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HomeMy WebLinkAbout2146 if any, unJer any su~:t~ murtgage, or, in tt-e alternative, mortgagurs cuvenant and agree that any adv~nces made to th~m under any such murtgagc sh~ll be spplicd tu reduce the balsnce undcr this mortg~g~. 7. To pay all and singular the costs, fees, charges and expenses of every kind, including the cost of an abstract of title ~~to said lands found to be convenient or expedie~t in connection With any suit for the foreclosure of this mortg~-~ge, and also including, vhether the Mortgagee is obligated to pay same or not, :~reasanable attorney's fees incurred or e.cpend~J at any time by •'the Mortgagee because of the failure of the Mortgagor- to perform, ',comply with and abide by sll or any of thc covenants, coRditions ;and stipulations of said promissory note(s), or this mortgage, in ,the foreclosure ot this mortgage and in collecting the amount '~s'ecured hereby with or without legal proceedic~gs, and to reimburse ~ ':,the Mortgagee for every payment made or incurred for any such . ~;purpose with interest from date of every such payment at the • i.highest rate authorized by law, such payments and obligations, ~ !'with interest thereon as aforesaid, shall be secured by the lien :~hereof. The term "legal proceedings" shall include, but not be ; ;;limited to, any and all judicial, bankruptcy, administrative or `.other proceedings, including appellate proceedings, whether such ~ i~proceedings arise before or after entering a final judgment. . ~~ 8. To keep the building or buildings now or hereafter on , :~said land insured against loss or damage by fire, extended . .~coverage and other perils, including war risk insurance if f~available, in a sum not less than their full insurable value at ~ ithe cost and expense of the Mortgagor in a company or companies i ~approved by the Mortgagee, the policy or policfes to be held by ~ ~the Mortgagee, and such policy or policies of insurance shall ; ~'have affixed thereto a Standard iJew York Mortgagee Clause, making ~ I:all loss or losses under such policy or policies payable to the ~ ~iMortgagee as its interest may appear, and to deliver said policy ~ ;or ~olicies to the Mortgagee when issued with the receipts for , ~~the payment o€ the premium therefor; and in the event any sum of ~ i~money becomes payable under such policy or palicies, the Mortgagee ~ '~shall have the option to receive and apply the same on account ! ;~of the indebtedness secured hereby or to permit the Mortgagor to ~ ;~receive and use it, or any part thereof, for other purposes, ; `,without thereby waiving or impairing any equity, lien or right . =;under or by virtue of this mortgage; and the ~iortgagee if it ~' =.deems necessary may place and pay for such insurance, or any part `thereof, Without losin~, Frai.ving or affecting ?~iortgagee's option to foreclose for breach of this covenant, or any part thereof, or -any right or optioa under this mortgage, and every such payment '.shall bear interest from date thereof until paid at the highest ~ .rate authorized by law, and alI such payments with interest as aforesaid shall be secured by the lien hereof. In the event any : .loss or damage is suffered Mortgagor shall notify Mortgagee of ~ ;such loss or damage within forty-eight (48) hours after the ; ~happening thereof; the failure to give such notice shall constitute ~a default and the tiortgagee shall have the rights herein given ' for all defaults. ,. 9. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition; and to do or permit to be done to said premises nothing that will ~alter or change the use and cliaracter of said property or in any . :way impair or weaken the security of said mortgage. In case of .:the refusal, neglect or inability of the Mortgagor to repair and ~ ~maintain said property, the Mortgagee may, at its option, make • repairs or cause tl~e same to be made and advance monies in that ~ ~behalf which sums shall bc secured by [he lien hereoE and bear interest at the highest rate authorized by law. ' • 10. To deliver the abstract or abstracts of title covering ~ 'the mortgaged proper[y to Mortgagee or its designated agent, 'whici~ shall at all times, during the life of ti~is mortgage, remain 'in the possession of the ttortgagee and in event of the foreclosure •;of this mortgage or other transfer of title, all right, title and 'interest of the :torcgagor in and to any such abstract or abs[raets ~~of title shall pass to the purchaser or grantee ~ •; ~.4,~ pFi1~E5 oF B90K~~ PAGE~~44 ' ,! SnILEY, BARNS 6 P~JON, SUITE 7O0 NEW WOR~O tOWEft. MIAM1, FLORIDA 33132 ~