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HomeMy WebLinkAbout0940 ~ ~ ! 1 ~ the Mortgaged Properiy insured as may be required from time to time by Mortgagee against loss by tire, other hazards and contingencies in such amounts and for such periods as may be required by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shall be carried with companies app~oved by Mortgagee and Ihe policy and renewais ihe~eof shall be held by Mortgagee and have attached Ihereto loss payablo clauses in tavor and in (orm acceptable to MortgageQ. In the event of loss, Mortgagor shall give immediale notice by mail to Mortgagee and MortgageQ may make proof o( loss if not made promptly by Mortgac~or. Each insurance company concerned is hereby authorized and directed to make payments (or such loss directly to Mortgagee instead oi either to Mortgagc~r or Mortg~gor and Mortgagee joinlly, lnsuranca proceeds or any part Ihereof may be applied by Mortgagee at its option, aiter deducting Iherelrom all its expenses including attorney's tees, either. to the ~eduction nf the indebtedness hereby secured or to the restoration or repair ot the property 'damaged. M~rtgagee is hereby authorized, at its option, to settle and compromise any cla+ms, awards, damages, rights of action and proceeds,~and any other payment or relie! under any insurance policy. ln the event of toreclosure r o! this Mortgage or other Iransfer of t+11a to the Mortgaged. Property in extinguishment ot the indebtedness secured hereby, ali right, title, and interest ot Martgagor in and to any insura~ce policies then in (orce shall pass to Ihe purchaser or grantee. Morigagee may at its option require Mortgagor to deposit with Mortgagee on the tirst day . of each month, in addition to making payments oi principal and interest, until tho Note is fully paid, an amount r equal ta one-twelfth (f/12) ot !he yearly premiums tor aU insu~ance. Such deposits shall not be, nor be deemed ~ ; to be, trust funds, but may be commingled with the general tunds oi Mortgagee, and no interest sha!i be payable ~ in respect thereoi. Upon demand by Mortgagee, Morlc~agor shall deliver to Mortgagae such additional monies as ; are necessary to make up any deticiencies in the amounts necessary to enable Mortgagee to pay such pramiums ~ when due. In the event of defau(t under any ot the terms, covenants and cor~ditions in the Note, this Mortgage or any other insirument securing the Note to be pertormed or observed by Mortgagor, Mortgagee may apply to . the reduction of the sums secured hereby, in such manner as Martgagee shall determine, any amount under this paragraph remaining to Mortgagor's credit and any return premium received trom cancellation ot any insurance policy by Mortgagee upon forectosure of this M~rtgage. 4. Condemnation. If the Mortgaged Prc?perty or any part thereoi shall be damaged or taken lhrough condemnation (which term when used herein shatl include any damage or taking by any qovernmental authority or any other authority authorized by fhe laws of the State of Florida or ihe United States of America lo so damage or take, and anylranster by priva;e sale in lieu thereof), eilher temporarily or permanenliy, the entire indebtedness and other sums secure~ hereby shall, at the option of Mortgages, become immediately due and payable. Mortgagee shall be enti"tled to all compensation awards, damages, claims, righis ot action and proceeds of, or on account o( any damage or takingthrough condemnation andis hereby ~ authorized, at its option, to commence. appear in and prosecute. in its own or Mortgagor s name, any action or proceed+ng ~ relating to any condemnation, and to settle or compromise any claim in connection iherewith. All such cornpensation awards, ` damages, claims, rights of action and proceeds, and any other payments or relief, and the right thereto, are herehy assigned by Mortgagor to Mortgagee and Mortgagee after deducting therefrom all its expenses including attorney's (ees may release any monies so received by it withoul a(ieciing the lie~ of this Mortgage or may appty ihe same in such manner as Mo:igageeshatl determine, to the reduction of 1~ie sums secured hereby and lo any prepayment charge provided in the Mote, this Mortgageor any otNe~ instrument securing the Note. Any balance oi such monies then remaining shall be paid to Mortgagor. Mortgagor agrees io execute such furiher assignments or any comp~sations, awards, damages, claims, rights"ot action and proceeds as Mortgagee may require. . 