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HomeMy WebLinkAbout0744 i i ~ . , 2. To teave with the mortgagee during the elcistence of said notc any abstract o[ title furnished to the mort- gagee. In the event of any foreclosure sale hereunder the mortgagee may deliver auch abstract to the purchaser at such aale and it sball beoome the peoperty ot such purchaeec. ~ ~ 3. To pay (a) before the same beaome delinquent, all taxes, assessments~ water and other charges upon or , against the prem~es oc upon o~ against this mortgage or said note, levied or ass~ed in Florida; and (b) any other ; charges. liens~ or encumbrances which shall appear to be a lien prior to the lien of this mortgage upon the premi~es ~ or the buildinga or other fixtures thereon. In de(ault thereof~ the mortgagee may~ without demand or notice~ ~ either (a) pay and discharge the same, or (b) may appear in any action for the enforoement ther~eof and defend or settle the same~ and its determination as to the validity. prionty and amount thereof shall be binding upon the mortgagor. _ 4 4. To keep such buildi~gs and other fixtu~es upon the premises insured against such hazards and in such ; amounts as may be required by the mortgagee. All policies ot msurance and the renewals thereof shall be written upon forms and in oompanies satisfactory to the mortgagee. be made payable, in c~?se of loss~ to the mortgagee~ and shall, with premiums fully paid by the mortgagor~ be delivered at least 6fteen (15) days before the expiration of any old policy~ to the mortgagee and held by it. In default thereof~ mortgagee may procure such insurance ~ and pay the premiuma ther+eon. In case of loss~ mortgagee is authorized and empowered at its option to collect and receive the proceeds [mm any such policy, and after deducting from such insurance pcoceeds any expenses incurred by it in the collection or handling thereof~ to apply ihe net prooeeds, at its election~ eithe~ 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 future. S. To oommit or permit no waste on the premises, to keep the buildings and other 6xtures thereon in ~ood oondition and repair~ and to cultivate and fertitize any impmved pasture on the premises in a good husbandlike t manner. In default thereof. 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 mortgagor. The mortgagee is hereby ~ authorized to enter upon and take possession of the premises for such purposes. ; a 6. To pay the mortgagee, immediately and without demand, all sums which it shall pay or expend pursuant ; to the provis~ons of Paragraphs 3~ 4 and S above~ including oost of any title evidence and reasonable attorney's ~ fees~ together with interest thereon from date of expenditure until paid at the rate of ten percent (10%j per ~ annum. and if not so paid by the mortgagor~ all such sums shall be added to the debt and secured hereby, r I 7. 'I'he mortgagee~ by any authorized agent or employee, may enter upon and inspect the premises at any ~ reasonable time. ~ 8. The net proceeds of any judgment, award or settlement in any condemnation or other proceeding for a any damage to the premises. buildings or other fixtures thereon~ shall be paid to the mortgagee and shall. at its option, either be applied as a credit on any portion of the unpaid balance of aaid note~ whether then matured ~ or to mature in the future. or be released to the mortgagor. ~ 9. The mortgagee shall be subrogated to the lien. notwithstanding its release of record, of any prior vendor's ~ ' lien. mortgage or other encumbrance on the premises paid or discharged from the prooeeds of said note. 3 10. The mortgagee~ at the request of mortgagor~ may from time to time and without notice, exeti:~i an,d deliver partial releases of any part of the premises from the lien of this mortgage without aHecting either the personal liability of any person liable for the payment 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 rnrporation in all or any part of the prem~ses shall be subject to such right of the mortgagee to execute and deliver such partial releases as aforesaid. - 11. The entire debt secured hereby shaU~ at the election of the mortgagee and without notice or demand, e j beoome immediately due and payable and this mortgage may be foreclosed i~t tbe event of (a) any default in the ' 'i payment of any installment of principal or interest on said note or in the keeping and performance of any of the covenants or agreements hereunder, or (b) if the mortgagor. without first obtaming wntten consent of the mort- : gagee thereto. shall assign the rents or any part thereof. from t6e premise.s. or shall oon~ent to the cancellation or surcer.der of any lease of the premises or any part thereof~ now existing or hereafter to be made~ 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, or shali in any other manner impair the value of the prem- ises or the security of the mortgagee for the payment of ~he debt hereby secyrtd. ' 12. In the event of any foreclosure hereof-~ ' (a) The mortgagor shall pay all costs and expenses thereof, iricluding the oost of any~title evidence and reasonable attorney's fees, which sums, if not paid before suit is commenced~ shall be added tQ 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 oollect the rents, issues and profits therefrom~ and 'to dare for same, without proving insolvency or any grounds for extraordinary relief~ and-the m0~+tg~gor hereby oonsents tc? such . appointment~ and such appointment shal) be made by the oourt having junsdiction thereof as a matter of nght to the mortgagee and without reference to the adequacy or inadequacy of the security or to the . solvency or insolvency of the mortgagor. 13. The transfer of the rents, issues and profits~from the premises, hereinabove made, is apeci6c in nature and irrevocable. So long as no default eacists in the payment of said note or in the keeping and performance of mort- gagor's covenants hereunder, the mortgagor may collect and retain the currently accruing rents, issues and profits as they accrue, but iR no event in advanoe of their normal aocrual date. In the event, however~ of any such de- fault, mortgagor hereby expressly and irrevocably authorizes and empowcrs the mortgagee, its agents or attorneys, " at its election and without notice to mortgagor, and as the appointed agent of mortgagor~ to: (a) Take immediate possession of and maintain full rnntrol and management over the premise.s; (b) Oust tenants for nonpayment of rent; (c) Lease all or any part of the premises on such terms as mortgagee may deem advisable; : (d) Make alterations or repairs which mortgagee may deem advisable; (e) Receive all rents and other income from the premises and issue receipts therefor. Out of the amount or amounts so reoeived, mortgagee shall pay the necessary operating e~cpenses, 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 advisable upon any sums, advances or any other portion of the indebted- ness secured hereby~ and then render any overplus to ~nortgagor. Mortgagee shall be acoountable only to the extent that such rents and inoome are actually oollected. d00X ~ r~o ~A~'iE , f ~ ~ ~-It ~ ; "4 y -?se ~~r -~`~~1!°"~P'R ~'~'em "2! ~ ~ ~ _ '