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Home My WebLink About0682 Mortgagor covenants and agrees w~th Mortgagee as tdlows: t Comptiance with Note and Mo~t~~~; Warnnty of THN. Mortgaga shall complY w~th all p?ov~s~~ns of the N~te. th~s Mortgage and ot every other ~nstrument secunng ihe NotQ and w~tl promptiy pay to Mortgagee the pr~nc~pal w~th ~nterest thereon and ali other sums reqwred to be pa~d by Mortgagor under the Note and pursuant to the prov~s~ons of th~s Mortgage and of every other mstrument secur~ng the Note. Mongagor covenants that Mortgagor owns and !s ~ndefeas~bly se~zed aS the Mortgaged Property m tee s~mple, that the Mortgaged Property ~s iree from all encumbrances except as noted ~n the iegai . descnpUOn abpv~ that Matgagor has taw(u~ authonty to canvey, mortgage and encumber the same as prov~deci by the Mortgage. that Mortgagee may peaceably and qwetiy en~oy the Mortgaged Property. and that MoRgagor w~u detend the Mortgaged P~aperty aga~nst the cla~ms of all persons whomsoever, and that Mortgagor so warrants. 2. Payment of Taxes and Liena. Mortgagor shall pay all the taxes, assessments. Iev~es, I~ab~l~t~es. oblsgat~ons and encumbrances of every nature now on the Mortgaged Property or tha[ hereafter may be ~mposed, lev~ed or assessed upon thrs Mortgage or the Mortgaged Property or upon the ~ndebtedness secured hereby. All such payments to be made when due and payab~e accord~ng to law before they become del~nquent and beiore any interest attaches or any pena~ty ~s ~ncurred. Insofar as any ~ndebtedness ~s ot record the same shail be prompdy sat~sl~ed and ev~de~ce of such saUsfaction sha11 be given to Mortgagee. 3. Insurance. Mortgagor shall keep the Mortgaged Property and the ~mprovements now ex~st+ng or hereafter erected on the Mortgaged P;operty ~nsured as may be reqwred from t~me to t~me by Mortgagee aga~nst loss by f~re, other hazards and contmgenc~es (~nclud~ng flood hazards and reiated occurrences ~n the event any port~on ot the Mortgaged Property ~s located tn a tlood hazard area as may be ~dent~f~ed irom Ume to t~me) ~n such amounts and tor such p~nods as may be reqwred by Mortgagee. Mortgagor shall pay promptly, when due, any prem~ums on such ~nsurance. AN msurance shall be carned w~th comparnes approved by Mortgagee and the pol~cy and renewais thereof shall be held by MoRgagee and have attached thereto loss payab!e clauses ~n favor and ~n form acceptable to MoRgagee. In the event of loss, Mortgagor shall g~ve ~mmed~ate not~ce by ma~l to Mortgagee and Mnrtgagee may make proof of loss ~f not made promptly by Mortgagoc Each insurance company concerned +s heretr~r author~zed and d~recteci to make payments ior such Ioss d~rectly to Mortgagee mstead d e~ther to Mortgagor or Mo~tgagor and Mortgagee jo~ntly. Insurance proceeds or ariy part thereot may be appfied by Mortgagee at ~ts opt~on, after deduct~ng therefrom a~! ~ts expenses ~nclud~ng attomey's fees, erther to the reduct~on ~t the +ndebtedness hereby secured or to the restorat~on or repa~r of the preperty damaged. Mortgagee ~s hereby authonzed, at ~ts op6on, ro settle and comprom~se any cla;ms. awards, damages. nghts of act:on and proceeds. and arry other payment or re~~ef under arry insurance pol~cy. tn the event of foreciosure of th~s Mortyage or oiher transter d Utle to the Mortgaged Property m ext~ngu~shment d the indebtedness secured he~eby, aU right. Utle. and mterest of Mortgagor in and to ar~y msurance pol~c~es then ~n force sha11 pass to the purchaser or grantee. Mortgagee may at ~ts opbon reqwre Mortgago~ to depos~t with Mortgagee on the t~rst day ot each month, in addRion to mak~ng payments ot pnnc~pal and ~nterest, unt~l the Note ~s fu~~y pa~d. an amount equal to one-twelfth (tl12) of the yearly prem~ums for all msurance Such depos~ts shall not be, nor be deemed to be, trust funds, but may be commingled w~th the general tunds of Mortgagee, and no interest sha~! be payab~e in respect thereof. Upon demand by Mortgagee, Mortgagor shalt del~ver to Mortgagee such add~t~onal mornes as a?e necessary to make up any def~cienc~es in the amounts necessary to enable Mortgagee to pay such premwms when due. In the event of de~ault under any ot the teims, covenants and cond~t~ons the Note, th~s Mortgage or any other ~nstrument secunng the Note to be perforrned or observed by Mortgagor. Mortgagee may apply to the reduct~on of the sums secured hereby. ~n such manner as Mortga9ee shall determ~ne, any amount under th~s paragraph rema~n~ng to Mortgagor's cred~t and any return prem~um received from canceHat~on of any insurance pol~cy by Mortgagee upo~ foreclosure of th~s MoRgage. 