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HomeMy WebLinkAbout1543 . , 3. To pay all and singular the taxes. aseessaente, levies, liabilities, obligations and encuabrances of every nature on said described property, each and every, he- fore they becone delinquent and no later than 90 days after the same shall several- ly becooe due and payable according to lav, and if the saane shall not be promptly paid SMA nay at any tlne either before or after delinquency pay the sase vithout waiving or affecting its option to foreclose, or any right hereunder and every payment so ~ade shall bear interest from the date thereof at the rate of Ten (lOX) S percent per annum. 4. To deliver to g~, on or before ~pMl lst. of each year, tax receipts eviden- cing the payments of all lawfully imposed~taxea for the preceding calendar year; to deliver to g~p receipts evidencing the payments of a21 liens for public im- provements within ninetq (90) days after the same shall become due and payable, and to pay or discharge within ninety (90) days after due date any and all govern- , ~ mental levies that may be ieade on the mortgaged property, on this mortgage or i note, or in any other way resulting from the mortgage indebtedness secured by ; this Mortgage. ' . S. To furnish, to SMA policies of hazard insurance on the building and all equipsent ; and personal property now or hereafter on said premises covered by this mortgage; ' that such policies of hazard insurance shall be placed with companies and in ~ amounts approved by SMA, but it is hereby stipulated that the mortgagor shall have reasonable freedom of choice in the selection of the company or companies with whom the insurance is placed auch insurance shall be carried in amounts which SMA may dee~a 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 mor[gage (hazard insurance shall be defined as being insurance against loss to the physical property described in this mortga~e and/or loss or financial or personal impairment of the mortgagors from fire, windstorm or any cause whatsoever ; wherein such loss or impairment could affect the security of this mortgage). i s uch policies of hazard insurance shall be delivered to $MA one full business ~ day prior (if not a legal holiday, and in that event, one day prior to such legal ~ holiday) to the expiration of existing insuranc ~ g ailure on the part of the ~ mortgagor to deliver to the main office of g~yp such policies of insurance shall ? ~onstitute a breach of this mortgage and at the option of g~p , the entire amount of the principal and intere,et due may i~ediately mature, and g~yp immediately and irithout notice may inst3tute proceedings to foreclose this mortgage or at the option of SMA, policies of hazard insurance may be placed by SMA in amounts and in companies selected by g~ for its protection, and the mortgagor covenants and agrees that the prmiw or charges for such hazard insurance is to be paid to the insuring companies by SMA and such prmium or charge so advanced shall be paid to SMA by the mortgagor as a part and condition of this mortgage.Z he policy or policies shall be held by SMA and shall be made payable to g~p by having attached or contained in the policy or pollciP~ ~ Nev York Standard Mortgage ; Clause vithout contribu[ion making loss or losses under said policy or policies, each and every payable to S~, as its interest may appear; and in the event any ~ ! sum of money becames payable under such policy or policies, gMp shall have the ~ , option to receive and apply the same upon the payment or payments last payable { i on the indebtedness hereby secured, or to permit the Nortgagor to receive and ~ use it, or any part thereof, for other purposes, without thereby waiving or im- pair3ng any equity, lien or right under and by virtue of this mortgage. he ~ placing of such insurance and the paying of the premiums of such insurar.ce or any ~ part thereof by SMA does not waive or affect the option of g~ to foreclose or ~ any right hereunder and each and every payment of insurance so made shall bear ~ interest from date of payment thereof at the rate thgt-t-~e mortgage note hereunder bears. If SMA acquires title to the property hereinabove described by fore- closure proceedings or otherwise, any unearned premiums on any hazard insurance covering the property and held by SMA are hereby assigned to and shall belong ' to SMA. If at any time during the lien of this mortgage any insurance policies ; shall be cancelled and returned preaiums available, these returned prer~iums shall at the option of SM1~ be credited against the indebtedness secured hEreunder. 6. In the event am losses shall be payable on any insurance policies of the demised premises on the equipment and persoral property therein con[ained, the mortgagor and all successors in title ar.d all perr~uus nor or neceaftar nol;~iag ir.fe:ie~ y - ? ic~r.s the da~aged ar.d ~_-r destroyed progerty hereby a~noint the holder hereof ; ~ 4gent and attoYney-iR-fact to e:~dorse such proceeds ch~~k or draft or checks or z draf*_s for the purpose. at the option of the mortgagee, of appl}ing them against ; ~ ~he principa: and irtterest due on the promiasory note secured hereby. ` ~ 7. To permit, co+amit or snffer no waste, impairment, abandonment or deterioration ' ~ of said property or any part thereof, and upon the fallure of the Mortgagor to ~ keep the bu1131ngR or. said prope:tq in good condition of repair. SMA may demand the ie~ediate repa:r of said buildings. or an increase in the amount of security, or the i~ediate repa}rseat of the debt thereby secured, and the failure of the . Mortgagor to comply vith said deoand of SMA , for a period of ~hixty (30) days, 3 shall constitute a breach of this surtgage, and, at the option of g~, i~asedfatr ~ ly mature thc entire aoourt of principal atd intereat heteby atcured, and 5MA 2 ~ ~ ~ ~6E~~ . ~ . ~Oac 7 3- ~ a ~ ~ - , ~ ~ : ` ~ x = ~ ~ .~~z , w ~ ~ _ s. 5~ = _ _ y