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HomeMy WebLinkAbout1437 • '1 t i 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. This provision shall not apply to the existing Mortgage. 3. If required by Mortgagee, to also make monthly deposits with Mortgagee, in a non-interest bearing account, together with and in aaniti.on to interest and principal, o= 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 insufficienty of such account to pay such charges when due shall be paid by I?iortgagor 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 insuance premiums herein otherwise provided shall not be affected excep-t 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 whiting. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere provided. - 4. ~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. ~ j 5. To keep the Mortgaged Property insured against loss j 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 I 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 mortgageee~clause with loss payable to Mortgagee. j Whenever required by Mortgagee, such policies; shall be delivered immediately to and held by Mortgagee. Any and all amounts payable on account of an insured loss shall be paid ~ ~ to Mortgagee and 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 pert thereof may be applied to the cost of reconstruction or repair of the Mortgaged Property. ~ The application of any such amounts shall not 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 t the absolute property of Mortgagee. In the event that any buildings of which the Mortgaged Property is a part are not • ~ o R i i - - - _ - - - - -