HomeMy WebLinkAbout1673 may be required by the Mortgagee and to pay promptly when due all premiums
for such insurance. The amounts of insurance required by the Mortgagee
shall be the minimum amounts for which said insurance shall be written and
it shall be incumbent upon the Mortgagor to maintain such additional insurance
as may be necessary to meet and comply fully with all co-insurance requirements
contained in said policies to the end that said ivtortgagor is not a co-insuror _
thereunder. Insurance shall be written by a company or companies approved
by the Mortgagee and all policies and renewals thereof shall be held by~ the _ •
Mortgagee. All detailed designations by the Mortgagor which are accepted
by the Mortgagee and all agreements between Mortgagor and Mortgagee relating
to insurance. now existing or hereafter made. shall be in writing and shall
be a part of this Mortgage Agreement as fully.as though set forth verbatim
herein and shall govern both parties hereto and their successors and assigns.
No lien upon any of said policies of insurance or upon any refund or return
premium which may be payable on the cancellation or termination thereof, _
shall be given to other than the Mortgagee. except by proper a»dorsement
affixed to such policy and approved by Mortgagee. Each policy of insui-ancrr
shall have affixed thereto a Standard ne~v York Mortgagee Clause without
Contribution. making all loss or losses under such policy payable to the
I .Mortgagee as its interest may appear . In the event any sum or sums of money
become payable thereunder. the Mortgagee shall have the option to i-ecei«•
and apply the same on account of the indebtedness hereby secured.-Qi• to
permit the Mortgagor to receive it and use it, or any part thereof. without
thereby waiving oi- imparing any equity. lien or right under and by virtue
of this Mortgage. In the went of loss oi- physicial damage to the Mortgaged
Property, the Mortgagor shall gig a immediate notice thereof by mail to the
Mortgagee and the Mortgagee may make proof of loss if the same is not made
promptly by the Iti1oi-tgagoi-. In the e~•ent of foreclosure of this Mortgage
or other transfer of title to the Mortgaged Property in extinguishment of
the indebtedness secured hereby. all right. title, and interest of the Mortgagor
in and tct any insurance policies then in force shall pass to the Purchaser .
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16. No conveyance shall be made.by the Mortgagor of the premises
herein described. or any part thereof, without first obtaining the prior written ~
~ consent of the Mortgagee. and the grantee named in such conveyance shall
y agree to assume the payment of the obligation evidenced by said promissory
note and contained in this Mortgage and the Loan Agreement in accordance
~ with their respective terms.
17. The Mortgagee may, at its option, and without waiving its right
to accelerate the indebtedness hereby secured and to foreclose the same.
pay either before or after delinquency any or all of those certain obligations
required by the terms hereof to be paid by the Mortgagor for the protection ~
of the mortgage security or for the collection of the indebtedness hereby
secured. All sums so advanced or paid by the Mortgagee shall be charged
into the mortgage account, and every payment so made shall bear interest
from the date thereof at the delinquent rate specified in said mortgage note. ~
and become an integral part thereof. subject in all respects to the terms.
conditions, and covenants of the aforesaid promissory note. and this Mortgage, !
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LAVA O/ritt~, Mtn11, wtls~, IIO~t ~ AlIKIN, ryNANC1AL rl~[pAL ~UILOINO, MIAMI [ACM, FLORIDA »t~9