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HomeMy WebLinkAbout1230 L• And t2ie asid mort,~s~or do~ harebr aovansnt, psonuae. and a~rea to and with the said mort~~ee iue follows: FIR3T: Thi?t wid moxt~~or ~vlll psy to sak~ mo~Qee the note or oDliestion bereinbefore reterred Lo ~nd the indebtednese an.i i.~i,arest evidenced tt?ereby. snd all other sum~ secured bereby~ each and every~ promptly upon the dnny~ respectively the aame eeverally berome due; a~nd will duly, promptly •nd fully comply with~ keep and periorm aU the covenenLs and agreementa in buid note or obligstioa and in thie mortgage in msnner and form as •.herein set out; snd will not commit or sufter ~ny atrip~ iYnp~?irment, deterioration or wsste of said mortgaged property, and will pay all tosta, chargea, at?atnct fe~ea, wnd expenaea, includinQ witoraey'a feea, which the mort~gee may incur in rnllecting sny sum hereby secuted~ in enforcin~ any covenants be:cein contained or in protectin~ the mort~a~ee's aecurity, whether by suit or otherwise. SECOND: So long as any of the tndebte~dneae hereby secured shall remain outstanding and unpaid, We mortgagor agx'ees to keep in tull foree And effect that certYin policy orpo liciea of life insurance i!laued by the mort~a~ee and assigned to the mortga~ee e?s collateral aecurity for the payment of the indebtedness aecured hereby and W keep srid property And irnprovements in good condition and repair, to permit the mortgxgee to enter upon and iuspect said mortgag~ed property~,to prumptly and faithfully comply with and obey all laws, rulee and orders of everY duly constituted governmental suthority and to pay 8a the same become due and ps~yable all tauces snd assessments a~~d other charges that may ba levied or aaaesse~ upun or ag~i~~at the ~aid property, or which rnny be imposed upon the mortgagee in Florida by ressnn of this mortgage investment, or upan the murtgage or obligation accompeny~ng the eame, or the debt hereby secured, aa well aa any apecifie mortgage tax uow or hereafter imposed by law in Florida upon sAid abligation or this mortgagr, provided that ahould the amou~it of such ta~ces, assessmenta and other charges paid for the mortgagee under this paragraph together with the inter,est on the indebtedness exceed the highest interest rate permitLed by law on the indebtedness, mortgagor ahall not be liable to pay any of auch excesa over the highest le~sl rate; and also to pay all other debis, obligations or claims t.hat may becume liens upon or chargea against said yroperty, whether for repau~ or for impro~ementa that are nuw, or that may hereafter be made thereon, or otherwise, and not to perniit any lien to sccrue and remain on eaid property or any part thereof, or on the improvements upon ihe same, which might take precedence over the lien of this mortgage, and to deposit, ~vith the mortgage~, all receipts or other satisfactory evidence of the payment of taxes, assessinenta, charges, claims and liens a1 every nature affectin~ ur ahich may affect the ebove described property or any part thereof. TRIitD: Upon the failure by the mortgagor to pay any ot said tax~a or assessmenta as the same beeome due and payable, ar the passsg~e by the State of any law imposing pnyment of the ~n~hole or any portion af any of the taxes or charges aforesa;d upon th~ mortgagee, or upon the reridering by any Court of last resort of a decision that an undertaking by the mortgagor as herein provided to psy taaes, assessments or charges, as aforesaid, is legally inoperative, or in the event of the passage of sny State or Federal law deducting fro~n the value of lands for the purpose of taxation any iien thereon, or changing in sny way the laws for the taxation of mortgages or debt_3 secured by mortr gage, or the manner of the collection of any such taxes so as to prejudice or af~ect this mortgage, then and in any auch event the debt hereby secured, without deduction, shall, at the ogtion of the mortgagee, become immediately due and collectible, notw•ithstatiding anything contained in this mortgage or any law heretofore or hereafter enacted, or any judicial decision heretofore or hereafter rendered. XOURTI3: The mortga~r herein further agrces to keep the improvements vpon the mortgaged property insured sgainst loss by fire ~vith extended coverage, and if required, war damsge to the extent available in auch insurance com- panies and in such amounts as may be satisfactsrq ta the mortgagee, and to cauae a New York or other atandard mort- gagee clause satisfartory to the mort~?agee, to be attsched to such poTiciea and all pAyments thereunder shall be made to the sole order of the mortgagee as its 9nterest may appear; and at the option of the mortgagee, any proceeds o1 insurance paid Lo it maq ~be applied Uy the mortg'agee to the cost, in whole or in part, o# restoring or repairing any dama~;e done by fire, or otfier hazard, or the mortgagee may retain the arime and apply it in whole or in part, at ib discretion, to the reduction of the mortgage debk In the event oi ivss the mortgagee is a~thorized and empowered to settle or cumpromise claims under said policies, but is not obligated to ~o sv. FIFTH: The mortgagor aiso agrees tn deliver to the mortgagee, all poticies of insurance with evidence ot premium prepaid (renewal policies to be delivered noL lesa than ten days prior to the respective dates of expiration), and all abstracta of title and title guarsntee policies, all of which shall be held by the mortgagee «•ithout liability, snd in the Event of foreclosLr~ of this mortgage or transfer of title to the mortgaged property in eatinguishment o! said indebtedness, shall become the absolute property of mortga~ee. S1RTH: And in the e~~ent the mortgagar fails to repxir or insure