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HomeMy WebLinkAbout2270 3. To pay all and singular the taxee, aseesamente, levies, liabilities, obligations aad encumbrances of every nature on said described 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 its option to foreclose, or any right hereunder and every paynnent so made shall bear interest from the date thereof at the rate of Ten (lOX) percent per annum. 4. To deliver to g~p, on or before ~pMi lst, of each year, tax receipts eviden- cing the payments of all lawfully imposed~taxes for the preceding calendar year; to deliver to gt~ 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 vithin 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 equipment and personal property now or hereafter on said premises covered by this mortgage; that such policies of hazard incurance 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 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 physica2 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)~ Such policies of hazard insurance shall be delivered to $MA one full business day prior (if not a legal holiday, and in tha[ 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 S~ such policies of insurance shall ~onsti[ute a breach of this mortgage and at the option of S[u~ , the entire amount of the principal and interest due may i~ediately mature, an~ g~p 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 SMA in amounts and in campanies selected by g~ for its protection, and the mortgagor covenants and agrees that the premium or charges for such hazard ir.surance is to be paid to the insuring companies by SMA and such premium or charge so advar.ced shall be paid to SMA by the mortgagor as a part and condition of this mortgage.T he policy or policies si~all be held by SMF~ ar~d s1ia~I be made payable Lo ~~pby having at[ached or contained in the policy or policiP~ a hev York Standard Mortgage ~ Clause without contribution making loss or losses under said policy or policies, i 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, 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 use it, or any part thereof, for other purposes, without thereby waiving or im- pairing any equity, lien or right under and by v~rtue of this mortgage he placing of such insurance and the paying of the premiums of such insurar~ce or any part thereof by SMA does not waive or affect the option of g~ 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 S1~iA acquires title to the property hereinabove described by fore- closure proceedings or other~rise, any unearned premiums on any hazard insurance covering the property and held by gMA are hereby assigned to and shall belong ' to SMA. If at any time during the lien of this mortgage any insurance policies shall be cance2led and returned premiums available, these returned pre~iums shall at the option of SMP~ be credited against the indebtedness secured hEreunder. 6. In the event any losses shall be paya5le on any insurance policies of the demised pre~ises on the equipment~and persora 1 property therein contained, the mortgagor ~ and all successors in tltie ar.d all perr~uus no~ or nereaFc4r n~l3iag ir_f ie: ' i.rrs tF~~- da~2~ed ar.d ~c.r destroyeci prorcrtv hereby a~ouint the holder hereof ~~er.t and attoiney-in-fact to e:idorse such proceeds che~k or dratt or checks or ~ draf~s for *_he ourFose. at the option af the mortgagee, of appl}ing them against ~ ;he principa: and :r~cerest due on thp promissory note SECl1LPd heteby. ~ 1. To peroit, cc*nmit or suffer no waste, impainaent, abandonment or deterioration oi said property or any part thereof, a~nd upon the failure of the Mortgagor io keeg the buil~ing~ or. said prope:cy in gooci condition of repair. SMA may demand ~ the '_c~uediate repa:r of said buildings, or an increase In the,amount of security, or the immediate repayment of the debt th~reby aecured. and the failure of the ~ ~ Mortg3gor to comply Wtth said demend of SMA , for a period of thirty (30) days. shall constitute a bre.act~ of ihis murtgage, and, at the option of S~p. i~ediate- ' ~ ~ ly mature the entire ac~ount of principel aad interest hereby secured, and SMA s 2 ~flOKi~VV pA~,El~r~r~ ~ „ ; ~ Ff~~~~~~-~~~''~,.~3.`~~.t