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HomeMy WebLinkAbout2820 . { Mortgagor covenants and agrees w~th Mortgagee as tdiows: ' 1. CompNanc~~with Nots ind Mon~a~s; Wsmnty of Tttle. Mortgagor shali comply w~th all prov~s~~ns of the Note. th~s Mortgage and d every other ~nsti~mern secunng the Note. and nnli promptty pay to Mortgagee the p?~nc~pal w~th ~nterest thereon and all other sums reqwred to be pa~d by Mortgagor under tha Note and pursuant to the prov,s~ons of th~s Mortgage and of every other ~ns~menj,~u~~ng the Note. Mortgagor covenantg that Mortgagor owns and ~s ~ndefeas~bly se~zed of the Mortgaged Property ~n fee s~mp~e, that the Mortgaged Property ~s tree irom all encumbrances except as noted ~n the iegal descnpt~on above, that Mortgagor has lawful author~ty to cornrey. mortgage and encumber the same as prowded by the M~?tgage. that Mortgagee may peaceably ~nd qwetly enpy the Mortgaged Property. and that Mortgagor w~ll defend the Mort9aged Property aga~nst the cla~ms of all persons whomsoever, and that Mortgagor so warrants. I 2 Payment ot Taxes and Ltens. Mortgagor shall pay all the taxes, assessments, lev~es, hab+l~ues, obl~~at~ons and encumbrances of every nature now on the Mortgaged Property or that hereafter may be ~mposed, lewed 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 taw before they become del~nquent and before ar~y mterest attaches or any penalty ~s mcurred. Insofar as any ~ndebtedness ~s oi record the same shail be promptly sat~sf~ed and ev~dence of such sat~sfact~on shall be given to Mortgagee. 3. Insurance. Mortgagor shali keep the Mortgaged Property and tne ~mprovements now ex~st~ng or hereafter erected on the Mortgaged Property msured as may be reqwred fram time to t~me by Mortgagee aga~nst loss by t~re, other hazards and cont~ngencies (including flood hazards and related occurrences ~n the event any pornon d the Mortgaged Property ~s located in a flood hazard area as may be ident~f~ed from t~me to Ume) m such amounts and for such penods as may be reqwred by Mortgagee. Mortgagor shall pay promptfy, when due, any premiums on such ~nsurance. Ail ~nsurance shail be carr~ed w~th compan~es approved by Mortgagee and the pol~cy and renewals thereof shall be held by Mortgagee and have attached rhereto loss payable clauses in tavo~ and in form acceptable to Mortgagee. In the event of loss, Mortgagor shatl g~ve immed~ate notice by ma~l to Mortgagee and Mortgagee may make prooi d loss if not made promptly by MoRgagor. Each insurance company concerned ~s hereby authonzed and d~rected to make payments for such bss d~rectiy to Mortgagee ~nstead ot e+ther to Mortgagor or Mortgagor and Mortgagee ~antly. Insurance proceeds or any part thereof may be appl~ed by Mortgagee at +ts opUon, after deductmg therefrom ait ~ts expenses ~ncluding attorney's fees, either to the reduct~on of the ~ndebtedness hereby secured or to the restoraUon or repa~r of the property damaged. Mortgagee ~s hereby authonzed, at ~ts opt~on, to settle and comprom~se any cla~ms. awards, damages, nghts of acUon and proceeds, and any other payment or rehef under any msurance policy. ; In the event d foreclosure d th~s Mortgage or other transfer d t~Ue to the Mortgaged Properry m exUnguishment d the ~ndebtedness secured hereby, ali nght, title, and ~nterest of Mortgager m and to arry ~nsurance pol~cies then ~n force shall pass to the purchaser or grantee. Mortgagee may at ~ts opi~on reqwre Mortgagor to depos~t with MoRgagee on the f~rst day oi each month, m add~t~on to making payments oi pnnc~pal and ~nterest, untd the Note ~s fuNy pa~d, an amount equal to one-twelfth (tl12) ol the yearly prem~urns for atl ~nsurance. Such depos~ts shalt not be, nor be deemed to be, trust funds. but may be commingled with the general tunds of Mortgagee, and no ~nierest shal! be payable in respect thereof. Upon demand by Mortgagee, Mortgagor shalt del~ver to Mortgagee such addd~onal mornes as are necessary to make up any def~c~enc~es ~n the amounts necessary to enable Mortgagee to pay such premwms when due. In the e,~ent d default under a.~y of the terms, covenants and condit,ons ~n the Note. th~s Mortgage or any other ~nstrument secunng the Note to be pe~formsd or observed by Mortgagor, Mortgagee may apply to the reduct~on of the sums secured hereby. ~n such rnanner as Mortgagee shall determ~ne, any amount under th~s paragraph rema~n!ng to Mortgagor's credit and any return premium rece~ved from cancellation of any insur~nce policy by Mortgagee upon toreclosure of th~s Mortgage. 