The URL can be used to link to this page

Home My WebLink About1670 3 Application of PaymeMs. Uniess appl~cabie law prcv~~es otherw~se. au ~,ayn;ants reee~vacl by l.ende~ uni7er tne Nute ~an:i :.araqrapns t and 2 hereot s~au Ue appi~ed by Lender ~~rst ~n payment of amounts payable to Lender by Borrower under ~,aragraph 2 hereo' tncn ;o ~terest payabie on ine Note. and then to the unnc~~ai ul the Nute tr~, ~ . _ . { '1 . ,.,.,r,......~.r • 4 Senior Mo~tgage. The Pr;.:perty ~s encumbered by a mortgage t Sen~or M~rtgage 1 by and between Be++ewer, as mortgagor. and N/A as mortgagee. dateci and recorded !n O.R. ~pok _ Page .s ~ _ t c~t t~e Pubi~c Records ot County. Flontla. wh;ch SeniUr Morlgage seCUres a prpmissory note in t~e ;;;w,;;~ ~~(5..,. ~ ; ; Sen~or Mortyage No!e ) j ~ ~ 6arrower agrees ic ~cmpir w~tr alt iciR~S. C^vV8 ~an;s and corCct~ons ccn;ained ;r, She Sen.or A"arigage ar,~~ Se^;or hrartgage No?e. and ~ ~ fqr~es that a defaull under the Sernor Mortgage, Sen~or Mortgage Note or any other mstrument secwmg the Senlor Mortgage Note shall be a ~ ~efau~t under tt~is Morlgage. Borrower shal! not, w~thout the pr~or wr~ilen ccnsent ot Lender. enter into a~y agreement whereby the Senior Mortgage. Sen~or Mortgage ~ tvote. or any of them, are m~dihed. renewed, extended, or amended In any manner whatsoe~er, or the t~me fer the payment of the Sen~or Mortgage ~ No;e Is extended or the p~incipal amount ot said Note is increased. Fa~lure of Borrower to strictly comply with the provisfons of th:s paragraph s ;nall, at the optlon of Lender, constitute a default hereunder and under the Note secured hereby, and, at the opt~o~ of Lender, the aggregate sum ~*~,ent~oned in the Note secured hereby shall become due and payable as fuity and completely as if the aggregate sum ment~oned ~n the Note ; ~ecured hereby were ong~naity stipulated to be paid on the date of such detault; and upon such acceleration Lender may pursue such r~ghts and i ~emedies as are prov~ded for herem. Notw~thstanding any of the foregoing, or any ot~er provisien of thls Mortgage, shoutd any achon taken by Bor- ; •ower pursuant to and because of reqwrements of ihe Senior Mortgage conflict with or be contrary to the provisions of thls Mortgage and the N~te secured hereby, such conflict~ng achon shall not const~tute a default hereunder or under the Note secured ~ereby At the request ot lerder. Bor r~~wer shall execute the Notice desc~ibed ~n Section 697.041 txb? of the Florida Statutes wlth respect to future advances under the Sen~or Mortgage Borrower agrees to pay all expenses ~ncurred by lender ~n connect~on wlth the preparation and record~ng of such Notlce. 5. Hazard Insurance. Borrower shail keep the improvements now existing or hereetter erected on the Property insured aga~nst loss by •.re, hazards ~nclutled w~thi~ the term ~exiended coverage". and such olhei hazards as Lender may requlre and ~n su~h amounis and'or such , enods as Lender may require. The ~nsurance carr~er provlding the insurance shali be chosen by Borrower subject to approval by Lender: provfded. that such approval snall not be unreasonably withheld All insurance policies and renewals thereof shall be in a forrr acceptable to Lender and shalt Include a stand ~~d mortgage clause in tavor of and in a form acceptable to Lender. Lender shafl have the right to hold t~e policies and renewafs ihereof, sub;ect to !^e terms of any mortgage. deed of trus! or other secunty agreement with a Ifen which has prionty ove~ this Mortgage. In the event of Ioss. Forrower shall g~re prompt not~ce to the msurance carrier and Lender. Lender may make proof of loss. ~f ~ot made i cromptly by Borrower. ~f the °ropPrty ~s abandoned Dy Bo~rower, or rf Borrower fa~ls to ~espond to Lender withln 30 days from tne oate notice ~s ma~ied oy Lender ~c~ Borrower that the insurance carner offers to se!tle a claim'or insurance beneflts. Lender fs authonzed to collect and apply the ~nsura;~ce pro ~eeds at Lender's option erther to restorat~on or repair of the Property or to the sums secured by thfs P~lortgage. ~ 6. Preservation and RAaintenance of Property; Leaseholds: Condominiums; Planned Unit Developments. Boircwer shail keep the Prop~ k erty In good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply w~th the piov~s~ons ot any ease ~f this Mortgage ~s on a teasehold. If this Nlortgage ~s on a un~i in a condeminium or a planned unit devetopmem, Borrower shall perform al; o! I Borrower's