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Home My WebLink About2997 . . 3. Yo pay all and aiagular the taxee. asseassenta, levies, liabiZities, obligations and encwbrances of every nature on said described property, eacb snd rverr, be- F fore they becove de~inquent and r~o later thsa 90 daya sfter tbe sa~e shsll sevesal- ly become due and payable according to lav. and if the same shall not be pro~ptly ~ paid SMA may at any tiAe either before or after delinquency pay the sa~s withcut vaiving or affecting its option to foreclose, oz any right hereunder and evetp payment so made shall bear interest from the date thereof at the rate ot Ten (lOX) percent per annwn. 4. To deliver to S~, on or before ~pci1 lst, of each year, tax rtceipts eviden- cing the payments of a11 lawfully imposed~taxes for the preceding calendas year; to deliver to gr~p receipts evidencing the payments of all liens for publie !n- provements within ninety (90) days after the same shall become due aAd psyable, and to pay or discharge within ninety (90) days after due date any and sll govetn- mental levies that may be made on the sortgaged property. on this oottgage or note, or in any other way resulting fros the oortgage indebtedaus aecured by this llortgage. S. To furnish to SMA polfcies of hazard insurance on the building and all equip~ent and personal property noa or hereafter on said premises covered by this aortgage; that such policies of hazard insurance shall be placed vith companies std iA amounts approved by SMA, but it is hereby stipulated that the mortgagor shall have reasonable freedom of cholce in the selecti.on of the canpany or cospsnies with whom the insurance is placed ~uch insurance sha11 be catried in asounts which SMA may deem sufficient for its caaplete protection, but in no event ahall insurance be carried for fire.fn 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 fron fire, windstorm or any cauBe vhatsoever vherein such loss or impaitment could affect the security of this mortgage)~ such policies of hazard insurance shall be delivered to $p~ one full business day prior (if not a legal holiday, and in that event~ one day priot to such legal holiday) to the expiration of existing insurance, p ailure oa the psrt of Lhe mortgagor to deliver to the main office of g~ such policies of insurasue shall ~onstitute a breach of this mortgage and at the option of g~ , the satire asouat of the principal and interest due may i~ediately mature, and g~ i~edistely and vithout notice may institute proceedings to foreclose this mortgage or at the option of SMA, policies of hazard insurance may be p2aced by gMA ia.a~ovnts and in canpanies selected by g~ for its protectfo:~, arid the mortgagot eovenaats and agrees that the premiun or cherges for such hazard iasurance is to be paid to the insuring cumpaaies by SMA and such prt~ium or charge so advanced shall be paid to SMA by the mortgagor as a part and conditioa of this mortqage.T be policy or policies shall be held by SMA and shall be made payable to S~by f~aving attached or contained in the policy or policipa 3 New York Standard Mortgage Clause vithout contribution making Ioss~or losses under safd policy or policies, each and every payable to g~, as its intereBt may appear; and in the eveat sup sum of money becomes payable under such policy or policies, S~p srall hsve the option to receive and apply the same upon the paya~ent or payments ]ast payable ~ on the indebtedness hereby secured, or to permit the Nortgagor to receive and use it, or any part thereof, for othe: puzpoaes, without thereby asiving or Lr pairing any equity, lien or right under and by virtue of this nwrtgage be placing of such insurance and the paying of the premiums of such inaurar~ce oz aay f part thereof by SMA does not vaive or affect the option of g~ to foreclost or i any right hereunder and each and every payiaent of insurance so made sball bear i 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 premiwns on any hazard insurance covering the property and held by SMA are hereby assigned to aad t~hall btlong i to SMA. If at any time during the lien of this n~artgage any iasurance policit• ; shall be cancelled and returned pre~niume available, these returned preriuss sha21 at the option of SM1~ be credited agai:st the indebtedness secured h~reunder. 6. Ia the event any losses shall be payable on any insuraace policies of tfie daoised premises on the equipment and persoral property therein contained, the ~sartgagor and all successors in titte a~3 all per~cc,?,s noW or neceeft~r i?olliag ir.fa: ic. ' i.cr.s t}~~~ da~gc~ ar.d ~or destcoyed progcrty hPreby appais+t the holdc-t hereof ~ 4;rer.C and attotney-l~-~dCt to e:~dor6e s~,ch proceeds c~-~c?rk or dratt ot ~eheeks ot draf:3 for ~he n~r~osE. at the option af ttte cartgagee, of applying tbc~ tgainst :he principa: and :rxrerest due ~n the promissory note aec~ired herRby. ~ 7. To permit, ccroa?1t nr sufier no waste, impairisent, abar?dona,ent or deteriordtion ai said property or any part thereof, and upon the failure of the Mortgagar to keeg the buildinge~ or. ~aid prepe:ty in goocl condition of repaif, SMA may deaand che :~aeJ:ate repa:r of said Gulldings, or an increase i.n t~e asoount of ~ecutlty, ! or the imo~ediate repay~eent c~f th~ debt thereby secured, and tbe feilure oi tbe ; Mortgagor to co~ply with siid dea~nd of SMA . fos s petiad of thirty (30) days, ~ha21 coastitute a br~acl~ of Lhi.~ iwrtgigs. and, at ths opCioa of g~. LoeAfate- ly mature thc entire ~oount of principal ~ad l~tsrest bsr~by sscuree. and SMA 2 223 ~a~ 2~93 r ; ~~_._u- ~ . _ , ti : ~ _ _ _