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Home My WebLink About2487 Mortgagor covenants and agrees w~th Mortgagee as tollows ' 1. Compllanc~ with Note and Mo~tQaqe; Warnnty cf Ttti~. Mortgagor shall comply w~tt~ a~~ prov~s~ons ot the No~e th~s Mortgage antlot`every other ~nst~ument secur~ng the Nota and w~ll promptly pay to Mortgagee tne pr~nc~pai w~tn ~r,teres~ therean and ell dhe+ sums ~equ~red to be pa~d by Mortgaga under the Note and pursuant to the prows~ons of th;s Mortgage and of every other,~~sj~utnent secunng the Note. Mortgagor covanants that Mor,gagor owns and ~s ~ndefeas~b:y se~zed oi the Mortgaged Property ~n !ee s,mp;e, that the Mortgage~ Property ~s free from a?I enc~mbrances except as noted ~n the legai descnpUOn above, that Mo?tgaga has iarvtui autho+~ty to convey. mortyage and encumber the same as prowded by the Mortgage. that Mortgagee may peaceably and qwetly en~oy !he Mortgag~d Property, and that Mortgagor w~ll defend the Mortgaged - Property agamst the cia~ms ot all psrsons whomscever, and that Mortgagor so warrants 2 Payment of Taxes and Llens. Mortgagor shalt pay au the taxes, assessments. ~ewes. l~at-n1~t~es. obi~gat~ons and encumGrar!ces of every r.ature now on the Mortgaged Property or that hereafter may be ~mposed. lev~ed or assessed upon - tn~s Mortgage or the Mor,gaged Property or upon the ~ndebtedness secured hereby All such payments to be made whzn due and payable accord~ng to iaw befo+e they become dehnq~ent and before any mterest attaches or any penalty is ~ncurred Insotar as any ~n~ebteciness ~s ot record the same snail be prorr,ptly sat~shed and ev~dence ot such sat~stacbon shall be g~ven to Mortgagee. 3 Insurance. Mortgag~r shali keep the Mortgaged Property and the ~mprovements now ex~st~ng or hereafter erected on the Mortgaged Property ~nsured as may be reqwred from t~me to t~me by Mortgagee aga~nst ~oss by f~re, other hazards and cont~ngenc~es pnclud~ng flood hazards and related accurrences ~n the event any port~on oi the Mortgaged Property ~s iocated ~n a flood hazard area as may be ~dent~f~ed from t~me to t~me} ~n such amounts and for such peno~s as may be reqwred oy Mortgagee Mortgagor shall pay promptly, when due, any prem~ums on such ~n;urance All ~nsurance shall be carned w~th compan~es approved by Mortgagee and the pol~cy and renewa!s thereof shall be held by Mortgagee and have attached thereto loss payable clauses ~n fawr and m form a~ceptable to Mortgagee In the event of loss. Mortgagor sh~!! g~ve ~mmed~ate nouce by ma~l to MoRgagee and M~rtgagee may mak.e proot of loss ~f not made promptly by Mortgagor. Each ~nsurance company concerned ~s hereby authonzed and d~rected to make payments for such loss d~rectiy to Mortgagee ~nsiead of e~ther to Mortgagor % or Mortgagor and Mortgagee ~o~ntty. Irsurance proceeds or any part thereof may be appt~ed by Mortgagee at ~ts opt~on, after ' deduct~ng theretrom all ~ts expen;es ~nclud~ng attorney's fees, e~ther to the reducUon ot the ~ndebtedness hereby secured or to the re~torat~on or repa~r of the preperty damaged Mortgagee ~s hereby authonzed, at ~ts opt~on, to settie and comprom~se any cia~ms. awards, damages, nghts of act~on