Loading...
HomeMy WebLinkAbout0953 but niay be cOmmin~led with the general funds of Mort~aqee, a~+d no interest shaii be pay8ble in respeCt thereol. Upo~ demand ; by Mongaflee, Mo~i9aflor shall detiver to Mortqagee such additional monies as a?e necessary to make up any deficiencies in the amounts nec~sary to enable (No?tflaqee to pay such taXes and assessments wflen due.• In the event of delault vnder any of the terms, covenan!s and condil+onS in the Note, •the Loan Agreemenl, lhis AAortpage or any other instrument securing the Noie to be pe~tormed or observed by Mortgepcx, Mort~agee may apply to the reducGon al the sums secured hereby, in such manner es MortgBgee shall determine, any amount under this paragraph remeining to MOrtgagot's cr8dit. ~ . 3. tnsunncs. Mortgagor shall keep the imp~ovements now existing or hereatter erected on the Mortgaqed Property and ell parts ot the Mortgaged Property ipsured as may be required trOm time to time by MoRgagee against loss by tire or other casualry and «~nntingenCy in suCh amounts and (or such periods as may be required by NbrlQagee, and to pay promptly, when due, aH prem~ums~ tor such insurance. A!I such insurance shall be canied with companies approved by Mortgagee and the policy and renewals thereof shall be held by Mat~aflc~e and have attached lhe~eto loss payabl~ clauses in 18vo~ and in (Orm acceptable to Mortgagee. In event ot loss, Mortgagot shall give immediate notice by' mail to Mortgagee and Mortgagee may make proof ot bss it not made promptty by Mortgagor, and each insurance company concerned is hareby authorized and directed to meke payments (a such loss directly to Mortgagee instead of to Mortgaflor or to Mortgaga and Mohgagee joinlty and the insurance proceecis or any part thereol may be applied by Mortgagee at its option, atter deducling theretrom alt its expenses i~cludinq : attomey's fees, either to reduclion of the indebtedness he~eby secured or to the restaratian or ~epair of the property damaged. Mortgagee is hereby suthoriied, at its option, to seitle and compromise any claims, awards, damages, rights of action and pra ceeds. and any other payment or reliet under any insu~BnCe poliCy. In the event ot torecbsure o(.this Mortgage w olher transle~ ol title to the Mortgaged P~operty in extinguishment of the indebtedness secured hereby, all right, title, and interesl of Mortgagw , in and to any insurance poticies then in force shatf pass to the purchaser or Qrantee. Mortgagee may at its o~tion require N=ortgagor to deposit with Mortgagee on the first day ot each month, in addiC~on to making payments ol principal and interest, unti! the Note is fuly paid. an amount equal to one-twel(th (1I12) ol the annual premiums tor all insurance. Such deposits shall not be, nor be deemed ro be, trust tunds, but may be commingled with the general tunds oi Mortgagee, and no interest shall be payable in respect thereoi. Upan demand by Mortgagee, Mortgagor shal! deliver to MorigaQee such add'+tional monies as are necessary to make up any deficlencies in the arnounts necessary to enable Mortgagee to pay such premiums when due. ~ In the event ot default under any ot the terms, covenants a~d condiC~ons in the Note, the loan Agreement, this Mortgafle or ' any other instrument securing the Note to be kept, pe~tOrmed or obServed by Mortgagor, Mortgagee may appty to th~ reciu~ctiCn ~ ol the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this paragrapt~ remaining to Mortgagor's credit and any return premium received (rom cancellaCron ot any insurance policy by Mortgagee upon forecbsure ol this Mortgage. Condemnatton. I( all or any part ot the Mortgaged Property shall be damaged or taken through condemnat~on (which temn when used herein shaq inctude any damage or taking by any governmentat authoriry or any other authority authorized by the laws ot the State ot Fb~ida or the United States ot America to so damage a take, and arry t~ansler by private sale in lieu thereo!), either temporarily or permanently then the entire indebtedness and other sums secured hereby shall, at the option ot . Mortgagee, become immediatey due and payabte. Nlartgagee shall be entitled to all compensaGon awards. damages, claims, rights ot actwns and proceeds of, or on account ot any such damage or taking through cand~smnation and is hereby author+zed, at its option, to cammence, appear in and prosecute, in its own or Mortgagor's name, any action or proceeding retating to arty condemnation, and to settle or compromise any claim in connection therewith. All such compensation awards, damages, ctaims, r~ghts ot action and proceeds, and any other payments or reliei. and the right thereto, are hereby assigned by Mortgago~ to Martgagee, who, after deductiny theretrom atl its expenses including attorney's tees, may release arry mon+es sa ~eceived by _ ~ it without affecting the lien ot this Mortgage or may appy the same, in such manner as Mortgages shatl determine, to the reduc- tion ol the sums seCUred he~eby and to any prepayment charge provided in the Note, the loan Agreement, this Mortgage or _ any oeher instruments securing the Note. My balance ot such moniss then remaining shall be paid to Mortgagor. Mortgaqo~ . agrees to execute such (unher