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HomeMy WebLinkAbout0985 ~ . ' • , . 2. Payment of Taxes and Liens. Mortgagor shatl pay a!I the ta~ces, assessments. levies. I~abil~ties, obl~gat~ons and encumbrances of every nature now on the Mortgaged Prope?ty or that hereafter may be imposed, levied or assessed upon this Mortgage or the Mortgaged Property or upon the indebtedness secured hereby. All such payme~ts to be made when due and payable according to law belore they become delinquent and betore any interest attaches or any penalty is incurred. Insotar as any indebtedness is ot reco~d the same shalt be promptly satisfied and evidence~d such satisfaction shal! be given to Mortgagee. . 3. InsuranCe. Mortgagor shatl keep the Mortgaged Property and the improvements naw existing or hereafter erecteti on the Mortgaged Property insured as may be required trom time to time by Mortgagee against loss by lite, other hazards and contingencies in such amounts and tor such pe~iods as may be required by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shall be carried wilh companies approved by Mortgagee and the ; policy and renewals the~eof shall be held by Mortgagee and have attached thereto toss payabte clauses in (avar and in iorm acceptable to Mortgagee. In the event oi foss, Mortgagor shall give immediate ?~otice by mai! to Mortgagee and Mortgagee ~ may make proof o( toss it not made promptly by Mo~tgagor. Each insurance company concemed is hereby authorized and directed to make payments tor such loss directly to Mortgagee instead of either to Mortgagor or Mortgagor and Mo~tgagee jointly. Insurance proceeds or any part thereof may be applied by Mortgagee at its option, after deducting theretrom all its expenses including attorney's tees, eithe~ to the reduction of tt~e indebtedne~s hereby secured or to the restoration or repair d the property damaged. Mortgagee is hereby authonzed, at its option, b settle anci compromise any claims, awards. damages. rights of action and proceeds, and any other paymen! or reliet under any insurance policy. In the event oi toreclosure ot this Mortgage or other tra~sier oi title to the Mortgaged Property in extinguishment ot the indebtedness secured hereby, all right. title, and interest of Mortgagor in and to any insurance policies then in tarce shall pass to the purchaser or grantee. Mortgagee may at its option require Mortgagor to deposit with Mortgagee on the (irst day ot each month, in addition to making payments ot principal and interest, until the Agreement is tutty paid, an amount equal to one-twelfth (1/12) ot the yearly premiums for all insurance. Such de~+~ ..is shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds ; of Mortgagee, and no mteresi shall be payable in respect thereof. Upon demand by Mortgagee. Mortgagor shall deliver to Mortgagee such addit~onal monies as are necessary to make up any def~ciencies in the amounts necessary to enable Mortgagee to pay such premiums when due. In the event of detault under any ot the terms. covenants and conditions ~n the Agreement, this Mortgage or arry other instrument securing the Agreement to be performed or observeti by Mortgagor, Mortgagee may apply to the reduction ot the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this , paragraph remaining to Mortga~or's credit and any return premium received trom cancellation of arry insurance poticy by Mortgagee upon foreclosure oi this Mortgage. 4. Condemnatlon. 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 tawng by any gavernmental authority or any other authority authonzed by the laws of the State of 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 secuied he~eby shall, at the option > d Mortgagee, become immed+ately due and payable Mortgagee shall be entitled to all compensation awards, damages, claims, ric~hts ot action and proceeds of, or on account o( arry damage or taking through condemnation and is hereby author~zed. at ~ts option, 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 therewith. Atl such compensation awards, damages, ~ claims, rights oi action and proceeds, and arry other payments or retief, and the right thereto, are hereby assigned by Mortgagor to Mortgagee and Mortgagee atter deduciing thereirom a!I its expenses including attorney's fees may release any monies so received by it without affecting the lien ol 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 prepayment charge provided in the Agreement, this Mortgage or ~ ~ any other instrument securing the Agreemenl. Any balance d s~.~ch monies then remaining shall be paid to Mortgagor. Martgagor ; agrees to execute such turther assignments or arry comoensations, awards, damages, cla+ms, nghts of action and proceeds ! as Mortgagee may require. ; ~ j 5. Care ot Mortgaged Property. MoRgagor shall not remov~e or demolish arry building or other propeRy (orming a part ; of the Mortgaged Property without the wririen consent of Mortgagee. Mo~tgagor shalf no1 permit, commit, or suffer any waste, impa;rment or deterioration d the Mortgaged Property or any part thereoi, and shall keep the same and impravernents thereon ; in good condition and repaic Mortgagor shall notity Mortgagee in writing within five (5) days of arry damage, or impairment of the Mortgaged Property. Mortgagee may, at Mortgagee's discretion, have the Mortgaged Property inspected at arry time ; and Mortgagor shatt pay all costs incurred by Mortgagee in executing such inspection. ~ ~ 6. Mortgagee'a RigM to Make Certaln Payments. In the e~rent Mortgagor tails to pay or discharge the taxes, assessments. levies, liabilities, obl?gations and encumbrances, or laits to keep the Mortgaged Property insured or to del~ver the policies, premiums paid, or lails to repair the Mortgaged Property as herein agreed, Mortgagee may at its option pay or discharge F the taxes, assessments, levies, I~abilit+es, and obligations and encumbrances or arry part thereof, to produce and pay lor such ` insurance or to make and pay f~r such repairs. Mo~tgagee shall have no obtigation on its part to determine the validity or ~ necess+S of a ment thereof and a such ment shall not waive or affect a o tion, lien y ny pay ny pay ny p equity or right of Mortgagee under or by virtue of this Mortgage. The tull amount d each and every such payment shal! be immed;ately due and payable and shall bear inierest from the date thereof unti! paid at the Default Rate, as hereinafter defined, and together with such interest. shaq be secured by the lien of this Mortgage. Nothing herein contained shall be construed as requiring Mortgagee to advance ' or expend monies for any of the purposes mentioned in this paragraph. 7. Psyment of Expenses. Mortgagor shall pay all the costs, charges and expenses. ~ncluding reasonabfe attorney's ~ fees, disbursements and cost of abstracts ot title. incurred or paid at any time by Mortgagee due to the failure on the part ~ ol Mortgagor promptly and fully to perform, comply with and ab~de by each and every stipulation, agreement, condition and ' covenant of the Agreement and this Mortgage. Such costs, charges and expenses, shall be immediately due and payab4e. - vihether or noi there be notice, demand, attempt to coUect or suit pending. The futl amount d each and every such payment shall bear interest trom the date thered until paid at the Default Rate, as hereinafter detmed. All such costs, charges and expenses so incurred or paid togethe? with such interest, shall be secured by the lien d this Mortgage and any other instrument securing ~ the Agreement. F 8. After Acqulred Property. The lien ol this Mortgage w~ll automatically ariach, without turiher act, to al! after acquired ~ property oi whatever kind located in or on, or attached to, or used or intended to be used in connection wiih or in the ope~ation ~ of ihe Mortgaged Property. ~ ~ aa pre.«,s e~HU~s are ct,~/e+e 1to22t Rev Nv+ A6 (o9e7~ . r ~ BooK 547 ~acF 985 ~ - F . ' _ ~.:~~v-~~. . . . . , - . .