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Home My WebLink About0989 , Mortgagee at its opt~~n alter d~rduct~ng therefrom a~l ~ts expenses mclud~ng att~rney s fees either to the reduction of the ~ndebtedness he~eby sec~red or~b the. resiprahon or repa~r oi !he prope~ry damaged Mortgagee is he~eby authonzed ~~t ~ts opt~on !o setite and comprom~se any clams awards damage~. rights of act~on and proceeds and :~ny cth~r payment or rel~ef under any insurance pol~cy In the event of foreclosure of th~s Mortgage or other transter of trtle to ihe Mortgaged Property ~n extinguishment of the indebtedness secured hereby. .~U r~ght t~tle and ~nterest of 1~lortgagor in and to any ~nsurance polic~es then ~ in force shall pass !o the purchaser or grantee Mortgagee may at its opt~on require Mortgagor to depos~t with Mortgagee on the f~rst day of ~ach montl~ m addit~on to making payments of principal and interest. until the Note is fully paid an amount equal to one-twelfth (1/12) of th2 yearly premiums for all insurance Such _ deposits shall not 5e. nor be deemed to be trust funds. but may be comm~ngled witt~ the general tunds of € Mortgagee, and no interest shali be payable in respect thereof Upon demand by Mortgagee. Mortgac~or shall deliver to Mortgagee such add~t~onal morr,es as are necessary io make up any deficiertcies in the amounts necessary to enab!e Mortgagee to pay such premiums when due In the event of clefault under any of the terms. covenants and cond~tions ~n the Note th~s Mcrtgage or any other instrument securing the Note to be performed or observed by h1ortgagor Mortgagee may apply to the reduction of the sums secured hereby. in such manner as ~~'ortgagee shali determine. any amount under this paragraph remaininq to Mortgagor's credit ana any reiurn prem~um received fr~xn cancellation of any insurance policy by Mortgagee upon foreclosure of th~s Mortyage 4 Cotfdemna4ion. II the Mortgaged Property or any part thereof shall be damaged or taken through condemnation (which term when ~sed here~n ~hall ~ndude any damage or tak~ng by a~y governmental _ authority or any other authority authonzed by the laws of the State oi Florida or ihe United States of America ~ to so damage or take. and any transfer by private sale ~n lieu thereof). either temporanly or permanently, the entire indebtedness and other sums secured hereby shal! at the opt~on of Mortgagee. become immediately due and payable Mortgagee shali be entitled to a!I compensation awards. damages, claims. rights of action and proceeds of, or on accoun~ ot any damaye or tak~ng through condemnation and is hereby authorized, at its option, to commence. appear m and prosecute. ~n ~ts own or Mortgagor's name. any action or proceeding relating to any condemnation and ;o settle or compromise any claim in connection therewith. AN such compensation awards. damages. claims rights of action and proceeds. and any other payments or relief, and the righi ther~to. are hereby ass~gned by Mortgagor to Mortgagze and Mortgagee after ded~ccting therefrom all its expenses ~nciuding a~torney s fees may release any monies so received by it without affecting the li~n of this Mortgage or may apply the same in such manner as Mortgagee shatl detsrmine. to the reduction of the sums secured hereby and to any prepayment ;,harye provided in the Note. this Mortgage or arry other ~nstrument sea~nng the Note Any balance of such monies then remaining shali be ~ paid to Mortgagor Mo?tgagor agrees to execute such turther ass~gnments or any compensations. awards. damages. ctaims. rights of achon and prcceads as Mortgagee may require. 5 Care of Mortgaged Property. Mortgagor shal! not remove or demolish any building or other property forming a part of !he Mortgaged Property without the written consent o' Mortgagee. Mortgagor shall not permit. commit. ar suffer any waste. impairment or deterioration of the Mortgaged Property or any part thereof, and shalf keep the s~me and ~mprevements thereon in good conditicn a~d repair. Mortgagor shall notify Mortgagee ir~ writing ~Nithin five (5) days oi any damage. or impairment of the Mortgaged Property. s Mortgagee may. at Mortgagee s discretion have the Mortgaged Property inspected at any time and Mort- ~ gagor shall pay all costs ~ncurred by Mortgagee in executing such inspect~on. 6. Mortgagee's Fiight to