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HomeMy WebLinkAbout10820. R . C ~ > i Ei P'i' f ~t:J (A~:~ `3~U tiI. ;"~1E ~~lile~~• tE A. And the acid mortgagor does hereby covenant, ptomrae, sad agree to and with thA said mortgages as io1{oxs: FINST: TTatt acid mortgagor' will pay to said mortga@ro the nut,; or obligation Sereinbefore zeferred to and the indebtedness and inten:st evidenced thereby, and all other sums secured hereby, euh and every, promptly upon the days respectively the name severally becroma due; and will duly promptly and fully comply with. keep and der orm al! t s covenants and agr•eementf in acid note or obligation and ~n this mortgage in manner and form as therein set out; and will not commit or suffer r.ay strip, impainnrnt, deterioration or waste of said mortgages] property, and will pay all coats, charges, abstract fees, and expenses, including attorney's fees, which the mortgagee may incur in collecting any sum hereby aecur•ed, in enforcing any covenants herein contained or in protecting the awrtgagae s security, whether by suit or otherwise. .'',ECOND: So long as any of the indebtedness hereby secured shall remain outstanding and unpaid, the mortgagor agrees to keep in full torte and effect that certain policy or policies of life insurance issued by the mortgagee and aasrgned to the mortgagee as collateral security for the payrrrent of the indebtedness secured hereby and to keep said property and improvements in good condition and repair, to permit the mortgagee to enter"upcn and inspect acid mortgaged property, to promptly and faithfully comply with and obey all laws, rules and orders of every duly constituted governments] authority and to pay as the name become due and payable all taxes and assesamanta.and other charges that may be levied or asaasse~ upon or against the acid property, or R•hich may be imposed upon the mortgagee in Florida by reason of thin mortgage investment, or upori the mortgage or obliggation accompanying the same, or the debt hereby secured. as well as an apecr c mortgage tax now or hereafter rmposed by law in Florida upon said obligation or this mortgage, provided that should the amount of such taxes, assessments and other charges paid for the mortgagee under thin paragraph together with the into*est on the indebtedness eticeed the highest interest rate permitted by law on the indebtedness, mortgagor shall not be liable to pay any of such excess over the highest legal rate; sndaleo to pay nil other debts, obligstione or clarma that mare become liens upon or charges against said property, whether for repairs or for improvements that era now, or that may aereafiar be made thereon, or otherwise, and not to permit any lixn to accrue and remain on acid property or aqy part thereof, or on the improvements upon the same, which might take precedence over tl'e lien of this mortgaggee, and to deposit, with the mortgagee, ail receipts or other satiaisctory evidence of the payment of razes, saseaamenta, charges, claims and liana o! every nature affecting or which may affect the above described property or any part therecl. THIRD: Upon the failure by the mortgagor to pay any of said taxes or saseaemonts as the name become due and payable, or the passage by the State of any law Imposing payment of the whole or any portion of any of the 'tAxea or charges aforesaid u}wr. the mortgagee, or upon the rendenng by any Court of last resort of • decision thrt an undertaking by the mortgagor as herein provided to pale gx~w deduct enta or charges, as aforesaid, is legally inoperative, or in the event of the passage o1 any State or F g from the value of lands for the purpow of taxation any lien thereon, or changing in any way the lawn for the taxation of mortgages or debts secured by mort~ gage, or the manner of the collection of any such taxes eo as to prejudice or asset this mortgage, then and in any ouch event the debt hereby secured, without deduction, ehali, at the option of the mortgagee, beware immediately due and c~~llectible, not.vithstanding anything contained in this mortgage or any law heretofore or hereafter enacted, or any judicial decision heretofore or hereafter rendered. FOi;RTH: The- martgsgor herein further a-*rea Yn keep the improvements upon the mortgaged property insured against loan by fire with extended coverage, and ii regatred, war daatage to the extent availabte is such insurance com- panies and in ouch amounts as may be satisfactory tc+ th! mortgagee. and to cause a New York or other standard morL• gages clause satisfactory to the mortgagee, to be attached to such policies and all payments thereund anahalroceeds of to the sole order of the riADrt~-agee as its interest may appat-r; and at the option of the mortgagee, y p insuranc: paid to it map be applied by the mortgagee to the coat, in whole or in part, of restoring or repaizing any damage done 6y fire, or other hazard, or the wortgagee may retain the same and apply it in whop or in part, at its discretion, to the reduction of the mortgage debt. In the event of loan the mortgagee is authorized and empowered W nettle or compromise claims under said policies, but is not obligated to do so. FIFTH: The mortgagor also agrees to deliver to the mortgagee, all policies of insurance with evidence o1 premium prepaid (rene~.val policies to be delivered not less than ten days prior to the respective dates of eapiration), and all abstracts of title and title guarantee policies, all of which shall be held by the mortgagee without liability and in the event of foreclosure of this mortgage or transfer of title to the mortgaged property in eztinguiahment o~ said indebtedness, shall become the absolute property o1 mortgagee. SIXTH: