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HomeMy WebLinkAbout0992 or modiiication thereof, and oi thts mortgege, then this moctgage and the estate hereby eceated shall cease and be null and void. ~ Mortgagor furthec covenants and agcees with Mortgagee as follows: : ~ 1. To pay all sums including interest secured hereby when due, as ; _ provlded for In said promissory note and any renewal, extension or modification ; thereoi and in this mortgage, all such sums to be payable in lawful money oi the i United States of America at th~ place specified in said promissocy note, oc at such ~ other plaee as Moctgagee may designate in wciting from time to time. ? ~ 2. To pay when due, and without requiring any notice fcom Mortgagee, ~ all taxes and assessments oi~any type oc nature anQ other charges levied or assessed ` agair~t the premises hereby encumbered and to produQe- receipts therefor upa~ ~ _ demand. To immediately pay and discharge any c1alm, lle~ oc encumbrance against f such premises oc alternatively bond oif said ~laim, lien or eneumbcanee irom the land ~ described on $xhtbit ,A, pursuant to F1alda 3tatutes which mey be or become superior _ to this mortgage and to permit no default or delinquency on any othec lien, - encumbrance or charge against such premises. ~ 3. If required by Mortgagee, to pay to Mortgagee, or, at its option, to ~ deposit each month with Moctgagee, together with and in addition to interest and ' principal, a sum equal to one=twelfth of the yearly taxes and assessments whieh may be levied against the premises, and (if so cequired) one=twelfth of the yearly premiums ~ for insLtrance thereon. The amount of such taxes, assessments and premiums, when unknown, shall be estimateti by Mortgagee. 3uch deposits shall be LLsed by Mortgegee ; to pay such taxes, assessments and premiums when due. Any insufficiency of such account to ~ pay such charges when due shaU be paid by Mortgagor to Mortgagee on ~ demand. -If, by reason of any default by Mortgegor under any provision of this ~ Mortgage, Mortgagee declares to be immediately due end payable all sums secured ~ hereby, such depc~~its shall become the property oi Moctgagee, and a security interest ~ therein is hereby created. The enforceability of the covenents relating to taxes, ~ assessments and insurance premiums herein otherwise provided shall not be affected insofar as thos obligations have been met by compliance with this paragraph. ~ Mortgagee may from time to time at its option waive, and after any such waiver reinstate, any or all provisions hereof requiring such depoBits, by notice to Mortgagor ~ in writing. While any such waiver is in effeet Mortgagor shall pay taxes, assessments ~ and insurance premiums as herein elsewhere provided. ~ . , ! 4. To promptly pa~y all taxes and assessments assessed or levied under ~ and by virtue of any state, federal, or municipal law or cegulation hereafter passed, ~ against Mortgagee upon this mortgage oc othec debt hereby secured, or upon its ~ interest under this mortgage, pcovided however, thet the total amount so paid foc any ~ such taxes pucsuant to this paragraph together with the interest payable on_ said F indebtedness shall not exceed the highest lawful rate of intecest in Florida. ~ 5. At all times prior to completion oi construction of improvements on ~ the above described land, Mortgagot shall carry and keep in force at Mortgagor's ° ~ b {...:lA~~f.. • 2~....~.. 1:.... /S 1 .~'..w ~~w~~? liwnil~~s~w I~nvnw ~ ~ 'expense an all e;~~ wuuca a iiSn aiuuaaiwv ~irua:, ~ail~aia~aL~~ i~Ia~~vu~ aa.ua.ca.,v.y ..o~.a.~~ ~ and public liability insurance eoverage) in the gceatec amount of either the Loan ~ evidenced by said promissory note and secured by this mortgage or the total insurable ~ value of said impcovements. Upon completion_ of construction of such improvements, ; Mortgagor shall carry and keep in force at Mortgagor's expense at all times until all ` ~ indebtedness secured by this mortgage has been paid in full, a fire insurance policy ' with extended coverage including, without limitation, coverage against windstorm, ; ~ vandalism~ and malicious misehief, sprinkler leakage and business interruption, rising ~ water, IIood and wind-driven water (including hurricanes~, and Moctgagoc shall a1so, at ~ ` ~ its expense and until all indebtedness, secuced by this Mortgage has been paid in full, ~ ~ carry end keep in force a comprehensive public liability insurance policy, including , i ~ coverage for losses from bodily injury and death and property damsge, and Mortgagor ~ ~ shall also carry and keep in force at Mortgagoc's expense workmen's compensation ~ ~ insurance for Mortgagee's employees and insurance covecage against loes of rent i ~ caused by or resulting irom destruction of or damage to the improvements. All ~ ~ ~ policies of insuranee shall be written by a company or companies, and be in form and ! ~ with amounts .of coverage acceptable to Moctgagee, and the Certificates of all such ~ ; ~ coverage shall be delivered to and retained by Mortgagee until all indebtedness secuced ~ ~ by this mo~tgage has been paid in full. All such policies shall contain the 3tandard : ~ Mortgagee Clause with losses payable to Mortgagee as its interest appears, and all ~ ~ polieies of insucanee shall pcovide that the insucer must give Mortgagee notiee oi any ~ ~ ~ ~ a ~ . r~ v ~j ~ ~ -2- ~C:~~~ Pl1GE ~7 '~i ~ - , - - - - .w, _ . _ _ . _ ~.Y ~ ~ ~