Make Ce~tain Payments. In fhe event Mortgagor fails to pay or discharge ; the taxes. assessmen,s. 12v~es. liab+lities. ob6gations and encumbrances. or fa~ls to keep the Mortgaged ; Property insured or t~ deliver the policies. premiums pa~d. or fails to repair the Mortgaged Property as herein s agreed. Mortgagee may a? its op±~on pay or discharge the taxes. assessments. levies. I~abilities. and obli- ; gations and encumbrances or any part there~f. !o procure and pay for such insurance or to make and pay ` for such repairs Mortgngee shall have ~o obligation on its part to determine the validity or necessity of any - , payment thereof and any such payment shall no! waive or affect any option lien equity or nght of Mo,tgagee ! under or by virtue of this Mortgage The fu~i amount of each and every such payment shal! be immediately e due and payable and shall bear interes[ from the date thereof unt~l paid at the Default Rais as hereinafter ~ defined. and together with such ~nterest. shafl be secured by the lien ~of this Mortgage Nothing here;n contained shall be construed as requiring Mortgagee to advance or expend mon~es for any of the purposes ~ mentioned in this paragraph ~ 7 Payment of Expenses. Mortgagor shall pay all ihe costs. charges and expenses. ~ncluding rea- ~ sonaGle attorney~s fees disbursemer~is and cost of abstracts oi title. incurred or paid at any time by Mortgagee due to the failure on the part of ~~lortgagor promptly and fully to perform, comply with and abide by each and every s?ipu~ahcn. agreemer~t condihon and covenant of the Note and this Mortgage Such costs. charges and expenses shall be ~mmed~a?ely due and payable whether or not there be notice. demand. attempt to coliect or su~t pend~ng The tu!I amount of each and every such payment shall bear interest from the date thereof unUl p=~~d a! !he De!ault Rate as here~nal~Er defined All such costs. charges ' and expense5 so mcurred or paid together w~th s~ch ~nterest. shatl be secured by ?he I~en of this Mortgage and any other instrument securing the Note ~ 8 After Acquired Property. The lien ot this Mortgage will automati~ally attach w~thout further act to ~ al! after acquired property ot wha?ever k~rd loca!ed in or on or attached ta or ~sed or intended to be used ~ in connection wfth or in the oper~t~on of the Mortgaged Property ~ 9 Additional Documents. Hr a11 times th~; Mortgage is in effect. upon Mortgagee~s request. Nort- ~ g3gor shall make execute anci det+ver or cause. to be mac+e. executed and del~vered to Mortgaqee and. _ where appropnate shail cause to be :ecorded or filed and therea`ter to be re-recorded or ref~led at such ~ time and in such places as shail be deemed des~rable by Mortgagee any and all such further mortgages in;Uuments of further assurance ::er?ificates and o,her documents as Mortgagee may consider necessary or ~ desirable ~n order to effectuate. ccmp'ete enlarge perfect. or to continue and preserve the obf~gations of , u Mort~agor under the Note and ±his Mor?gage and all other instruments secunr,g the Note and the hen of this ~ Mortgage as a f;rst and pnor lien upon ail !he N~ortgaged Property Upon any failure by Mortgagor ro do so. a, ~ Mort~agee may make execute record fi!e re-record or refile any and ail such mortgases. instruments ~ J ~ certificates and documenrs for ~r.d in the name of Mortgagor Martgagor hereby ~rrevocably appoinis ~ Mortgagee agent and at!orrey in f.?c+, of Mortgagor to do aIl th~ngs necessary ro effectuate or assure ~ complianre w~th !h~s paragraph ~ ~ 10. Event Of Defauft. An~ one of tne following shall ~onstitute ar, eveni of default: ~ ~ (a) Failure by MoRgagor to pay, as and when due and payable, any insiallments of pnncipal or interest ~ due u~der the Note, or any depos~ts for taxes and assessments or insurance premiums due hereunder, or any other sums to be paid by Martgagor hereunder or under any other irstrument securing the Note. ~ ~ • (b) ~ailure by Mortgagor to duly keep, perform and observe any ather cavenant, candition or agree- ~ ment in ihe Note: th+s Mortgage. any other ~nstr~ment securing the Note ar any other instrument collateral to ~ ~ the Note or executed in connection with the sums secured hereby for a period of 10 da;,-S 3ftPr Mo~?gagee ~ gives written notice spec~fyc~g the breach M ' - - _ _ _ ~ „ . ~ ~ ~i~`;~,~ = ~ ,~r . ~