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HomeMy WebLinkAbout0992 ' ~ the Mortgaged Property insured as may be required Irom time to 11me by Mortgagee against loss by (ire, other - hazards and contingencies in such amounts and tor such ~eriods as may be required by Mortgageo. Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shall be carried with companies approved by Mortgagee and the policy and renewals lhQreot shall be held by Mortgagee and have altached thereto loss payable clauses in iavor and in form acceptable to Mo?tgagee. In the event ot toss. Mortgagor shall give immediate notice by mail to Morlgagee and Mortgagee may makQ proof of loss if not made promptly by Mortgagor. Each insurance company concerned is hareby authorized and di;ected to make payments tor such toss direclly to Mortgagee instead of either to Mortgagor or Mo[tgagor and Mortgagee jointly. Insurance proceeds or any part thereot may be applied by Mortgaclee at its option, after deducting therefrom all its expenses inctuding attorney's fees, either to the reduction of tho 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 ot action and proceeds, and any other payment or relief under any insurance policy. In the event of foreclosure o( this Mortgage or other transfer ot title to the Mortgaged Prope~ly in extinguishment of the indebtedness ~ecured hereby, all right, title, and interest oi Morigagor in and to any insurance policies then in (orce shall pass to the F purchaser or grantee. Mortgagee may at its option require Mortgac~or to deposit with Mortgagee on the first day of each month, in addition to making payments ol principal and interest, until the Note is tully paid, an amount equal to one-tweltth (1/12) of the yearly premiums tor all insurance. Such deposits shall not be, nor be deemed to be, trust tunds, but may be commingled wilh the general tunds of Mortgagee, and no interesl shall be payable in respect lhereot. Upon demand by Mortgagee, Mortgagor shall deliver to Mo~tgagee such additional monies as are necessary to make up any deticiencies in the amounts necessary to enable Mortgagee to pay such premiums . when due. In the event ot de(ault under any of the terms, covenants and conditions in the Note, this Mortgage or any other instrument securing the Note to be pertormed or observed by Mortgagor, Mortgagee may apply to ~ the reduction of th2 sums secured hereby, in such manner as Mortgagee shall determine, any amount under lhis paragraph remaining to Mortgagor's credil and any return premium received (rom cancellation of any insurance } policy by Mo~tgagee upon toreclosure of th~s Mortgage. 4. Condemnetion. If the Mortgaged Property or any part thereof shatl be damaged or taken through condemnation (which term when used herein shall include any damage or taking by any governmental authority or any other authority authorized by the laws ot the State of Ftorida or the United States of America to so damage or take. and ariy transfer by private ; sale in lieu lhereoi), either temporarily or permanently, the entire indebtedness and other sums secured hereby shall, at the option o( Mortgagee. becorr~e immediately due and payable. Mortgagee shall be entitled to all compensation a~vards. damages, claims, rights of action and proceeds oi, or on account ot any damage or takingthrough condemnation and is hereby authorized. at its opt+on, to commence. appear in and prosecute, in its own or Mortgagor's name, any action or proceeding relating to any condemnation, and to settle or compromise any claim in connection therevrith A!I such cQr,~pensation awards, damages, claims, rights of action and proceeds, and any other payments or relief, and 1he right f hereto, are hereby assigned by i Mortgagor to Mortgagee and Mortgagee after deducting therefrom all its expenses inctuding attorney's tees may release any monies so received by it without a(fecting the lien of this Mortgage or may apply the sarne in such manner as Mortgagee shall determine, to the reduction of the sums secured hereby and to any prepayment charge provided in lhe Note. this Mortgage or any other instrumeni securing the Note. Any balance ot such monies then remaining shall be paid to Mortgagor. Mortga~or agrees to execute such fu~ther assignments or any compensations, awards, damages. claims, rigMs of aclion and proceeds ~ as Morigagee may require. 