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HomeMy WebLinkAbout1551 3. To pay all and singular the taxes, assee~seuts, levies, liabilities, obligations aM encwbrances of every nature on aaid descsibed property, each and every, be- fore they becoae delinquent and no later than 90 days after the same shall several- ly become due and payable according to lav, and if the same shall not be promptly paid SMA say at any time either before or after delinquency pay the sa~e without waiving or affecting its option to foreclose, or any right hereunder and every payaent ao made shall bear interest from the date thereof at the rate of Ten (lOX) percent per annum. 4. To deliver to g~, on or before Apti1 lst, of each year, tax receipts eviden- cing the payments of all lavfully imposed~taxee for the preceding calendar year; to deliver to g~p receipts evidencing the payments of all liens for public im- provements within ninety (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 made on the mortgaged property, on this mor~gage ar 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 equipnent 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 such insurance shall be carried in amounts vhich 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 vhatsoever wherein such loss or impairment could affect the security of this mortgage)~ such policies of hazard insurance shall be delivered to 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~ such po2icies of insurance shall ~onstitute a breach of this mortgage and at the option of g~ , the entire amount of the principal aud interest due may Y~ediately mature, and g~ i~ediately ~ and without notice may institute proceediags to foreclose this mortgage or at the option of SMA, policies of hazard insurance may be placed bq SMA in amounts and in campanies selected by g~ for its protection, a~ the mortgagor covenants and agrees that the premium or charges for such hazard insurance is to be paid to the insuring companies by SMA and such pre~ium or charge so advanced shall be paid to SMA by the mortgagor as a part and condition of this mortgage.T he policy or policies shall be held by SMA and shall be made payable to S~by having attached or contained in the policy or policip~ 3 Nev York Standard Mortgage I Clause without contribution making loss or losses under said policy or policies, ; each and every payable to g~, as its interest may appear; and in the event any ~ sum of money becomes payable under such policy or policies, S~ shall have the ~ option to receive and apply the same upon the payment or payments ]ast payable ~ on the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or im- ~ pairing any equity, lien or right under and by virtue of this mortgage he s 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 paqment of insurance so made shall bear interesE 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 otherwise, any uaearned premiums on any hazard insurance covering the propertq 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 praniums available, these re[urned pra^iums shall at the option of SMA be credited against the indebtedness secured hereunder. 6. In the event any loases ahall be payaSle on any insurance policies of the demised premises on the equipment and perso~al property therein contained, the mortgagor ~ and all successors in titte ar.3 all perbvus now or nereaft~:r nolli.ig ir.fe:ie~ ~ ii~r.s t~~~ daaaged and~:.r destroyed progerty hereby apooint the holder hereof ~ ~gent $nd attoYney-in-Fact to eadorse such proceeds cherlc or draft or checks or ~ draf*_s for the purpose. at the option of the mortgagee, of applying them against ~ ~he principa: and interest due on thp promissory note secured hereby. ~ 7. To permit, co~mit or suffer no waste, impairaent, abandonment or deterioration of said property or any part thereof, and upon the failure of the Mortgagor to keep the buildings or. said pTOpe:tq in good cotrdition of repair, SMA may demat~d the ~mmediate repa~r of said buildings, or an increase in the auaunt of security, or the immediate repayment of the debt therebq secured, and the failure of the liortgagor to cosply with said deaand of SMA , for a period of thirty (3Q) days. „ shall constitute a breach of this aortgage, and~ at the option of g~, i~ediate- ~ ly mature the entire acwunt of principal and intereat hereby becared. and SMA ~ • ' ' '~w•. ~ 2 ~ gaax204 PA~fi55U ~ - # ~ ~ _ ~ ~ ~ ~ - _