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Home My WebLink About0936 the Mortgagad Proparty insured as may bQ required irom lime to time by Mortgagee against toss by fire, other hazards and contingencies in such amounts and far such periods as may bs required by Morlgapee. Mortgagor sha(I pay promptly, when due: any premiums on such insurance. All insuranc~ shall be carried with companies approved by~ Mortgagee and the policy and renewals thereol shall be held by Mortgagoe and have attached the~eto loss payabte clauses in tavor and in torm acceplable to Mortgagee. In the event ol loss, Mo~tgagor shall give immediate notice by mai; to Mortgagee and Morlgagee may make proof of loss if not made promptly by Mortgagor. Each insurance campany concQrned is hereby authorized and d+rected to make payments tor such loss directly to Mortgagee instead of either to Mortgagor or Morigagor and Mortgages jo~ntly. Insurance p~oceeds or any pan ~thereoi may be applied by Mortgagee at its option, atter deducting theretrom all its expenses including attorney's (ees, either to Ihe reduction ot the indebtedness hereby secured or to the restoration or repair of the property ~ damaged. Mortgagee is hereby authorized, at its option, to settle and compromise any claims, awards, damages, ' rights of aciion and proceeds, and any other ~ayment or refief under any insurance policy. !n the event ot ioreclosure oi this Mortgage or other transter ot title l0 1he Mortgaged P~operty in extinguishment oi the indebtedness secured ~ hereby, al! right, title, and intetest ot Mortgago~ in and to any ins~rance policies then in force shall pass ta the ~ purchaser or g~antee. Mortgagee may at its option roquire Mortgagor to deposit with Mortgagee on the (+~st day oi each month, in addition to making payments oi principal and interest, untit the Note is fully paid, an ama~nt equ~l to one•twelfth (1/12j oi the year(y premi~ms (or all insurance. Such deposits shall not be, nor be deemed to be, trust tunds, but may be. commingled with the general tunds ot Mortgagee, and no interast sha!I be payable in respect thereof. Upon demand by Mortgagee, Mortgagor shall deliver to Mortgaqee such additional monies as are necessary to make up any de(iciencies in the amounts necpssary to eAable Mortgagee to pay s~ch premiums when due. In the event of detault under any of the terms, covenants and conditions in the Note, this Mortgage or any other instrument securing the Note to be performed or observed by Mortgagor, Mortgagee may ap~ly to the reduction o( the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this paragraph remaining to Mortgagor's credit and any return premium ~eceived from cancellation of any insurance policy by Mortgagee upon toreclosure of this Mongage. ~ 4._ Condemnation, If ihe Mortgaged Property or any parl thereof shalt be damaged or taken through condemnation (which term when used herein sha!I include any damage or taking by any governmenlal authority or any other authority author~zed by ihe laws of the State of Florida or the United States ot America to so damage ortake, and any transier by private sate in li~ thereo!), either temporarily or permanently. !he ertire indebtedness and other sums secured hereby shall, at th2 option of Mortgagee, become immediately due and payable, Mortgagee shall be entitled to all compensation awards. I damages, claims, rights oi action and proceeds of, or on account of any damage or takingthrough condemnalion and is hereby I authorized, at its option, to commence, appear in and prosecute, in its own or Mortgagor's name, any action ar proceeding relating to any condemnation, and to settle or compromise any claim in connection therewith. All such compensalion awards, damages, claims, rights oI action and proceeds, and any other payrr~ents or relief, and the right thereto, are hereby assigned by Mortgagor io Mortgagee and Morlgagee atter deducting therefrom all its expenses including attorney's (ees may reiease any monies so received by it w~thout afiecting the lien of lhis Mortgage or may appty lhe same in such manner as Mortgagee shall determine, to the reduction of the sums secured hereby and to any prepayment charge provided in the tVote, this Mortgage or any other instrument securing ihe Note. Any balance of such monies then remaining shall be paid to Mortgagor. Mor;gagoi agrees