HomeMy WebLinkAbout2972 (c) The "Borrower" will pay to the "I.ender". upo~ demand. all expenxs ot obtainir??~ such jud~ment
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or decree and ~ei?sonable cumpensateon to the "L.ender", its attorneys and a~e~ts; anti yll such expenses and
comprnsatiun shatl, until pai , b~ secured by the lien ot lhia mort~r.qe.
td) Up~n every such entenng upon or taki~g ot pc~;s.seasion, the ••ixnder" msy hold, store, use, operate.
manaxe a~d control the Mortgaged P~ope~ty and conduct the bus~ness thereot, and. [rom t~me to time
l i I make alt necessery and pruper ma~ntena~ce, repairs, re~~ewats, replacements, addilions, Detter-
ments and improvementII :~ereto and thereon and pucchase or otherwite acquire add~tior~al tixtutes.
p•rsonalty and othe~ proprrty;
tii) insure or keep the Morlgage Property insured; f
!iii) manage and operalc the Mortgaged Property and exercise all the rights and powers o: the !
"E3o~row er" in its name o~ otherw?se, k~th respect to the same•
t i~ ) enter into any and all agreemenls w~th respecl to the exe~cise by others of any of the powero
he~e~n granted the "Lender",
all ac the "L.e~der" from timr to ttme may determine to be to its best advantage: and the "l.ende~' may
coll~~t and receive aU the income, re~~enues, rents, issues and prot~ts o[ the same, ~ncluding thase past due as
well as thcue acc~uing lhereatter, a~d, a[ter deducting
(aa) All expenses of taking, holding, managing, and operati~g the Mortgaged Property (inciuding
cumpensatton tuc the se~~ ices o[ all persoru employed tor such purpos~
t hbl The cvst of all such maintenance, repairs, renewals, replacements, additions, betterments, improve-
rtzent~ and purchase~ and acquisitions;
~cc? 7'~e cost ot c~ch insurance;
cddl such taxer, as..ec,menls and other charges prior to the lien of this mortgage as ihe "I.ender" may
dcte~m~ne to pay;
~.~c 1 other propcr charges upon the MortgaAed Property or any part thereof; and
~!t 1 the reasunable compensation, expens~ s and disbursemenis ot the attorneys and agent ot the
"l.ender".
shait apply the rema~nder of the moneys su recerved by the "Lender", f~rst to the payment ot accrued inlerest;
second to the payment of tax depasits requ~~ec1 in I'aragraph 1.03 ot Article 1; and third lo the payment ot
u~•rrdue instaliments of pr~nr~pai.
~e? Wh.~ne~•rr alt that is due upon such ~nterest, tax deposit and pr~ncipa! irutallments and under any
of the terms of this murt~;agr, shall ha~•e been pa?d and all defauits made good, the "L.ender" shai! surrender
po,~.a•ss~un uf the 1lortkagecf !'roperty to the "Burrow•er"', ~ts succes,ors or assigns. The same nght of tak~ng
pua..~_,_.~un, how•eve~, shal! ex,st it any subsequent Event ot Default shall occur and be continuing.
~.04 Rereiver. If anv e~,ent of de[ault sha11 have occur- ~d and be continuing.'•Lender'• shaq be en-
tiU~~cf, as a mauer of stnct nght and wlthout re~ard to the vatue or occupancy of the security, to have a re-
re~~•er appu~nted to enter upon and take pussess?on u( the premises, collect the rents and profits theretrom
.~nd apply the same as the court may direct, such recei~•er to have all the rights and powers permitted under
tht• I.~w•s of Flor~da. The experLSes, including recei~,er's fees, coua,el fees, casls and agent's compensation, in-
.•urred pursuant t~~ the p~~~•ers here~n containcd shal! be secured hcreby. The right to enter and take posses-
stun o[ :a~d prope~ ty, t~~ manage and operate lhe same, to ccsllect the rents. ~ssues and protiis thereof, whether
I~y ~EVe~~er or otherW?se, ~hall be cumul~t~re to any uther nght or remed_v hereunder or attorded by lax•,
ar:d may be exercisecl conrurrent them~~-ith or independently thereot. "Lende~' shalt be liable to account
unl~• for such rents. ~ssues and protits actualiy rec~i~•ed by "Lender". whether rece~ved pursuant to this Para-
Kra}~h 2.1~f or the precedin~ Yaragraph 2.03.
