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HomeMy WebLinkAbout1507 3. To pay all and singular the taxee, aeeeeamenta, levies, liabilitiea, obligations and encumbrances of every mature on said described property, each and every, be- fore they become delinquent and no 2ater than 90 days after the same shall several- ly become due ard payable according to law, ~nd if the same shall not be promptly paid SMA ~y at any time either before or after delinquency pay the sase without waiving ar affecting its option to foreclose, ot any right hereunder at~d every payment so made shall bear interest from the ~ate thereof at the rate of Ten (lOX) percent per annum. 4. To deliver to g~p, on or before April lst, of each year, tax receipts evidea- cing the payments of all lawfu2~g i~aposed-taxes for the precedirig calendar year; to deliver to S~ receipts evidencing the payments of all liens for public im- provements within ninety (90) days after the same shall becc~ne due and payable, and to pay or discharge Within n~nety (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 from the mortgage indebtedness secured by this I~tortgage. S. To furnish to SMA policies of hazard insurance on the building and al1 equipment and personal property now or hereafter on said premises covered by this mortgage; that such polieies 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 th~ company or companies with whom the insurance is placed such insurance shall be carried in amounts vhich SMA may dee~n sufficient for its crnnplete 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, windstqrm or any cause whatsoever wherein such loss or impairment could affect the security of this mortgage)~ s uch policies of hazard insurance shall be delivered to S~ one full business day prior (if not a legal haliday, and in that event, one day prior to such legal holiday) to the expiration of existing insuranc ~ g aflure on the part of the mortgagor to deliver to the main office of gMp such policies o# insurance shall ~oastitnte a breach of thi$-mortgage and at the option of Siyp , the entire amount of the principal and interest due may ~eaiaceiy mature, and S~p 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 canpanies selected by g~ for its protection, and the mortgagor covenants and a rees that the premium or eh~rges for such hazard insurance is to be paid to the i~suring companfes by SMA and such premium or chatge so advanced shall be paid to SMA by the mortgagor as a part and condition of~this mortgage.,- he policy or policies shall be held by SMA and shall be made payable to glyp~by ~ving attached or contained in the policy or policiP~ ~ New York Standard Mortgage Clause•without contribution making loss or losses under said policy or policies, each and every payable to as its interest may appear; and in the event aay sum of money becomes payable under such pollcy or policies, g~ 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~Mortgagor to receide and use it, or any part thereof, for other purposes, without thereby waiving or im- pairing any equi.ty, lien or right under and by virtue of this mortgage, he placing of such insurance and the paying of the pre~niums of such insurar•ce or any part thereof hy 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 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 insutance covering the property amd held by g~ 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 premiums available, these returned prer~iums ~ shall at the option of SM1~ be credited against the indebtedness secured hereunder. 6. In the event any losses shall be payaSle on any insurance policies of the demised pre~isea on the equipment and persor.al property therein contained, the mortgagor and all successors in titte ar_3 all perr~u~~s noW or neceaf tar nol3i.ig ir.f e: ie~ ier.s t~~~ daa~ge~ ar.d ~:,r destroyeci prorerty hereby a~ooint the holder hereof 4ger.t 3nd attoYney-iR-fact to e:~dorse such proceeds ch~rk or draft ot checks or draf~s for the DL`T~OS~. at the option of the mortgagee, of applying them against ;he princi~a~ and :nterest due on the promissory note secured hereby. 1. To permic, ce*omit or suffer no waste, impairment, abandonment or detetioration oi said propert~ or any part Lhereof, and upon the failure of the Mortgagor to keep the buil~ingx or. said property in gooci condition of repair~ SMA may demand th~ =~nediate repa:r of said buildings, or an ~ncrease in the auwunt of security, or the i~mnediate repay~oent af the debt thereby secured, and the failure of the Mortgagor to camply with said demand of SMA , for a period of thirty (30) days. shall con~titute a bYeach of this mortgage, and, at the option of g~, i~ediatr ly meture the entlre aeaount o~i~rincipel and intesest hereby secured, and SMA . ~ ~ 2 a~~~b~5 ~~1507 : _ ~ _ ~ - fs ~ ~~3 - ~...~.~~r,yE w