HomeMy WebLinkAbout0449 4. Mortgagor agrees to permit, commit, or suffer no
waste, impairment or deterioration of the property, or any part '
of it. Mortgaqor agrees to maintain all buildings and other
improvements upon the property in a good state of preservation
and repair, and in such condition that such improvements may be
used for the purposes for which they were intended. Mortqaqor
further agrees to properly care for, maintain and cultivate all
landscaping on the property. If Mortgagor f ai2s tn perform any
~ obligation imposed upon this paraqraph within 15 days from the
date of written notice of nonperformance from Mortgagee to Mortgagor,
or if the obliqation is such that it cannot be fully performed
within 15 days if Mortgagor tails to unn~rta3ce peii~~~?~ai?~~ a..~
to~contiriue such undertaking with reasonable diligence until
performance is complete, then Mortgaqee may do so for the account
of and as the duly authorized attorneyinfact for Mortgagor.
All sums expended by Mortgaqee, plus a service fee of 10$ thereof
will be due and payable from Mortgagor to Mortgagee. Such sum ~
will be secured hereby and interest will accrue thereon at the
highest rate provided by law. Notwithstanding the provisions
of this paragraph, Mortgagee retains the right to accelerate
the due date of the entire principal amoui~t and accrued interest
secured hereby and to declare the Mortgage in default upon the
f ailure of the Mortgagor to perform the obligations imposed by
this paragraph. -
5. Mortgaqor wii3 mainzain a poiic,~ ~~li`~es cf ~2X'~~
windstorm and extended coverage, including indemnification against
vandalism and malicious mischief insurance, insuring all improve-
ments now or hereafter located on the property. Such insurance
will be for a sum of not less than $ 1,900,000.00 , and
in any event for a sum not less than that which may be necessary
to prevent the operation of any coinsurance factor provided for
by such policies. Such insurance will be furnished by a company
or companies licensed to do business in the State of F2orida -
and reasonably acceptable to Mortgagee. All policies will contain
a loss payable or standard Mortgagee clause making the proceeds
of the policies payable to the Mortgagee as its interests may
appear. The original policy or policies wi11 be held by the
Mortgagee. Mortgagor further aqrees to procure and pay for poli-
cies of public liability and property damage insurance with such
companies and with such coverage limits as may be reasonably ac-
ceptable to Mortgagee. tdortgagor agrees to furnish to Mortgagee
copies of evidence of the payment of premizuns due on such in-
surance policies as are required by the terms of this paragraph,
not later than the date upan which the payment of such premiums
is due to the insurance company. If Mortgagor does not furnish
proof of payment, Mortgagee may, without waiving the right to
accelerate and to foreclose and without obligation to do so, pay
such premiums and the amounts of such premiums together with a
service fee of 10$ on the amount paid, will be due from Mortgagor
to Mortgagee. AIZ such sums wi21 be secured hereby and will bear
interest at the highest rate provided by law.
~
6. Mortgagee may require the deposit by Mortgagor, con-
~urrently with the payment of each installment due hereunder, of
an amount sufficient to discr,arge the obligations under Paragraphs
; 3 and 5 hereof when they become due. Mortgagee may exercise this
option by giving 10 days written notice to Mortgagor. If Mortqagee
exercises this option, Mortgagor wil2 also deposit with Mortgagee
a sum which when added to the installments required there will be
in escrow a deposit sufficient to discharge such obligations as
they become due. The estimates and amounts of deposits will be
determined by Mortgagee in its sole discretion. Such amounts will
be held by Mortgagee without obligation to pay interest, and will
~ $~~,+~t
- 3 -