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PROVIDED ALWAYS. that if Mortgagor shall pay Mortgagee the sums speciPied in that ceruin p~umissory note substantially ~
copied or iderttifisd below, to-wit: E
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i and shall also perform ~nd comply with all the terms and conditions of this mortgage, the estate hereby created shall ceau
; and be null and void.
! 7'ERMS AND CONDITIONS: MORTGAGOR does hereby covenant and agree:
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~ 1. TAXF..S AND
~ ENCUMBRANCFS To promptly pay the taxes and other governmental levies. judgments, liens, and other encum- F
~ brances which »ow or hereafter appeu to be a lien on said property; Mortgaaee stull be the sole judge of the legality of such
~ encumbrances and the amount necessary to be paid in discharge thereof; and to deliver to Mortgagee receipts for the payment
E of: the preceding year s taxes (prior to March 15th annua0y) and. other governmental levies (within ninety (90) days from
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~ due date).
~ 2. INSURANCE To continuously maintain fue and windstorm insurana on the mortgaged property of such
~ type and amounts u the Mortgagee may from time to time rtquire, but never kss ttun a sum eqwl to the amount of the mort-
~ gage, or an amount sufficient to comply with any co-insurance requirement under Fbrida law. All insurance shall beu the
€ standard New York mortgage clause without rnntribution and shall otherwise be in a form and with companies acceptable to
~ Mortg,agee. The poUcies and renewals thereof shall be held by Mortgagee. Mortgagor shall give immedi~te notice by mail of ~
~ any loss, and Mortgaga may make proof of lou if not made prompdy by Mortgagor. Each insurance company concerned
' shall make payment for such loss d'uectly to Mortgagee, as its intereri may appear, (instead of jointly) and the insurutce
s proceeds may be applicd by Mortgagee. as its option, either to reduce the indebtedneu hereby secured or to the restoration
` of the property damaged. In any foreclosure, or other transfer of the mortgaged property in extinguishment of the indebted-
~ ness secured hereby, all interest of the Mortgagor in said insurance policies shall pay to the purchaser or transferee. If the
? puties hereto asree, Mortgagor will carry life insurana upon their lives, in an amount equal to the aggregate unpaid indebted-
~ nas secured hereby, with Mortgaga named as beneficiary.
° 3. WASTE To keep the mortgaged property in its present condition, reasonable wear and tear expected,
~ and to commit ot permit no wute of the mortgaged property.
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~ 4. CONVEYANCES '
~ JUNIOR LIENS `
~ AND ADDITIONS 'fo permit no toreclosure or execution proceedings to be initiated on any junior lien and, in
~ any event, shall immediately notify Mortgagee in writing of any litigation ~ffecting the mortgaged property. The title to the
~ mortgaged property stiall not be transferced without the written consent of Mortgagee. In any tvent, however, Mortgagee `
may deai with wcassors in interest in the rame manner as with Mortgagor, and may forebeu to sue, extend time for pay-
~ ment of the debt, or othervvise act without affecting the liability of the Mortgagor hereunder. To ercct no new or additional
~ structura, and make no additions or alterations, as well as no demolition. dismanteling or removing any of the existing,
s mortgaged property without the prior written consent of Mortgaga.
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