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HomeMy WebLinkAbout1518 .r , , ~ • . . . , . .t..'. . . • ~ 3. To pay all and singular the taxea, aseeasmente. levies, liabilities, obligations and encumbrances of every nature on said deacribed property, each and every, be- fore they become deliaquent and no late~ than 90 days after the same shall several- ly becose due ac?d payable according to law. and if the same shall not be promptly paid SMA may at any time either before or after delinqueney pay the sa~e vithout 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 annum. • 4. To deliver to g~p, on or before APr11 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 sa~e shall become due'and payable, and to pay or discharge vithin ninety (90) days.after due date any and all govern- mental ]~ies 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 Hortgage. S. To furnish to SMA policies of hazard insurance on the building and all equipment and personal property now or hereafter on said prenises covered by this mortgage; that such policies of hazard insurance shall be placed with companies and in amounts approved by SMA, but it is h eby stipulated that the mortgagor shall have reasonable freedom of choice in the selection of the company or campanies with whom the insurance is placed ch insurance shall be~carrie~ in amounts which 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 whatsoever wherein such loss or impairment could affect the security of this mortgage). such policies of hazard insurance shall be delivered to S~ 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 S(yA such policies of insurance shall ~onstitute a breach of this mortgage and at the option of S~p , the entire amount of the principal and interest ue may i~ediately mature, and gjyp 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 agrees that the pre~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 mprtgage.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 Standard Mortgage li Clause without contribution making loss or losses under said policy or policies, j each and every payable to S~, as its interest may appear; and in the event any ` sum of money becames payable under such policy or policies, gjyp sh.all have the j 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 receive and ~ use it, or any part thereof, for other purposes, without thereby ~raiving 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 pre~niums of such insurar.ce or any part thereof by SMA does not waive or affect the option of g~p to foreclose or any right hereunder and each and every payment of insurance so made shall bear interest from date of payment thereof at ~he-r-ate that the mortgage note hereunder bears. if SMA acquires title to the property hereinabove described by fare- closure proceedings or otherwf e, any unearned premiums on any hazard insurance covering the property and hel~j? SMA 8=e 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 pr eniums available, these returned prei^iums ~ shall at the option of SNlA be credited against the indebtedness secured hereunder. ~ 6. In the event any losses shall be payaSle on any insurance policies of the de~ised ~ premisea on the equipment and persor.al property therein contained, the mortgagor and all successors !n tltle ar.3 al.l perr~uiis noW or nereaft~r nol3i,~g ir.fe:ie: ~ ? ier.s t~~~ da~aged ar.~+ ~:.r destroye~ prorertv hereby appoint the holder hereof ~ 4~ent and attoYney-in-fact to e:~dor6e such proceeds cherk or draft or checks or draf*_s for :he o~rpose. at the option of the awrt~agee, of applying the~? against ~ the princi~a~ and :nterest due on the promissory note secured hereby. 7. To permit, ca~aait or suffez no waste, impairment. abandonment or deterioration ~ oi said property or any part thereof, and upon the failure of the Mortgagor to keep the buildings or. said prope:cy in good condition of repair, SMA may demand the ic~ediate repa_r of said buildinga. or an increase in the amount of security, ~ or the immediate repayment of tRe debt thereby eecured, atd the failure of the ~ I~Sortgagor to comply With said de+mand of SMA , for a period of thirty (30) days, shall conetitute a breact~ of this murtgage~ and, at the option of g~. i~edfate- ly mature the entire ar~oun[ of principsl and interest hereby secured, and SMA 2 ~ ~ J Bofl~~S ~~1518 - - - w. 3 ~ ~4"`~x'- T - r.~ -~.~'w ~=~`~-~i~ ~~~~~s._s..',-~ .