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Home My WebLink About0924 Ihe Mortgaged Property insured as may be required irom time to l~me by Mortgagee agamst loss by fire, othe? hazacds ~r~ cc~ti?x~Qnc+Qs ~!~cn amounts and tor such periods as ~riay be r~i~irarl ~y~ Mortgagee. Mortgagor s shall pay p~omptly, when due, any premiums on such insurance. All insurance shaii be car~ied witli 'cpmpa,nies approved by Mortgagee and the poticy and ~enewals thereol shatl be held by Mongagee and have attached theseto toss payable clauses in tavor and in torm acceptabte to Mortgagee. In the event of loss, Mortgagor~ sf~all give immediate notice by mait to Mortgagee and Mortgagee may make proof o( Ioss it not made promptty by. Nlortgagor. Each insurance company ccncerned is he~eby authorized and directed to make payments tor such loss directly to Mortgagee instead of either to Mortgagor or Mortgagor,and Mortgagee jointty. Insurance proceeds or any part thereof may be applied by Mortgagee at its option, aiter deducting lheret~om atl its expenses including attomey's fees, either to the ~eduction oi the indebtedness hereby secured or to the restoration or repair ot the property damaged. Mongagee is hereby authorized, at its opCwn, to settle and compromise any ctaims, awards, damages, rights of action and proceeds. and any other payment or reliei under any insurance policy. !n the event of fprecbsure oi ini5 nnorigaye~ i~i uitivi Qiu~iSici ^v+ ~ i~3 .!:s !:~~3~~ Pr~,Qerty Ifl Pxtin~~ishmE~nt of the indebtedness SeCUred hereby, all right, title, and interest ot Mortgagor in and to any insurance policies then in force sha11 pass to the purchaser or grantee. Mortgagee may at its option require Mortgagor to deposit with Mongagee on the first day of each month, in addition to making payments of principal and interest, until the Note is fully paid, an amount equal to one-twelfth (1/12) of the yearly premiums tor all insurance. Such deposits shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds ot Mortgagee, and no interest shall be payable in respect Ihereof. Upon demand by Mortgagee. MoRgagor shall deliver to Mortgagee 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 evenl ot delault under any of the terms, covenants and conditions in the Note, this Mortgage or any other instrument securing the Note to be perlormed or observed by Mortgagor, Mortgagee may appy to the reduction of the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this paragraph remaining to Morigagor's credit and any return premium received trom cancellation of any insurance policy by Mortgagee upon toreclosure of this Mongage. 4. Condemnation. tf the Mortgaged Properly or any part thereof shatl be damaged or taken through condemnation (which term when used herein shal! include any damage or taking by any governmentat authority or any other authoriry authorized by the taws ot the Slate of Florida or the United States ot America to so damage or take, and any transfer by private S8I6 fil ifBU tIl@t@U~j, eiiYi~( t~iii~'iuiaiii~/ fii ~'ic.~~~3^~^1h;. !h~ ~~+.~rp ~ndp~edn~s and other sums secured hereby shall, 8t ~f1E option ol Mortgagee, become immediately due and payable. Mortgagee shall be enlitled lo all compensation awards, damages. claims. rights of action and proceeds of. or on account oi any damage or takingthrough condemnation and is hereby authorized. at its option, to commence. appear in and prosecute, in its own a Mortgagor's name, any action or proceeding relating to any condemnaiion, and to seitle or compromise any claim in conneciion therewith. All such compensation awards, damages, ctaims. rights of action and proceeds. and any other payments or relief, and the right iherelo. are hereby assigned by Mortgagor to Mortgagee and Mortgagee atter deducting thereirom atl its expenses including attorney's (ees may release any monies so received by it without alfecting the lien of this Mortgage or may apply ihe same in such manner as Mortgagee shalt determine, to the reduction ot lhesums sscured hereby and to any prepayment charge provided in the Note, this Mortgageor any other instrument securing ihe Note Any batance ot such morties ihen remaining shall be paid to Mortgagor. Mortgagor I~ agrees to execute such further ass:gRmen+.s ~ny