to execute such further assignments or any comper~sations. awards, damages, claims, rights oi aciion and proceeds as Mortgagee may require. ' 5, Care of Mortgaged Property. Morlgagor shall not remove or demolish any building or other property iorming a part of the Mortgaged Property without Ihe written consent oi Mortgagee. Mortgag~r shatl not permit, commit, or sufier any waste. impairment or deterioration o! the Mortgaged Properiy or any pari ihereof, and shall keep the same and improvements ihereon { in good condition and repair. Mortgagor shall notify Mortgagee in writing within five (5) days of any darrtage, or impairment ot ~ the Mortgaged Property. Morigagee may, at Mortgagee's discretior., have the Mortga~ed Property inspected at any time and ~ Mortgagor shall pay a!I costs incu?red by Mortgagee in executing such inspection. ~ 6. Mortgagse's Aight to Make Certain Payments. In ihe event Mortgagor fails to pay or d~scharge the taxes. assessments, levies, tiabilities, obligations and encumbrances, or fails to keep the Mortgaged Property insured or to deliver lhe i policies, premiums paid, or fails to repair the Mortgaged Property as herein agreed. Mortgagee may al its option pay or ~ discharge the taxes, assessments, levies, liabitities, and obl;gations and encumbrances or any part thereof, to produce and ~ pay tor such insurance or to ma~ce and pay tor such repairs. I1Aortgagee shall have no obligation on its part to determine the ~ vatidity or necessity of any payment thereo( and any such payment shaU not waive er affscl any option, lien equity or right of ! Mo~tgagee under or by virtue of this Morigage. The full amount of eacn and every such payment shatl be immediately due and payable and shall bear interest (rom ihe date thereot until paid at the Oefautt Rate, as hereinafter detined, and together with - such interest, shall be secured by the lien of this Mortgage. Noihing herein contained shall be consirued as requiring ~ Mortgagee to advance or expend monies for any of the purposes mentioned in this paragraph. . 7. Payment of Expense~. Mortgagor shall pay all the costs, charges and expenses, ir~ciud+ng reasonable attome^,~'s fees. disbursements and cost of abstracts of title, incurred or paid at any time by Mortgagee due to the failure on the part oi Mortgagor promplly and (uliy to pertorm, comply w+th and abide ~y each and every stipulation, agreement, condiiion and . covenant of ihe IVote andlhis Morlgage. Such costs, charges and expenses. shall be immediately due and payable: whetr~er or no! there be notice, demand, altempt to coAecCor suit pending. The full amount of each and every such payment shall bear interest from the date thereof until paid at the Defaufl Rate, as hereinafter detined. AI4 such costs, charges and expenses so incurred or paid together with such interest, shall be secured by the lien of this Mortgage and any other instrumen! securingthe ~ Note. M 8. After Aequired Property. The tien of this Martgage witl automatically attach, vsrilhout fu?the? act, to a?I alter acquired ~ ~ property of whatever kind located in or on, or altached to, or used or intended to be uses~ in connection with or in the operation p oi the Mortgaged Property. ~ . ,.2 9. Aclditiona! Documenta. At all times ihis Mortgage is in eifed, upon Mortgagee's request, Mortgagor shall make, _ execute and deliver or cause io be made, executed and delivered to Mortgagee and, where appr~priate, shall cause to be ~ r~corded or filed and thereatter to be re-recorded or refiled at such time and in such places as shait be deemed desirable by Mortgagee any and all such furiher mortgages, instruments of fu~ti~er a~surance, cert+ficates and olher documents as ~ Mortgagee may consider necessary or desirable in order to efiectuate, complete, enlarge, peried, or tocontinue and preserve Q tMe obligalions oi Mortgagor under the Nole and ihis Mortgage and all other inslruments securing the Note, andihe lien of this o~ Morigage as a tirst and prior lien upon all the trAortgaged Property. Upon any failure by Mortgagor to do so, Mortgagee may make, execute, record, file, re-record, or refile any and all such mortgages, instruments; certiiicates anddocuments for and in ihe name o( Mortgagor. Mortgagor hereby irrevocably appoints Morigagee agent and~tt,~43e~-j~ of MoRgagor to do aA 2,. ~ t , . >>o2zi rw~ es ~o9e~ . ,