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HomeMy WebLinkAbout1671 . . , • . ~ • ~ . ~ . ; . ' ~ . . • . ~ ..~F. . ~~y . 3. To pay all and aingular the taxea, assesssents. levies, liabilities, obligations and encusbrances of every nature on eaid described property, each and every, be- fore they becose delinquent and no later than 90 days after the eame shall several- ly become due and payable according to lav, and 1f the same shall not be promptly paid SMA nay at any time either before or after delinquency pay the ease without vaiving or affecting its option to foreclose, or any right hereunder and every payment so made shall bear interest from the date thereaf 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- cing the pay~aents of all lawfully ieiposed~ taxes for the preceding calendar year; to deliver to 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 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 Nortgage. ~ 5. 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 ~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 vhich 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 fror~ fire, windstorm or any cause whatsoever wherein such loss or impairment coul~ affect the security of this mortgage). s uch 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 S~ , the entire amount } of the principal and interest due may immediately mature, and gjyp im~ediately and ~rithout 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 campanies 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 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~p by having attached or contained in the policy or pollciP~ 3 Nev York Standard Mortgage ; Clause without contribution making loss or losses under said policy or policies, ~ each and every payable to g~, as its interest aiay appear; and in the event any ~ sum of money becomes payable under such policy or policies, giyp shall have the ! option to receive and apply the same upon the payment or payments ]ast payable I on the indebtedness herehy secured, or to permit the Hortgagor to receive and 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 tt~is mortgage he ~ placing of such insurance and the paying of the pre~aiums of such insurar,ce or anq part thereof by SMA does not waive or affect the option of Siyp~ to foreclose or any right hereunder and each and every payment of insurance so made sha21 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 otherwise, any unearned premiums on any hazard insurance covering the property and held by SMA 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 SMA be credited against the indebtedness secured hEreunder. 6. In the event am? losses shall be payaSle on any insurance policies of the d~ised premises on the equipment and persor.al property therein contained, the mortgagor and all successors in t~tte ar.3 all per~?v?is now or neceaf t~:.r nol3i.ig ir.f F: ie: ~ 1 i~r.s t~~~ dan:aged and!:.r destroyed property hereby apuoint the holder hereof ~ ~geat and attotney-in-fact to eadorse such proceeds ch~^k or draft or checks or ~ ~ draf*_s for the p~:rpose. at the option of the aartgagee, of applying them against Lhe princiaa: and :nterest due on the promissory note secured hereby. ~ 7. To permit, co~omit or suffer no waste, impairment, abandonment or deterioration ~ ot said propert~ or any part thereof, and upon the failure of the Mortgagor to keeg the buildings or. said prope:tq in good candition of repair, SMA may de~and ~ the i~ediate repa:r of said buildings, or an ~ncrease in the auaunt of security, or the i~ediate repayment of the debt thereby secured, and the failure of the Mortgagor to co~ply vith said demnd of SMA , for a period of thirty (30) days, ~ ahall constitute a breacti of thl.s surtgage, and, at the option of g~. i~ediate- ly mature the entire ac~ount of principal and inteseat hereby secuzed, and SMA ~ 2 ~a~K ~'05 ~GE i~7~ . , ~ ; - ,v . ~ . - Y~..~_.. _ _ ~ _