4. Condemnation. If the Mortgaged Property or any part thereot shall be damaged or taken through condemnat~on (wh~ch term when ~sed herem shaU mclude arry damage or tak~ng by any governmentai authonty or any other authonty authonZed by the laws of the State of Fior~da or the United States of Amenca to sa damage or take, and any transter by pr~vate safe m ~ ~~eu thereof), e~ther temporar~ly or perrranentty. the ~ni~re indebtedness and other sums seCUred hereby shall, a? the opt~on j ot Mortgagee. became ~mmed~ately due and payable Mortgagee shaH be enUtled to all compensatFon awards, damages, Ga~ms, ' r;ghts of acU~n and pioceeds of. or on account of any damage or taking through condemnat~on and is hereby authonzed, ~ at ds opUon. to commence. appear ~n and prosecute, m its own or Mortgagor's name, any action or proceeding relaUng to ~ any condemnat~on, and to sett~e or comprom~se any cla~m in connect~on therew~th. Atl such campensat~on awards, damages. ~ cla,ms. ngnts of achon and proceeds. a~d any other payments or rel~ef, and the nght thereto, are hereby ass~gned by Mortgagor f to Mortgagee and Mortgagee after deduct~ng therefrom all ~ts expenses ~nclud~ng attomey's fees may release any mon~es ~ so rece~ved by ~t w~thout affecUng the I,en of th~s Mortgage or may app~y the same ~n such manner as Mortgagee shall determ~ne. to the ~educt~on of the sums secured hereby and to any prepayment charge prov~~ed ~n the Note. th~s MoRgage or any other f ~nstrument secunng the Note Any ba~ance of such mon~es then remam+ng shatl be pa~d to Mortgagor Mortgagor agrees to E execute such further ass~gnments or any compensaUOns, awards. damag2s, cla~ms, nghts of act~on and proceeds as Mortgagee ° may requ~re. f i 5 Care of Mort a ed Pro rt . Mort a or shall not remove or demohsh an bu~l~m or other ro ert tormin a part 4 99 Pe Y 99 Y 9 P P Y 9 ~ ot the Mortyaged Property w~thout the wntten consent of Mortgagee. Mortgagor shall not perm~t, commit, or suffer any waste, s ~mpa~rment or deter~orat~on of the PJlortgaged Property or any part thereof, and shall keep the same and ~mprovements thereon ~ m good cond~t~on and repa~r Mortgagor sha11 notrfy Mortgagee m wr~bng v~nthm f~ve (5~ days of any ~njury. damage, or ~mpa~rment ~ of or occurnno cn the Mortgaged Property Mortgagee may. at Mortgagee's d~screbon. have the Mortgaged Property mspected ` a! any bme and Mortgagor shall pay all costs ~ncurred by Mortgagee ~n executing such ~nspecUon. ~ 6. Mortgagee's Right to Meke Certain Payments. In the event Mortgagor (ads to pay or disCharge the taxes, assessrnents. lev+es. I~ab;l~t~es. obl~gat~ons and encumbrances. or fa~ls to keep the Mortgaged Property ~nsured or to del~ver the pol~c~es. ~ prem4ums pa~d. or ta~~s to repa~r the Mortgage~ Property as here~n agreed, Mortgagee may at ~ts opt~on pay or d~scharge ~ the taxes assessments. lev~es. l~ab~ld+es, and obl,gat~ons and encumbrances or any paR thereot, to produce and pay for such ~ ~nsurance o! to make and pay for such repa:rs Mortgagee shali have no ab~+gat,on on sts paR to determ~ne the vahd~ty or necess;ty o! any payment thereot and any such payment sha~l not wa~ve or aftect any opLon. i~en equ~ty or nght of Mortgagee under or by v~rtue of th~s Mortgage The full amo~nt of each and every such payment shall be immed~ately due and payable and shall t~ear mterest from the ciate thereot unt~l pa~d at the Qefault Rate. as here;nafter defined, and together wrth such ~nterest. shau he secured by the l+en of th~s Mortgage Noth~ng here~r cc~nta~ned shall be consUued as requ~nng Mortgagee to advance or expend morues for any of the purposes ment~oned ~r th+s paragraph : 7 Payment of Expenses. Mortgagor shaU pay all ?he costs. cha~g2s and expenses. ~nclud~ng reasonab~e a!torney's fees whether ;ncurred at tnal or appeilate ieve~. d~sbursements and cast of abstracts of t~tle. mcusred or pa~d at any t+me by Mortgagee due to the fa~lure on the part of Mortgagor promptly and fully to perform. compiy w~th and ab~de by each and ~ every st~pufat~on. agreement. conCd~on and covenant ot the Note and th~s Mortgage. Such costs. charges and expenses. shafl be ~mmed~ately due and payabie, whether or not there be not~ce. dema~d, attempt to collect or swt p~nd~ng The (uIl amount ~ of each ar.d every such payment shail bear ~nterest ~rom !ne date thereof unt~l pa~d at the Detault Rate. as here+natte~ det~ned ~ ~ All ,uch costs. charges and expense; so ~ncurred o~ pa~d together wnth such ~ntesest shaA be secured by the 1~en of ?h~s Mortgage ~ and any other msirument secunng the Note ' ° 8 After Acquired Property. The ~~en o' th~s Mortgage w~!! autumat~caiiy attach. wrthout turther act. to a~I after acqu~red . pfoperty ot whatever k~nd located ~n or on. o+ attached to o~ used o! mtended to be used ~n ConneCt~on w~th or ~n the Operat~on o! the MoTtgaged Pr~per?y 8~~~~~ ~ • ~ . ~ . . ~ ,~r ~.~"~a.'~'.~~~~``~~~~~~~`~~~~~