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HomeMy WebLinkAbout0919 ~ • ~ ~ # ~ . ~ ; 3 ~ the Mortgaged Property insured as may be required irom t~me to time by Mortgagee against lass by tire, other ~ hazards and contingencies in such amounts and tor such periods as may be required by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shail be carned with cOmpsnies ~ approved by Mortgagee and the policy and ~enewals thereot shall be held by Mortgagee and have attached theret0 loss payabfe clauses in Iavor and in torm acceptable to Mortgagee. In the event oi Ioss, Mortgagor shal! give ~ immediate notice by mail to Mortgagee and Mortgagee may make proof ot loss it not made promptly by MortgagoY. ~ Eac~ +nsurance company eoncerned is hereby authorized and directed to make payments tor such loss di~eclty to Mortgagee instead oi either to Mortgagor or Mortgagor and Mortgagee jointly. Insurance p~oceeds or any part ~ thereot may be applied by Mortgagae at its option, atter deducting theretrom all its expenses incfuding attorney's fees, eithet to the reduction ot the indebtedness hereby secured or to the ~estorat+on or ~epair ot the properiy damaged. Mortgagee is hereby authorized, at its option, to settls and compromise any claims, awards, damages, rights ol action and proceeds, and any other payment or rel+ef under any insurance policy. In the event oi foreclosure of this Mortgage or other transter ot title to the Mongaged Property in extinguishment o( the indebtedness secured hereby, all right, title, and interest of Mortgagor in and to any insurance policies then in torce shali p2ss to the purchaser or grantee. Mortgagee may at ifs option require Mortgagor to deposit w+th Mortgagee on the first day of each month, in addition to making payments of principal and interest, until the Note is tully paid, an amounl equal to one-tweltth (1/12) of the yearly premiums for all insurance. Such deposits shall not be, nor be deemed to be, trust tunds, but may be commingled with the general funds ot Mortgagee, and no interest shall be payable in respect thereof. Upon demand by Mortgagee, Mortgagor shall oeliver to Mortgagee such additionat monies as ~ are riecessary to make up any deticiencies in the amounts necessary to enable Mortgagee to pay such premiums when due. In the event of detault under any of the terms, covenants and conditions in the Note, this Mortgage ~ or any olher instrument securing the Note to be pe~formed or observed by Mortgagor, Mortgagee may apply to the reduction ot the sums secured hereby, in such manner as Mo~tgagee shall determine, any amount under this paragraph remaining to Mortgagor's credit and any return premium received from cancellation of any insurance ~ policy by Mortgagee upon foreclosure oi this Mortgage. ~ 4. Condemnation. the Mortgaged Property or any pa~l thereof sha11 be damaged ar taken through condemnalion (which term when used herein shall include any damage or taking by any governmental authority or any other authority aulhorized by the laws of the Siate of Florida or the United States of America to so damage or take, and any transfer by pr'Nate sale in lieu thereof). either tempora?ily or permanently, the entire indebtedness and other sums secured hereby shall, al the option of Mortgagee. become immediately due and payable. Mortgagee shall be entitled to all campensation awards. damages. claims, rights of action and proceeds of. or on account of any damage or tak+ng through condemnatior~ and is hereby authorized. at its option. to commence. appear in and prosecute, in its own or Mortgagor's name, any action or proceeding relaling to any condemnalion. and to settie or campromise any ctaim in connection therewith. All such c4mpensation awards. damages, claims. righis of action and proceeds. and any other payments or relief, and the right thereto, are hereby assigned by Mortgagor to Mortgagee and Mortgagee after deducting therefrom atl its expenses including attaney's fees may release any monies so received by it without aftecting the lien o1 this Morlgage or may apply the same in such manner as Mortgageeshall determine, io the reduction of thesums secured hereby and to any prepaymenl charge provided in the Note, this Mortgageor any oiher inslrumen! securing the Note Any balance of such monies then remaining shall be paid to Mortgagor. Mohgagor agrees to execute such further assignments or any compensations. awards. damages. clalms. rights of action and proceeds as Mortgagee may require. 