And in the event the mortgagor fails to repair or insure said property or to deliver the policies, premiums paid, as herein agreed, or to pay as the same become due and payable the taxes, assessments or charges which may bs assessed or imposed as aforesaid, or the liens or claims which may accrue on said property, the mortgagee is hereby authorized at its election to repair avid property and pay for the coat of such repairs, to insure acid property and pay the cost of such insurance, and also tq pay card taxes, charges, liens and claims, or any part thereof, without said mort- gages waiving its right of forecloarrre or any other right hereunder, and the mortgagor hereby agrees w refund on demand the sum or sums so paid, with interest thereon at the rate of eight_per centum per anltum, and spy and all costa, charges, abstract fees, att,rney's fees and other ezpensea incurred in attempting ter collect the name or enforce payment thereof, and this mortgage shalt stand as eectrrity therefor; and any such sum or aorta so paid shall become s part of the indebtedness hereby secured. SE~'E\TH: And the mortgagor does hereby mortgage, transfer, set over and saaign unto the mortgagee as sddi- tional security for the payment of said mortgage indebtedness all of the rents, issues, income and profits froth the above described property, hereby giving and granting unto the mortgagee a first and prior lien thereon, and the mortgagor does hereby transfer, set over, assign, and pledge to the mortgagee all leases now or hereafter placed upon said mor•b gaged property or any part thereof and do hereby covenant and agree that, in the event of a default under any of the covenants and provisions of this mortgage, the mortgagee is hereby authorized and empowered to collect and receive all such rents, issues, income and profits due and •.o become due from any and all tenants using or occupying said property, or any part thereof, and to apply the same against the defaulted payments. So long as there shall be no defaul8 sea 1 under, the mortgagor shall have the right to collect, receive and use, mthout accounting to the mortgagee, any such rents, income and profits derived and to be derived from said progertp. EIGIITI[: But if the mortgagor shall fail to pap or cause to be paid any sums of princi)ral or interest mentioned in said obligation, according to the terms thereof, and each default continue for a period of thrrty days, nr shall fail to keep any policy of life insurance held as collateral hereto in full torte and effect, or rn case of the actual or threatened demolition or removal of any building erected upon avid property or in the event that the mortgagor shall fail to pay Raid taxes or assessments or said premium9 of rnaurance as the same shall severally become due and payable, without demand or notice, or fail to perform any other act or thing in said note or herein required of or agreed by acid mort•• gagor to be done, the entire indebtedness hereby aecuzed shall thereupon become due and payable and this mortgage subject to foreclosure, at the option of 4he mortgagee. NINTH: In case -this mortgage be foreclosed by a suit In equity and the mortgaged premises be sold to satiety a decree of foreclosure. the proceeds of such sale shall be applied as follows: First, to the expenses incurred hereunder including s zeasonable attorney's fee for such aeraicea as vtay be necessary for the collection cf said indebtedness an~ the foreclosure of this mortgage; second, to the payment of whatever sum or sums the mortgagee may have paid o'• become liable to pay in tarrying out the terms and stipulations of thin mortgage, together with interest Thereon; and finally to the payment and satisfaction of said note. The balance, if any, shell, unless the Court decree otherwise, be ,yaid into the registry of the Court having jurisdiction of said foreclosure suit, to abide the further order of said Court. TENTH: The mortgagor hereby waives all right cf homestead and exemptions under the Conatitiztion and Lawe o1 Florida; and agrees that the note or obligat[on herEinbrfore described and this mortgage are to ixt construed according to the laws o1 the State of Florida, where the same era execute.'L ELEti'iNTli: That, in the event that at the beginning of or at any time vending any suit upon this mono the o.irt foreclose it, o: to reform it, and/or to enforce payment of any claims hereunder, aa.d mortgagee shall app y having jurisdiction thereof for the appointment of a receiver, ouch court shaft forthwith a~ipoint a receiver of said mortgaged properly all end singular, incl•~ding all and singular the rents, income, profits, issues and revenues from whatever source derived, each and every of which is hereby mortgaged as if specifically set forth and described in the granting ono h~tendum clauses hereof, and such receiver shall here all the broad and effective functions and powers in any wise entrusted_by a court to a receiver, and such appointment shall be made by such court as an admitted equity anti a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value o1 the property mortgaged or to the solvency or insolvency of said rnortgsgors andJor of t_he defendants, and that such rents, profits, income, issues and r~zvenuea shall be applied by such receivers according 4i the lien and.%or equity of said mortgagee and the practice of ouch eaurt. TWELk"I'H: That the mortgagee may release for such consideration, or none, as it may require, arty portion of the above described land without, es to the remainder of the security, in any wise impairing or affecting-the lien and priorities herein provided for the mortgagee compared to any subordinate lienhoider. ;. ,. ., .