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HomeMy WebLinkAbout2810 Mortgagor covenants and agrees v~nth Mortgagee as tollows: ' • t. Compllanc~ with Not~ and Nat~a~; Wamnty ot Tltl~. Mongagor shali comply w~th all pruws~cns d the Note, th~s Mortgage and d every other ~nstrument secunng the Note, and w~ll promptly pay to Mortgagee the pnnc~pal wdh ~nterest thereon and all othes sums required to be paid by Mortgagor under the Note and pursuant to the prov~s~ons of th~s Mortgage and of every other ~r.strument secunng the Note~ Mortgagor covenants that Mortgago~ owns and ~s ~ndefeas~bly se~zed ot the Mortgaged Property ~n fee s~mple, that the Mortgaged Property ~s fiee trom all encumbrances except as noted ~n the iegal j descr~pt~on above, that Mortgaga has lawful authonty to conwey, ma!gage and encumber the same as pranded by the Mortgage, tnat Mortgagee may peaceably and qu,et{y en~oy the Mortgaged Property, and that Mortgagor w~ll detend the Mortgaged Property aga~nst the cla~ms d all persons whomsoever, and that Mortgagor so warrants. 2. Payment af Taxes and liens. Mortgagor shall pay all the taYes, assessments, lev~es, I~ab~l~t~es, obl~gahons 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 wnen ' due and payable accord~ng to law before they become del~nquent and before any ~nterest attaches or any penalty ~s ~ncurred. ~ Insotar as any ~ndebtedness ~s of record the same shall be promptly saUsf~ed and ev~dence d~uch sat~sfacUOn shall be giv~en ~ to Mortgagee. ! 3. Insurance. Mortgagor shatl keep the Mortgaged Property and the ~mprovements now ex~st~ng or hereafter erecied on the Mortgaged Property ~nsured as may be reqwred trom t~me to Ume by Mortgagee against loss by fire, other hazards ' and cont~ngenc~es (mclud~ng flood hazards and related occurrences ~n the event ariy portion oi the Mortgaged Property ~s located m a ilood hazard area as may be ~dentrf~ed from Ume to Ume) ~n such amounts and for such penods as may be required by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on suCh ~nsuranCe. Ali insuranCe shall be carned w~th companies approved by Mortgagee and the pol~cy and renewais thereot shall be held by Mortgagee and hav~e attached thereto loss payable clauses m favor ar,d ~n form acceptable to Mortgagee. In the event of loss. Mortgagor shall give ~mmed~ate not~ce by mail to Mortgagee and Mortgagee may make proof d loss ~f not made promptly by Mortgagoc Each insurance company concerned ~s hereby authonzed and d~rected to mak~ payments tor such loss d~rectly to Mortgagee instead d e~ther to Mortgagor or Mortgagor and Mortgagee 1o~nt(y. Insurance proceeds or any part thereoi may be app!ied by Mortgagee at ~ts opt~on, after deducUng therefrom all ~ts expenses includ~ng attomey's fees, e~ther to the reducUon of the ~ndebtedness hereby secured or to the restoration or repair of the prcperty damaged. Martgagee ~s hereby authonzed, at ~ts opt~on, to settle and comprom~se any cla~ms, awards. damages, nghts of act~on and proceeds, and any other payment or ret~ef under any insurance pol~cy. In the event d foreclosure d th~s Mortgage or other transfer d t~Ue to the Mortgayed Property m ext~ngwshment d the mdebtedness secured hereby, all ~nght, titte. and ~nterest of Mortgagor m and to any ~nsurance pol~cies then ~n lorce shall pass to the purchaser or grantee. Mortgagee may at ~ts opbon require Mortgagor to depos~t w~th Mortgagee on the i~rst day d each month, in add~tion to making payments of pnncipal and ~nterest, unt~l the Note is fully 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 Commmgled with the generai funds ot Mortgagee. and no ~nterest shall be payable in respect thereof. Upon demand by Mortgagee, Mortgagor sha11 del~ver to Mortgagee such add~i~ona! mon~es as are necessary to make up any def~ciencies ~n the amounts necessary ro enable Mortgagee to pay such premiums when due. In the event d de(ault under any of the terms, covenants and cond~6ons ~n the Note. th~s Mortgage or any other mstrument secunng the Note to be performed or observed by Mortgagor, Mortgagee may appty to the reduct~on of the sums secured hereby, :n such manner as Mortgagee shall determ;ne, any amount unde? th~s paragraFh rema~n~ng to Mortgagor's cred~t and any return premwm received from canceilaUOn of any msurance poticy by Mortgagee upon (orec~osure of th~s Mor,gage. 4. Condemnation. It the Mortgaged Property or any part thereof shall be damaged or taken through condemnat~on (wh~ch term when used here~n shall mclude any damage or taWng by any governmental authonry a any other authonty authon2ed by the laws of the State of Flonda or the