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Home My WebLink About0512 r•`~. ^ } Mo?tgagor covenants anci agrees w~th Mortgagee as idla~vs - t Complianc~ with Not~ ~nd Mortgap~; Warranty of TttN. Matgagor sha11 compiy w~th all prov~s~ons of the Note. , th~s Mortgage ancf of every other ~nst?ument secunng the Note, and w~li promptly pay to Mortgagee the pnnc~pal w~th ~nterest thereon and ali other sums requ~red to be pa~d by Mortgaga unde~ the Note and pursuant to the prov~s~ons of th~s Mortgage and d e~~ery other mstrument secunng the Note Mortgagor covenants that MoRgaga awns and ~s ~ndefeae~bly se+zed of the Mortgaged Propeny ~n fee s~mple, that the Mortgaged Prop2rty ~s free Irom all encumbrar?ces except as noted ~n the lega? ciescnpt,on abo~e, that Mortgagor has Iawfu~ author~ty to corn~ey, mortgage and encumber the same as prov~ded by the Mortgage. that Mortgagee may peaceably and qwetiy en}oy the Mortgaged Property, anti that Mortgagor K~~II defend the Mo~tga~ed Property aga~nst the cla~ms of all persons whomsoever. and that Mortgagor so warrants. 2 Paymant of Taxes and Liens. Mortgaga shall pay aU the taxes, assessments, lev~es, t~ab~l~t~es, obi~gat~ons and encumbrances oi every nature now en the Mortgaged Property or that heieatter may be ~mposed, lewed or assessed upon th~s Mortgage or the Mortgaged PropeRy or upon the ~ndebledness se~:ured hereby All such payments to be made when due and payable accord~ng to law before they become del~nquent and before any ~nterest attaches or any. penalty ~s ~ncurred. Insofar as any ~ndebtedness ~s of record the same shall be promptly sat~sf~ed and ev~dence of such sat~sfact~on shall be given to Mortgagee. . 3 Insurance. Murtgagor shalt keep the Mo~gaged Property and tha ~mprovements now ex~stmg or hereafter erected on the Mortgaged Property msured as may be requ~red from t~me to t~me by Mortgagee aga~nst loss by f~re, other hazards and cont~ngenc~es (~nclud~ng flood hazar~s and related occurrences ~n the event arry port~on d the Mortgaged Property ~s located ~n a(lood hazard area as may be ~dent~f~ed from t~me to t~me) ~n such amounts and for such per~ods as may be reqwred by Mortgagee. Mortgagor sha?i pay promptiy, when due, arry prem~ums on such msurance. l~II ~nsurance shatt be carr~ed w~th compan~es approved by Mortgagee and the pol~c~ and renev+rais thereof shall be held by Mortgagee and have attached thereto foss payable clauses ~n fawr and ~n form acceptabie to Mortgagee. In the event of loss, Mortgagor shall g~ve ~mmed~ate not~ce by ma~l to Mortgagee and Mortgagee may make proo( of loss ii not made promptly by Mortgagoc Each msurance company concerned ~s hereby author~zed and d~rected to make payments for such loss d~rectly to Mortgagee ~nstead d e+ther to Mortgagor or Mortgagor and Mortgagee ~antly. Insurance proceeds or arry part lhereoi may be appl~ed by Mortgagee at ~ts option, after deducUng there(rom all ds expenses mclud~ng attorney's tees, e~ther to the reduchon of the ~ndebteciness hereby secured or to the resrorat~an or repa~r ot the property damaged. Mortgagee ~s hereby authonzed, at ~ts opt~on, to settle and comprom~se any cla~ms, awards, damages. nghts of act~on and proceeds, and any other payment or rel~ef under any ~nsurance policy In thr event d foreciosure d th~s Mortyage or other transfer d btle to the Mortgaged Property ~n extmgwshment d the indebtedness secured hereby, aU nght. t~tle, and ~nterest d Mortgagor ~n and to any ~nsurance poi~c~es then m force shall pass to the purchaser or grantee Mortgagee may at ~ts opt~on reqwre Mortgagor to depos,t with Mortgagee on the f~rst day of each month, m addit~on to mak+ng payments of pnnc~pat anci mterest, unt~l the Note ~s fully pa~d. an amount equal to one-twelfth (1/12) ot the yearly prem~ums fcr all ~nsurance Such depos~ts shall not be. nor be deemed to be, trust funds, but may be commmgled with the general funds of Mortgagee. and no mterest shal; ~ payable m respect ther~t. Upon demand by Mortgagee, Mortgayor ~ shall del~ver to Mortgagee such add~t~onal mon~es as are necessary to make up any def~c~enc~es m the amounts necessary ~ to enable Mortgagee to pay such premwms when due In the evenS of default under arry of the terms, covenants and cond~Uons ~n the Note. th~s Mortgage or any other ~nstrurnent secunng the Note to be performed or observed by Mortgagor, Mortgagee may app:y to the reduct~on of the sums secured hereby. ~n such manner as Mortgagee shall determme, any amount under ' th~s paragraph rema~n~ng to Mortgagor's cred~t and any return premwm rece~ved from cancellat~on oi any ~nsurance pol~cy by Mortgagee upon foreciosure of th~s Mortgage. ; 4 Condemnation. If the Mortgaged Property or any part thereof shall be damaged or taken through condemnat~on ~ (wh~ch term when