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HomeMy WebLinkAbout1539~. R. 5~1 F~.~~175 B 0'- ~ F l+nd the said mortgagor does hereby covenant, protiltse, and agree to and wit_`t rho said mortgagee as follows: FIRST: That said triortgagor will pay to acid mortgagee the note or obligation hereinbefore referred to end the indebtedness and intrrtat evidenced thereby, and ell other sums secured hereby, each and every, promptly upon the days respectively the same severally become due; and will duly, promptly and fully comply with, keep and perform all the covenants and agreements in said note or obligation and in thin mortgage in manner and form as therein set out; and will not commit or suffer any strip, irnpairmen^ deterioration or waste of said mortgaged property, and will pay all costs, charges, abstract fees, and expenses, including attorney's tees, which the mortgagee may incur in collecting any sum hereby eecured, in enforcing any covenants heroin contained or in protecting the mortgagee's security, whether by suit or otherwise. SF.C'ONll: So long as any of the indebtedness hereby secured shall remain outstanding and unpaid, the mortgagor agrees to keep in full f^rce and etFect that certain policy or policies of life insurance issued by the mortgagee and assigned to the mortgagee as collateral security fur the payment of the indebtedness secured hereby and to keep said property and improvements in good condition and repair, to permit the mortgagee to enter upon and inspect said mortgaged property, to promptly and faithfully comply with and obey all laws, rules and orders of every duly constituted governmental authority and to pay as the same become due and payable all taxes and assessments and other charges that may be levied or assesse~ upon or against the said property, or which may be imposed upon the mortgagee in Florida by reason of this mortgage investment, or upon the mortgage ur obligation accompanying the same, or the debt hereby secured, as well as any aped c mortgage tax now or hereafter imposed 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 this paragraph together with the interest on the indebtedness exceed the highest interest rate permitted by law un the indebtedness, mortgagor shall not be liable to pay any of such excess over the highest legal rate; and also to pay all other debts, obliAationa or claims that may become liens upon or charges against said property, whether for repairs or for improvements tXat are now, or that may hereafter be made thereon, or otherwise, and not to permit any lien to accrue and remain on said property or any part thereof, or on the improvements upon the same, which might take precedence over the lien of this mortgage, and to deposit, with the mortgagee, all receipts or other satisfactory evidence of the payment of 'sxes, assessments, charges, claims and liana of every nature affecting or which may affect the above described property or any part thereof. - THIRD: Upon the failure by the mortgagor to pay any of said fazes or assessments as the same 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 Lazes or charges aforesaid upon the mortgagee, or upon the rendering by any Court of last resort of a decision that an undertaking by the mortgagor ae herein provided to y taxes, assessments or charges, as aforesaid, is legally inoperative, or in the event of the passage of any State or Federal law deducting from the value of lands for the purpose of taxation any lien thereon, or changing in any way the laws for the taxation of mortgages or debts secured by mort- gage, or the manner of the collection of any ouch taxes ao as to prejudice or affect this mortgage, then and in any ouch event the debt hereby eecured, without deduction, shall, at the option of the mortgagee, become immediately due and collectible, notwithstanding anything contained in this mortgage or any law heretofore or hereafter enacted, or any judicial decision heretofore or hereafter rendered. FOURTH: The mortgagor herein further agteea to keep the improvements upon the mortgaged property insured against loss by fire with extended coverage, and if required, war damage to the extent available in such insurance com- panies and in such amounts as maq be aatistactory to the mortgagee, and to cause a New York or other standard mort- gagee clause satisfactory to the mortgagee, to be attached to such policies and all payments thereunder shall be made to the sole order of the r.:ortgagee as its interest may appear; and at the option of the mortg.