obligat~ons under the declaration or covenants creahng or qoveming the condominium c,r planned ~nit development, the by~iaws and ~ ~egu~ahons ot the condom~n~um or planned unit development, and constrtuent documenis. i ~ 7. Protection ot Lender's Security_ If Borrower fails to perform the covenants and agreem2nts centa~ned in this Mortgage, or if any ~ ~ ,c?,on or proceed~ng is commenced whtch matenally affects lender's interest in the Property, then Lender. at Lender's opt~on, upon noUce to Bor- ~ ~o,ver, may make such appearances. disburse such sums, ~ncluding reasonable attorneys' fees, and take such action as ~s necessary to protect Lender's interest. If Lend~r required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the ~ ;;+emlums required to maintain such insurance in effect until such time as the requirem2nt (or such insurance terminates in accordance with Bor- ~ •c,r.er s and Lender's wr~tten agreement or applicable law. ~ ~ Any amounts disbu; sed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate. shall become addit~onal indebied ~ ^~ss of Borrower secured by this Mortga~e. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon ; ~oflce irom Lende: to Borrower requestmg payment thereoi. Nothinp contained in this paragraph 7 shall require Lender to incur any Expense or ~ 'ake any acllon hereunder. ~ ~ 8. Inspeclion. Lerder may make or cause to be mad2 reasonable entries upon and inspect~ons of the Properiy, provided ±hat lender ~ s~all g~ve Borrower notice prior to any such inspsction specifying reasonable cause iherefor reiated tu Lenoer's interest in the Property. s ~ 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or ~ ~ther taking of the Property or part thereof, for conveyance in lieu of condemnat~en, are hereby assigned and shall be paid to Lender, subject to the ~ terms cf any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage. ~ g 10. Borrower Not Releassd; Forbearanca By Lender Not a Waiver. Extension of the time for payment or madification ot amortization ot rhe sums secured by this Mortgage granted by lender to any success~r in interest of Borrower sha!I not operate to release, in any manner, the ~ ~~ability of the original Borrower and Bc~rower's successors m interesL Lender shall not be required to commence proceedings against such suc- :essor or refuse to extend time for payment or o?herwise modi(y amortization of the sums secured by this Mortgage by reason of any demand ~ mac+e by ttie original Borrower and Borrower's successors in Interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by apai~cable law, shall not be a waiver of or preclude the exercise ot any s~ch right or remedy. 1 t. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenaMs and agreements herein conta~ned shail b~nd, and the righls hereunder shall inure to. the respective sucessors and assigns of Lender and Borrower, subject to the provisions of paragraph ?6 hereo!. All covenants and agreements of Borrower shall be ioint and several. Any Borrower who co-signs this Mortgage. but does r.ot execute the Note, (a) is co-signing this Mortgage onty to mortgage, grant and convey that Barrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not Gersonally fiable on ihe Note or under this Mortgage, and (c) agrees ihat Lender and any other Borrower hereunder may agree to extend. modity. forbe3r, or make any other accommodations with regard to the terms of this Mortgage or the Note withaut that Borrower's ~ consent and without reieasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. e x 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in ~ this Mo!t a e shaEl t,e rven b detiverin it or b mailin such notice b certified mail addressed to Borrower at the Pro ert Address or at such 9 9 9 Y 9 Y 9 Y P Y ~ other address as Borrower may designate by notice to Lender as provided here+n, and (b) any not~ce to lender shaU be give~ by certified mail to ~ LEnder's address stated herein or to such other address as Lender may designate oy notice to Borrower as provided herein. Any notice provided for ~ m th~s Flortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereln. 73~ Goveming Law; Sererability. The state ano local laws applicable io this Mortgage shalt be the laws of the ~urisdict~on in which the Property is located. The foregoing sentence shall not limit the applicabiliiy of Feder~i law to this Mortgage. ln the event that any provision or clause . BORK~7~ PaGE1~70 ~~~~;3~~,~-.~.~~~~