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Home My WebLink About0931 2. Payment of T'axes and Liens. Mortgac~or shail pay all the taxes, assessments, levies, bab~lities, obhgaUOns and ~ encumbrances ot every rature now o~ the Morigaged Property or that herea(ter may be +mposed, levied or assessed upon th~s Mo?tyage or the Mortgaged Property or upon the indebtedness secured heceby. All s4ch payments to be made when due and payab!e according to law Cefo~e they become ~ehnquent and betore any interest attaches or any penaity ~s +ncurred insotar as any indebtedness is ot record the same shall be promptly satist~ed and ev~dence oi such satisfaction shaN be g+ven i to Mo?tgagee. 3. Insurance. Mortgagor shal! keep the Mortgaged Property and the improvements no~,~ ewst~ng or hereafte~ e~ected on the Mortgaged Property insured as may t~e reqwred from time to t+me by Mortgagee against loss by 6re, other hazards and coniingencies in such amounts and fo~ s~ch periods as may be required by Martgagee. Mortgagor shall pay promptly, when due, any premiums on such insurance. All insurance shall be carried with comparnes approved by Morigagee and the pol~cy and renewals Ihereot shall be held by Mortgagee and have attached the?eto loss payabte clauses in (avor and in (orm = acceptable to Mortgagee. In the event of loss, Mongagor shall g~ve ~mmediate notice by mail to Mortgagee and Mortgagee ~ may make prooi e( loss not made promptty by Mortgagoc Each insurance company concerned is hereby authorized and ~ d~rected to make payments for such loss directly to Mortgagee instead of e~ther to Mortgagor o: Mortgagor and Mortgagee jo~ntly. Insurance proceeds or any part thereof may be applied by Mortgagee at its option, after deducting therelrom all its ~ expenses includ~ng attorney's tees, either to the reduct~on o( ihe indebtedness hereby secured or to the restoration or repair of the property damaGed. Mortgagee is hereby authorized, at its option, to settle and compromise any claims, awarcis. damages. ~ights of action and p~oceeds, and any other payment or relief under any insurance policy. In the eveni ot toreclosure of this Mortgage or other transter of title to the Mortgaged Property in extinguishment o( the indebtedness secured hereby, atl right. tille, and interest oi Mortgagor in and to any insurance poticies then in (orce shall pass to the purch~ser or grantee. Mortgagee may at its option reqwre ~.lartgagor to deposit w~th Mortgagee on the (irst day oi each month, in addiUon !o making payrnents of principal ar,d interest, ;~ntil the Agreement is fully paid, an amount equal ;o one-twelfth (1/12) of the yearly premiums tor a11 msurance. Such der~ .~ts shall not be, nor be deemed to be, irust (unds, bu! may be commingled with the general funds ot Mortgagee, and no ~nterest shatl be payable in respeci thereoi. Upon demand by Mortgagee, Mortgagor shall del~ver to MoRgagee such adci~UOnaI monies as are necessary to make up arry de(iciencies in the amounts necessary to enabte Mortgagee to pay such prem~ums when due. In the event o( default under any o1 the terms, covenants and cond~tions in the Agreement, ! this Mortgage or any othe? ~nstrument securing 1he Agreement to be pertormed or observed by Mortgagoc Mortgagee may apply to the reduction oi the sums secured hereby, in such manner as Mor;gagee sha~l dete?mine, any amount under this f paragraph remaining to Mortgagor's credit and any return premium received from cancellation of any insurance policy by ~ Mortgagee upon toreclosure ot this Martgage. ' ~ 4. Condemnation. !f the Morigaged Property or any part thereof shatl be damaged or taken through condemnat~on j (wh,ch term when useci herein sha?I inctude any damaye or taking by ary govemmenta! authority or any other ~uthonty authonzed ~ by the taws of the State o! Florida or the Urnted States ot Amenca to so damage or take. and any transfer by pnvate safe in feu thereo~, either temporarily or permanently, the entire indebtedness and other sums secured hereby shaN, at ihe o~tion ~ of Mortgagee, become immed~ately due and payat~te Mortgagee shall be eniitted to a?1 compensat~on awards, damages, claims. nghts of action and p~oceeds oi, or on account of any damage or taking thro~Jgh