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HomeMy WebLinkAbout0960 r ~ ~ I ~ 4 Inaurance. Borrower ahall keep the Property cen~eNly(1rs~red a~i~at loss by fire with e:tended coverage in an amount acceptable to Lender and ao as to avoid any claim on the part of the insurers for coinsurance, and in addition shell keep ~n full force and effect policies of insurance insuring against such other hezards. casualties, and contingencies as i.ender may require, including, but not limited to, Flood Insurance and Property Demage lnsurance. Alt insurance required by Lender shall be with an insurance company accepfable to Lender and shall be on such forms, for auch periods, and in such amounts as Lender may require with loss payable to the Lender under a clause acceptable to Lender in its sole discretion, and which ahall include a minimum of thirty (30) days advance notice of cancellation. 5. Condemnation. Borrower shall immediately notify Lender of any condemnation action or other governmental talcing involving the Property. Borrower hereby authorizes Lender as attorney-in-fact for Borrower to, at Lender's option, , commence. appear in and prosecute, in Lender's or Borrower's name. any action or proceeding relating to such taking of the Property and to settle or compromise any claim in connectio with such condemnation or tttking. The proceeda of any award or claim for damages in connection with any condemnation~or ather taking of the Property. or for conveyance in lieu of conderanation, are hereby assigned and shall be paid'ta~.end~. b. 6 6. Use and Alceracion of Property. Borrower shall not allow changes in the nature of the occupancy for which the Property wss intended at the time this Mortgage was executed. Without th~ prior written consent of Lender, Borrower shall not structurally remove any improvement, nor may Borrower materially structurally alter any improvement that would decrease its value. Waste and Mechanics' Lien. Borrower shall keep the Property constantly in good order and repair; shall comply with all laws, ordinances, and regulations now or hereafter affecting the Property or any part thereof; and shall not permit, suffer or commit any waste, impairment or deterioration of said Property or any part thereof. In addition, in the event any mechanics' or materialmen's liens are ~led against the Property, Borrower shall immediately cause the same to be discharged or otherwise satisCed. 8. Protection of Lender's Security. Borrowe,~s~l.~ae~~~/pr cause to be executed such further assurances of title to the Property, and to take and cause to be taken, su step , u~n~le~al proceedings as may at any time appear to the Lender to be desirable to perfect the title to the Property in the Lender. Upon a failure or default in or breach of performance of any of the covenants and agreements contained herein or in the First Mortgage, the Lender may, without notice to the Borrower, pay all tazes, assessments, principal and interest installments in de:sult under the Fi~st Mortgage, and public charges, and/or take such steps as may be necessary to secure or redeem the Property fmm forfeiture, foreclosure, and/or sale, and/or effect or renew any insurance, and/or make such repairs as may be necessary to keep the Property in good order and repair and/or take or cause to be taken, such steps, inctuding legal proceedings, as may be desuable to prevent the commission of waste, impairment or deterioration of the Property, or to perfect the title to the Property in the Lender, and/or to perform ~ any other acts or expend such other sums deemed necessary by Lender to protect its security for the repayment of any loan ~ advances incident to the Credit Agreement, and ell sums expended in the doing of or on account of the same, shall be a part of the debt secured by this Mortgage, and shall bear interest at the highest legal rate permitted by law to be charged by Lender from the date of the e:penditure thereof and shall together with the interest thereon, be repaid by the Borrower before the ~ expiration of a period of thirty (30) days thereafter. But there is no obligation upon Lender to make such payments or take such I steps, nor shall any act of Lender or any failure to ac~µ~e~h~p~e;s gran ed by this paragraph 8, nor any lapse of time, be f construed as the waiver of any breach of the covengn a d f~gr eriten~ ~tained herein. ; 9. Civil Proceedings. If any action or proceeding is commenced (eacept an action to foreclose this Mortgage or to ~ collect any loan advances secured hereby), to which action or proceeding Lender is or becomes a party or in which it becomes ! necessary to defend or uphold the lien of this Mortgage (including fo protect its interests in any condemnation proceedings), all sums paid by Lender for the ezpenae of any litigation (including reasonable attorneys' fees and appellate counsel fees if ~ any) to prosecute or defend the rights and lien created by this Mortgage shatl on notice and demand be paid by Borrower, € together with interest thereon at the highest legal rate permitted by law to be charged by Lender, and shall be a lien on the ~ Property, prior to any right or title to, interest in or claun upon the Property subordinate to the lien of this Mortgage, and shall ~ de secured by this Mortgage. ~ ~ ~ 10. Inepections. Borrower agrees that Lender and any person authorized by Lender shall have the privilege of making s inspections of the Property at reasonable tir.~es d~ri~g ~hI~ift~of.ihip 11~ortgage. R , ~ { ; ~ ~ ] 7 ~ 11. Financial Information. Upon request of Lender, Borrower shall promptly furnish Lender a statement of his financial condition, in form satisfactory to Lender. ; ~ j ~ 12. Future Advances. In addition to the Credit Agreement (and the credit limit set forth therein) referred to herein, ; ~ this Mortgage shall also secure any future advances in e:cess of the original credit limit set forth in Recital A of this Mortgage; j which future advances shall be made at Lender's ogtion and which shall not eaceed a maxirnum credit limit of three (3) times l said original credit limit. All such future advances shall be made within the time limit authorized by Florida lAw for making valid future advances, and all indebtednesses and interest created by virtue of such future advances shall be and are secured hereby. All provisions of this Mortgage shall apply to any future advances made pursuant to the pmvisions of this paragraph '-2- 13. Intervening Liens. Any agreement he,~e~L~de~y~o~~er and Lender pursuant to this Mortgage shall be superior to the rights of the holder of any interven g li or encum ce. c ~ 14. Waiver. No failure of Lender io eaercise any option herein given to declare the maturity of any loan advances ~ hereby secured shall be taken or construed as a waiver of its right to exercise su~h option or Lo declare such maturity by reason ; r 4 ~ ~J '158 ~ ' ~ ~ @ , . ~ . _ _ ~s._ , _ ~ I , , ~ . _ _ . .a_ ' . _ F~ q~'SaY ~ -.~:'7~'"''~~T'~~s".xC`~s. ~Y~~w~'~~ a`S~, ~S~ ,.,~'ry~..'^2~a-~",,. . ~.».~r~'~`~ .~~5'•4~:x~~r.'~''-u-sES,~xw~~