?.OS "Leader's" Povres of Entorcemeni. if an E~•ent o! Default shall hav~e occurred and be conLnu-
in~, the "Lender" may, either w•ith or ~rithout en!ry or tak~ng possessiun as hereinabove pro~•ided or other-
w~:sc, proceed h~ su~t or suits at lav~ or ~n equity or by any other appropnate proceeding or remedy (a) to
rnforce pa}-ment <~f the note or 1he perf~rmance ot any term hereof or any othe~ ~ight, (b) to foreclose this
murtkage and to sell, as an cnt~rety or ~n separate lots or parcels, the :~turtgaged Property, under the judg-
ment or decree vi a court or courts of competent junsd~ctcon, and te) to pursue any other remedy available
t.r it, all as the "Lender" shall deem most effect~ral tor such purposes_ The "Lender" shall take action either
b~• such proceedinc;s or bp the exerc~se ot ~ts powers with respect to entry or taking possess~on, as the
"I.ender" may determine. •
2.06 Leixs. The "Lender", at the "Lender's" option, i~ authorized to forecloae this mortgage subject
to the nghts of an~• tenants of the Mortgaged Property, and the tailure to make any such tenants parties de-
fendants to any such foreclosure procerd~ng and to foreclose their rtghts K•~il not be. nor be asserted to be
hy the "Borrow•er", a de; _nse to any proceedings ?nstituted by the "I.ender" to collect the sums secured here-
by, or any deficiency rema:ning unpa~d after the toreclosure sale ot the Martgaged Property.
2.07 Principal and Interest Become Due on 3ale. Upon commencement ot suit or foreclosure of this mort-
gage, the unpaid prlnc~pal of the note, ii not previousfy declared due, anci the intereat accrued thereon, shall
at once become and be~mmediately due and payabte.
2.08 Parcbase b~ "l.ender". Upon any such foreclature sale, pursuant to judicial proceed~ngs, the
"Lender" may bid for and puccha.se the Mortgaged Property and. upon compliance with the terms of sale,
may hold, retain and possess and dispose of such property in iis ow•n absolute right without furiher accounta-
bi3~ty.
2.09 Applicadon of Indebtednesa Towud PnrcDase Priea. Upon any such toreclosure sale. pursuant to
;udic~al proceed~ngs, the "Lender" may. it permitted by law~ atter allov?~ing for the proporticn of the total
purchase prece reqwred to be pa~d ~n cash for the costs and experues of the sale, compensation and other
charges, in paying the purchase pr~ce, appfy to fhe purchase price any porGon oi or all sums due to the
"Lender" under the note and thes mortgage, in lieu of cash, to the amount which shail, upan distrihution
of the net proceeds of such sale, be payable thereon.
2 10 Wtlver of Appnbement, Valaation. 34~. Esteasloo, aad ltedemptlon I.sNS. The "Borrower" agrtes
to the fuil extent permitteci by law, that ~n cese ot a defauit on its part hereunder, neither the ••Borrower"
nor anyune clatming through or under it shaU or will set up, ctaim or seek to take advantage ot any ap-
pra~sement, valuation, stay, extension or redemption lawa now or hereatter in torce, in order to prevent or
h;nder the enforcement or toreclosure of this mortgage, or the absolute sale ot the property hereby conveyed.
or the tinal and absolute putting into possession thtreot, immed~ately atter such sale, ot the purchasen thereat,
and the "Borrower", tor itselt and all who may at any time claim through or under it, hereby v?a~~es to the
full extent that it may lawiully so do, the benefit ot all such laws, and any and at! cight to hwve the ass~ets
compnsed in the secur~tv ~ntended to be created hereb~ marshalled upon any foreclosure of the tien hereot
and agrees that the "Lender" or any court havin~ jurisdiction to [oreclose such lien moy sell the Mortga~ed
Property as an entirety.
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