5. Care of Mortgaged Property. Mortgagor shall no! remove or demolish any building or other property !orming a part of the Mortgaged Property without the written cansent of Mortgagee. Mortgagor shall not permit, commit. or suffer any ~vaste, impairment or deterioration of the Mortgaged Property or any part thereoi, andshall keep the same and improvements thereon ~ in good cond~tion and repair_ Mortgagor shall notify Mortgagee in writing within tive (5) days of any damage, or impairment ot the Mortgaged Property. Mortgagee may, at Mortgagee's d~scretion, have the hlortgaged Property inspected at any time and ~Aortgagor shall pay al! costs incurred by Mortgagee in executing such inspection. • 6. Mortgagee'a Right to Make Certain Payments. In th~ event Mortgagor (ails to pay or discharge the taxes. - assessments, lev;es. liabilities, obligations and encumbrances, or fails to keep the Mortgaged Property insured or to deliver ihe Foticies, premiums paid, or (ails to repair the Mortgaged Property as herein agreed. ~Aortgages may at ils option pay or ! - discharge the taxes, assessments, levies. liabilities, and obligations and encumbrances or any part there~f, to produce and pay tor such insurance or to make and pay for such repairs. Moric~agee shall have no obligation on its part to determine the validity or necessity ot any payment thereot an~ any such payment shall not wa~re or affect any option, Iien equity or right of - Mortgagee under or by virtue of this Mortgage. The fu?! amount uf each and every such payment shall be immediatety due and payable and shall bear interest from the datE thereof until paid at the Default Rate, as hereinafter defined, and together with such interest, shall be secured by the lien of lhis Mortgage. Nothing herein contained shall be construed as requiring t ivlortgagee to aJvance or expend monies for any of the purposes mentioned in this paragraph ~ 7. Paymsnt of Expenaea. Mortgagor shall pay all the costs, charges and expenses. includina reasonable attorney's (ees. disbursements and cost uf abstracts of title, incurred or pa~d at any time by Mortgagee due to the failure on the part of Mortgagor prompUy and fully to pertorm, comply with and abide by each and every stipulation, agreement, cond+tion and ~ ~ covenant of the Note and this Mortgage. Such cosls, charges ar+d expenses, shalt be immediately due and payable, whether or ~ not there be notice, demand, attempt to collect or suit pend+ng The full amount of each and every such payment shall bear ~ interest trom the date thereot untit paid at the Defauit Rate, as hereinafter defined. All such costs, charges and expenses so ~ incurred or paid together with such interest. shall be secured by the lien oflhis Mortgage and any other instrument securing the ~ Note. ~ 8. After Acquired Prop~rty. The lien of this Mortgage will automatically attach, without further act, to alI after acquired . ~ pro~erty of whatever kind located in or on, or attached to, or used or intended to be used in conner.tion with or in the operat+on 3 of the Mortgaged Property. ` 3 9. Additionai Documenta. At alt times this A~ortgage is in eftect, unon Pvlorigagae's request, Mortgagor shall mak,e, execute and deliver or cause to be made, executed and delivered to Mortgagee and, where appropriate, shall cause to be ri recorded o~ tiled and therea(ter to be re-recorded or refiled at such tirrie and in such places as shall be deemed desirable by ~ MoRgagee any and all such further mortgages, instrumeNs of further assurance, ceriificates and other documents as Mortyagee may consider necessary or desirable in order to eitectuate, complete, enlarge. perfect, or to continue and preserve the obligations of Mortgagor under the Note and this Mortgage and all other instruments securing the Note, andthelien of this Mortgage as a first and prior lien upon aU the Mortgaged Property. Upon any failure by Mortsagor to do so. Mortgagee may ~ ~ make, execute, record, lile, re-record, or retile any and ail such mortgages, instruments, certificates and documents for and in the name of Mortgagor. Mortgagor hereby irrevocably appoints Mortgagee agent and attamey-in-tact of Mortgagor to do al! ~ ~ - ~ ~~0~2F~r~P~~49~9 ~ ~ ~ ~