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HomeMy WebLinkAbout2895 3.. ?o pay alx and singular the taxee. aseees~euta. levies, liabilities, obligations and encusbrances of every nature on said described property, each and every, be- fore they becose delinquent and no later than 90 days after the same shall several- ly become due and payable according to lav, and if the saine shall not be pro~aptly paid SMA ~ay at any time either before or after delinquency pay the seme vithout vaiving or affecting ita option to foreclose, or any right hereunder and every payment so made shall bear interest from the date thereof at the rate of Ten (lOX) percent per annum. 4. To deliver to g~p, on or before ApMi lst, of each year, tax receipts eviden- F cing the pay~aents of all laWfully imposed•taxes for the preceding calendar year; to deliver to g~p receipts evidencing the payments of all liens for publie 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 mortgage or note, or in any other way resulting fron the mortgage indebtedness secured by this Mortgage. S. To furnish to SMA policies of hazard insurance on the building and all equipment and personal property nov or hereafter on said premises covered by this mortgage; ; that such policies of hazard insurance ahall 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 ~uch insurance shall be carried in amounts which SMA may dee~n sufficient for its canplete 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)~ ~ uch 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 i mortgagor to deliver to the main office of gMpj 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 interest due may i~ediately mature, and gMp i~ediately and without notice may institute 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 cavenants ~ 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.2 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 pollciP~ 3 New York Standard Mortgage ; 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 becames payable under such policy or policies, S~p shall have the ~ option to receive and apply the same upon the payment or payments last payable ~ on the indebtedness hereby secured, or to permit the Hortgagor to receive and I 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 placing of such insurance and the paying of the premiums of such insurar,ce or anq ~ part thereof by SMA does not waive or affect the option of g~ to foreclose or any right hereu~er and each and every payment of insurance so made shall bear intereet 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 othervise, any unearned premiums on any hazard insurance covering the property and held by gMA 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 pre~iums available,-these returned pres~iums ~ shall at the option of SM~ be credited against the indebtedness secured hereunder. ; 6. In the event amr losses shall be payable on any insurance policies of the d~ised ; premises on the equipment and persor.al property therein contained~ the mortgagor ; ~ and all successors in title ar.3 all pereous no~ or neceaftrr nol3iag ir.fE:ie= ? i~r.s t~~ daaaged ar.d ~:.r destroyed proeertv hereby apooint the holder hereof ~ ~gent and lttotney-in-fact to eadorse such proceeds ch~rk or draft or checks or ~ draf*_s for Lhe pLrpose. at the option of the mortgagee, of applying them against , ~ the princiaa~ and :nrerest due on the promissory note secure~d hereby. ~ 7. To permit, co*omit or suffer no waste, impaiznent, abandonment or deterioration ~ of said propert~ or any part thereof, and upoa the failure of the Mortgagor to keep the buil~ings or. said prope:tq in good cotrdition of repair, SMA may demand ~ the :~aaediate repa:r of said buildings, or an increase in the amount of security, ; ~ or the i~ediate xepayment of the debt therebq secured, and the failure of the ? ~ Mortgagor to cosply vith said deaand of SMA , for a period of thirty (30) days, ~ ahall constitute a breach of this surtgage, and, at the option of g~, i~ediate- ly ~ature the entire acwunt of principsl and intereat hereby secuzed, and SMA ~ 2 BOOK ~O~ PAGt ~09~ F ~ : - ..Y` ,~T,s..--SK- ~ .»u" ~ ~.a ,r' -r: ' ' f r~ ~ --z ~~''s ' , .k ..r . ~ - ~ ~~~s- _