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HomeMy WebLinkAbout2802 ~ } Mortgaflor cove~ants and agrees ~nnth Mortgagee as fdlows ' ~ t. Compll~nc~ with Note and ilAort~; Wsminq of Tltl~. Mortgagor shall comply w~th ail prov~s~ons of the Note. lh~s Mortgage and o( every other ~nstrument secunng the Note, and w~~l promptly pay to Mortgagee the pr~nc~pal w~th ~nterest thereon and alt other sums requued to be Fiaid by Mongagor under the Note and pursuant to the prov~s~ons of th~s Mortgage and d ever~ other ~nstrumer~t secunng t~e hote. Mortgagor covenants that Mortgagor owns and ~s ~ndefeas~bly se~zed of the Mortgaged Property m lee s~mpla, that the Mortgaged Property ~s free from all encumbrances except as noted ~n the Iegal descnption abo~rE„ that Mortgagor has lawfui authonty to convey, mortgage and encumber the same as prcywded by the Mortgage, that Mortgagee may peaceaWy and qu~etly en~oy 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 warrants. 2. Payment of Taxes and Liens. Mortgagor shall pay a11 the taxes, assessments. lev~es. I~ab~l~t~es, obl~gat~ons and encumbrances ot every nature now on the Mortgaged Property or that hereafter may be ~mposed, lev~ed or assessed upon th~s Mort~age 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 deimquent and before arry mterest attaches or arry penalty is incurred. Insofar as any ~ndebtedness ~s ot record the same shall be promptly saUsf~ed and ewdence d such saUstacUon shall be given ~ to Mortgagee. 3. Insurance. Mortgagor shall keep the Mortgaged Praperty and the improveme~ts naw ex~stmg or hereafter erected ; on the Mortgaged Property msu~ed as may be required from time to Ume by Mortgagee aga~nst loss by hre, other hazards ~ and contingencies (~n:.lud~ng flood hazards and related occurrences m the event any port~on d the Mortgaged Property ~s , iocated ~n a flood hazard area as may be ~denhfied from time to time) m such amounts and for such periods as may be required ~ by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on such msurance. AI! insurance shall be carned with comparnes approved by Mortgagee and the policy and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in tawr and m form acreptable to Mortgagee. In the event of f~ss, Mortgagor shall give ~mmed~ate not~ce by ma~l to Mortgagee and Mortgagee rr~ay make proot d loss ~f not made promptly by Mortgaga Each insurance company concerned ~s hereby authonzed and d~rected to make payments ta such loss duectly to Mortgagee instead d either to Mortgagor or Mortgagor and Mortgagee ~antly. Insurance proceeds or any part thereof may be appl~ed by Mortgagee at its option, after deducUng therefrom all ~ts expenses inc~uding attorney's fees, either to the reduCt~on of the indebtedness hereby seCUred or to the restoraUOn or repair of the property damaged. Mortgagee ~s hereby authonzed, at ~ts optlon, to settle and compromise any claims, awards, damages. nghts d act~on and proceeds, and any other payment or rel~ef under any ~nsurance pol~cy. In the event d foreclosure d th~s Mortgage a other transfer d t~tle to the Mortgaged Property in extingwst?ment d the mdebtedness secured hereby, ali nght, t~tle, and mterest of Mortgagor in and to arry insurance pol~c~es then in force shall pass to the purchaser or grantee. Mortgagee may at ~ts opt~on reqwre Mortgagor to depos~t wnth MoRgagee on the f~rst day d each month, m add~t~on to mak~ng payments d pnnc~pal and mterest, unt~l the Note ~s fully paid, an amount equal to one-twelfth (1/12) of the yearly prem~ums for aIl ~nsurance. Such depos~ts shall not be. nor be deemed to be, trust funds, but may be commingled w~th the general funds of Mortgagee, and no ~nterest shall be payable ~n respect thereoi. Upon demand by Mortgagee, Mortgagor shaA dehver to Mortgagee such adddional monies as are necessary to make up any det~c~enc~es In the amounts necessary to enable Mortgagee to pay such prem~ums when due. !n the event of default under ar~y d the te?ms, covenants and cond~i~ons in the Note, th~s Mortgage or any other instrument secunng the Note to be pertormed or observed by Mortgagor, Mortgagee may apply to the reduct~an ot the sums secured hereby, ~n such manner as Mortgagee shall d$termine, any amount under th~s paragraph remain~ng to Mortgagor's cred~t and any return premwm received from cancellat~on of arry msurance 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 (vvh~ch term when used here~n shal mclude any damage or tak,ng