4. Condemnation. If the Mortgaged Property or any part thereof shall be damaged or taken through condemnat~on (wh~ch term when used here~n shall ~nclude any damage or tawng by any gavernmental authonty or any other author~ty authonzed by the laws ot the State of Flor~da or the Urnted States o( Amer~ca to so damage or take, and any transfer by pnvate sale ~n ' t+eu thereo~, erther temporar~Iy or permanently, the ~nt+re ~ndebtedness and other sums secured hereby shall. at the opUon ~ of Mortgagee. become ~mmed~ately d~e and payable. Mortgagee shall be ent~tled to al! compensaUon awards, damages, claims. p nghts of act~on and proceeds of. or on a~co~nt af any damage or taking through condemnation and is hereby authonzed, ~ at ~ts option, to commence. appear m and prosecute. ~n ~ts own or MoRgagor's name, any act~on or proceedmg relat~ng to ~ any condemnat~on. and to ssttle or compromise any cla~m in connecbon therewith All such cempensaUOn awards, damages, ~ cla~ms. nghts ot act~on and prxeeds. ~nd any other payments or rel~ef. and the nght thereto, are hereby assigned by MoRgagor to Mortgagee and Mortgagee after deduct~ng therefrom all its expenses includmg attorney's tees may release any mon~es ~ so reCe~ved by ~t w~thout afiect~ng the hen o( this Mortgage or may apply the same m s~ch mar,ner as Mortgagee shall determ~ne, 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 ; ~nstrumen[ secur~ng the Note Any balance oi such monies then rema~rnng shall De pa~d to Mortgagor Mortgagor agrees to ~ execute such further asslgr,ments or any compensaLons, aHards. damag2s. cla,ms, nghts of act~on and proceeds as Mortgagee ~ may reqwre 5. Care of Mortgaged Propeny. Mortgagor shall not remove or demol~sh any bwld~ng o? other property f-~rm~ng a part ~ ot the Mortgaged Property w~thout the wr~tten consent of Martgagee. Mortgagor shall not perm~t, commit, or sutfer any waste. ~ ~mpa~rment or detenorat~on of the Mortgaged Property or any part thereof, and shall k~ep the same and ~mprovements ;hereon > ~n qood cond~t~on and repa~c Mortgagor shaU not~fy Mortgagee ~n wnt~ng +nnth;n fwe (5) dsys of arry in~ury, damage, or impairment ~ of or occurnng on the Mortgaged Property. Mortgagee may, at Mortgagee's d~scret~on, have the Mortgaged Property ~nspected a! any t,me and Mortgagpr shall pay all costs ,ncurred by Mortgagee ~n executing such inspection. ~ 6. Mort s R ht to Make Certain me~tts. In the event Mort a fals to gagee' ig Pay g gor pay or d~scharge the taxes, asses.s~nents, iev~es. hab~hues, ob!~gat~ons and encumbrances. or fa~ls to keep !he Mortgaged Property ~nsured or to del~ver the pol~c~es. ~ prem~ums pa~d, or fa~ls to repa~r the Mortgaged Property as here~n agreed. Mortgagee may at ~ts opt~on pay or d~scharge ~ the taxes assessmen!s. lewes, I~ab~lrt~es. and obl~gat~cns and encumbrances or any part thereof. to produce and pay tor s~ch ~nsurance or io make and pay for such repa~rs Mortgagee shall have no obl.gaUOr, an ~ts part to determ~ne the vaLd~ty or necess~ty of any ~ayment thereot and any such payment shall not wa~ve or aftect any opt~~n. I~en equity or nght o( Mortgagee under or by v~rtue of th~s MoRgage The 1ull amount of each and every such payment shall be ~mmediately due and payab~e and shall bear mterest from the date thereof unUt pa~d at the Qefauit Rate, as heremafter defined, and iogether w~th such ~nterest. sha~I be secured by tne lien of th~s Mortgage Noth~ng here~n conta~ned shs!{ be construed as requ~nng Mortgagee to advance or expend mon~es (or any of the purpases menUaned ~n th~s paragraph ' 7 Payment of Expenses. Mortgagor shail pay all the costs. charges and expenses. ~nclud~ng reasonable attorney's ; lees whether ~ncurred at tnal or appellate level. d~sbursements and cost of abstracts of t~tle. ~ncurred or pa~d at any t~me by e Mortgagee due !o the ta:lure on the p~rt ot ~Aortgago~ promptly and fully to perform, comply w~th and ab~de by each and 's ~ every st~pulat~on, agreement, cond~t~an ar,d covenani o! the Note and th~s Mortgage Such costs. charges and expenses, sha1~ s oe ~mmed~ately due and payab!e. whether or not tnere be not~ce, demand. attempt to coliect or swt pendmg. The full amaunt ot each and every such payment shali bear ~nterest from the date thereof uni~l pa~d at the Defauft Rate. as here~nafter det~ned. All such costs. charges and expenses so ~ncurred or pa~d tc,gether w~th such ;nterest, shall be secured by the I~en of th~s Mortgage ~ and any otner ~rstrument secunng the Note 8 After ACquircd Property. The I~en ot th~s ~AoRgage w~lt automat~ca!ly attach. w~thout f~rther act, to all after acqu~red ~ ` property o! whatever k~nd located ~n or on. or attached to. or used or ~ntended to be used ~n connect~on w~th or ~n the ope~ahon of the Mor?gaged ?~operty . . ~ K ~aK 674 ~?~E28~0 t - . ~ . ~ - - - n ~Y ~ _