5, Cara of Mortgaged P~operty. Mortgagor shall not remove or demolisn any building or other property forming a part of the Mortgaged Property without ihe written consent oi Mortgagee. Mortgagor sha11 not permit, commit, or suHer any waste. impairment or deterioration of the Mortgaged Property or any part thereof, and shall keep the same and improvements thereon in good condition and repair. Mortgagor shall notity Mortgagee in writing within five (5) days of any damage, or impairment of the Mortgaged Property. Morigagee may. at Mortgagee's discretion. have the Mortgaged Property inspected at any time and Mortgagor shall pay all cosis incurred by Mortgagee in executing such inspection. • 6. Mortgagee's Right to Meke Certain Payments. In the event Mortgagor faits to pay or discharge the taxes. assessments.levies, liabilities, obligations and encumbrances, or la~is to keep the Mortgaged Property insuredor todeliver the policies. premiums paid. or (aits to repa+r the Mortgaged Properiy as herein agreed. Mortgagee may at its option pay or • d+scharge the laxes, assessrnents. levies. liabilities, and obligations and encumbrances or any paA thereoi, to praduce and pay for such insurance or to make and pay (or such repairs. Mortgagee shall have no obligation on ils part to determine the ~ valid~ty or necessily of any payment thereo( and any such payment shall not waive or aftect arry oolfon, lien equity or right oi Morigagee under or by virtue of this Mortgage. The fu~l amouni oi each andevery such payment shall beimmediatelydueand ~ payabis and shalt bear interest from the date thereof until pa+d at the Default Rate. as he?einafter dsfined, and together with such interest. shalt be secu?ed by the lien ot this Mortgage. Noth~ng herein contained shall be construed as requiring Mortgagee to advance or expend monies for any of the purposes mentioned in this paragraph. 7. Peyment of Expsnses. Mortgagor shall pay all the costs. charges and expenses. induding reasonable attorney's tees. disbursements and cost of ~bstracts ot iitte. incurred or paid at any time by Mortgagee due to the failure on the part of Mortgagor promptly and fully to periorm, comply with and abide by each and every stipulation, agreement, condition and ~ covenant of the Note and this Mortgage. Such costs. charges and expenses. shalt be immediately due andpayabfe, whether or not there be notice, demand. attempi to collect or suii pending The full amount ot.each and every such payment shalt bear interest irom !he date thereof unti! paid at the default Rate. as hereinafter defined. A11 such costs. charges and expenses so incurred or paid together with such intere,t, shafl be secured by the lien ot this Mortgage and any other instrume~t securingthe Note. 8. After Acquired Property. The lien of this Morigage will automaticalty attach, without turther ac!, to all after acquired ' property of whatever kind located in or on, or attached to, or used or intended to be used in connection with or in the operation o( the Mortgaged Prope~ty. 9. Additional Oocuments. At aIt times this Mortgage is in effed. upon Mortgagee's requesl. Mortgagor shall make, ! execute and deliver ~r cause to be made, executed and delivered to Mortgagee and, where appropriate, shall cause to be recorded or filed and thereafter to be re-recorded or refiled at such time and in such places as shall be deemed desirable by Mortgagee any and all such further mortgages, instruments oi fu~ther assurance. cerlificates and other documents as Mortgagee may consider necessary or desirabte in order to etfectuate, complete, enlarge, perted, orto continue andpreserve the obligations of Mortgagor under the Note and this Mortgage and att other instruments securing ihe Noie. and the lien oi this Martgage as a tirst and prior Iren upon a11 the Mortgaged Pioperty. Upon any tailure by Mortgagor to do so, Mortgagee may , make. execute. record, tile, re-record, or refile any and a!I such mortgages, instruments. certificates and docurrlents tor and in the name of Morigagor Mortgagor hereby irrevocabty appoints Mortgagee agent and attorney-in-fact of MoRgagor to do all ~ ~ ~3 .l-~_ or ~ l ~ `~~r~~~~r _ . . .