~.gee, any proceeds of insurance paid to it may be applied by the mortgagee to the cost, in whole or in part, of restoring or repairing any damage done by fire, or other hazard, or the mortgagee may retain the same and apply it in whole or in part, at its discretion, to the reduction of the mortgage debt. In the event of loss the mortgagee is authorized and empowered to settle 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 kith evidence of premium prepaid (reneNal policies to be delivered not less than ten drys prior to the respective dates of expiration), and all abstracts of title and title guarantee policies, all of ~chich 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 extinguishment o~ said indebtedness, shall become the absolute property of mortgagee. SI\TII: 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 be assessed or imposed as aforesaid, or the liens or claims which may accrue on said property, the mortgagee is hereby authorized nt its election to repair said property and pay for the cost of such repairs, to uisure said property and pay the cost of such insurance, and also to pay said taxes, charges, liens and claims, ur any part therrot, without said mortr gages waivink its right of foreclosure or any other right hereunder, and the mortgagor hereby agrees to refund on dt•mand the sum or sums so paid, with interest thereon at the rate of eight per centurn per annum, and any xnd all costa, charges, ai~st Tact foes, attui•ne}•'s fees and other expenses incurred in attempting to collect the same or enforce payment thcrenf, and this mortgage shall stand as security therefor; and any such sum or sums so paid shall become a part of the indebtedness hereby secured. SF.~-F.\'fFI: And the mortgagor does hereby mortgage, transfer, set over and assign unto the mortgagee as addi- tional security far the payment of said mortgage indebtedness all of the rents, issues, income and profits from the above described property, hereby giving and granting unto the mortgagee a fir: t and prior lien thereon, and the mortgagor does hereby transfer. set over, assign; and pledge to the mortgagee all leases now or hereafter t_;laced upon said mort- gaged prupcrty or any part t}~ereof and do hereby covenant and agree that, in the event of a default raider any of the covenants and provisions cf this mortgage, the mortgagee is hereby authorized and empowered to collect and receive all such rents, issues, income and profits due and to become due from any and all tenants using or occupying said prupcrty, or any part thereof, and to apply the name against the defaulted payments. 50 long as there shall be no default here- under, the mortgagor shall have the right to collect, receive and use, without accounting to the mortgagee, any and all such reni:s, income and profits derived and to be derived from sai3 property. F.[GFiTII: Rut it the mortgagor shall fail to pay or cause to be paid any sums of principal oc interest mentioned in Sald obligatio~t, according to the terms thereof, and such default continue for a period of thirty da}•s, or ,hall fail t0 keep any policy of life insurance held as collateral hereto in full force and effect, or in case of the actual or threatened demolition or removal of any building erected upon said property or in the event that the mortgagor s;ta11 fail to pay said fazes or assessments or said premiums of insurance 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 said morb gager to he done, the entire indebtedness hereby secured shall thereupon become due and payable and this mortgage eubject to foreclosure, at the option of the mortgagee. h INTH: ]n case this mortgage be foreclosed by a suit in equity and the mortgaged premises be sold to satis!y a decree of foreclosure, the prnceeds of such sale shall be applied as foil:nvs: First, to the expenses incurred henrundert includinK a reasonable attorney's fee for such services as may be necessary for the collection of said indehtcdnr.ss ana the foreclosure of this mortgage; second, to the paym^nt of whatever sum or sums the mortgagee may hate hold or txcome liable to pay ir. carrying out the terms and stipulations of this mortgage, together with interest thereon; and finally to the paym?nt and satisfaction of said note. The balanc?, if any, shall, unless the Court decree otherwise, be paid into the registry of the Court having jurisdiction of said foreclosure suit, to abide the further order of seta t;uurk TF;N1'll: The mortgagor hereby waives ail right of homestead and exemptions under the Constitution and Laws of Florida; and agrees that the note or obligation hereinbefore described and this mortgage are to be construed according to the laws of the State of Florida, where the same are executed. I•:l.F1'I•:tiTFI: That, in the event the! at the beginning of or at any time pending any suit upon this mortgage, ur to foreclo~.e it, or to reform it, and/or to enforce payment of any claims h^_reunder, said mortgagee shall apply to the court having jurisdiction thereof for the appointment of a receiver, such court shall forthwith appoint a receic~r of said mortgaged property all and singular, including all and singular the rents, income, profits, issues and revenues from ~+•hattever source derived, each and every of which is hereby mortgaged as if specifically set forth and described in the granting and 6sbendum clauses hereof, and sach receiver shall `nave all the broad and etl'ective functions and powers in any wise entrusted by a court to a receiver, and such appointment shall tx: made by such court as nn admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagors and;'or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by such receivers according t~ the lien and;'or equity of said mortgagee and the practice of such court. 1'1YFLF•1'1L• Thnt the mortgagee may release for such consideration, or none, as it may require, any portion of the shove describxd land tvithuut, as to the remainder of the security, in any wise impairing or affecting the lien and priorities herein pt-avidcd for the mortgagee compared tv any sulrordinate lienholder.