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HomeMy WebLinkAbout0245 ~ 1. This mortgage secures a promissory note dated the a~- day of Sc,~~-~ , 1979, (the "Promissory Note") to Mortgagee, in the princip- a~amount of ,200,000.00. 2. Mortgagor agrees to pay all principal, interest and other sums of money payable pursuant to the loan Agreement, Promissory Note and/or this mortgage promptly when due. 3. Mortgagor shall pay all taxes, assessments, levies, liabilities, obli- gations and encumbrances of any kind or nature whatsoever relating to or af- fecting the Property when same are due and, in any event, prior to the time any lien is imposed upon the Property for the non-payment of same. 4. Mortgagor shall keep all butldinys and improvements now or hereafter located upon the Property continuously insured against loss by fire, theft,~and all other hazards for which insurance is available, in a sum equal to the highest insurable value of the Property, with an insurance company licensed to do business in the State of Florida and acceptable to Mortgagee and shall provide Mortgagee copies of such policies and evide~ce that the premiums for same have been paid. All insurance policies shall contain a eustomary and usual mortgagee clause making .the loss under safd policies payable, without contribution, to Mortgagee as its interest may appear. Mortgagor will promptly pay when due any premiums on ar~y policies of insurance required hereunder. Not less than ten (10) days prior to the expiration of any policy Mortgagor shall give Mortgagee evidence that the rener~ral premiums for such policy have been paid, or that a substitute policy has been obtained and the premiums therefor paid. 5. Mortgagor shall keep all i~rovements and fixtures upon the Property in . ~good order and repair, reasonable wear and tear excepted, and shall not permit, conmit or suffer any waste, impairment or deterioration of same. 6. Mortgagor shall comply with all statutes, laws, ordinances, rules and regulations of any controllinq governmental authority, and all restrictions, declarations, covenants and servitudes, insofar as same affect~the Property. 7. Mortgagor shall not sell, transfer, assign or dispose of in any manner all or any portion of the Property, or any interest therein, without the prior written consent of Mortgagee. 8. Within 10 days after any damage or destruction to the Property, Mortgagor shall give written notice of same to Mortgagee. As soon as practicable after such damage or destruction, Mortgagor shall.f~rthwith commence and diligently proceed to repair and restore the Property in substantially the same condition ; as prior to such damage or destruction, or in accordance with plans and speci- ; fications approved by Mortgagee. All insurance proceeds on account of such ~ damage or destruction shall be paid to Mortgagee, and Mortgagee is authorized ~ to collect same. Mortgagor shall have the right to use such proceeds to ` defray the costs of repair and restoration, provided Mortgagor demonstrates to ~ Mortgagee's reasonable satisfaction that Mortgagor will be able to timely ( repay all indebtedness secured by this mortgage, notwithstanding the damage i and destruction and the use of insurance proceeds for repair and restoration ° costs; that the repair and restoration to be performed will be economically feasible; and that the security of this mortgage will not otherwise be impaired by use of the insurance proceeds for repair and restoration costs. In the event the cost of repairs and restoration is to be paid from the insurance proceeds, prior to any payment of such proceeds to Mortgagor, Mortgagor sha~l ~ furnish docwnentation satisfactory to Mortgagee that the amount requested has been expended or incurred by Mortgagor for repairs and restoration; that any remaining cost of completing the repairs and restoration is less than the remaining insurance proceeds held by Mortgagee; and that upon payment of the ~ funds requested no person or entity will have any mechanic's liens rights. Any proceeds paid to Mortgagor for repair and restoration costs shall be only ~ used by Mortgagor to pay for such costs, or to reimburse Mortgagor for actual ~ repair and restoration costs theretofore expended by Mortgagor. Mortgagee ~ shall not be liable to any person or entity as to the proper application of ~ any insurance proceeds paid to Mortgagor. Any insurance proceeds in excess of 3 that required to repair or restare the prnperty, or, if the property is not _ . repaired or restored, all of such proceeds, shall be applied toward the indebt- ~ edness secured by this mortgage and any proceeds remaining after the entire in- ~ debtedness is paid in full shall be paid to Mortqagor. ~ ~ ~ r~ i ~ 1 - 2 - :._..3~~ ~ ?4~