HomeMy WebLinkAbout1899 1. This mortgage secures a promissory note dated the 25th day of June ,
1919, (the "Promissory Note") to Mortgagee, in the principal amount of 1,200,000.00.
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 buildings 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 evidence that the premiums for same have been paid.
All insurance policies shall contain a customary and usual mortgagee clause
making the loss under said policies payable, without contribution, to Mortgagee
as its interest may appear. Mortgagor will promptly pay when due any premiums
on any 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 renewal 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 improvements and fixtures upon the Property in
good order and repair, reasonable wear and tear excepted, and shall not permit,
commit or suffer any waste, impairment or deterioration of same.
6. Mortgagor shall comply with all statutes, laws, ordinances, rules and
regulations of any controlling 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 forthwith 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
I to collect same. Mortgagor shall have the right to use such proceeds to
defray the costs of repair and restoration, provided Mortgagor denbnstrates to
Mortgagee's reasonable. satisfaction that Mortgagor will be able to timely
repay all indebtedness secured by this mortgage, notwithstanding the damage
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 securi-ty 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 shall
furnish documentation 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 pa id ,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
that required to repair or restore the property, or, if the property is not
l~ 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 Mortgagor.
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