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HomeMy WebLinkAbout2519 3. To pay all and singular the taxee, asseasments, levies. liabilities, obligations and encumbrances of every nature on said deacrihed property, each and every. be- fore they becone delinquent and no later then 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 $t any time either befdre or after delinQuency pay the same without 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 (lOX) percent per annum. 4. To deliver ~o gMp, on or before Aprtl lst, of each year, tax receipts eviden- ci~g the payments of a12 lawfully i~posed•taxes for the preceding calendar year; to deliver to gtyp receipts evfdencing 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 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. 5. 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 insuranc~ shall be placed with companies and in amounts approved by SMA, but it is hereby stipulated that the mortgagor shall have reasonable freedom of choicz in the selection of the company or companies ~ with whom the insurance is placed auch insurance shall be carried in amounts Which SMA may deem sufficient for its complete protection, buc in no event shall insurance be carried for fire in an amount less [han the principal sum of this mortgage (hazard insvrance shall be definea 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 S(yA one full business day prior (if not a legal holiday, and in that event, one day prior to such legal ho2iday) to the expiration of existfng insuranc ~ g ailure on the part of the mortgagor to deliver to the main office of g~ such policies of insurance shall constitute a breach of this mortgage and at the option of g~p , the entire amount of the principal and interest due may immediately mature, and gMp immediately and without notice may institute proceedings to foreclose this mortgage or at the option of SMA, policies of hazard insurance may be placed by SI~p~ in amounts and in companies selected by S(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 g~ 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~p by having attached or contained in the policy or policiP~ ~~ew York Standard Mortgage Clause without contribution making loss or losses under said policy or policies, each and every payable to S~, as its interest may appear; and in the event any sum of money becomes payable under such policy or policies, Sjyp 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 virtue of this mortgage he placing of such insurance and the paying of the pr ~niums of such insvrar~ce or any part thereof by SMA does not waive or affect the option of S~ 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 othervise, any unearned premi~ms on any hazard insurance i covering the property and held by g(u~p are hereby assigned to and ~hall belong ; to SMA. If at any time during the lien of this mortgage any insurance policies ` shall be cancelled and returned premiums available, these returned prer+iums ` shall a[ the option of SMA be credited against the indebtedness secured hereunder. ~ 6. In the event any losses shall be payable on any insurance policies of the de~ised pre~ises on the equipment and persor.al property therein contained, the mortgagor i and all successors in titte ar.3 al~l persous no~ or nereaFt~r n~l.~i.ig ir_ft: te~ •.:r.r.~ tt•~- daa2~ed ar.d~c.r destroyed prorcrtv hereby a~ooint [he holder hereof ~:er.t 3nd lttotney-iR-fact to e~dorse such proceeds cherk or draft or checks or draf~s for the DL'TFOSE. at the option of the mortgagee, of applying them aga~inst *_he princiaa: and :r,rerest due on the promissory note ~ecured hereby. I J. To permit, ce*nmit or suffer no waste, impairment, abandonment or deterioration ' o~ said nropert~ or any part thereof, and upon the failure of the I~rtgagor to keep the.buildingr: or. said prope:ty in goai condition of repair, SMA may demand che '.ranediate repa=r of said buildings~ or an increase in the amount of security, or the immediate repayment of the debt thereby secured, and the failure oE the ' Nor. r to camply with said de~eand af SMA , for a perfod of thirty (30) days, ; . , : sha21 carfi~dtdt~~g. a bre.act~ of this mortgage, and, at the option of S~~ immediate- ' rY~~~~:~. ~M~~n,,~E ac~ount.;of priacipal and interest hereby secured, and SMA ; . . ~ : • , ; .l.~lr• . ~ . _ , . ; . 2 5 ~ ~ U k 2~~' ?AGE~~~ . • eoCx ~ _ ~ - _ ~ ~1~~ ~ ~ - . -