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HomeMy WebLinkAbout2251 the Mortgagee may~ at its option~ make such repairs as it deems necessary and efiectuate the required insurance. all at the expense ot the hlortgagor. Any amountpa id by the Moctgagee on acoount of such taxes. assessrnents, insurance premiums~ liens, charges or repairs~ with interest thereon irom the date ~f payment thereoi by the htortgagee at the rate ot 8% per annum. shall be a l:~n upon the property hereby mortgaged and shall be a debt secured by this mortgage, repayable by the Mortgagor forthwith upon demand. To pap to the Mor:gagee when due and pa}•able the amount of all taxes, including State of Florida income taxes, assessments, public dues or charges levied or to be levied b~ law within the State of Florida on this mortgage or on the note or debt or interest secured hereby. or on the ~ortgagee by reason of the ownership ot this mort- gage or the note or debt secured hereby. or on account of interest derived therefrom; but if the amount o[ such taxes. assessments~ public dues or charges mendoned in this paragraQh, tagether with interest on the debt secured hereby. shall exoeed the maximum amount permitted by law to be paid ior the use of money in the State ot Florida~ then the Mortgagor shall not be required to pay any such excess; provided~ however~ that i[ the aggregate in any one year ot such interest and such taxes assesseu against the Mor~tgagee shalt exceed such maximum amount permitted by law to be paid for the use of money in Florida. the Mortgagee may~ at its option, declace the entire indebtedness secured hereby due and payable upon 60 days notice. I[ such option is exercised a~d notice given~ then upon the expiration o[ such 60 days notice, the entire indebtedness secured hereby shall be due and payable, and nonpayment thereof shap constitute a default under this mortgage. entiding the Mortgagee to the exercise of ali nghts arising by reason of the happening o[ any other event of default hereunder. Upon the passage by the State oi Florida of any law imposing ~ayment upon the Mortgagee of the whole or any portion of any taxes, as.~essments or other charges assessed against this mortgage or the note or other indebt- edness hereby ~ecured~ or upon the rendering by any court of competent jurisdiction of a decision that an under- taking by the Mortgagor, as herein provided, to pay any such taxes. assessmer?ts or other cha~ges is legally in- operative, then and in any such event the debt hereby secured. without deduction, shall~ at the option of the Mortgagee. beoome immediately due and payable~ notv?~thstanding anything contained in this mortgage or in any law heretofore or hereafter enacted. 8, ~`I'o notify the Mortgagee at once of the commencement of condemnation proce~.'dings of any character af~ect- ing the mortgaged propert}•~ or anypa rt thereof. In the event that the mortgaged property is wholly condemned~ the Mortgagee shall reee~ve from the Mortgagor and/or the proccecls of such condemnation proceedings. the balance of principa1 remaining unpaid on said pmmissory note. with interest thereon to the date payment is received in Hartford. Connecticut, and all other indebtedness secured by this mortgage~ and with attorney's [ees, rnurt costs and all other expenses incurred by the Mortgagee in connection anth such condemnation. If. however, the mortgaged propert~• ~s partly rnndemned, the Mortgagee shall have the right and option to deter- mine the amount of such condemnation proceeds as it will require toward the reduction of the mortgage debt. with interest thereon to the date oi pa3 ment and~ in addition thereto, the Mortgagor shall pay to the Mortgagee all attorney's feeg, rnurt costs and other expenses incurred by the Mortgagee in connection with such oondem- nation. The Mortgagee shall have a lien on any money judgment or award given or made to, or in favor of, the Mortgagor as a result of any such condemnation proc~edings or as a result of any exercise of the right of eminent domain~ whether or not the same is made the subject of court proceedings, af~ecting the property hereby mort- gaged, or any part thereof. A'othing herein shail be considered as a waiver of the right of the Mortgagee to be made a party to such condemnation proceedings. or any proceedings afieeting the title to said property, or anv part thereof~ and shall not obviate the necess~ty of making the Mortgagee party thereto. 