compensations, awards, damages. ctaims. rights oI action and proceeds i as Mortgagee may require. - ~ 5, Caro of Mortgaged Property. Mortgagor shall not remove or demolish any building or other property forming a part of the Mortgaged Property without the written consent o1 Mortgagee. Mortgagor shall not permit. commit, or suffer any waste. impairment or deterioration ot the Mongaged Property or any part Ihereof, andshall keep the same and improvements thereon in good condition and repair. MoRgagor shatl noliy Mortgagee in writing withi~ five (5) days of any damage, or impairment of the Mortgaged Property. Mortgagee may, at Mortgagee's discretion. have ihe Mortgaged Property inspected at any time and ' Mortgagor shall pay all costs incwred by Mortgagee in executing such inspection. ~ 6. Mortga$ee's Righi to Mske Certain Payments. In the event Mortgagor fails to pay or discharge ihe taxes. ~ assessments. ~evies, liabil~ties, obhgations and encumbrances. or tails to keep the Morlgaged Property insured or to deliver the , polic+es, premiums paid. or fa~ls to repair the Mortgaged Property as herein agreed. Mortgagee may at its option pay or discharge the taxes, assessments. levies, liabilities. and obtigations and encumbrances or any part thereof. to produce and ~ pay tor such insurance or to make and pay for such repairs. Mortgagee shall have no obligation on its part to determine the valid~ty or necessity o! any payment thereof and any such payment shatl not waive or affect any option, lien equity or right of Mortgagee under or by virtue of this Morlgage. The full amount oi each and every such payment shall be immediately due and ; payable and shatl bear interest trom ihe date thereot until paid at the Detault Rate, as hereinafter defined, and together with I such interest. shall be secured by the hen oi ihis Mortgage. Nothin~ herein conta+ned shaA be construed as requiring ' Morlgagee to advance or expend monies lor any of ihe purp~ses mentioned in this paragraph. i ~ 7. Psymsnt of Expenses. Mortgagor shall pay all the costs. charges and expenses, including reasonable attwney's ~ fees. disbursements and cost of abstracts o( titte. incurred or paid at any time by Mortgagee due to the failure on the part of ~ Mortgagor promptly and fully to pe?(orm, compy wilh and abide by each and every stiputation, agreement, condition and ~ f covenam of the Note and this Mortgage. Such costs. charges and expenses. shall be immed~atety due and payable, whether ar ! _ not there be notice, demand. attempt to collect or suit pending. The full amount of each and every such payment shall bear ' interest irom the date thereot until paid at the De(aul! Rate. as hereinatter defined. Atl such costs. charges a~d expenses so incurred or paid together with such interest, shall be secured by the lien o1 this Mortgageand arry other instrument securingthe ' Note ~ 8. Attsr Acqulrsd Propsrty. The lien of this Mlortgage will automaticaly attach, without furlher act, to all after acquired property of whatever kind located in or on, or attached to. or used ar intended to be used in connection with or in the operation d the Mortgaged Property. 9. Additional Documents. At all times this Mortgage is in etiect. upon Mortgagee's request, Mortgagor shalt make. - ~ execute and deliver or cause to be made, executed and delivered to Mortgagee and. where appropr+ate, shall cause io be ~ recorded or filed and thereafter to be re-recorded or refiled at such time and in such places as shall be deemed d~sirable by i Mortgagee any and all such !u?ther mortgages, instruments oi further assurance, cert'rficates and other documenis as ! Morigagee may consider necessary a desirabte in order to ettectuate, complete, enlarge, perted, or to continue and preserve i the oWigations ot Mortgagor under Ihe Note and this Morlgage and all other instrumenis securing the Note, andthe lien oithis ; Morigage as a hrst and prior Ifen upon all the Mortgaged Property. Upon any failure by Mortgagor to do so. Mortgagee may ~ make, execute, record, file. re-record, or refile any and aN such mortgages. ir~struments. certificates anddocuments for and in 'f Ihe name of Mortgagar Mortgagor hereby irrevocabty appoints MoAgagee agent and aUcrney-in-lact of Mortgagor to do all ~ ` ~ ' ' ~oac J~~ ~ ~zz