HomeMy WebLinkAbout2710 2. To leave W ith the mortgagee during the elcistence of aaid notN any abstract of title furnished ta the mort-
gagee. In the evenc of any foreclosure sale hereunder the rnortgagee may deliver such abstract tu the purchaser
at such sale and it ahall bec~nme the property nf gurh purchase~.
3. To pay (a) belore the same become delinquent, all taxes, assessments, water and other charges upon or
against the premises or upon or against this mortgage or said note, levied or assessed in Florida; and (b) any other
charges, liens, ar encumbrances which shall appear to be a lien prior to the lien of this mortgage upon the premises
or the buildings or other fixtures thereon. In default thereof, the murtgagee may, without demand or notice,
eather (a) pay and discharge the same, or (b) may appear in any action for the enforcement thereof and defend or
settle the same, and its dete~minatlan as to the va4idity, priority amd amaunt thereof shall lie bintiing ugon the
mortgagor.
4. To keep such buildings and other fiKtures upon the premises insured against such hazards and in such
amounts as may be reyuired by the martgagee. All policies of insurance and the renewals thereof shali be written
upon forms and in companies satisfactory to the mortgagee, be made payable, in case of loss, to the mortgagee,
and shall, with premiums fully paid by the mortgagor, be delivered at least fifteen (15) days before the expiration
of any old policy, to the mortgagee and held by it. In default thereof, mortgagee may procrare such insurance
an~ pay the premiums thereon.
In case of loss, mortgagee is authorized and empowered at its option to collect and receive the proceeds from
an}~ such policy, and after deducting [rom such insurance praceeds any expenses incurred by it in the collection ar
handling thereof, to apply the net proceeds, at its election, either to the restoration of the property damaged or
as a credit on any portion of the unpaid balance of said note whether then matured or to mature in the Euture.
5. To rnmmit or permit no waste on the premises, to keep the buildings and other fixtures thereon in ~ood
condition and repair, anci to cultivate and fertilize any improved pasture on the premises in a good husbancj(ike '
manner. In default thereaf, the mortgagee may at its option remedy any waste or make any repairs and its de-
termination as to the advisability or necessity thereof shall be binding on the martgagor. The mortgagee is hereby
authorized to enter upon and take possession of the premisES for such purposes. _
6. To pay the mortgagee, immediately and without demand, all sums which it shall pay or expend pursuant
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fees, together aith interest thereon from date of expenditure until paid~at the rate of ten percent (10%) per
annum, and if nnt so paid by the mortgagor, all such sums shalt be added to the debt and secured hereby.
7. The mortgagee, by any authorized agent or employee, rnay enter upon and inspect the premises at any
reasonable time.
8. The net p~'oceeds of any judgment, award or settlement in any candemnation or other proceeding for
any damage to the premises, huildings or other fixtures thereon, shall be paid to the mort~agee and shall, at its
option, either be applied as a credit on any portion of the unpaid balance of said note, whether then matured
or to mature in the future, or be released to th~e mortgagor.
9. The mortgagee shall be subrogated to the lien, notwithstanding its release of record, of any prior v~ndor's
lien, mnrtgage or other encumbrance on the premises paid or discharged from the proceeds of said note.
10. The mortgagee, at the request of mortgagor, may from time to time and without notice, execute and
deliver partia( releases of any part of the premises from the lien of this mortgage without affecting either the
personal liability of any gerson liable for the pa}~ment of said note, or the lien of this mortgage upon the remainder
of the premises for the full amount of the note then remaining unpaid. The rights of any subsequent purchaser,
of any junior lienholder or of any other person or corporation in all or any part of the premises shall be subject
to such right af the mortgagee to execute and deliver such partial releases as aforesaid.
11. The entire debt secured hereby shall, at the election of the mortgagee and without notice or demand,
become immediately due and payable and this mortgage may be foreciosed in the event of (a) any default in the
payment of any installment of principal or interest ~n said note or in the keeping and performance of any of the
co~-enants or agreements hereunder, or (b) if the mortgagor, without first obtaining wntten consent of the mort-
gagee thereto, shall assign the rents or any part thereof, from the premises, or shall consent to the cancepation or
surrender of an~~ lease of the preaiises or any part thereof, now existing or hereafter to be rr~ade, and having an
unexpired term of one year or more, or shall modify any such lease so as to shorten the unexpired term thereof, or
so as to decrease the amount of rent payable thereunder, ar shall in anv other manner impair the value of the prem-
isrs or the security of the mortgagee for the payment of the debt hereby secured.
12. In the event af any foreclosure hereoE-
(a) The mortgagor shall pay~ all costs and expenses thereof, :ncluding the cost af any title evidence and
reasonable attorney's fees, w•hich sums, if not paid before suit is comm~nced, shali be added to the
debt and secured hereby;
(b) The mortgagee shall without notice be entitled to the appointment of a receiver to take charge of the
mortgaged property, to collect the rents, issues and profits therefrom, and to care for same, without
proving insolvency or any grounds for extraordinary relief, and th~ mortgagor hereby consents to such
aE~pointment, and such appointment shall be made by the court having jurisdiction thereof as a matt~r
of ri~ht to the rnUrtgagee and without reference to the adequacy or inadequacy of the securitv or to the
solr-ency or insofvency of the mortgagor.
13. The transfer af the rents, issues and profits from the prernises, hereinabave made, is specific in natur~ anc~
irrevo~able. So long as no default exists in the pa}•ment of said note or in the keepinq and performanct of mort-
: ga~;or's cavenants hereunder, the rnort~agor may collect and retain the currently accruing rents, issues and profits
; as the}~ accrue, but in no event in advance of their normal accrual date. In the event, how•ever, of any such de-
fault, mortgagor hereby expressly and irrevxably authorizes and em~w~ers the mort~agee, its abents or attorneys,
at its election and w~ithout notice to mortgagor, and as the appointed agent of niortgagor, to:
(a) Take immediate possession of and maintain full control and man~gement over the pren~is~s;
(b) Oust tenants for nonpayrnent oi rent;
(c) I.ease ali or any part ef the prernises o~i such terms as mortgagee may deem advisable;
(d) i~falce alterations or repairs whi~h mortgagee may deem advisable;
(e j Keceive a(1 rents and other income from the premises ar.d issue se~eipts therefor. Out of the amount
or amounts so received, mortgagee shall pay the necessary operating expenses, including a reasonable
charge for managing the property, and shall then apply the net balance remaining in such manner as it
may in its sole discretion deem advisabte upon any sums, advances or any other portion of the indebted-
ness secured f~ereby, and then render any overplus to mort~agor. Mortgagee shall t;e accountabie
only to the extent that such rents and income are actualiy cullected.
~~R~i~~ 307 ~