HomeMy WebLinkAbout0376 _ ~ •
3. T:~ pny all ~~~d ~ingular the t:~xes, ausesemer.ts. 2evies, liabilities, ob]if;a~~ons
~:d er.run`arar..:c~ of cvery ~:ature on ss:d described property, cach and cvcry . be-
i.~:~ zhcy h~~co:~c~ dc~linq~~rnt and no later th~n 9U day:: after thc snme sh.z~l se~~eral-
~v ~econ~ du~~ ar.d Faylblc according to la~:, and it ~hN saune .hsll not be promptly
gai3 S~;.a r~..:iy at airy tir~e eilher hefore or after d~rllnquency p:iy the samc without
v.~ivin~ or affcctin~ its option to foteclos~, ur any rigl~t hereunder and eve~y
' ps~~er,: so madr ::h:ill bear interc~t fro,n che datr tl?4reof at the rate ot 1'cn (lOX)
perccnt prr anrntm.
4. To deliver to 5~,a, on or before April lst. of eac.h year, tax receipts eviden-
c?ng ih~ payn,ents of ~11 laufully in:pused taxea for the precedin~; calendar year;
to d~lirer to S~L~ re~eipts e~~idencing the paynents of all liens for public im-
~rove-.ents w~thin ninety (9U) days aft~r the s;~rae shall becor.:e due and payable,
a_r.a to pay or discharb` wict~in nine[y (90) days afCer duc date any and all govern-
rer.tal le~~ies that may be rt~ac3e on the mortgaged property, on this ~aort~a~e or
^ote, or in any other way resulting frott the r~ort~age indebtedness secured by
th:s "ortgaoe.
S. To fu:ais'r. to S~~.r~ policies of hazard insurance on the building and aII equi~aent
a::~ perser.al property noW or hereafter on said preraises covered by this mortgaoe;
tkat such poltcies of hazard insurance shall be placed with corapanies and in
a~eunts a~proved by S~.rl, but it is hereby stipulated that ~Lhe mortgagor shall ~
have reasonable freedo~ of choice in the seZection of the company or co~panies
c.•ith ~:~on the ir.surar.ce is placed such insurance shall be carried in amounts ~
which 5~:~1 ~ray dee~ sufficient for its co~plete pror_ection, but in no event shall ~
ir.sura-:ce ~e carried for fire in an amcunt less than the principal sum of this
-ortga~~ (hazard insurance shall be de:ined as being insurance against Ioss to
the physical progerty described in this r.ortgage ar.d/or loss or financiaZ or
Yezso:.al ir.,pair;aent of the r..oYtgagors frora fire, windstorca or any cause w~h~[soever
v?~erein sLCii loss or impairc~ent could affect the security of this mortgage).
s~~c`~ policies of liazard ir.surance sha1Z be de2ivered to one full business
da~ p:ior (if not a legal roliday, ar.d ir. that e~ent, one day prior to sLCh legal
holiday) to the expiration of existing insuranc ~ g ailure on the part of tlie
~ortgagor to deliver to the ~ain office of Si;,a such policies of insurance ~hall "
~o-sti:u:e a breach of this .:.or:sage and at the option of gl+~p , the entire ~aount
o= the grincipal and interest due nay irsaedistely ~nature, an~ g;.~ i~ec~ia:ely
a^3 wi[hout notice :eay iastitute proceedings to foreclo~e this mortgage or at
t~:e option of S~,A, policies o~ hszard insurance ~?~~y be placed bySMA in a~ounts
a:id in ce~panies selected ~y g:~!~1 for iis protection. and tha morCRagor co~ cnants
a.^.3 ag: ees that the pre~i.urn or charges for such h~zard insurance is tu be ps:d to
the ir.sl~rin~ coapsn?es byS;~.A ar.d such presniu~? or charge so ~dvanced sha~l be
