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3. To pay all and singular the taxes, aseesasents, levies, liabilities, obligations
and encumbrat~ces of every nature on said deacribed property, each and every, be- -
fore they becone 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 ~y at any time either before 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 to S~, on or before April lst, of each year, tax receipts eviden-
cing the payments of all lawfully imposed•taxes for the preceding calendar year;
to deliver to Sn~p, receipts evidencing the payments of all liens for public im-
provements within ninety (90) days af[er the same shall become due and payable, ~
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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 frou the mortgage indebtedness secured by
this Ptortgage.
S. To furnish to SMA policies of hazard insurance on the building and aIl equipment
and personal property now or hereafter on said presnises covered by this mortgage;
that such policies of hazard insurance sha12 be placed with companies,and in
amounts approved by SMA, but it fs 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 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 i~n 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 af~ect~the security of this mortgage).
s uch policies of hazard insurance shall be delivered to 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 sha21
~onstitute a breach of this mortgage and at the option of g~ , the entire amount ;
of the principal and interest due may im~ediately mature, and g~ i~ediately ~
and without notice may institute proceedings to foreclose this mortgage or at i
the option of SMA, policies of hazard insurance may be placed by Sl~IA 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 insurance is to be paid to j
the insuring companies by SMA and such premium or charge so advanced sha12 be ~
paid to gMA 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~ 3 Nev 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, 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 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 premiums of such insurar•~e or any ~
part thereof by S.'NA does not waive or affect~the option of S~ to foreclose or
any right hereunder and each and every payment of fnsurance so made shall bear -
interest from date of payment thereof at the rate that the mortgage aote hereunder
bears. If SMA acquires title to the progerty hereinabove'described by fore-
closure proceedings or otherwise, any unearned premiums on any hazard insurance
coverin the ro ert and held b ~
8 p p y y SMA are hereby assigned to and shall belong
ta SMA. If at any time during the lien of this mortgage any insurance policies
shall be cancelled and returned premiums available, these returned prex~iums
shall at the option of SM~ be crec3ited against the indebtedness secured hereunder.
6. In the event amr losses shall be paya3le on any insurance policfes of the d~ised
premises on the equipment a~ persor.al property therein contained, the mortgagor
and all successors in t1t1e ar.~ al~ persvns now or neceaFt~r nol3~,ig icf e:ie: ;
'~rr.s t~~= daa~ged ar.d ~:r destroyed proeartv hereby apooint the holder hereof
4;rer.t ?nd attoYney-i~-fact to e~dorse such proceeds cn~rk or draft or checks or
draf~s for the DL`!'rOSE. at the option af the mortgagee, of applSing them against
;he princiaa~ and :r,rerest due on the promissory note secured hereby.
J. To pere~it, cc~,amit or suffer no waste, impairment, absndonment or deterioration .
of said oropert~ or any pazt thereof, and up~n the failure of the i~lortgagor to
keep the buildingti or. safd prope~ty in good condition of repair, SMA may demand
Lhe :m~aediate repa:r of said buildings, or an ~ncrease in the amount of security,
or the immediate repayment of the debt thereby secured, and the failure of the
Kortg3gor to comply with said demand of SMA , for a period of thirty (30) days,
shall constitut~ a breact~ of this mortgage, and, sE the option of gMp. i~ediate-
ly meture the entire awount of principal and interest hereby secured,~and SMA
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. . . 2 ~~213 ~ 347