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HomeMy WebLinkAbout2798 Mortgagor covenants and agrees w~th Mortgagee as ~dlows. " _ c Y.• C;ompNMC~ wlth Nob ~pd I~oM~ay~; Wsn'anty of Title. Mortgagor shall comply w~th all prov~s:ons of the Note, ~ th~s Mortgage and d eve+y other mstrument secunng the Note, and w~ll promptly pay ro Mortgagee the pnnc~pal w~th ~nterest thereon and al~ other sumsrequ~red to be ~d by Mortgaga under the Note and pursuant ro the prov~s~ons of th~s Mortgage and d every other ~~ecu-secunng t!~ jJote Matgagor covenants that Mortgagor owns and ~s mdeleas~bly se~zed of the MalgagedProberly.in t~ _~mpl~ tha~ th~MoRgaged Property ~s free from all encumbrances except as noted ~n the Iegai descnphori abo~ve, that Mortgagor~~ ul authonry to cornrey. mortgage and encumber the same as pranded by the Mortgage, that Mortgagee may peac"~~Wy find'qd~etly enpy the Mortgaged Prcperty, and that Mortgagor w~ll defend the fvtortgaged Property aga~nst the clams d all persons whomsoever, and that Mortgagor so warrants. 2 Payment of Taxes and Liens. Mortgagor shaii pay all the taxes, assessments, lev~es, I~ab~ht~es, obl~gabons and encumbrances d every nature now on the Mortgaged Property or that hereafter may be ~mposed, lev~ed or assessed upon th~s Mortgage or ihe Mortgaged Property or upon the ~ndebtedness seCured hereby. All such payments to be made when due and payabte accordmg to law before they become del~nquent and before arry mterest attaches or arry penalty is ~ncurred. Insofar as any indeb!edness ~s ot record the same shall be promptly saustied and evidence ot such saUSlaction shall begiven to Mortgagee. 3. Inwrance. Mortgagor shall keep the Mortgaged Property and the irnprovemer~ts now ex~st~ng or hereafter erected on the Mortgaged Property insured as may be requued irom time to Ume by Mortgag8e aga~nst loss by fire, other hazards and contingencies (includ~ng flood hazards and retated occurrences m the event any portion d the Mortgaged Property ~s located m a tlood hazard area as may be ~dentified from Ume ro t~me) m such amounts and fo? such periods as may be reqwred by Mortgagee. Mortgagor shall pay promptly, when due, any prem+ums on such ~nsurance. All insurance shall be carned with companies approved by MQrtgagee and the pol~cy and renewals thereof shall be held by Mortgagee and have attac~ed thereto loss payable clauses ~n favor and in form acceptable to Mortgagee. In the event d toss, Mortgago! shall g~ve immed~ate not~ce by ma~l to Mortgagee and M~rtgagee may make prooi d Ioss not made promptly by Mortgagor. Each ~nsurance company concerned ~s hereby authonzed and d~rected to make payments tor such Ioss d~rectly to Mortgagee instead d either to Mortgagor or Mortgagor and Mortgagee lantly. Insurance proceeds or any part thereof may be appl~ed by Mortgagee at ~ts opt~on, after deduct~ng therefrom all ~ts expenses inctuding attorney's fees, ei?her to the reduct~on of the ~~debtedness hereby secured or to the res,oraUon or repair of the property damaged. Mortgagee ~s hereby authonzed, at ~ts option, to settie and compromise any cla~ms, awards, damages, r~ghts of act~on and praceeds, and any other payment or rel~ef under any msurance policy. In the event d foreclosure d th~s Mortgage or other transfer d tdle to the Mortgaged Property m ext~ngwshment d the indebtedness secured hereby, ali nght, t~tle, and ~nterest d Mortgagor m and to arry insurance polic~es then in force shall pass to the purchaser or grantee. Mortgagee may at ~ts option reqwre Mortgagor to depos~t with Mortgagee on the tirst day d each month, m add~t~on to makmg payments ot pnncipat and interest, unt~l the Note is tully paid, an amount equal to one-twelfth (1/12) of the yearly prem~ums for all ,nsurance. Such depos~ts shall not be, nor be deemed to be, trust funds, but may be comm~ngled ~v~th the general funds of Mortgagee, and no mterest shall be payable ~n respect thereof. Upon demand by Mortgagee, Mortgagor shall dehver to Mortgagee such adddional mon~es as are necessary to make up any def~ciencies m the amounts necessary to enable Mortgagee to pay such prem~ums when due. In the event d deiault under arry d the terms, covenants and cond~t~ons ~n the Note, this Mortgage or any other ~nstrumeni secunng the Note to be periormed or observed by Mortgagor, Mortgagee may apply to the reduction of the sums secured hereby. ~n such manner as MoRgagee shall determine, any amount under th~s paragraph rema~n~ng to Mortgagor's credit and any return premium received from cancella;~on of any ~nsurance pol~cy by Mortgagee upon foreciosure af this Mortgage. 