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HomeMy WebLinkAbout1539 . / . ~ Mortgagor covenants and agrees w~th Mortgagee as tdl~ws. • ' t. Compllanc~ with Not~ and Mat~a~; Warnnty ot Titl~. Mortgagor shall compty w~th all prov~s~ons of the Note, th~s Mortgage and d every other ~nstrument secunng the Note, and ~nnfl promptly pay to Mortgagee the pnr?c~pal w~th ~nterest thereon and all other sums required to be pa~d by Mortgaga under the Note and pursuant to the prows~ons d th~s Mortgage anC d every other instrument secunng the Note Morigagor covenants that Mortgagor owns and ~s indeieas~bly se~zed of the ' Mortgaged Property ~n fee s~mple, that the Mortgayed Property ~s iree from all encumbrances except as noted +n the legal ~ descnption above, that Mortgagor has lawful author~ty to convey, mortgage and encumber the same as prande~ by the Mortgage, that Mortgagee may peaceably and_ qu~etly enjoy the Mortgaged Property, and that Mortgagor w~ll defend the Mortgaged Property aga~nst the cla~ms d all persons whomsoever, and that Mortgagor so warrancs_ 2. Payment ot '~tes and Liens. Mortgagor shall pay al1 the taxes, assessments, lev~es, habdRies, obligations and ' encumbrances of 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 accordmg to taw before they become delirx~uent and betore any ~nterest attaches or any penalty is incurred. insofar as any mdebtedness ~s ot record the same s~all be promptly sabst~ed and ev~denCe d such saUsfact~on shaH be given to Mortgagee. 3. Insurance. Mortgagor shall keep the Mortgaged Property and the ~mprovements naw ex~sting or hereafter erected on the Mortgaged Property ~nsured as may be requhed Irom t~me to Ume by Mortgagee against loss by tire, other hazards and contingencies (mclud~ng flood hazards and related occurrences m the event any portion of the Mortgaged Property ~s located in a flood hazard area as may be identif~ed from time to t~me) ~n such amounts and for such periods as may be required by Mortgagee. Mortgagor shall pay promptly, when due, any prem~ums on such insurance. All insurance shall be carried w~th compa,rnes approved by Mortgagee and the policy and renewals thereof shall be held by Mortgagee and have attached thereto ioss payable clauses in tawr and ~n form acceptable to Mortgagee. In the event d loss. Mortgagor shall g~ve immed~aie noUce by mail to Mortgagee and M~rtgagee may make proof d loss it not made promptly by Mortgagor. Each insurance comparry concer~ed ~s hereby auihor¢ed and d~rected to make payments for such loss d~rectly to Mortgagee i;~stead d e~ther to Mortgagor or Mortgagor and Mortgagee jantly. Insurance p;oceeds or any part thereoi may be applied by Mortgagee at its opt~on, after deductmg therefrom all its expenses includ~ng attorney's fees, e~ther to the reduct~on ot th2 mdebtedness hereby secured or ro the restorat~on or repair oi the property damaged. Mortgagee is hereby authonzed, al ~ts opt~on, to settle and compromise any cla~ms, awards, damages, rights of act~on and proceeds, and any other payment or rel~ef under any insurance policy. In the event d toreclosure d this Mortgage or other transfer d t~tle to the MoRgaged Property ~n exUngu~shmeM d the ~ndebtedness secured hereby, ali nght, t~tle, and ~nterest d Mortgagor m and to any ~nsurance pol?cies then in force shall pass to the purchaser or grantee. Mortgagee may at ~ts opt~on reqwre Mortgagor to deposit w~th Mortgagee on the first day d each month, in add~tion to makmg payments of principal and interest, unt~l the Note is (ully paid, an amount equal to one-twelfth (1/12) d the yearly premiums for all msurance. Such depos~ts shali not be. nor be deemed to be, trust funds, but may be commingled with the general funds of Mortgagee, and no interest shall be payable in respect thereof. Upon demand by Mortgagee. Mortgagor shall deliver to Mortgagee such add~honal monies as are necessary to make up any def~ciencies m the amounts necessary to enabte Mortgagee to pay such premiums when due. In the event d default under any d the terms, covenants and conditions ~n the Note, this Mortgage or any other mstrument securing the Note to be performed or observed by Mortgagor, Mortgagee may apply to the reduct~on of the sums secured hereby, m such manner as Mortgagee shall determme, any amount under th~s paragraph remain~ng to Martgagor's cred~t and any return premium rece~ved from cancellai~on of any insurance policy by Mortgagee upon ioreclosure d this Mortgage. 