HomeMy WebLinkAbout2256 3. To immediately pay and discharge any claim, lien
or encumbrance against the Mortgaged Property which may be or
become superior to this Mortgage and to permit no default~or
delinquency on any other lien, encumbrance or charge against
the Mortgaged Property.
4. ii ~reyuitei# by Mortgagee, to. also make monthly
deposits with Mortgagee, in a non-interest bearing account.,
together with and in addition to interest and principal, of
a sum equal .to one-twelfth of the yearly taxes and assessments
which may be levied against the Mortgaged Property, and (if
so required) one-twelfth of the yearly premiums for insurance
thereon. The amount of such taxes, assessments and premiums,
when unknown, shall be estimated by Mortgagee. Such deposits
shall be used by Mortgagee to pay such taxes, assessments and
premiums when due. Any insufficiency of such account to pay
such charges when due shall be paid by Mortgagor to Mortgagee
on demand. If, by reason of any default by Mortgagor under
any provision of this Mortgage, Mortgagee declares all sums
secured hereby to be due and payable, Mortgagee may then apply
any funds in said account against the entire indebtedness secured
hereby. The enforceability of the covenants relating to taxes,
assessments and insurance premiums herein otherwise provided
shall not be affected except insofar as those 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 deposits,
by notice to Mortgagor in writing. While any such waiver is
in effect, Mortgagor shall pay taxes, assessments and insurance
premiums as .herein elsewhere provided.
S. To promptly pay all taxes and assessments assessed
or levied under and by virtue of any state, federal, or municipal
law or regulation hereafter passed, against Mortgagee upon this
Mortgage or the debt hereby secured, or upon its interest under
this Mortgage, provided however, that the total amount so paid
for any such taxes pursuant to this paragraph together with
the interest payable on said indebtedness shall not exceed
the highest lawful rate of interest in Florida and provided
further that in the event of the passage of any such law or
regulation imposing a tax or assessment against Mortgagee upon
~ this Mortgage or the debt secured hereby, that the entire
indebtedness secured by this Mortgage shall thereupon. become
immediately due and payable at the option of Mortgagee.
6. To keep the Mortgaged Property insured against loss
or damage by fire, and all perils insured against by an extended
coverage endorsement, and such other risks and perils as
Mortgagee in its discretion may require. The policy or policies
of such insurance shall be in the form in general use from time
to time in the locality in which the Mortgaged Property is
situated, shall be in such amount as Mortgagee may reasonably
require, shall be issued by a company or companies approved
by Mortgagee, and shall contain a standard mortgagee clause
with loss payable-to Mortgagee. Whenever required by Mortgagee,
such policies, shall be delivered immediately to and held by
Mortgagee. Any and all amounts received by Mortgagee under
any of such .policies may be applied by Mortgagee on the
indebtedness secured hereby in such manner as Mortgagee may,
~ in its sole discretion, elect or, at the option of Mortgagee,
the entire amount so received or any part thereof may be
released. Neither the application nor the release of any such
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amounts shall cure or waive any default. Upon exercise of the
power of sale given in this Mortgage or other acquisition of
the Mortgaged Property or any part thereof by Mortgagee, such
policies shall become the absolute property of Mortgagee.
3 - n~OK321 P~~E2253