HomeMy WebLinkAbout0908 is~u~ace of : tiCi1 w:~licics tha ;•:ortqagor will deliver the same and all z~newA~s
. ' thcrcof to the ~;~rtgagee and will also deliver to the t:ortqagee reccipts for 4
the pte.~?ia~s paid thercon. Any policies fuznished Mortg~,gee shall becoc~e its
propsrty in the e~ent Nortga~ee Decares the owner o~' said pre~ises by foreclo-
sure or othe~iise. The ~;o= tqaqee is hezeby authorized and ~+poaered, at its
optio:~, to ndjust or cornpro:aise any loss under any insur~nce policies on the
precaises, and to •collect a~d receive the procEeds from any such ~?olicy or
polieies. Each fnsura.lce cc~pa?ny is hezeby authorized and directcd te make ,
paywent :or all such losses directly to the riortq~qee, instead of to, the tlort-
qa3or and Mortqaqee jointly. 'Yn case of loss under any such po2icy or policies
of fnsuranc~, the r:ortgagea may apply the r~et proceeds to thQ payment of the
~indebtedness secuu~ed.hereby. . . ~
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~ S1: The ~iortqaqee c~ay, at its option, and without waiving its right to accele-
rate the indebtedness hereby secured and to foreclose the same, pay either . _
before or after delinquency any or all of those certain obliqations required by
the texms hereof to be paid by the Mortqaqor Eor the protection of the ntortqage -
. security or for the collection of the indebtedness hereby secured. All sums
so advanced or paid by the Mortqaqee shall be charqed into the iaortgaqe account,
and every? payraent sa taade shall b~ar interest from the date thereof at the rate
of _ 14.75~ ~ per annuoa, subject in all resp~cts to the tenas,
conditions and covenants of• the aforesaid Promissory Note, and this lSo,ttgage. ~ ~
as fully and ta ths saiae exter~t as thouqh a part ef the oriqinal inciebted.~ess
evidenced~by said Note and secured by this Mortgaqe, excepti~nc~, ho;~ever, that
said sums shall be repaid to the Mortgagee within fi~teen (15) days aftet de~
mand by Mortqaqee to Mortqagor for said paya?ent. ' . ~ . .
52. This instrumerit also creates a security interest in favor of Mortqages -
. under the Florida IIniform Commercial Code ar~d Mortgagee shall also have aIl
rights and remedies of a secured party under the Folorida Uriifor~n Commercial
- Code, and without limitation upon or in d oqation of the riqhts and remedies ~
created under and accorded t~ortqaqee by ~s Mortgage pursuant to the co~aon ~
- law or any other lac,~s of the~ State of Florida or of any other jurisdiCtion, ' _ ~
it beinq understflod that the riqhts and remedies oF Mortqaqee under the Florida ~
Uniform Com~nercial Code shall be cumulative and in addition-to all the rights - '
and remedies of Mortqagee axising. under the conunon : law_ or any other laws of -the ~
State..of Florida or of any other jurisdiction. . - t
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