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payment~of all premiums on such insurance policies and
renewals. Delivery of the insurance policies and renewals
thereof shall constitute an assignment to Mortgagee, as
further security, of all unearned premiums. In the event of.
loss, Mortgagor will give immediate written notice to
Mortgagee and Mortgagee may make-proof of loss if not made
promptly by Mortgagor. In the event of the foreclosure
of this Mortgage or any other transfer Hof title to the
. Mortgaged Property in extinguishment of the indebtedness and
other sums secured hereby, all right, title and interest
of Mortgagor in and to all insurance policies and renewals
thereof then in force shall pass to the purchaser or }
grantee.
(b) Mortgagor hereby assigns-to Mortgagee-all proceeds
from any insurance policies, and Mortgagee is hereby-auth-
orized and empowered, at its option, to adjust .or compromise
any loss under any insurance policies on the Mortgaged
Property, and to collect and receive the proceeds from any
such .policy or policies. Each insurance company is hereby
authorized and directed to make payment fc~r all such losses
directly to Mortgagee alone, and not to Mortgagor and
Mortgagee jointly. After deducting from such insurance
proceeds any expenses incurred by Mortgagee in the collec-
tion or handling of such funds, Mortgagee may apply the net
proceeds, at its option, either toward restoring the Im- o
provements or as a credit on any portion of the indebtedness
and other sums secured hereby, whether then matured or to
mature in the future, or at the option of Mortgagee such
sums either wholly or in part may be paid over to Mortgagor
to be used to repair such improvements or to build new
improvements in their place or for any other purpose or
object satisfactory to Mortgagee, without affecting the lien
of this Mortgage for the full amount secured hereby before
such payment took place. Mortgagee shall not be responsible
for any failure to collect any insurance proceeds due under
the terms of any policy regardless of the cause of such
failure.
(c) Mortgagor shall at its sole expense obtain for,
deliver to and maintain for the benefit of Mortgagee, during
~ - the life of this Mortgage, liability insurance policies
~ relating to the Mortgaged Property, in such amounts, with
such companies and in such form as may be required by
Mortgagee. Mortgagee may require such policies to contain
an endorsement, in form satisfactory to Mortgagee, naming
Mortgagee as an additional insured -thereunder. Mortgagor
shall pay promptly, when due, any premiums on such insurance
policies and renewals thereof.
(d)~ Mortgagee may, at its option, require Mortgagor to
deposit with Mortgagee on the first day of each month, in
addition to making payments of regular installments of
principal and interest, until the Note is fully paid, an
amount equal to one-twelfth (1/12) of the yearly premiums
for all insurance. Such deposits shall not be, nor be
deemed to be, trust funds., but may be commingled with the
general funds of Mortgagee, and no interest shall be payable
in respect thereof. Upon demand by Mortgagee, Mortgagor
shall deliver to Mortgagee such additional monies as are
necessary to make up any deficiencies in the amounts neces-
sary to enable Mortgagee to pay such premiums when.due. In
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MAMONEY HADIOW 6 ADAMS, 140t AMER1FlasT BUILDING, MIAMI, FLORIDA 33131 TEL. (305) 358-5550
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