paid Lo S;~L~ by the mort~agor as a part and condition o£ this mortga~e.T he po3lcy
or policies shall be held by SMA and shall be made paya6le to S[~by havin~
attached or contained in the policy or ~oliciP~ ~~iew York Standard I"ortgage
Clause orithout contribution ma:ci:ig loss or losses ur.der said policy oT poZicies,
each ar.d every Fayable to g;~, as its interest nay appear; and in tre event ~~y
surs of aor.ey beco:~es pa;~able under such policy or policies, S!u~~ st:all have the
o;.[ion to receive and apply the same upon t}:e pa}*nent or paytnents ]ast ~ay2Ule
on the :ndebtedness hereby secured, or to perrrit t~e ;'.;.rtg~ger to rPceive and •
use it, or any part thereof, for other purposes, w!tnout thereby c:afv:na c:
Yairing any equity, lien or right under and by virtue of this nortgagc_ he
placir.g of such insurznce and the paying of the pre:aia^s of su~h insurar,ce or any
part thereof by S'~1~i does r.ot w2i~re or '~affect ttie o~Lioa of S:i~1 to foreclose or
ar;~ right hereunder ar.d each sn~ every payment of insu:ance so ~ade shall bcar
~7terest fron date of pay~ent Lhereof at the rate that the r..ort~age cote hercunder•
bears. If S:•?1~ acqu3.res title to Lhe property here:nabove descrihed h~ fore-
closure proceedir.gs , or othercrise ~~ny u~earned pre*~iur~s or. any h2zard insur~nce
covering the property and lield by g"•~ zre hereby assigned to ar.d shall b~'.ar.,.^,
to S;.A. If at any ti~e during ihe lien of this rort~~ge any ir.s~:ance po?.~cies
shall be car.celled ar.d returned ~re~iur~s ~vai2~hle, these returr.ed pr~i~:as
s~all at thr- ~ption of S!fE'~ be crediCed a~;~inst the ir.debtedi:es~ ~ecure;: :~~-r:ttldel. ~
6. In the event ar.y losses ~:'r.a~2 be pa~a5le on aay insu~ ance polic:es of tt:~~ cc^i~ed
preaises on th~ eSiiipa:ent ar.~ p~-rso;.3? propeYt~ tl-~e:e~a coz~ainE:~'.. tre ^.:c,:::};: ~;or
and a12 s~.~ccessors in tltle a+:~ ali persu~:s r.cw or ~~er~ait~r r~:.ii.~e 1CrC? ic~~
?:.cr.s ti~.> da~2te~ 2;.d!-.r.~'.PS[royeri prr,r,,rtv ~:cre5v ;:~r.~si~:- t}~c• holder !~~reof
4:~er.t ?nd attotaey-1!:-~FdI:L to ea~~orse sLCh ;;roce<<3s chc^!c or ~r.~Ct or check~ or
drafts for ~he per;:o«, at the opt~on of tl~e r.,~rtea;;ee, of apt,1~•:np thc~ ~b..inst
_'~e pr:nci;,a3 ar.d .r,rere~r c:ue en Lhe pta~~i~~ory n~;tc sectiYFd :~e:-eby.
7. ':o pemic, ce-~es~sit ~r su~ler r.o c:aste, i~pairr~ent, ~.t~El1G~0lLr:['.ilL or dr_tcrforstien
e: said :.:e~er[f or snv ~a-t thcrecf, L~c:: :`:e _`a_lure o£ t`~e Y:~,rtEa~or to
k~er t':e burl~lr.~;ti or. sa.d ~rot.e:t;~ in ~GCc. c~:tGiti~^ cF :epalr, 5:~~ de°~r.d
:t1C' ~.^:t::~~t'IC T'(!~.i'_2' Of ~=21~ ~`:I~:Giii~±5;~ OY P_il ir:cre.~se I:l Ll:e c3":J~.:1C U~ SE-CL•~iL~1~ ;
or the Ir.W.ediate zepat~rser.L c: tt~~ ~c'~t ~h~-EF~y Fecu.-ed, ar.d ~~e failu:~~ o!' t::e
vortgarcr .o cc~p!v u;th s.:`J ~p-:~~r.d c: ~:_1 ~ for F p~r'_o~ o€ t!,~rty (?0i c'. ~
S't;~:ll CO';SCS~L•C: d~`TP?.C:1 O~ L1:~5 ~Cr:~L~`C~ Fit:~~ 2Z ~~:L Oj.iC~CT1 OE 5~:,-~~ ?~-3~.:!:~tP-
Iy ~*ature t`~c e;::ir~_ ~r..~c:r.t ~f pri~ciF.~: c;~v frterest hercby s~cu~c:d. a^,i c_•~
• ~ B~QK~~.+`~ Pi~6E V~
- ;
- -
- -
,
t z~. - - . _ ~
. . `