said property or to deliver the policies, premiums paid, as herein agreed, or to psy as the same become due and payable the taxes, assessments or charges ~vliich may be assessed or impased as aforesaid, or the liens or claims which may azcrue on said property, the mortgagec is Itereby suthorized at its election Lo repair said property and pay for the cost of such repairs, to insure said property ai:d pay the eost of such insurance, and alGO to pay said taxes, charges, liens and clnims, or any part thcreof, withuut said mor~ gagee -~~aivir.g its right of foreclosure or any other right hereunder, und the mortgagor hereby agrees to refund on dcmand the sum or sums so paid, with ii~terest thereon at the rate of einht ~>er centu:n per anrum, nnd any and all costs, charfies, uh~trr+ct fees, ttttorney's fe~s ar.d other expenses incu*red in attempting to coilect the same or enfurce payment thereof, a~~d this mortgage shall stand as security therefor; and any such sum or sums so paid shall Uecome part of the indeUtedness hereby secured. ~F~"Ii\7'li: And the m.crtga~or does hereby mortgage, transfer, aet over and assign unta the mortgagee as addi- tional security for the puyment of said mortgage indebtednes3 all of the rents, issues, incume and profits from the above descriued ~ropertq, hereby giving and granting unto the mortgagee a first and prior lien thereon, and the mortgagor dces hereby transfer, set over, assign, and pledge to the mortgagee ull leases now or hereafter plared upon said mort~ gaged propcrty or uny pazt thereof and do hereby covenant and agree that, in the event of a default under any of the covena:~ts and pro~~isions c~f this mortgage, the mortgagee is her~by suthorized and empowered to cullect and receive all such rents, issues, income and profits due and to become dce from any and all tenants using or ~rccupying said property, or an~ part thereof, and to apply the same against the defaulte>d payments. So long as there shail he no default here- under, the mortgagor shall have the right to collect, receive and use, without accounting to the mortgagee, any and all euch rents, incorne and profits derived and to be derived from said property. EIGHTR: But if the mortgagor sl~all fail to paq ar cauae to be paid ar.y sums of principal or interest mentioned in said obligation, according to the terms thereof, and such default continue for a period of thirty days, or shall fail to keep any policq of life insurance held as collateral hereto in full force and e8ect, or in ca~e of the actual or threatened demolition or removal of any building erected upon said property or in the event that the mortgagor shall fail to pay sai3 tsxea or assessmen'ts or said premiums of insurance as the same shsll severally become due and payable, witnout demand or notire, or fail to perform any other act or thing in said note or herein required of or agreed by said mor~ ga~or to tx done, the entire indebtedness hereby secured shall thereupon became due and payable and this mortgage aubject to foreclosure, at the option of the mortgagee. ~'ItiTH: In case this m4rtgage be foreclosed by a suit in equitq and the mortgagcd premises be sold Lo satisfy a decree of foreclosure, the procceds of such sale shail be appiied as follows: F'irst, to the expenses incurred hereunder including a reasonable attorney's fee far such services us n~y be necessary for the collection of said indebiedness an~ the forecl~sure of this murYgage; second, to the payment of whatever sum or sum~ the mu:-tgagee may ha~e pPid or hecnnre liable to pay in carry7ng out the terms and stipulstions of this mortgage, tageti~er with irterest thereon; and finaily tu the payment and satisfaction of said note. 7'he balance, if r.ny, shall, unles~ the Court decr~ other~.ti~ise, be paid into the registry of the Court having juris3iction of said foreclosure suit, Lo abide the further order of said Cuurt, TF.NTH: T}ie mort~agor hereby waives all right of homestead and exemption~ under the Constitution and Laws of F'lorida; and agrees that the note or obligatian hereinbefore descrihed and this mortgage are to be c~nstrued ac~crding to the laws of the State of Florida, where the same are ezecuted. . ELEti'EtiTH: That, in the event that at the beginning of or at any titne pending an)~ suit upon this mortgage, or to foreclocse it, or to r•~efarm ii, AltlliOT to enfarce payment of $nq claima hereunder, said mortgagee shail s~~~,ly to the court having jurisdiction thereof for the appointment uf a receiver, such eourt Ahall forthwith appoint a receiver of said mnrt~;aged property all and singular, ineluding all and singular the rents, income, profits, issu~s and revenues from whatever source deriveu, each and every of which is hereby mortRaged as if specifically set forth und descrihed in the granting and hatiendum clsuses hereof, and Cuch re~ei.~er shall h~~e ull the broad and effecti~e funcLions and pow~ers in ai~y :,+ise entxusted by a court to a receiver, and such appointment shall be made by such court as sn admitted equity and a matter of absolute right to said mortgagee, and ~rithout reference W the adequacy or inadeq~AC~ of the value ot the pruperty mortgaged or to the solvency or insolvency of said mortgagors and/or uf the defendants, and that such renLs, profits, income, issues and revenues shall be applied by sucn recei~~~rs aecording t~~ thP )ien and;'or equity of said mortgagee and the prarlice of such cour~ T\VEI.FTN: That the mortgagee may releuse for snch con~ideration, or none, as it may require, xny portion of the above described land withaut, as to tlie remainder of the security, in an~ ~vise impniring or affecting the l~en an~ prioritie» herein provided for the martgagce compated to any subordinate lienholder. eo~ ~.25 29