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HomeMy WebLinkAbout2663 . . ~ . • ! 3. To pay~all a~d singular the taxes, aseesamente, levies, 1ta~i2lties, obligations and encuabrances of every nature on said deacribed property, each and every, he- fore they become delinquent and no later thaA 90 days after the same shall several- ly become due and paysble according to law, and if the same shall not be prooaptly paid SMA may at any time either before or after delinquency pay the same vithout vaiving or affecting its option to foreclose, oY any right hereunder and every ~ payment so made shall bear interest from the date_thereof at the rate of Ten (20x) ~ percent per annum. 4. To deliver to g~, on or be#ore April lst, of each year, tax receipts eviden- cing the payments of all lawfully imposed• taxes for the preceding calendar year; to deliver to gn~p 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 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 tiy this Mortgage. 5. To furnish to SMA polfcies of hazard insurance on the building and all equipment and persoaal property now or hereafter on said premises covered by this mortgage; that such policies of hazard insurance shall be placed with companies and in atnounts approved by SMA, but it is hereby stipulated that the mortgagor shall have reasonable freedom of choice in the selection of the company or campanies ~ wfth whom the insurance is placed euch insurance shaZl be carried in amounts which SMA may deem sufficient for its cmnplete protection, but in no event shall insurance be carried for fire in an amount less than the principal sum of this - mortgage (ha2ard 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, windstorcn or any cause whatsoever wherein such loss or impairment could affect the security of this mortgage)~ S uch policies of hazard insurance shall be de2ivered to $MA one.full business day prior (if not a legal holiday, and in that event, one day prior to such legal- holiday) to the expiratfon 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 and at the option of g~ , the entire amount of the principal and interest due may in~mediately mature, and S~p t~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 amounis and in companies seZected 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 the insuring companies by SMA and such pramium 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 attached or contained in tne policy or policiP~ ~ NeW York Standard Mortgage Clause without contribution making loss or losses under said policy or policies, each and every payab2e to g~, as its interest may appear; and in the event any sum of money becomes payable under such policy or policies, S~ shall have the option to receive and apply the same upon the pa}nnent 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~?~?fums of such insurance or any ' part t6ereof by SMA does not waive or affect the option of gMp~ to foreclose or ~ any right hereunder and each and every payment of insurance so made shall bear ~ interest 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 SMA are hereby assigned to and shall belong ~ to SMA. If at any time during the lien of this mortgage any insurance policies i shall be cancelled and returned premiums available, these returned pre~iums i shall at the option of SMA be credited against the indebtedness secured hereunder. ? 6. In the event arry losses shall be paya3le on any insurance policies of the danised ; premises on the equipment and persoral property therein contained, the mortgagor ! and all successors in titte ar.3 all perscoiis now or neceaf[~r nal3t.ig fr_fe: fe~ ; ?:er.s t~~- daa2gc~ ar.~~:.r desttoyed progertv hereby apooint the holder heteof ~;rer.t and attoxney-ir-fact to endorse such proceeds cherk or draft or checks or drafrs for the DL•T~OSE. at [hE optien ~f the mortbagee, of applying them against :he principa3 and :r~rerest due on the promissory note secured hereby. ; 1. To permit, co-nmit or suffer no waste, impalzment, abandonment or deterioration ; oi said propert~ or any part thereof, and upon the failure of the lrlortgagor to k~eg th.e bui131ngs or. sa~d propertq in good condition of repair, SMA tnay demand ; the :c~ae;lfate repa:r of said bulldings, or an ~ncrease in the amo~nt of security, - or the immediate repayment cf the debt thereby secured, a~ the failure of the # Mortgagar to comply wfth said der~and of SMA , for a period of thirty (30) days, ~ shall constituta a breact~ of this surtgage, and, at the option of g~~ i~edfate- ; 2y meture the entire ar~ount of principal and interest hereby secured, and SMA E ~ l~ Q • • ~ ~ g~oK 213 ~A~~ 2659 - ~r - _ . _ _ ~ _ _ ~