assignments oi any compensations, awards, damages, claims, rights ot action and proceeds as Mortgagee may require. ' 5. Cir~ ot ~Aort~sQsd Propetty. Mortgagor shatl ~ not remove or demolish any Iwilding a other property torminy a part ot ~ ihe Mortgaged Properry without the written conse~t at Mortgagee. or pennit, commit, or suHer any waste, impai~ment or deteriora- tion ot the Mortgaged Property or any part thereot, and shall keep the same and the improvements thereon in good condiC~on ! and repair. Mortgagor shall notify MoRgagee in writing within Cve (5) days ot any injury, damage, or impairinent o1 ar oCCUrring ' = on the Mortgaged Property inctuding, but not Iim?tetl to, ssrious injury or toss by death or otherwise occurring on the Mortgaged Propetty, AAorigagee may, at Mortgagee's discretion, have the Mortgaged Property inspected at the time and Mortgagor sha11 pay all Costs incurred by Mortgagee in sxecuting such inspecCron. 6. Mortga9es's R{qM to ~Aake Certstn Paymsnb. In the event Mortgagor fails to pay andlor discharge the taxes, assess- ments, liens, tevies, liabilities, obligations and encumbrances, or lails to keep the Mortgaged Property insured or to deliver the policies, premiums paid, or taits to repair the Mortgaged Prcfperty as herein ag~eed, Mortgagee is hereby autt~orized at iis eleciion to pay and/or discharg$ the taxes, assessments, liens, levies, liabilities, obli~ations and encumbrances or arry part thereoi, to procure and pay tor such insurancQ or to make and pay for such repairs, without any obligaCwn on its part to detetmine the validity and/or necessiry thereof, and without Matgagee wa+ving o~ atiecting any opC~on. I~en, equity or right under or by virtue ot this Mortgage. The fult amount oi each snd every such payment made by Mortgagee shal! be immediately due and payable by Mortgagor and shall bear interesl from the date thereof until paid at the Detautt Rate, as hereinafter de(i~ed, and together with such interest, rhall be secured by the lien ot this Mortgage. Nothing herein contained shalt be conslrued as ~equiring Mortgagee to advance or expend monies tor any oi the purposes ment~oned in this paragraph. 7. Psymsnt of Expenses. Mortgagor shalf pay afl the cpsts, charges and expenses, including reasonabte altorney's (ees, whether incurred at the triat or appeltafe tevel. disbursements and costs ol abstracts of title, incurred or paid at arty time by Mortgagee because and/or ~n the event of the taiture on the part of Mortgagor promptly and fully to perform. comply with and abide by each and e~[ery stipulation, agreement, condiCwn artd covenant oi the Note, the Loan Agreement, thi~ Mortgage and ~ any other instrument securing the Note: Such costs, charges and expenses, sha11 be iirunediatey due and payable, v?~thout ' ~ notice, demand, attempt to cottect ar suit pending. The fult amount oi esch and every such payment shatl bear interest ~rom ~ the date ihereo! until paid at the Default Rate, as hereinatter deGned. AIt such costs. charges and expenses so incuned or 4 paid, together with such interest, shatl be secured by the lien oi this Mortgage. 8. No Transf~r. It is understood and agreed by Mortgagor that as part o1 the i~duceinent to Mortgagee to make the loan : evidenced by the Note, Mortgagee has considered and relied on the credit worthiness and reliability ol Mortgagor, Mortga~or ± . covenants and agrees not to sell, corwey, transfer, lease or turthe~ encumber any interest in or any part af the Mortgaged Prop- ~ etty rtirithout the prior written cpnsgnt of Mortgagee, and arry such sale, cpnveyance, transter, lease or encumbrance made without ~ Mortgagee's prior wririen consent shall be vad. H any person should oUtain an interest in all or any part o( the Mortgaged Prop- ; erty pursuant to the execution or entorcement af any lien, security interest or other right, whether superior, equal or subordinate ~ to this Mortgage or the lien hereoF, such event shall be deemed to be a transler by Mortgagor arxi a default hereunder. 9. Aftsr Acgulrod Property. The lien ot this Mortflage will automatically attach, without furthe~ act, to aN after acquired prop- eny tocated in or on, or attached to, or used or intended to be used in con~ction with or with the operation ot the AAortgaged Property. i 10. Addidonsi DoCUmenb. At any time and from time to t+me, upon Mortgagee's request. Mortgag~ shall malce, execute = and deliver or caus~ to be made, executed and delivered to Mortgagee and, where appropriate; 8hall cause to be recordedi ~ w filed and trom time to time thereaiter to be recorded or refiled at such tm~e and in such olfices and ptaces as shall be ~ deemec! desitable by MoRgagee any and alt suCh funher mottgages, instruments of turther assurance, Certilicates and odier ~ documents as Mortgagee may consider necessary or desirable in order to stlectuate. «wmmplete. eMarye or parlect. or to coMinue and preserve the obligations of Mortgagor under the Note and this Matgage, and the I',en ol this Mortgage as a first and prior ' tien upon a11 ot the AAortga~ed Property, wfiether now oamed cr hereafter acquired by Mortgagtx. Upon any taiture by Mortgagor E ~ eooK ~7O PACE 9~ L.`~!L'_''SE_ a.4r~L A, s-r~n~>qefrh~~•~w • l . f