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Home My WebLink About0471 3. To pay all and singular the taxea. aseeaemente. levies, liabilities, obligations and encumbrances of every nature on said deecribed property, each and every. be- fore they become deliaquent and no later than 90 days after the same shall several- ly become due and payable according to lav, and if the same shall not be promptly paid SMA ~y at any ti~e either before or after delinquency pay the Bame vithout waiving 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 (ZOX) percent per annum. 4. To deliver to S~, on or before Apt'11 lst, of each year, tax receipts eviden- cing the payments of all lawfully ifiposed~taxes for the preceding calendar year; . to deliver to gru~ 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 niaety (90) days after due date any and a11 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 indebtedaess secured by this Nortgage. 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 the mortgagor shall have reasonable freedom of choi:e in the selection of the company or companies with whom the insurance is placed such insurance shalZ be carried in amounts which g(yA 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, vindstorm or any cause whatsoever ~ wherein such loss or impairment could affect the security of this mortgage)~ ~ 8 uch policies of hazard insurance shall be delivered to S~ one full business day prior (if not a legal ho2iday, and in that eveni, 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 gMp such policies of insurance shall ~onstitute a breach of this mortgage and at the option of SMp , the entire amount ; of the principal and interest due may immediately mature, and SMp 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 g~p in amounts ~ _ and in companies se2ected by g~ for its protection, and the mortgagor covenants ~ and agrees that the premium or charges for such hazard insurance is to be paid to the insurin com anies b SMA and such i 8 p y pr~nium or charge se 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 SMp by having attached or contained in the policy or policiP~ a New York ~[andard Mortgage Clause without contribution making loss or losses under said policy or policies, each and every payable to g~p, as its interest may appear; and in the event any sum of money becomes payable under such policy 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 ta receive and use it, or any part chereoi, £vi u[het purNas~s, with:.:st thereb; :,~siring er im- pairing any equity, lien or right under and by virtue ot tnis mortgage t~e placing of such insurance and the paying of the premiums of such insurar~ce or aay part thereof by SMA does not waive or affect the option of g~yp to foreclose or ' any right hereunder and each and every payment of insurance so made shall bear ~ intereet from date of payment thereof at the rate that the mortgage note hereunder ; bears. If Sy1A acquires title to the property hereinabove described by fore- , closure proceedings or othervise~ any unearned premiums on any hazard insurance ; covering the property and held by gMA are hereby assigned to and shall belong i to SMA. If at any time during the lien of this mortgage any insurance policies m ; sha11 be cancel2ed 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 premises on the equipment and persor.al property therein contained, the mortgagor and all successors in titte ar.3 alt persuus noW or ~~ereaf[~c nol.ii.~fi ir.fe;ie~ ~ i~r.G tF~~> da~aged ar.d ~~.r destroyeo proeertv hereby a! ooint the holder hereof ~~er.t 3nd 1ttoLney-i?~-fa~t to e~dorse such proceeds ch~~k or draft or checks or ~ draf~s for the p~r~oce. at the option of the awrtbagee, af appl~ing thc~ agalnst ; the princi~a~ and :nrerest due on thP promissory note sec~ered hereby. ~ 7. To pert~it, ce~eit nr suffer no waste, impaizment, abandonment or deterioration of said propert~ or any part thereof, and upon the failure of the Nortgagor to keeg the buil~ings or. safd prope;ty in gooci condition of repair, SMA may demand the :menediete repa:r of said buildings. or en increase i~ the amount of security, or the immediate repaymen[ of the debt thereby secured, and the failure of the ltortgagor to cocnP2y with said .femend of SMA . for a period of thirty (30) days, sh~~, ,constitute a breact, af this mortgage, and, at the opcion of g~yp~, i~aediate- ly ma~u~~'~h4~rt~r c~ount of principal and interest heteb secured and SMA ~ ~a y . ! Y~~` -~A~ r~„~ ~y. ' ~f:,~~:-..: ~'!~+~R~~tj ~ " ' Z 0 R . I i . ~ M~~• BGOx~~ Aa~f ~ ~ ~ ~m-_.~ e-:~.4 - - _ , - ~ ~,.v _ :