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HomeMy WebLinkAbout0689 3. To pay all and singular the taxea, asseassenta. levies, liabilities, obligations atd encumbrances of every nature on aaid deacribed property, each and every, be- fore they become delinquent and no later than 90 days after the same shall several- ly become due amd payable according to lav, and if the same shall not be promptly paid SMA aay at any time either before or after delinquency pay the sa'e without vaiving or affecting its 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 annwn. 4. To deliver to g~, on or before Ap~i lst, of each year, tax receipts eviden- cing the payments of all lawfully imposed~taxes for the preceding calendar year; to deliver to g~ 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 dnte any and all govern- ; mental levies that may be raade on the mortgaged property, on this mortgage or note, or in any other vay resulting fron the mortgage indebtedness secured by this t~[ortgage. S. 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 hazard insurance shall be placed with companies and in amounts approved by SMA, but it is hereby stipulated that tt~e mortgagor shall have reasonable freedom of choice in the selection of the company or campanies with whom the insurance is placed ~uch insurance shall be carried in amounts which SMA may deem 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, vindstorm or any cause whatsoever wherein such loss or impairment could affect the security of this mortgage)~ t Such 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~p 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 g~p immediately 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 covenants and agrees that the pree~ium 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.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~ a New York S[andard Hartgage ~ 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, gMp shall have the ~ option to receive and apply the same upon the payment or payments last payable on the indebt~edness hereby secured, or to p~rmit the Mortgagor to receive and use it, or any part thereof, for other purposes, without thereby vaiving 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 pr eniums of such insurar.ce or any part thereof by SMA does not waive or affect the option of g1yA 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 that the 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 gMA 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 prmiums available, these teturned pre~^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 den~ised pr~ises on the equipment and persoral property therein contained, the mortgagor i ~ and all successors in titte ar.3 all persvi~s now or nereaft~r nolli.ig ir.fe:ie: ~ ~ ' ir.r.s tti~~ dasaged ar.d ~:.r destroyed prorerty hereby apnoint the holder hereof ; ~ 4gent and attoLney-in-fact to eadorse such proceeds cherk or draft or checks or ~ draf*_s for the purpose. at the option of the ewrt~agee, of applying them against *_he princi~a~ and :nterest due on thp promissory note secured hereby. 7. To permit, ce*anit or suffer no waste, inpairment, abandoament or deterioration ~ oi said propert~ or any pazt thereof, and upon the failure of the Mortgagor to keep the buildinge or. said prope:ty ia good condition of repair. SMA ~Y d~~ the :c~aediate repa~r of said buildings~ or an ~ncrease in the amount of security, - or the iimediate repayment of the debt therebq secured, and the failure of the ~ Mortgagor to cosply vith said deraand of SMA ~ for a period of thiTty (30) days, ' shall constitute a breach of this wrtgage, and,,,at t~e ogtion of SMpI, is~ediate- ; ly mature the entire aoount of principal and interest hereby s~ured, and SMA . _ . ~ - . ~ :.v, . . ~ , . ~ 2 ,-t . - ~ R ~ s89 ~ ~o~K ~5 ~ ~ _ . ~ ~ _ ~ ~ _ m__..__ _