condemnat~on and is hereby authorized, at ~ts option, to commence, appe~r in and prosecute. in its own or Mortgayor's name, any action or proceeding retating to _ any condemnation, and to setlle or comprom~se any ciaim in connection therewith. All such compensation awards, damages, claims. rights ol act~on and proceeds, and any other payments or relie(, and the righi thereto, are hereby ass~gned by Mortgagor to Mortgagee and Mortgagee after deducting therefrom atR its-expenses +ncluding attorney's tees may release any monies so rece~ved by ~t w~thout affect+ng the lien of this Mlortgage or may apply the same in such manner as Mortgagee shall dete, mine. to the reduct~on ot the ~ums sec~~red hereby and to any prepayment charge prov~ded in the Agreement, this Mortgage or ' arry other insirument securing the Agreement. Any balance of such monies then remainirg shaH be paid to Mortgagor. Mortgagor ~ ~ agrees to execute such (urther ass+gnments or any compensations, awards, damages, claims, rights o1 action and proceeds ~ as Mortgagee may require. - , 5. Care of Mortgaged Property. Mortgagor shafl not remove or demolish any buitding or other property torming a part of the PAortgaged Property vwthout the written cansent oi Mortgagee. Mortgagor shal! not permii, commit, or sufter any waste. ~ ~mpairment or deterioration of the Mortgaged Property or any part thereof, and shall keep the same and improvements thereon IV ir~ good condition and repair. hlortgagor shall notify Mortgagee ~n writing within five (5) days of any damage, or impairment oi the Mortgaged Property. Mortgagee may, at Mortgagee s discretion, have the Mortgaged Property inspected at arry time ~ ~ and Mortgagor shatl pay all costs incurred by Mortgagee in executing such inspection. ~ I 6. Mortgagee's Right to Malt$ Certain Payments. In the event Mortgagor fails to pay or discharge the taxes, asses.~nents. ~ !ev~es, 6ab~lities. obligat~ons and encumbrances, or fails to keep the Mortgaged Property insured or to deliver !he po!ic~es, ~ premiums paid, or laits to repa~r the Mortgaged Property as herein agreed, Morigagee may at its option pay or d~scharge ~ the taxes. assessments, lewes. hab;6ties, and obl~gations and encumbrances or any part thereof, to produce and pay for such ' ~nsurance or to make and pay for such repairs. Mortgayee shall have no obtigation on its part to determine the vafidity or necessity of any payment thereot and any such payment shall not waive or a!fect any option, lien equity or right of Mortgagee under or by virtue of this Mortgage. The tuU amc~unt oi each and every such payment shall be immediatety due and payable and shall bear interest trom the da:e thereof untit pa~d at the Default Rate, as hereinafte? deiined, and together with such interest, sha!I be secured by the lien of this Mortgage. Nothing herein contained shall be construed as requiring Mortgagee to advance oi expend monies foo any ot the purposes mentioned ~n this paragraph. 7. Payment of Expenses. Mortgagor shall pay a~l the costs, charges and expenses, including reasonable at:orney's ` fees, d~sbursements and cost of abstracts ot title, incurred or paid at any time by Mortgagee due !o the (ailure on the pa~t oi Mortgagor promptly and tully to pe~to?rn, comply with and abide by each and every siipulation, agreement, condition and t covenant o~ the Agreement and this Mortgage. Such costs: charges and expenses, st~alt be irnmediately due and payable, whether or not there be notice, demand, attempt to cnllect or suii pending. The fuU amount oi each and every such payment sha~l bear interest trom the date thered uniil paid at the Default Rate, as hereinafter def~ned. Ali such costs, charges and expenses ~ so incurred or paid together with such mterest, shall be secured by the lien of this MoRgage and any other instrument securing the Agreement. 8. After Acqulred Property. Tre li~n of this Mortgage w~ll automatically attach, without fu!ther act, to afl after acquired property of whatever kind located m or on, or attached to, or used or intended to be used m connection with or in the operation oi the Mortgaged Property. ~ A~;f ;~ra: ~A,z M'~.,*~~z are otsn'e°e ~ i"022r qe~ Na. Fb (G947~ ~ Eo~~574 ~,,~E 932 -------r---- ~