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3. To pay all and singular the taxes, aseesamente. levies, liabllities, obligations
and encumbrancea 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 lav, and if the same shall not be promptly
paid SMA may at any time either before or after delinquency pay the same without
vaiving or affecting 1ts 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 Ap1~1 lst, of each year, tax receipts eviden-
cing the payments of all lawfully imposed~taxes for the preceding calendar year; :
to deliver to gtyA receipts evidencing the payments of all liens for public im-
provements vithin 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 s
this Mortgage.
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 sti~ulated that the mortgagor shall
have reasonable freedom of choice in the selection of the company or companies
with whom the insurance is placed such insurance 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
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)~ `
s uch policies of hazard insurance shall be delivered to SMA one full business =
day prior (if not a legal holiday, and in tha[ even[, one day prior to such legal ;
holiday) to the expiration of existing insuranc ~ g ailure on the part of the 1
mortgagor [o deliver to the main office of g~p such policies of insurance shall '
~onstitute a breach of this mortgage and at the option of g~p , the entire amount
of the principal and interest due may i~ediately mature, and g~yp 3~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 gMA in amounts ;
and in companies selec[ed by SMA 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 mortgage.? 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 policiP~ a Ivev York 5tandard Mortgage
; Clause without contribution making loss or losses under said policy or policies,
f each and every payable to g[yA, 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 to receive and
use it, or any part thereof, for other purposes, 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 premiums of such insurar.ce or any
part thereof by ~MA 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 ~
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 gMA are hereby assigned to and shall belong f
to SMA. If at any time during the lien of this mortgage any insurance policies
shall be cancelled and returned premiums available, these returned pree^iums
shall at the option of SM~ be credited against the indebtedness secured hereunder.
6. In the event any losses shall be paya3le on any insurance policies of the demised 4
premises on the equipment and persor.al property therein contained, the mortgagor i
and all successors in titte ar.~ all pers~uus now or ~ieceaFt~c nol3i.~fi ir.fe:ie:
= ~r.s tf•~> da~a~,e~ ar.~+ ~c,r destroyed prorertv hereby a~pc,int [he holder heTeof
~;~er.t and attotney-i~-.'act to endorse such proceeds cne^k or draft or checks or
~ drafrs for ihe DL•TFOSE. at the option ~f the mortgagee, of applying them against
~ che principa~ and :r~rerest due on thp promissory note secared hereby.
1. To pernit, ce~it or suffer no waste, impairtnent, abandonment or deterioration ~
~ oi said nropert~ or any part thereof, and upon the failure of the Mortgagor to :
keep the buil~ings or. said prope:ty in goocl condition of repair, SMA may demand ;
the :~ned;ate repa:r of said bulldings, or an ~ncrease i:~ the amount of security,
or the i~ediate repa}rtoent of the debt thereby secured, and the failure of the
Mortgagor to comply wfth said d mand of SMA , for a period of thirty (30) days,
~ shall constitute a breact~ of this tsurtgage. and, at the option of S~. i~ediate-
~ ly mature the entire aoount of ptincipal and interest hereby secured, and SMA
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