4. Condemnation. I( the Mortgaged Property or any part thereof shall be damaged or taken through condemnat~on (wh~ch term when used here~n shalt ~nctude any damage or tak;ng by any goyernrr~ental authonty or any ~ther authonty author~zed by the laws of the State of Flor~da or the Urnted States of America to so damage or take, and any transter by private sale ~n f~eu thereo~, eitner temporanly or permanently, the ~nt~re ~ndebtedness and other sums secured hereby shall, at the opt~on ~ oi Mortgagee, become immed~ately due and payable. Mortgagee shall be enUtled to all compensation awards, damages, cla~ms. ! nghts of achon and proceeds ot, or on account ot any damage or takmg th:ough condemnat~on and is hereby authonzeci, ~ at its opUon, to commence. appear ~n and prosecute, ~n ~ts awn or Mortgagor's name, any action or proceed;ng relaUng to { any condemnaUOn, and to settle or comprom~se any da~m ~n connection therewrth. Atl such comp2nsation awards, damages. ~ cla~ms, nghts of act~on and proceeds, and any other payments or relief, and the right thereto, are hereby assigned by Mortgagor ~ to Mortgagee and Mortgagee after deduct~ng therefrom all ~ts expenses includmg attomey's fees may refease any monies ~ so rece~ved by d w~thout affecbng the hen 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 to any prepayment charge prov~ded ~n the Note, this Mortgage or any other ~ ~nstrument secunng the Note Any baiance of such mon~es then remam~ng shall be paid ro Mortgagor. Mortgagor agrees to ~ execute such further ass,gnments or any compensat~on;, awards. damages, claims, nghts d act~on and proceeds as Mortgagee may reqwre. s ~ 5 Care of Mortgage~ Property. Mortgagor shall not remove or demolish any bwld~ng or other property torming a part ~ of the Mortgaged Pr~perty w~thout the wr~tten consent ot Mortgagee. Mortgagor shall not permit, commit, or suffer any waste, ~mpa~rmeni or detenorat~on at the Mortgaged Property or any part thereof, and shall keep the same and improvements thereon ~ ~n good conddion and repaic Mortgagor shal~ notify Mortgagee in wnting rnnthin five (5) days of any in~ury, damage, or impa;rment ~ o( or occurnng on the Mortgaged Property. Mortgagee may, at Mortgagee's discretion, have the MoRgaged Property +nspected ~ at any t~me and Mortgagor shall pay all costs mcurred by Mortgagee ~n execuUng such mspection. 6. Mortgagee's Right to Make Certain Paymenta. ln the event Mortgagor fails to pay or d~scharge the taxes, assessments. tev~es, I~ab~I~t~es, obl~gations and encumbrances, or fa~is to keep the Mortgaged Property ~nsured or to del~ver the polic~es. ~ premiums pad, or Iails to repair ihe Mortgaged Property as here~n agreed, Mortgagee may at its option pay or discharge ~ the taxes, assessmen+.s. lev~es, habdit~es. and obl~gat~ons and encumbrances or any part thereof, to produce and pay for s~~ch ~nsurance or to make and pay for such repa~rs Mortgagee shatl have no obligat~on on ~ts part to determ~ne the valid+ty or necess~ty of any payment thereof and any such payment shai! not wa~ve or affect any opt~on, fien equity or nght of Mortgag~e under or by v~rtue ot th~s Mortgage. The full amount of each and every such payment shall be ~mmed~ately due and payable ; and sha1l bear ~nterest (rom the date thereof unul pa~d at the Default Rate, as heremafter def,ned, and together wrth such ~nte~esi, shall be secured by the I~en of th~s Mortgage Noth~ng here~n contamed shali be construed as reqwr~ng Mortgagee to advance or expend mornes for any cf the purposes ment~oned ~n th~s paragraph. 7. Payment of Expenses. Mortgagor shall pay all !he costs. charges and expenses. ~nclud~ng reasonable attorney's ' fees whether ~ncurred at tnal or appellate level, d~sbursements and cost o! abstracts ot Utle. mcurred or pa~d at any Ume by ¢ Mortgagee due ro the fa~lure on the part of Mortgagor promptly and fully to perform, comply w~th and ab~de by each and ~ every st~polat~on, agreement, condd~on and covenant a the Note and th~s Mortgage. Such costs. charges and expenses, shaA ~ be ~mmed~ate?y due and payable. whether or not there be not~ce, demand, attempi to collect or su~t pend~ng. The (ull amaunt s of each and every s~ch payment shall bear ~nterest trom the date thereof unUt pa~d at the Default Rate, as here~nafier def~ned ~ All such costs. charges and expenses so ~ncurred or pa,d togethet wntn such interest. shall be secured by the I~en d th~s Mortgage ~ and any other ~nstrument secunng the Note € 8 ARer Acquired Property. The I~en ot !h~s Ulortgage w~tl automabcally aitach. w~ttiout fu!ther act. to all a!ter acqwred ' praperty o( whatever k~nd located ~n or on, or anached to, or used or mtended to be used ~n connecbon w~th or ~n the operaUon of the Mortgaged Property ~ ~ . . ~ ~ . aooK67~ ~A~fi539 ~ a. «:.~.p~ ~