and proceeds, and any othe? payment or rel~ef under any ~nsurance pol~cy In the event d foreclosure d th~s Mortyage or other transfer d utle to the Mortgaged Property ~n extmgu~shment d the ~ndebtedness secured hereby. ali r~ght. t~?ie, and ~nterest of Mortgag~r m and to any ~nsurance pol~c~es then ~n force shalf pass to the purchaser or grantee Mortgagee may at ~ts opUCn reqwre Mortgagor to depos~t with Mortgagee on the f~rst day ot each month, m add~Uon to mak~ng payments o! pr~nc~pal and ~nterest. unt~l the Note ~s fuify pa~d, an amount equal to one-twelfth (1112) of the yearly prem~ums for al! ~nsurance Such depos~ts shall not be. nor be deemed to be, trusI funds, but may be comm~ngled w~th the yeneral funds of Mortgagee. and no ~nterest shai! be payable ~n respect thereoi Upon demand by Mortgagee, MoRgagor ;haU del~ver to Mortgagee such add,t~onal mornes as are necessary to make up any def~c~enc~es ~n the amounts necessary to enabte Mortgagee to pay such prem~ums when due In the event of defauit under any o! the terms. covenants and cond~t~ons ~n the Note. th~s Mortgage or any other ~nstrument securmg the Note ro be pericrmed or observed by Mortgagor, MoRgagee may app~y to the reduct+on of the sums secured hereby. ~n such manner as Mortgagee shail determ~ne. any amount under !h~s paragraph rema~n~ng to Mortgagor's cred~? and any return prem~um rece~ved frorn cancellat~on of any ~nsurance poi~cy by Mortgagee upon foreclosure of th~s Mortgage. - 4 Condemnation. If the Mortgaged Prope~ty or any part thereof shall be damaged or taken through condemna!~on (wh,ch term when useci here~n shall ~ncl~de a~r~+ damage or tak~ng ty arry governmental authonty or any o?her authonty authonzecy by the laws cf the State o~ Flor~da or the Un~ted States of Am2nca to so damage or take. and any transfer b~,r pnvate sale ~n heu thereof). e~ther temporanly or permanentiy, the ~ni~re mdebtedness and other sums secured hereby shall. at the opbon of Mortgagee be~come ~mmed~ate!y due and payable Mortgagee shail be entrtlec! to all compensat~on awards. damages. cla~ms, ~ r:ghts of act~on and proceec]s o` or on account of any damage or tak~ng through conctemnat~on and ~s hereby author~zed. ; et ~ts opton. to commence appear ~n and prosecute. ~n ~ts own or Mortgagor's name. any acUon or proceed~rg reiaUng te ~ any condemnat~on. and to settle or comprom~se any cla~m m connect~on there~v~th AII such compensaUon awards, damages. ~ c!a~ms r~ghts of ac?~on and proceeds. and any othe~ payme^ts or rehef, and the nght thereio. are hereby ass~gned by ~Aortgagor ~ ro Mo~igagee and Mortyagee a"er deduct~ng theretrom ail rts Expenses ~nclud~ng attomey's fees may release any m~n~es > so rere~ved by ~t ~•1~thout a!fect.ng ?he !