HomeMy WebLinkAbout3989 'Il~is modgage is madt, howevtr, subjtct to the following cov~nants, conditioas and agrc~emcnts:
F1RST: That the mortgagor hereby agrees and covcnants to pap the interest and principal hereby sc~vrcd promptly
when due and if default be made in any part thercof, or in the payment of any other monies hereby securcd, then ihe
same shaH, without demand if mortgagce shall elect, become due and payable at once :~nd the moctgage may be foraloxd
in the manntr provided by law.
SECOND: That the mortgagor agrees to pay as the same become du~ and payable all taxes, uxssments, and otha
c.lwges imposed by law (including ditch, canal, reser.~oir, or other aater charges, taxes, or assessments) upon s:id
prcmises or any patt thercof including the mortgagee's interest therein and upon this mortgage or the note or indebtedness
saurcd heteby, ptovided that should the amounts paid for the mortgagee under this ~aragraph Eor such taxcs, asxssrnents
and othec charges together with th~ interest on the indebtedness exceed thc highest ~nterest rate permitted by law o~ the
indebtedness th~n owing, mortgagor shall r?ot be liable to pay anp of such excess over the highest law ful rate. In the r~ent
of the passage, after the date hereof, of any (aa• by the State of Florida, deducting from the ~alue of land for the purpose
of taxat~on any lien thereon or changing in any way the existing laws for the taxatian of mortgages or debts secured by mort-
gage for state or local pur~wsts, or the manner of the collection of any such taxa, so as to afiect this mortgage, the holder of
th~s moctgage and of the debt which it secu~es, shall ha~~e the right to give six (6) months' written notice to thc owner of said
land requinng the pavment of the entirr indcbtedness ::ecured hereby, and it is hereby agreed that if such notice be given the
said indebtedness shall betome due, and collectible at the expiration of said six (6) months.
THIRD: 'That t,'~e mortgagoc agrees to pay all aher debts that are now or may betome liens upon or charges against
said premises, and ~ot to perm~t any I~en of an~ kind to accrue and remain on said premises, or the impro.•ements thereon,
which mi~ht take precedence over the lien of this mortgage. The mortgagor further agrees not to create any lien on said
premises ~un~or hereto unless the person rntitled to the bene6ts thereof shall ha.~e agreed that the time for the pa~~ment of
the indebtcdness hereby secuccd and the manner and amount of pay-ment thereof and the benefits of the security afforded
hereby may, without consent of such person and without an} obligation to give notice of any kind thereto, be extended,
reextrnded, uceterated, suspended and tefunded on aay terms whatsoecer without in any manner afiecting the priority
of the lirn heteby treated u serurity for the payment of the indebtedness secured hereby or an}• obligation substituted
therefor or issued to refund same. '
FOURTH: That tht mortgagor agrces to keep said premises and impro~~ements thercon i~ good condition ana rcpiir
and not to commit or suEier wute thereof; to operate all lands, whether impro~~ed putures, orchards, grazeng, t;mber, or
crop lands, in a good and husbandmanlike manner in accordance with acce~ted principles of sound agricultural and forestry
practices; to take all reasonable precautions to control wind and water eros~on: to fertil~ze impro.•ed pastures, if any, where
necessary to maintain a good stand of desirable grasses; to protect orchards and timber, if an~, b~ reasonabie precautions
against loss or damag~ by 6re including the maintenance of appropriate fire breaks; and neither to remove not petmit the
removal of any timber, buildings, oil, gas, mineral, stone, rock, clay, fertiliter, gra~•el or top soi! without the prior written
consent of the mortgagee. The mortgagee shall ha.e the right to inspect the mortRaged property at such reasanable times
and intervals u the mortgagee may desire, to determine the mortgagor's comp(iance with the co~-enants contained in any
dause of this mortgage.
FIFTH: That the mortgagor aR~ees to prc~curt. maintain and deli~•er, premiums paid, to the mortgagee policies of
insura~ce against such hazards on the buildings now or hrreafter I~xated on said premises as the mortgagee ma} from time
to time require, in such comPanies and in wch amount and form and a ith such loss pa}'361e clauses as shatt be satisfac-
tory to the mortgaget. 'I7u mortgagee is authorized to assign and deii~•er said poticies to any purchaser of this mortgaRe or
to the purchaser of uid premiscs at any foreclosare sale. In errnt of loss the mortgagee is expressly authorized and em-
powered to settle or compromise claims under said policies, and the prcxeeds from said polecies as well as an~ other policia
procured by the mortgagor shall be paid to the mortgagee who at its sole discretion may apply ssme or any part thereof on
ucount of the indebtedness secured hereby Rhether or not then due and pa~•able, or may apply~ the same or any part thereof
towards the alteration, reconstrvction or tepair of said buildinRs, either tn the p~rtii,n damaRed or an}• ~ther ~rti~n thereof,
ot releas~ same to the mortRagor. Such application or release sh~ll not cure or w•ai.~e an}• default or notice ~f default here-
under or invalidate any act done pursuant to such notice.
SIXTH: 'That in the e~ent the mortgagor shall fail t~ prcxure, miintain and deii.•er the insurance {x~licies, prerttiums
prepaid, or to paq, as the same become due and pay~able, an}~ tax or asses~ment impnscd b~• law u~n said ~.remises or an}•
part thereof, or the note, or indebtedness secured herebp, or to pa~• any lien, claim or charGe against such ~remises which
m~ght take precedence o~•er the lien of this mo~tgaRe or to comply w~ith the Pro~•isions of paraRraph ~ourth hermf, the
mortgagee mav, without notice or demand, insure any~ of the buildinRs and p.~~ the cost of suci~ insurance and pay~ any of
said taxa, assessments, liens, claims and charRes. ~r arsy ~art thereof, or redeem from the sale of said premises for an}
taxes or asscssments (irregularities in the le~~y or imposition of an~ tax or asscssment beinR expressly wai~•ed), or redeem
from the sale of said prem~ses raultin~ from the rnforcement of anv such lien. claim or charqe, or ext+end such sums as
may be necessarv to correct the failure of the mortQagor to compl~ with the pro.•isions of said paragraph Fourth, and the
mortRagor hereby agrces invnediately to repay to the mortRaQee. without notice or demand. anv sums so oaid with interest
thereon at ihe same rate u speci5ed m the note secured hereby ~n the principal thereof after default and maturitv, and all
sums paid bv the mortgagee wrth interest shall become a~3rt o( the indebtedness secured hereb~, and in default of
immediate repavmrnt thereof by the mortRagor the whoie indebtedness secured hereb}' shall at the option of the mortgagee
become due and ~ayable forthwith w~ithout not:ce.
SEVENTH: That in the e.•ent the mort,t;aRnr sells or con~•e~s said }~remises, or any portion thereof, or, if the
mortgaRor is a corporation, sells, trades or dis~ses of more than .....~~......~o of its cocporate stock to persons other than
the present owners, their heirs and quzli6ed dirertors prior to the time the indebtednas setured hereby shap have been
' reduced to =......Ox.Q.Q......., then, at the o~,tion of the mortgaRee, the entire said indebtedness sha(t bccome due and payable.
EIGHTH: That the mortgaRor agrecs to pzy on demind all expenses and attorneys' fces incurred by the mortgagee by
reason of litigation or legal proceedinRs in which the mortga~ee is made a party to protect the lien of this mortgage and
all moneys so paid by the mortgagee, including any exptnse incurred in procuring or continuing abstruts of tide and titk
policies and searching the records for the purF,oses of wch litigation, shall beir interat at the ume rate u specified in the
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