Un;ted States of Amenca to so damage or take, and any transfer by private sale ~n f I~eu thereo(}, e~ther temporanly or permanently, the ~nt~re ~ndebtedness and other sums secured hereby shalt, at the opUon f of Mortgagee, become ~mmec7~ate~y due and payable. Mortgagee shall be entitled to al? compensation awards, damages, cla~ms. ~ nghts of acbon and proceeds of, or on account of any damage or tak~ng through condemnat~on and is hereby authonzed, at ~ts opt~on. to commence, appear ~n and prosecute, m ds own or Mortgagor's name, any action or proceed~ng relating to ~ any candemnaUon. and to seitle or compromise arry claim in connection therewdh All such compensation awards, damages, € cia~ms, nghts ot act~on and proceeds. and any other payments or rel~ef. and the right therero, are hereby ass~gned by Mortgagor ~ to Mortgagee and Martgagee af?er deducting theretrom alt ~ts expenses includmg attorney's fees may release any mon~es , so rece;ved by ~t w~thout attect~ng the I~en of th~s Mortgage or may apdY the same ~n such manner as Mortgagee shall determme. to the reduct~on of the sums secured hereby and to any prepayment charge prov~ded ~n the Note. th~s Mortgage or any other P ~nstrument secunng the No?e Any ba~ance of such mornes then rema~n~ng shall be paid to Mortgagor. Mortgagor agrees to ~ execute such further ass~gnments or any compensaUOns, awards, damages, cla~ms, nghts of act~on and proceeds as Mortgagee ~ may reqwre. € 5 Care of Mortgaged Property. Mortgagor shall not remove or demol~sh any bwld~ng or other property form~ng a part ~ of the Mortgaged Property w~thout the wntten consent of Mortgagee. Mortgagcr shall not perm~t. comm~t, or suffer any waste, ~mpa~rment or deter~orat~on of the tilortgaged Property or any part thereoi, and shall keep the same and ~mprovements thereon ~ ~n good cond~t~on and repa~r Mortgagor shall nctrfy Mortgag2e ~n wnUng K~th~n five (5) days of any in~ury. damage, or impa~rment ~ of or occurnng on the Mortgaged Property Mortgagee may, at Mortgagee's d~scret~on, have the MoRgaged Property ~nspected at any bme ard Mortgagor sha11 pay a~l costs ~ncurred by Mortgagee in execuUng such inspection. ~ 6 Mortgagee's Right to Make CeKain Paymenta. In the event Matgagor fa~ls to pay or d~scharge the taxss, assessments. ~ lev~es. l~ab~l~t~es. obl.gat~ons and encumbrances, or ta~ls to keep the Mortgaged Property ~nsured or to del~ver the pol~aes, ~ ~rem:ums pa,d, or fa~ls to repa~r the Mortgaged Property as here~n agreed, Mortgagee may at ds opbon pay o! d~scharge ~ the taxes. assessments lev~es. i~ab+l~t~es. and obl;gat~ons and encumbrances or a!:y part thereof, to produce and pay for su~h ~ ~nsurance or to make and pay for sUCh repa~rs Morigagee shall have no cb!~gat~on on ~ts part to determ~ne the vai~d~ty or necess:ty of any payment thereof and any such payment shall not wa~ve or affect any opt~on, I~en equ;ty or nght cf Mortgagee under or by v~rtue o! th~s Mortgage The full amounf of each and every such payment shall be ~mmed:ately due and payable . and shal bear ~nterest from tne date thereo( unt~l pa~d at the Deiaul! Rate. as hsre~naher def.ned. and together w~th such ~nterest. sha!I be secured by the I~en of th~s Mortgage. Noth~ng he~em conta~nsd shafl be construed as reqwnng Mortgagee to advance or expend mon~es Ior any of the purposes man;~oned ~n th~s paragraph. 7 Payment oi Expenses. Mortgagor shai! pay a1t the costs, charges and expenses. ~nclud~rg reasonabte attorney's ~ fees wheiher ,ncurred at tnal or appellate level, d~sbursements and cost of abstracts of t~tie. ~ncurred or pa~d at any Ume by ` Mortgagee due to the ta~~ure on the part of Mortgago~ prompUy and fully ro perform, comply w~th and ab~de by each and ~ every sbpulat~on, agreement. cond~UOn and covenant of the Note and th~s Mortgage S~~ch costs. charges and expenses. shal! ~ be ~mmed~ately due and payable. whether or not there be noUCe. demand, attempt to collect or su~t pend~ng The fuli amount ~ ~ of each and every such payment sha~l bear ~nteresi !rom the date thereoi unt~l pad at the Default Rate, as here~nafter def~ned ~ All sucn costs. charges and expenses so ~ncurred or pa~d together ~nnth such ~nterest. shalf be secured by the I~en of th~s Mortgage ~ and any other ~nstrument SeCUnng the Note ~ 8 After Acquired Property. The I~en ot th~s Mortgage w~tl automat~cally attach, w~thout further act. to all atter acqu~red prcpe!ty of whatever k~nd !ocated ~n or on. or at?ached ro or used or ~ntended to be used m co~necUOn w~th or m the ope{at~on , o! the tiicrtgaged Property 3 r~,~ ' ~l ~ r ~ V 0 ~ . ib-N ~ R.I ~ . _ lr~t~4 . . w~ F~'~, ..~«~-iG.. .