~en of th~s Mortgage or may apply the same ~n such manner as Mortgagee shati determ~ne. to ?he reduct,on oi the s,~ms secured hereby and to any prepayment charge prov~ded ~n the Note. th~s Mortgage or any ~ther ~ ;r„trument secunng ;he Note Any ba:ance of such mon~es then rema~nmg shall be pa~d to Mortgagor Mortgagor agrees !o € ex~cu?e SuCh further ass gnmerts or dny compensat~ons. awards. damag2s. claims rghts of act~on and p~oceeds as Mortgagee may ~equ~re 5 Care ot Mortgaged Property. Mortgagor shau no? remove or demo~~sh any bu~idmg or other propeny form~ng a part o` ?tie Mortyaged Prc,perty wrtnout the wntten consent of Mortgagee M~rtgagor shali not permR comm~t. or suffer any waste. ;mpa~rrrent o~ deterorat~on ot the Mortgaged PropeRy or any part thereof, and shall keep the same and ~rnprovements thereon ~n good cond~t~on and re~;a~; Mortgagor shall not~fy Mcrtgagee ~n wnt~n~ w~th~n hve (5) days ot any ~n~ury, damage. or ~mpa;rment of o~ occumng on !he Mertgaged Property Mortgagee may. at Mort~agee's d~screUOn, ha•de ihe Mortgaged Property ~nspected > a? any t~me and Mortgagor shali pay all costs ~ncurred by Mortgagee ~n execut~ng su~h ~nspecbon ~ 6 Mortgagee's Right to Make Certain Payments. ~n the event Mortgagor fa~ls t~ pay or d~scharge the taxes. assessmen;s ~ ~ev:es I~ab;I~Ues. obligaUc~ns a~d encumbrances. or fa~ls to keep the Mortgaged Property ~nsured or ro del~ver the Go,~c~es. prem~ums pa~d or fa~ls to repa~r ihe Mortgaged Prope~'y as herem agreed, Mortgag~ may at ~ts opt~on pay or d~scharge the taxes assessments. iev,es I~ab~f~bes and obl~gaUans and encumbrances or any part thereot. to Groduce and pay for such ~ ~rsurance or to make and pay for such repa~rs Mortgagee shalt have no obhgat~on on ~,s part to determ~ne the val~d~ty or n~;ess.ty of any paymar,t thereo` and any such payment shaA not wa~ve o~ affect any opt~on I,er equ~ty or r:ght of MoRgagee ~~nder or by vuTUe cf in~s Mortgage The fu!i amount of each and every such payment shail be ~mrned~ateiy due ancf payable and shau bear ~nterest from the date tn~reaf unt~i pa~d at the Dafault Rate. as here+na!ter de'~ne~ and tc~gether wrth such ~n?erest shall be secured by tne i~en of th~s Mcrtgage No•.h~~g here~n conta~ned shall Ce cons~rued as requ~nng Ma~gagee tc advance ~ or expend mornes for any o! the purposes menuoned ~n th~s paragraph 7 Payment oi ~xpenses. Mor,gagor snail pay a~i ?~e cos!s char~es and expenses ~rCiud~ng reasonab!e attorney's 2 fees whether mc~rred at tr,al or appeliate ieve~. d~sbursements and cost o! abstracts of Utie mc~rred or pad at ary i~me by ' Mortgayee d:~e ro the ~a.•.ure on the Rart o! Mor*gagor promptly and fuily to per`orm, rpmp,y w~th and ao~de by each and ~ every shpu!a? on aareemenr ~~nd:t.on and covenan! of the Note and th~s Mortgage Such costs charges a^•d expenses sha!~ ~ be ~mmed~ate!y due and payab!e v;hether pr np! ?he~e he noUce dema~d. at~empt to collect o+ su,t pend~ng The ful! amount x a` eacr and ever~ such payment ~ha~~ bear n;erest from the da!e thereof un±~l pa~d a! ~he De(auit Rate as here~~after def~ned ~ A;~ cuch cos?s charges and expenses so ~ncU~T@(j Of ~3~d toc e?her w~th suCh mteres? sha~l be secured by the ! en of tn~s tAortgage ~ ~;rd any other ;nsirument secur~ng the Note ~ H After Acquired Property. The i~e~ o! 'h~s Mor?gage w au~cmar ca~iy attach v:~?nout !urther ac? 'o a!~ a'?er acQu red € ~J',.f. ~ Pr , t i ~ rt rY r r~ r ~ ~ n r p~~~~.y o~ whatev_ k r,h ~cra.ec, o~ o~ o~ a,.a.. ~ed to ~ used o n,e~ded ,o b.. use~i ~ cor,nechon vr~th c~~ the ope~a~ o~ Mc~'ga!~e~ ProPer?r' ~ 600K V ( 5 PAGE24a~ ~ ~ . . . _ _ W~_~`Fr .r~~5-~ -