4. Condemnation. If the Mortgaged Property or any part thereot shall be damaged or taken through condemnat~on (wt~~ch ;erm when used here~n shalt mclude any damage or tawng by any gw~emmental authonty ar any other authonty authonzed by the laws of the State of Flonda or the Un~ted States of Amenca to so damage or take, and any transfer by pnvate sale in , I~eu thereo~, either temporanly or permanently, the ~nUre ~ndebtedness and other sums secured hereby shall, at ihe option ~ d Mortgagee. become ~mmed!ately due and payable. Mortgagee shall be enUtled to all compensat,on awards, damages. c~a~ms. ~ nghts of acUon and proceeds of, or on account of any damage or taking through condemnation and is hereby author¢ed. i at ~ts opUon, to commence, appear ~n and prosecute, m ~ts own or Mortgagor's name, any act~on or proceed~ng relat+ng to ! ~ any condemnaUOn, and to settle or compromise any claim ~n connect:on therewith. All such compensation 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 Mertgagee after deducUng therefrom aIt i,s expenses includmg attorney's fees may release arry mornes ~ so rece~ved by ~t u,nthout affect~ng the I~en of this Mortgage or may app~y the same in such manner as Mortgagee shall determme. I to the reduct~on of the sums secured hereby and to any prepayment charge prov~ded in the Note, th~s Mortgage or any other mstrument secunng the Note Any balance of such mon~es then rema~nmg shall be paid to MoRgagor MoRgagor agrees to ~ execute such turther ass~gnments or any compensat~ons. awards. damag2s. cla~ms, nghts of acUon and proceeds as MoRgagee may requ+re. 5 Care of Mortgaged Property. Mortgagor shall not remove or demolish any bwld~ng or other property forming a part t of the Mortgaged Property w~thoui the wr~tten consent of Mortgagee. Mortgagor shall not permit. comm~t, or suffer any waste, ~ ~mpa~rment or deteriora6on of the Mortgaged Property or arry part thereof. and shall keep the same and improvements thereon m good cond~t+on and repa~r. Mortgagor shall not~fy Mortgagee ~n wntmg w~thin five (5) days of any mjury, damage, or ~mpa~rment ~ af or occurnng on the Mortgage~ Property. Mortgagee may, at Mortgagee's d~scret~on, have the Mortgaged Property mspected at any time and Mortgagor shall pay alI costs ~ncurred by Mortgagee in executing such ~nspect~on. ~ 6 Mortgagee's Rlght to Make Certsi~ Payments. In the eveM Mortgagor tails to pay or d~scharge the iaxes, assessrnents, lev~es. I~ab~l~ties. obl~gat~ons and encumbrances, or fails to keep the Mortgaged Property insured or to de?~ver the polic~es, prem~ums paid. or fa~Is to repair the Mortgaged Property as herein agreed. Mongagee may at its opUon pay or d+scharge ~ the taxes. assessments. iev~es, hab~bt;es. and abl~gations and encumbrances or any part ihereot, to produce and pay tor such ~nsurance or to make and pay for such repa~rs. Mortgagee shatl have no obl~gat~on on ~ts part to determ~ne the valid~ty or necess~ty of any payment thereof and any such payment shall not wa~ve or affect any opUon. I~en eqwty or nght oi Mortgagee under or by v~rtue of th~s Mortgage. The full amount of each and every such payment shall be immed~ately due ant~payable s and shall bear ~rteresi from the date thereof ~~nt~l pa~d at the Detault Rate, as here~nafter det~ned, and together v~nth such mterest. shall be secured by the hen oi th~s Mcrtgage. Nothing nere~n co~ta~ned shail be construed as reguinng Mortgagee to adyance or expend mon~es for any of ihe purposes menUoned m th~s paragraph. ~ 7 Payment of Expenses. Mortgagor shall pay aU the costs, charges and expens~es. ~nclud~ng reasonable attorney's Y fees whether ~ncurred at tnat ar appellate I~,~e!. d~sbursements and cost of abstracts oi Utle, ~ncurred or pa~d at any t~me by ~ Mortgagee due to the fa~lure on the part of Mortgagor promptly and fully to perform, comply w~th and ab~de by each and ~ eve~y st~pulat~on. agreement, cond~tion anci covenant o+ the Note and this MoRgage. Such costs, charges and expenses. shal~ ~ be ~mmed~ately d~e and payable, whether or not there be noUce, demand, attempt to collect or su~i pend~ng The full amo~nt ~ of each and every such payment shall bear ~nterest (rom the date thereof unUl pa~d at the Defauit Rate, as here~nafter def~ned. ~ All such costs, charge; and expenses so ~r~curred or pa~d together ~nnth such ~nterest, shatl be ,ecured by Utie I~er~ d th~s Mortgage ~ and any other ~nstrument secunng the Note. ~ 8 Atter Acqulrod Property. The I~en o1 th~s !ulortgage w~~i autorr~ahcaily attach, w~thaut further act, to alI after acqwred ~ property of whatever k~nd iacated ~n or on. or attached to, or ~;sed or ~ntended to be used ~n connect~on w~th or m the operat~on ot the Mortgaged Property - ~ ~ : ~ . g~~6?4 P',~E279R i:. ~ . fi:~~ ~c:~,, " ~ ~ ~ ~ ~