5, Care of ll~ortgeged Propsrty. tilortgagor shall not remove or demolish any build;ng or other propeRy forming a part of the Morlgaged Property ~vithout the written consent of Mortgagee. Mortgagor shall not permii, cornmit, or sufier any waste, impairment or deterioretion of the Morlgaged Property or any pari ihereof, andshalt keep the same and improvements thereon in good condition and repair. Mortgagor shall notify Morigagee in writing 4vilhin five (5) days oi any damage, or impairment ot the Mortgaged Property. Morlgagee may, at Mortgagee's discretion, have the Mortgaged Property inspected at any time and Mortgagor shall pay all costs incurred by Mortgagee in executing such inspection. 6. Mortgagoe's Right to Maks Certain Payments. In the event Mortgagor iaits to pay or discharge ihe taxes, assessments, levies, liabilities, obtigations and encumbrances, or tails to keep the Mortgaged Property insured or to deliver the policies, premiums p2id, or (aits to repair the Mortgaged Property as herein agreed, Mortgagee may at its opt~on pay or discharge the taxes, assessmenls, ievies, liabilities, and obligations and encumbrances or any part thereot, io produce and pay tor such insurance or to make and pay (or such repairs. Morigages shall have no obligation on its part to determine the validity or necessity o( any payment thereot and any such payment shall not waive or af(ect any option, lien equity or right of Mortgagee under or by virtue of this Mortgage. The full amount of each and every such payment shall be immediately due and payable and shall bear interest trom the date thereot until pa~d at the Delault Rate, as hereinafter detined, and togeiher with - such interest, shall be secured by the lien of this Mortgage. Nathin9 herein contained shall be construed as requiring Mortgagee to advance or expend monies for any o! the purpases mentioned in ihis paragraph. r 7. Paym~n3 of Expenses. Mortgagor shall pay all the cosis, charges and expenses, including reasonable attorney's fees. disbursements and cost of abstracts oi title, incurred or paid at any fime by Mortgagee dus to the failure on the part of Morlgagor promptty and tully to perlorm, comply with and abide by each and every stioulation, agreement, condition and covenanl of the Note and this Mortgage. Such cosls, cha~ ges and expenses, shall be immediatefy due and payabte, v+helh~ or nai ihere be notice, demand, attempt to collect or suil pending. The tulf amount of each and every such payment shall bear interest from the dale thereof until paid at the Defaufi Rate, as hereina(fer detined. All such costs, charges and expenses so incurr2d or paid togelher with such interest, shall be s~cured by the lien otthis tilortgageandany other instrumenl securingthe Note. 8. After Acquired f'roperty. The lien o1 this Mortgage will automatically attach, without (urther act, to all after acquired ~ property ot whatever kind located in or on, or ailached to, er used or intended fo be used in connection v~ith or in the operation ~ ~ oi the Mortgaged Property. Q t 9. Addi4ional Documents. At all times this Mortgage is in eifect, upon Mortgagee's requesi, Moltgagor.~a •tnake, ~ execute and deliver or cause to be made, executed and delive~ed to Morigagee and, where appropriate, shail cause to be ~ a~-- recorded or tiled and thereafter to be re-recorded or refile~ at such time and in such places as shall be daemed desirabls by ~ Mortgagee any artd all such further morlgages, instruments of fu?ther assurance, certiticates and other documents as Mortgagee may consider necessary or desirable in order to etiectuate, complete, enlarge, peried, or to continue and preserve ~ the obtigatio~s of Mortgagor under the Note and th~s Mortgage and all other instruments securing the Note, andthe lien of this Mortgage as a first and prior lien upon all the Mortgaged Property. Upon any failure by Mortgagor to do so, Mortgagee may make, execute, rec~rd, tile, re-record, or refile any and all such mortgagE;s, instruments, certificates anddocuments for andin O°' , the name oi ~,iortgagor. Morigagor hereby irrevocably appoints M.ortgagee agent and atlorney-in-tact of Morlgagor to do a!I „or2, ~„g es ~a„n ~ .