor and all successors in titte ar.3 all persrvua aoW or neceaftrr nol:~i~ ir.f¢:ier ~ 2ir.r.s th~ da~agea ar.d!:.r destroyed property hereby appoint the holder hereof r ~gent and 1ttoTney-in-~act to eadorse such proceeds cherk or draEt or checks or ` draf*_s for the purpose. at the option of the mort~agee. of applying them against the principal and incerest due on the promissory note secured hereby. To permit, commit ar suffer no waste, impairment, abandonment or deterioration of said propertq or am part thereof, and upon the failure of the Mortgagor to keep the buildings or said prope:ty in good condition of repair, SMA may demand the immediate repa=r of said buildiags, or an increase in the amount of security, r or =he i~ediate repayment of the debt therebq secured, atd the failure of the ~ ?4ortgagor to codply with sai~ desand af SMA , for a period of thirty (30) days. # shall conatitute a brGacl~ of this murtgage, ai?d, at the option of g~, imediatr ly mature tht entiYe arsount of principal and interest hereby secured, and SMA ~ ~ ;t: 2 o R~04 F~,~,F 96 ~ ~~nx ~ _ ~ ~ ~ ~ 4 ~ ~ . ~ ~ tr_~