Loading...
HomeMy WebLinkAbout0995 - 2. Payment of Tiuces and Liens. Mortgagor shall pay all the taxes, assessrnents, leviss, I~abilities, obligations and enc:umbrances of every nature now on the Mortgaged Property or that hereafter may be imposed, levied or assessed upon this Mortgage or the Mo~tgaged Property or upon the indebtedness secured hereby. All such payments to be made when ~ due and payable according to law betore they become delinquent and betore arty interest attaches or any penalty is irxu~red. ~ Insotar as any indebtedness is ot record the same shall be promptly satislied and evidence ot such saiisiaction shall be given t~ Mortgage~ i ; 3. Insurance. Mortgagor shall keep the Mortgaged Property and the improvements nav existing or hereafter erected ; on the Mortgaged Property insured as may be requ~red tram time to time by Mortgagee against loss by fire, other hazards ' and contingencies in such amounts and (or such periods as may be required by Mortgage~ Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shall be aarried with companies approved by Mortgagee and the pot~cy and renewals thereol shall be held by Mortgagee and hav~e attached thereto loss payable clauses in favor and in torm accepiable to Mortgagee. !n the evenl d loss, Mortgagor shall give immediate notice by mail to Mortgagee and Mortgagee may make proof oi loss if not made promptly by Mortgagor. Each insurance comparry concerned is hereby authorized and directed to make payments for such loss directly to Mortgagee instead of either to Mortgagor or Niortgagor and Mortgagee jointly. Insurance proceeds or any part thereot may be applied by Mortgagee at its optian, a(ter deducting therelrom all its expenses in,,luding attorney's fees, either to the reduction d the indebtedness hereby secured or io the restoration or repair d the property damayed. Mortgac,~ee is hereby authorized, at its option, to settle and compromise any claims, awards, damages, rights of action and proceeds, and amr other payment or relief under any insurance policy. In the event ol foreclosure of this ; Mortgage or other t~ansier of title to the Mortgaged Property in extinguishment oi the indebtedne~s secured hereby, all right, ~ title, and interest of Mortgagor in and to any insurance poiicies then in torce shall pass to the purchaser or grantee. Mortgagee ; may at its option require Mortgagar to deposit with Mortgagee on the first day of each month, in addition io making payments ~ d principa! and inierest, untit the Agreement is fully paid, an amount equal to one~twelfth (1112) of the yearly premiums (or ~ alI insurance. Such deposits shall not be, nor be deemed to be, trust funds, but may l~e commingled with the general fu~ds ; of MoRgagee, and no interest shall be payable in respect thereof. Upon demand by Mortgagee, Mortgagor shall deliver to = Mortgagee such additional monies as are necessary to make up arry deficiencies in the amounts necessary to enable Mortgagee ' to pay such premiums when due. In the event o( default under any of the terms, covenants and cflnditions in the Agreement, ~ lhis Mortgage or any other instrument securing the Agreement to be pertormed or observed by Mortgagor, Mortgagee may = apply to the reduction of 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 received irom cancellation ot any insurance poticy by Mortgagee upon toreclosure of this Mortgage. ; 4. Condemnation. If the Mortgaged Property or arry part thereof st?alI be damaged or taken through condemnation (which term when used herein shall inclutie any damage or taking by any gov~ernmental authority or any Wher authority authorized by the laws of the State d Florida or the United States of America to so damage or take, and any transfer by private sale in lieu thereo~, either temporarily or permanently, the entire indebtedness and other sums secured hereby shall, at the option d Mortgagee, become immediately du~ and payable Mortgagee shatl be entiUed to a11 compensation awards, damages. Gaims, rights oi actian and proceeds of, or on account d any damage or taking through condemnation and is hereby authorized, at its option, to commence, appear in and prosecute, +n its orvn or Mortgagor's nam~ any action or proceeding relating to any condemnation, and to settfe or compromise any claim in connection therewith. All such compensation awards, damages. : claims, rights of action and proceeds, and any other payments or reliei, and the right thereto, are hereby assigned by Mortgagor ~ to Mortgagee and Mortgagee after deducting therefrom all its expenses including attorney's fees may release any monies { so received by it without affecting the lien d this Mortgage or may apply the same in such manner as Mortgagee shall determine, ' to the reduction of the sums secured hereby and to any prepaymeni charge provided in the Agreement, this MoRgage or ~ arry other insirument securing the Agreement. Any balar?ce of such mon:es then remaining shall be paid to Mortgagor. Mortgagor agrees tq execute such further assignments or any compensations, awards, damages, claims, rights ot action and proceeds as Mortgagee may require. 5. Care of Mortgaged Property. Mortgagor shall nat remove or demolish any building or other property forming a pa~t ot the Mortgaged Property without the written consent of Mortgagee. Mortgagor shall not permit, commit, or suffer any waste, impairment or deterioration of the Mortgaged Property or any part thereof, and shall keep the sarne and improvements thereon in goorJ condition and repair. Mortgagor shall nptify Mortgagee in writing within Tive (5) days of any damage, or impairment of the Mortgaged Property. Mortgagee 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 inspeciion. 6. Mortgsgee's Right to Maks Certaln Payments. In the event Mortgagor faits to pay or discharge the taxes, assessrnents, Ievies, liabilities, obligations and encumbrances, or fails to !ceep the Mortgaged Property insured or to deliver the policies, premiums paid, or faits to repair the Mortgaged Property as herein agreed, Mortgagee may at its option pay or discharge the taxes, assessments, levies, iiabilities, and obligations and encumbrances or arry part thereof, to produce and pay for such insurance or to make and pay for such repairs. Mortgagee shall have no obligation on its part to determine the validity or necessity of any payment thereot and any such payment shall not waive or affect arry 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 from the date thereof un61 paid at the Default Rat~ as hereinafter defined, and together with such interest, shal! be secured by the tien of this Mortgage. Nothing herein conta+ned shall be construed as requiring Mortgagee to advance or expend monies for arry of the purposes mentioned in this paragraQh. 7. Payment of Expenses. Mortgagor shall pay a!I the cosis, charges and expenses, in~luding reasona~le attorney's fees, disiwrsements and c-ast of abstracts of title, incurred or paid at any time by Mortgagee due to the failure on ihe part d Mortgagor promptly and fully to perform, comply with and abide by each and every stipulatian, agreem~nt, condition and covenant of the Agreement and this Mortgage. Such costs, charges and expenses, shall be immediately due and payabte, whether or not there be notice, demand, attempt to collect or suit pending. The tull amount of each and every such payment shall bear interest trom the date thereof unG! paid at the Deiault Rate, as hereinafter definsd. AU such costs, charges and expenses ~ so incurred o~ paid together vrith such interest, shall be secured by the lien of this Mortgage and any other insirument securing ~ the Agreement. ~ 8. After A~cqulred Propert~r. The lien ~of this Mortgage will automatically attach, without furiher act, to all after acquired Q property of whatever kind located in or on, or attaahed to, or used or intended to be used in connection with or in the operation ~ ot the Mortgaged Property. ~ ~ - ~ • ~ . ~ NI prenous edLais are obsdete 110221 Fiev Nov 85 (pg47) ^ N ~ . ~