by any governmental authority or any other auihon[y authonzed by the laws of the Sta;e of Flor~da or the Un~ted States of Amenca to so damage or take, and any transfer by pr~vate sale in k I~eu thereof), erther te~poranly or permanently, the ~nt~re mdebtedness and other sums secured hereby shatl, at the op6on ~ of Mortgagee, become ~mmed~ately due and payable. Mortgagee shall be enbtled to all compensaUOn awards, damages, claims. ; r~ghts of act~on and proceeds ot, or on account of any damage or taking through condemnation and is hereby authorized, i at ~ts opt~on, to commence, appear ~n and prosecute, m ~ts own or Mortgagor's name, any acUOn or proceeding~relatfng to i any conciemnat~on, and to settle or compromise any cla~m in connection 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 j to Mortgagee and Mortgagee after deduct~ng ther~from all rts expenses ~nclud~ng attomey's fees may release any monies ~ so ~ece~ved by w~thout affectmg the Gen d 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 provided in the Note, this Mortgage or any other ~nstrument secunng the Note Any balance of such mornes then remain~ng shall be pa~d to Mortgagor. Mortgagor agrees to E execute such fuRher ass~gnments or any compensaUons, awards, damages, claims, nghts oi action and proceeds as Mortgagee ~ may require p 5 Care of Mortgaged Property. Mortgagor shall not remove or demol~sh any bu~ld~ng or other property form~ng a part ~ of the Mo~tgaged Property w~thout the wr~tten consent of Mortgagee. Mortgagor shall not permit, commit, or sufier any waste, ~ ~mpa~rment or detenorat~on of the M~rtgaged Property or any part thereof, and shall keep the same and ~mprovements thereon ~ m good condd~on and repair. Mortgagor shall nobfy Mortgagee in wnGng withm five (5) days d any in~ury, damage. or impairment ~ of or occurnng on the Mortgaged Property. Mortgagee may. at MoRgagee's d~scret~on, have the Mortgaged Property inspected ~ at any t~me and Mortgagor shall pay all costs ~ncurred by Mortgagee in execuUng such inspecGOn. ~ ~ 6. Mortgagee's Right to Make Certain Payments. In the event Mortgagor fails to pay a d~scharge the taxes, assessments. lev~es. ~~ab~t~6es. obl~gat~ons and encumbrances. or fa~ls to keep the Mortgaged Prop2rty insured or to deliver the pol~cies. ~ prem~ums pa~d, or fa~ls to repa~r the Mcrtgaged Property as herem agreed. Mortgagee may at its optron pay or discharge ~ the taxes. assessments. lev~es, hab~hties, and obligations and encumbrances or any part thereof. to produce and pay for such ~ ~nsurance o, to make and pay for such repars. Mortgagee shall have no obl~gat~on on ds part to determine the vahddy or necess~ty of any payment thereof and any such payment sh211 not wa~ve or affect any opt~on, lien equity or right of Mortgagee under or by v+rtue of th~s Mortgage. The full amount d each and every such payment shall be immed~ately due and payable and shall bear mterest from the date thereof unUl pa:d at the Default Rate, as here~nafter def~ned, and together ~nnth such ~nterESt. ~ shall be secured by the lien of this Mortgage. Noth~ng here+n conta~ned shall be construed as requinng Mortgagee !o advance or expend mon~es for any ot the purposes mentioned m this paragraph. 7 Payment of Expanses. Mortgagor shall pay all the costs, charges and ~xpenses, ~nclud~ng reaso~abie attorney's ~ fees whether incurred at tnal or appellate level, d~sbursements and cost of abstracts ot t,tle, ~ncurred or paid at any t~me by ~ Mortgagee due to the fa~lure on the part of Mortgagor promptly and fully to perform, comply ~+nth and ab+de by each and every sUpulat~on, agreement, condR~on and covenant of the Note and this Mortgage Such costs, charges and expenses. shall ~ be ~mmed,ately due and payable, whether or not there be not~ce, demand, attempt to coliect or swt pend+ng. The full amount v ~ of each and every such payment shall Gear ~nterest trom the date thereof unU1 pa~d ai the Default Rate. as here~nafter def~ned All such costs, charges and expenses so ~ncurred or pa~d together ~nth such mterest, shall be secured by the I~en d th,s Mortgage and any other ~rstrument secur~ng the Note. ~ ~ 8. After Acqulred Property. The hen of th~s Mortgage w~fl automaUCally attach, w~thout turther act. to all atter acqwred f property o( whateve: kmd loca?ed ~n or on. or attached to. or used or ~ntended io be used m connecUOn w;th or in the operaUOn of the Mortgaged Pro[>erty • BOGXU~~ °AGE~~O~ ~ : - _ - ~ . ~ ~ - ~ _ ,