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HomeMy WebLinkAbout1004 descnNbon abave, that Mortgaga has iawfui authonry to co~ve~y. mortgage and encumber the same as prov~ded by the Mortgage, lhat Mortgagee may peaceab~y anc~ qu~etly en~oy the Mortgaged Property, and that Mortgagor w~!? defend the Mortgaged Property aga~nst the cla~ms ot aIl persons whamscever, and that Mortgagor so warrants. 2 P~yrt?~nt ot Taxes and Liens. Mortgagor shau pay aIl the taxes, assessments, lev~es. hab~l+t~es, oW~gaUOns and encumbrances oi every nature now on the Mortgaged Property or that hereafter may be ~mposed, lev~ed or assessed upon th~s Mortgage or the Mortgaged Property or upon the ~ndebtedness secured hereby. All such payments to be made when due and payable accord~ng to law before they become del~nquent and before any interest attaChes or any penalty is ~ncurred. Insofar as any +ndebtedness ~s oi record the same shall be promptly sat~sf~ed and ev~dence d such saUSfact~on shall be giv~en to Mortgagee. 3. (nsurance. Mortgagor shall keep the Mortgaged Property and ihe ~mprovements now ex~sting or hereafter erected on the Mortgaged Property ~nsured as may be required trom bme to time by Mortgagee against loss by fir~ other hazards ' and contmgenc~es (~nclud~ng tlood hazards and related occurrences m the event any port~on d the Mortgaged Property is located m a flood hazard area as may be ~denUf~ed from Um~ t~~ tim+~) m such amounts and for such periocls as may be required by Mortgagee. hlortgagor shali pay promptly, when due, any premwms on such insurance. All insurance shall be carned with compan~es approved by Mortgagee and the pol~cy and renewals thered shall be held by Mortgagee and have attached thereto loss payade clauses in fawr and m form acceptable to Mortgagee. In the event d to$s. Mortgagor shall give immed~ate notice by mail to Mortgagee and Mortgagee may make proof of loss if not made promptly by Mortgagor. Each insurance company concerned is hereby author~zed and d~rected to make payments for s:,ch loss direc!ly to Mortgagee instead d either to Mortgagor or Mortgagor and Mortgagee ~antly. Insurance proceeds or any part thereof may be applied by Mortgagee at its option, after deducUng therefrom a11 ~ts expenses including attorney's fees, either to the reduction ot the indebtedness hereby secured or to the restorat~on or repair of the property damaged. Mortgagee is hereby authorized, at its option, to settle and compromise any cla~ms, awards, damages, r~ghts of action and proceeds, and any other payment or rel~ef under any insurance poticy. In the e+rent d foreclosure d th~s Mortgage or ott~er transfer d titls to the Mortgaged Property in extinguistunent d the indebtedr~ess secured hereby, ali nght, t~l~ and mterest of Mortgagor in and to any insuranCe poliCies then in totCe shall pass to the purChase? or grantee. Mortgagee may at its opUon requ~re Mortgagor to deposit with Mortgagee on the first day d each month, in addition ta making payments of pnnc~pal and interesi, until the Note ~s tully paid, an amount equal to one-tw~elfth (1/12) d the yearly prem~ums tor aU msurance. Such depas~ts shaU not be, nor be deemed to be, trust funds, but may be commingled with Me general funds oi Mortgagee, and no ~nterest shall be payabte in respect thereof. Upon demand by Mortgagee, Mortgagor shaA deliver to Mortgagee such add~t~onal mon~es as are necessary to make up any deficiencies in the amounts necessary to enable Mortgagee to pay such prem~ums when due. In the event uf defauft under any d the terms, cov~enants and conditions ~n the Note, th~s Mortgage or any other ~nstrument securing the Note to be performed or observed by Mortgagcx, Mortgagee ~ may apply to the reduction of the sums secured hereby, ~n such manner as Mortgagee shall determine, arty amount under th~s paragraph remai~,ng to Mortgagor's cred~t and any return premwm received from cancellation d any insurance policy by Mortgagee upon foreclosure of th~s Mortgage. 3 4. Condemnation. li the Mortgaged Property or any part thereof shall be damaged or taken through condemnation ' (wh~ch term when used here~n shali ~nclude any damage a tawng by any go~ernmental authority or any other authority auU?onzed by the laws of the State of Flor~da or the Un~ted States of Amer~ca to so damage or take, and any transfer by private sale in ~ lieu thereof), e,ther temporar~ly or permanently, the enUre mdebiedness and other sums secured hereby shall, at the option d Mortgagee, become immed~ately due and payable Mortgagee shall be entitted to all compensation awards, damages, daims, nghts d action and proceeds ot, or on account oi any damage or taking through condemnation and is hereby