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HomeMy WebLinkAbout0483 3. To pay all and singular the taxea, aeaeaemente, levies, liabilities, obligations and encumbrances of every nature on said deacribed property, each and every, be- fore they become delinquent and no later than 90 days after the same shall several- ly become due and payable according to law, and if the same shall not be promptly • paid SMA ~y at any time either before or after delinquency pay the same without 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~, on or before April lst, of each year, tax receipts eviden- cing the payments of a11 lawfully imposed taxes for the preceding calendar year; to deliver to gtyp receipts evidencing the payments of all liens for public im- provements within ninety (90) days after the same shall become d~e 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 Mortgage. S. To furnish to SMA policies of hazard insurance on the building and all equipnent and personal property nov or hereafter on said pre~nises covered by this mortgage; that su~h 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 such insuranc~ shall be carried 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 [he physical property described in this mortgage and/or loss or financial or personal impairment of the mortgagors from fire, windstorm or any cause ~rha[soever wherein such loss or impairment could affect the security of this mortgage)~ s uch policies of hazard insurance shall be delivered to SMA 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~ such policies of insurance shall ~onstitute a breach of this mortgage a~d at the option of g[~p~, the entire amount of the principal and interest due may i~ediately mature. and S~p i~ediately attd 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 companies selected by g(yA for its protection, and the mortgagor covenants 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~by having i attached or contained in the policy or policiP~ ~ New York ~tandard Mortgage ~ Clause without contribution making loss or losses under said policy or policies, ~ each and every payable to SNlA, as its interest may appear; and in the event any ~ sum of money becomes payable un~der such policy or policies, S~p 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 receive and ~ .s~P tr~ Qr any p~rt rhereof, for other ourposes. without thereby vaiving 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[y~~ to foreclose or any right hereunder and each and every payment of insurance so iaade shall bear interest from date of payment thereof at the rate that the mortgage note hereunder bears. If SbiA 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 [o S MA. If at any time during the lien of this mortgage any insurance policies shall be cancelled and returned premiums available, these returned pres^iums shall at the option of SMP~ 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 t1t 1e a~~ a11 persuus noW or ~~e. eaf t~ r nol.ii.ig ir.f ie~ ~ ' i~r.s t'•~~ da~a~c~ ar.d ~c,r destroyeo propertv heret~y a~ ooint the holder hereof ~ ~ 4;er.t and lttorney-iR-fact to e~dorse such proceeds ci~e:~k or draft or checks or ~ draf~s for *_he oLrFosE. at the option ~f the mortgagee, of appl~ing them against the principa: and :r<<erest due on the promissory nete sect,red hereby. ~ 7. To pen•rit, ce~eit or suffer no waste, impairment, abandonment or eteriorat on ~ oi said property or any part thereof, and upon the failure of the Mortgagor to ` kPep the buil3ing~c or. said prope:ty in good condltion of repair. SMA ~y demand che :~ne:llate repa~r of said buildings, or an increase in the amount of security, ~ or the immediate rep-~a °e~[ of the debt thereby secured, and the failure of the I~iort o ~a~~~FiiE~ said .iemand of SMA , for a period of thircy (30) days, p~~~~~ a r~i of this mortgage, and, at the option of g~. i~ediate- ~1~~~t~~h11M~~~ of principal and interest hereby secured, and SMA ~,~t OM ~ t ~~~w ~11~? a M~ Y~~~ 2 R 4 ~ 3:e~?~ ~cL S2 ; . : _ - ~ ~ _ X _ . _ ~ .