9. In the event all or any portion of the property hereby mortgaged is included in any drainage or other improve- ment district formed or authorized subsequent to the date hereof, or in the event said property. or any part thereof, is in a drainage or other improvement district as of the date hereof and subsequent to the date hereof the bonded indebtedness of such district is increased or the district is authorized to make additional assess- ments for improvements in excess of 15°Jo of the assessment in force and effiect as of the date hereof. then in any of such events, the Mortgagee ma~•~ at its option~ declare the entire indebtedness hereby secured due and payable i upon six months' notice. I( such option is exercised and notice given, then upon the expiration of such six months' notice. the entire indebtedness hereb3• secured shall be due and paya~le and nonpayment thereof shall constitute a default under this mortgage and the same may be collected by foreclosure or in an7~ ot~er manner provided - by law. However~ i[ the v[ortgagor pays the said additional assessment in cash within said six months' period. then the right of the 1liortgagee to accelerate the debt secured hereby.. fa~t said specific nonpaymeni. shall ter- , minate as to such default~ without in any manner aBecting the rights of the Mortgagee under any other existing or subsequent default under this mortgage or the note secured hereby. If said "assessment may be paid in in- stalments~ then. at the option of the Mortgagee, the Mortgagor ma~~ avail himself of such privilege~ and thereafter no right of acceleration shall be available to the 14tortgagee unless a default occurs under sa~d instal- ment payments and said de(ault is not cured in thirty days after its due date~ in which event, the Mortgagee may, at its option~ elect to accelerate the mortgage debt and proceed with the collection and!or foreclosure thereof. 10. To pay promptly all instaiments due others upon agreements of lease or conditional sale contracts of all fuctures. furnishings and equipment located on said property. Should the Mortgagor fail to make any such payment~ the Mortgagee ma~~~ without demand or notice~ pay or satisf}~ the same and the amount so expended shall bear interest at the rate of 8% per annum and shal) be payable by the Mortgagor to the Mortgagee upon demand and shall, with the interest thereon, be secured by this mortgage. All windmills, pumps, pumping plants and irrigation or drainage equipment used for the imgation or drainage of said property. or for stock watering or domestic purposes thereon, all motors, engines and devices for the operation of said windmilis, ~umps~ pumping plants and irrigation or dcainage equipment, all refrigerator systems, fire prevention and extingu~shing apparatus~ all lighting. heating and ventilating fixtures and equipment, and all motors. engines, dynamos and boilers~ now or hereatter installed in, on or about said property~ irrespective of the manner of installation, are and/or immediately upon the installation thereof, shall become and be fixtures and a part of the realty and shall not be - removed from said propert}• without the written consent of the Mortgagee. 4: il. To pay to the Mortgagee promptly upon demand all costs, expenses and attorney's fees, including the cost of any title examination. supplemental abstract of title or title insurance~ that may be incurred by the Mortgagee - in any proceedings, legal or otherwise, affecting the mortgaged property~ or any part thereof~ or the titte thereto, or the validity or pnority of this mortgage, or thaf may be incurred by the Mortgagee by reason of the failure of the A'Iortgagor to keep and perform any of the covenants or agreements contained herein or in said promis- sory note. All such costs, expenses and attorney's fePs paid by the Mortgagee shall bear interest from the date of payment thereof at the rate of 8% per annum until repaid by the Mortgagor and shall~ with such interest. be a part of the debt secured by this mortgage. 12. In the event o[ default in the payment of the promissory note hereby secured~ or any part thereof, or any renewal or extension thereof, or if the Mortgagor shail be adjudged bankrupt or shal) make an assignment tor the benefit ot cceditors, or if any proceedings shall be taken aga~nst the 1Vlortgagor looking to the appointment I'age 3.•.- ~ R PACE ~~tV 800K ~ - - ~ ~ ~r~ ~ - s ~-..r _