authorized, ~ at ~ts option, te car.mence, appear in and prosecute, in its awn or Mortgagor's name, arry act~on or proceeding relat~ng to any condemnation, and to settie or compromise any claim in connection therewith. All such compensation awards, damages. cla~ms, rights d action and proceeds, and arry other payments or relief, arxi the nght thereta are hereby assigned by Mortgagor i i to Mortgagee and Mortgagee after deductin~ therefrom atl its expenses including attomey's tees may release any moni~ ' so received by it without attecting the 6en d this Mortgage or may apply the same in such manner as Mortgagee shaN determir~ ' to the reduction oi the sums secured hereby and to any prepayment charge provided in the Note, this Mortgage or any otl~er F instrument securing the Note. Arry balance d sucti monies then remaining shall be paid to Mortgaga Mortgagor agrees to ~ execute such fuRher ass~gnments or any compensaiions, awards, damages. Gaims, rights of action and proceeds as Mortgagee [ ~ may require. ~ 5. Ctre of Mortgaged Property. Mortgagor shall not remove or demolish arry building or other property forming a part of the Mortgaged Property without the wntten consent d Mortgagee. Mortgagor shall not perm~t, commit, or suHer any ~e. impa~rment or detenorat~on of the Mortgaged Property or a~y part thereof, and shail keep the same and imprw~ements thereon ; ~n good condition and repaic MoRgagor shall notify Mortgagee in writing within fiv~e (5) days d any injury, dama~ or impairment ~ of or occurring on the Mortgaged Property. Mortgagee may, at Mortgagee s discretion, have the Morigaged Property inspected at any t~me and Mortgagor shall pay all costs incurred by Mortgagee in executing such inspection. ~ 6. Mortgagee's RigM to Make Certaln Payments. In the ev~ent Mortgagor fails to pay or discharge the taxes, assessmeMs, ~ lev~es. I~ab~l~t~es, obligai~o~s and encumbrances, or fa~ls to keep the Mortgaged Property insured or ta deliver the pdicies. prem~ums paid, or fails to repair the Mortgaged Property as here+n agreed, Mortgagee may at its option pay or discharge q the taxes, assessments, lev~es. Iiab~Dt~es. and obligations and encumbrances or any part thereof, to produce and pay for such g ~nsurance or to make and pay tor such repairs. Mortgagee shall have no obligation on its part to determine the validity or necess~ty of any payment thereof and any such payment shall riot wa~ve or affect any option, lien equity or right oC Mortgagee under or tr~ virtue oi this Mortgage. The full amount of each and every such payment shall be immediately due and payable ~ and sha!I bear interest from the date thereoi un61 paid at the Oetautt Rate. as hereinafter delined, and together wrth such interest. ~ shalt be sec~red by the hen of ih~s Mortgage. Noth~ng herein conta~ned shall be construed as requiring Mortgagee to advance ~ ~ or expend mcn~es for any of the purposes mentioned ~n this paragraph. ~ 7. Payment of Expenses. Mortgagar shall pay all the costs, charges and expenses, ~ncluding reasonable attorney's ~ fees whether ~ncurred at tnal or appellate level, disbursements and cost d abstracts of title, ~ncurred ur paid at any time by Mortgagee due to the talure on the part ot Mortgagor promptly and fully to perform, comply w~th and abide by each and ; every stipulation, agreemenr, condition and covenant of the Note and this Mortgage. Such costs, charges and expenses, shall ' be immediately due and payable, whether or not there be notice, demand, attempt to collect or suit pending. The full amount ; of each and every such payment shall bear interest from the date thereof until paid at the Detault Rate, as hereinafter defined. ; All suCh casts, charges and expenses so ~nCUrred or paid together with SuCh iMerest, shall be SeCUred by the lien d this Mortgage ~ i and arry other instrument seCUnng the Note. ~ 8. After Acquired Property. The I~en of th~s Mortgage will automat~cally attach, w~thout further act, to all after acquired ~ property of whatever kind located in or on, or attached to, or used or intended to be used in connection with or in the operation ~ of the Mortgaged Property. ~ ~ S. Additiona! Oocuments. At afl Umes this Mortgage ~s in effect, upon Mortgagee s request, Mort~agor shali matc~ execute and del;ver ~ r cause to be made, executed and delivered to Mortgagee and, where appropnate, shall cause to be recorded - or filed and thereafter to be re-recorc~ed or refiled at such Ume and in such places as shall be deemed desirable by Mortgagee arry a~d aIl such further mortgages, instruments d further assuranCe, CertitiCeies and othe~ doCUments as MortgSgee m3y ~ , BOGI( V~~ F„GE~OO't s r F'k S~ - ; .:~~s~ "+~i~.~ F a~~s .