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HomeMy WebLinkAbout2624 insci~~~cea, the proceeds of any such insurance pol•icy or policies, if not applied as aforesaid in rebuilding or restoring the buildings or improvements, shall be used to pay the amount due in accordance with any decree of foreclosue that may be entered in any such proceedings, and the balance, if any, shall be ; paid to the owner of the equity of redemption if he shall then j be entitled to the same or as the court may direct. In the event of foreclosure sale, Mortgagee is hereby authorized, without the consent of Mortgagor, to assign any and all in- surance policies to the purchaser at the sale, or to take such I other steps as Mortgagee may deem advisable to cause the inter- ~ est of such purchaser to be protected by any of the said in- . surance policies. S. Additional Taxes. To pay to the Mortgagee when due and payable the amount of ~ . all taxes, including State of Florida income taxes, assessments, ~ public dues or charges levied or to be levied by law within the State of Florida on this Mortgage or on the Note or on the Mort- gagee by reason of the ownership of this Mortgage or the Note or on account of interest derived therefrom; but if the amount of such taxes, assessments, public dues or charges mentioned in this paragraph, together with interest on the rote, shall exceed the maximum amount permitted by law to be paid for the use of money in the State of Florida, then the Mort- gagor shall not be required to pay any such excess; provided, however, that if the aggregate in any one year of such in- terest and such taxes assessed against ttie Piortgagee shall exceed such maximum amount permitted by law to be paid for the use of money in Florida, the Mortgagee may, at its option, declare the entire indebtedness secured hereby due and payable upon sixty (60) days' notice. If such option is exercised and notice given, then upon the expiration of such sixt~• (60) days' notice, the entire indebtedness secured hereby shall be due aud payable, and nonpayment thereof shall constitute a default under this Mortgage, entitling the Mortgagee to the exercise of all rights ari.sing by reason of the happening of any other event of default hereunder. Upon the passage by the State of Florida of any law im- ~ j posing payment upon the Mortgagee of the whole or any portion ~ ~ of any taxes, assessments or other charges assessed against this ; ?iortgage or the fiote, or upon the rendering by any court of } ° competent jurisdiction of a decision that an undertaking by ~ the Mortgagor, as herein provided, to gay any such taxes, ~ assessments or other charges is legally inoperative, then and ~ in any such event the debt hereby secured, without deduction, ~ shall, at the option of the Mortgagee, become immediately due ~ and payable, notwithstanding anything contained in this ~ Mortgage or in any law heretofore or hereafter enacted. ~ ~ 6. Construction of Improve~ents. ; _ ! The proceeds of the Note are intended to finance con- ~ struction of improvements on the Propert~*. All advances and ~ ~ indebtedness arising and accruing during the course of such construction, inc2uding an}• advances under any Construction ~ ~ Loan Agreement (the "Agreement"), whether or not the total ~ amount thereof may exceed the face amount of the hote, shall ~ be secured hereby to the same extent as though the Agreement " were fully incorporated in this rtortgage. The occurrence of ~ an event of default under the Agreement or the failure of riort- ~ gagor to complete the construction of the improvements fn : ~ accordance with the Agreement shall constitute a default under ? ~ this Mortgage entitling Mortgagee to all of the rights and f remedies conferred upon Mortgagee by the tcrms of this ttortgage ~ ~ > ~ ' - ~ ~ -4- ~ 800K (~V U PAGE ~?V~ ; - . ; . . _ _ ~ ~ ~z ~ ~ ~ _ ~ ~ - _ - _ _ .