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HomeMy WebLinkAbout2804 3, To pay all and singular the taxes. assess~eate, levies, liabilities, obligations ~ and encu~brances of every nature on said described property, each and every, be- j fore they become delinquent and no later than 90 days after the sa~e shall several- : ly become due and payable according to lav, and if.the same shall not be promptly i psid SMA may at any ti~e either before or after de2inquency pay the same without vaiving or affecting its o~tion to foreclose, or any right hereunder and every payenent so made sha21 bear fnterest from the date thereof at the rate of Ten (lOZ) percent per annum. 4. To deliver to S~, on or before April lst, of each year, tax receipts eviden- cing the paynents of all lawfully imposed~taxes for the preceding calendar year; to deliver to Styp receipts evidencing the payments of all liens for public im- provements within ninety (90) days after the saine shall become due and payable, and to pay or discharge within ninety (90) days after due date any and all govern- mental levfes that may be nade on the mortgaged property, on this mortgage or note, or in any other aay resulting froA the mortgage indebtedness secured by ; this Mortgage. " S. To furnish to SMA policies of hazard insurance on the building and all equigcnent 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 ~ atuounts approved by SMA, but it is hereby stipulated that ~the mortgagor shall have reasonable freedam of choice i~ the se2ection of the co~pany or crnapanies ~iCh ~hom the insurance is placed euch insurance shall be carried in amounts vhich g~ may de~~ sufficient for its complete protection, but in no event shall insurance be carried for fire in an a~ount less than the principal sum of this mortgage (hazard insurance shall be defined as being insurance against lass to the physical praperty described in this rortgage and/or loss or financial or personal i~pairment of the mortgagors from £ire, wir.dstorm or any cause whatsoever ~ wherein such Ioss or impaiz~ent could affect the security of tris ~ortgage), ~ such policies of hazard insurance sha2Z be delivered to S~ one full business ' day prior (if not a legal holiday, ar.d in that event, one day prior to such legal s holiday) to the ~~piration of existing insuranc ~ g ailure on the part of the ~ mortgagor to deliver to the main office of SMp such policies of insuYance shall ~ ~onstitute a breach of this mortgage and at the option of gMp , the entire a~ount i of the principal and interest due may i~ediately r.iature, and g~ iu~ediately and Without notice may institute proceedings to foreclose this aortgage or at the option of SMA, policies of hazard insurance may be placed by S~ in a~ounts ~ and in carJpanies selected by S~ for its protection, and the mortgagor covenants and agrees that the premium or charges for such hazard insurance is to be paid to the insuring conpanies 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.T he policy or policies shall be held by SDfA and shall be made payable to S~by having attached or contained in the pblicy or poiiciP~ 3 New Yoric Standard Hortgage Clause without contribution making loss or losses urder said policy or policies, each and every payable to S~, as its interest may appear; and in the event any ~ sum of money becomes payable under such policy or policies, g~ shall have the ~ aption to receive and apply the same upon the payment or pay~aents ]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 rigbt under and by virtue of this mortgage_ he placing of such insurance and the paqing of the presniums of svch insurar.ce or any part thereof by SMA does not waive or affect the option of SMp to ~oreclose or any right hereunder and each and every gaymeAt of insurance so rasde shall bear 3nterest from date of payment thereof at the rate that the r..ortgagc 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 S~ are hereby assigned to and sha11 belong to S~SA. If at any time during the lien of this morCgage any insurance golicies shall be cancelled and returned pre~iums available,-these returned prer+iums ' shall at the option of SMA, be credited against the indebtedness secured hereunder. 6. In the event any losses shall be payaSle on any insurance policies of the d~ised premises on the equipment and persor.al property therein contained, the mortgagar and all successors in t~tle ar.~ a11. persous nvw or :ieceaFt~r n~13i.ig ir.fe.ie~ ; - . ~ icr.s..::: t1-~ da~2~~d ar.d!:.r desttoyed prorcrty hereby a, noint ,the hulden c~reof z~;er.t and attotney-iR-fact to e~dorse such proceeds ch~rk or draft or checks or ~ draf*_s for *_he purFose. at the option af Che mortgagee, of appl}ing them against ~he princi~a~ and .nrerest due on [he pro~issory note secured hereby. 7. To perait, ce=amit dr suffer no ~.~aste, impairment, abandonsnent or deterioration oi said propert~ or any pa:t thereof, and upon t}:e fsilure of the Mcrtgagor Lo keeF the buildings or. sa~d ~rope:ty in good condition of repair. SMA may de:nand the :~uediate repa±r of said buildings~ or an lncrease i.n the ar.~oun[ of secuzlty, or the immediate repAyment ~f the debt thereby secured, and the faiture of the Hortgagor to comply urfth said~demand of SMA , fox a period of thirry (30) days, shall constitute a breact~ of this m~rtgage, and, at the option uf gj.~p, ir.~e3iate- ly ma[ure the entire a~ount of principal and interest hereby secured, and SMA 2 aooK,~4 ~ac~ 2$~ . ~ €-",$,E ~ . . - ' "A ~~~~.1' 'a"t -,C i~ ~3Y ?-.s • ¢ •e K "-Y °'~s~i+,~.~~~~~~'°Y~.1..~1~ .