used here~n sr~ali ~r~clude any damage or tak~ng by any gwernmental authonry or any other authonty authonzed ~ by the laws of the State of Flor~da or the Un,ted States of Amenca to so damage or take, and any transfer by pnvate sale ~n ~ i~eu thereof). e~ther temporanty or permane~tly, the ~nt~re ~ndebtedness and other sums secured hereby shali, at the opt~on of Mortgagee. becotne ~mmed~ately due and payable Mortgagee shall be ent~tled to all compensat~on awards, damages, cta~ms. ~ r~ghts of act~on and proceeds of. or on accour.t of any damage or tak~ng through condemnat~on and ~s hereby authonzed, at ~ts opUon. ro ccmmence. appear ~n and prosecute, ~n ~ts own or Mortgagor's name, any act~on or proceed~ng relaUng to ~ any co~demnahon. and to settie or compromise any cla~m ~n connect~on therewith. All such compensat~on awards, damages. ~ c,a~ms. nghts of acbon and proceeds. and any other payments or rel~ef, and the right thereto, are hereby ass~gned by Mortgagor ~ ;o Mortgagee and Mortgagee a!ter deduct~ng therefrom all ~ts expenses ~ncl~d~ng attorney's fees may release any mon~es E so recewed by {t w~thout atfect!ng the I~en of th~s Mortgage or may apply the same m such manner as Mortgagee shall determ~ne. to the reduct~on of the sums secured hereby and io any prepayment charge prov~ded ~n the Note. th~s Mortgage or any other ~nstrument secunng the Note Any ba~ance of such mon~es then rema~n~ng shall be pa~d to Mortgagor Mortgagor agrees ro € execute such t~rther ass,gnments or any com~ensations, awards. damag2s, cia~ms, nghts of act~on and proceeds as Mortgagee ~ may requ~re 5 Care of Mortgaged Property. Mortgago~ shall not remove or demol~sh any bu~~d~ng or other property form~ng a part ~ o~ the Mortyaged Proe~erty w~thout the wntten consent of Mortgagee Mortgag~r shall not perm~t, commrt, or suffer any waste ~p ~mpa~rmeni or detenorabon of the Mortgaged Property or any part thereof, ar~d shall keep the same and ~mprovements thereon _ ~n good cond~t~on and repa~r Mortgagor shall notrfy Mortgagee ~n wrR~ng wnth~n f~ve (5) days oi any ~n~ury. damage, or ~mpa~rment f of or occurnng on the Mortgaged Property MoRgagee may. at Mortgagee's d+screUon, have the Mortgaged Property ~nspected at any t~me and Mortgagor shall pay all costs ~ncurred by Mortgagee m execuUng such ~nspect~on. ~ 6 Mortgagee's Right to Make Certain Payments. In the event Mcrtgagor tals to pay or d+scharge the taxes, assessments. lev~es, I~ab~l~t~es, obl~gat~ons and encumbrances. or fads to keep the Mortgaged Property ~nsur~d or to del~ver the pol~aes, ~ prem ~ms pa~d. or fa~ls to repa~r ?he Mortgaged Property as here~n agreeo. Mortgagee may at +ts opUOn pay or d~scharge k the taxes assessments. lev~es. fiab~I~Ues, and obl~gaUons and enc~mbrances or any part thereof. to produce and pay for such ~ ~nsurance or to make and pay for such repa~rs Mortgagee shall nave no obl~gat~on on ~ts part to determme the val,d~ty or , necess~ty oi any payment thereof and any such payment sha!I not wa~ve or af!ect any opt:on. I;en eqwty or ngh! of Mortgagee under or by v~rtue of th~s tviortgage The full amaunt oi each and every such paymenr Shall be ~mmed~aiely due and payable and shali bear mterest from the date thereof unDl pa~d at the Defat~it Rate. as heremafter def~r~ed, and together w~,n such ~nterest. shall be secured by the I~en of th~s Mortgage Not~ mg here~n conta~ned shal! be construed as requ~r~ng Mortgagee to advance or expend mon~es for any ot tne purposes menUoned ~n th~s paragraph. 7 Payment of Expenses. Mortgagor shall pay all the costs. charges and expenses. mclud~ng reasonable attorney's !ees whe!her ~ncurred at tnal or appellate level, d~sbursements and cost o! abstracts of tdle. ~ncurred or pa~d at any Ume by Mortgayee due to the fa,Iure on the part of Mor,gagor promptly and fuliy to pe~form, comply w~th and ab~de by each and every st~pulahon. agreement, cond+t~on and covenant ot the Note and th~s Mo~tgage. Such costs, charges and expenses, shall be ~mmed.atety due and payable. whether or not there be nobce, demard attempt to coliect or swt pendmg. Tka full amount ot each and every such payment sha!! bear ~n,erest from r.he date thereof unUl pa~d at the Defauit F~ate. as here~na'ter def~ned ~ AI~ such costs, char es and ex nses so ~ncurred or a,d t g pe p ogethe~ w~th such ~nterest. shall be secuZ~d by the hen of th~s Mortgage ` and any o?her ~nstrument Secunng the No;e ~ 8 Aker Acquircd Property. The I~en of th~s M~r,gage w~ll automat~cally attach. w~thout turther act, to ali af,er acqu~red property of whatever k;nd fxa?ed ~n or on or at?a:,hed to o~ used or ~n,ended to be used ~n connect~on w~th or ~n the operabon o' ,he Mortgaged Pr~perty , . . . ~ ~ . ~ i~or67~ a~ 512 a ` ' ~ x. - - _ .~r~raks~ ti•M ~ ~ v ~T"~ ^2:r~~^~`:~~~`~~~`~~`~~ - ~