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HomeMy WebLinkAbout4590 'I~is mortgage is made, hovire~•er. subjcct ta the fotlowing co~•enants, conditions and agreemc~ts: FIRST: That the mortgagor hereby agrees and co~~enants to pay the interest and principal hereby securcd promptly when due and if default be made in any part thereof, or in the pa~•ment of an~~ other monies hercby secured, then the same shatl, without dem~nd if moctgagee shatl elect, become due and payable at once and the moctgage may be foralosed in the manner pro~ided by law. SECOND: That the moctgagor agrees to pay as the same become due and payable all taxes, usessments, and other chuges imposed by law (including ditch, canal, reser~~oir, or other water charges, taxes, or assessments) upon said pcemises or any patt thereof including the mortgagee's interest therein and upon this mortgage or the note or indebtedness , secured hereoy. pro~ided that shauld the amounts paid foc the mortgagee under this paragraph tor such taxes, assessments and other charges together with the interest on the indebtedness excecd the highest ~nterest rate ~ermitted bv law on the indebtedness thrn ow•ing, mortgagor shall not be li~ble to pay any of such excess o.•er the highest (awful rate.~In the e~•ent of the passage, after the date hereof, of any law• b}• the State of Florida, deducting from the ~•alue of land for the purpose of taxation any lien thereon or changin~ in an~• a•ay the existing laws for the taxation of mortgages or debts secured by mort- gage for state or local purposes, or the manner of the collertion of an~• such taxes, so as to 3f~ect this mortgage, the holder of this modgage and of the debt a•hich it secures, shall ha~•e the riRht to gi~•e six (G) months' written notite to the owner of said land rec~uiring thepa ~~ment of the entirr indebtedness secured hereby, and it is hereb~~ agreed that if such notice be gicen the said indebtedness shall become due, and collatible at the expiration of said six (6) months. THIRD: That the mortgagor agrees to Fa~ al! other debts that are now or may become liens upon or charges against said premises, and not to permit any lien of an~ kind to accrue and remain on said premises, or the ~mpro~•ements thereon, which might take precedence over the lien of this mortRage. The mortgagor further agrees not to create any lien on said premises junior hereto unless the persc~n entitled to the bcnefits thereuf shall hz~•c a~reed that the time for the pay~ment of the indebcedness hereby secured and the manner and amount of pa~-ment therrnf :?nd the benefits of the securrty af~orded . . - ~ ~ - - c ~~:..u th~:e;,. ..?P...~P,i i?ereby may~ WI[IiOill cunseni OI SU(Il ~C[)Ufi dtl~ wiiilUUl :fiiy \NliiKdlfl~li ii~ Ki~i i~i~iiCi Oa .+a:~ .u . reextended, accelerated, suspended and refunded on any terms w•hatsc~e~~er w~ithout in an} manner afiecting the priorit~• of the lirn hereby created as security for the ~a}'ment of the indebtedness secured hereby or an~ obligation substituted therefor or issued to refund same. FOURTH: 'Il~at the mortgagor agrees to keep said premises and impro.•ements thereon in Rc~d condition and repair and not to commit or suffer waste thereof; to operate all I.~nds, whether impro~•ed pastures, orchards, grizinR, timber, or i croP lands, in a good and husbandmanlike manner in accordance w•ith acce~ted principles of sound agricultural and forestry ~ practices; to take all reasonable precautions to control w•ind and w•ater er~sion: t~~ fertilae ~m~m~•ed pastures, if any, where ~ necessaty to maintain a good stand of desirable Rrasses; tu ~rotect orchards and timber, if any, b}• reasonable precautionc ~ against loss or damage by fire induding the ma~ntenance of appropnate tire breaks; and neither to remo~•e nor permit the g remo~•al of any timber, buildings, oil, gas, miner3l, stone, rock, cla~, fertilizer. ~ra.~el i~r top soil w~ithout the ~+nor wntten consent of the mortgagee. "Ilie mortgagee shall ha.-e the right to ins~ect the mort~aged propert~• at such reasonable hmes ~ and intervals as the mortgagee may desire, to determine the mnrtRa~or's compliance w~ith the rn~~enants mntained in any clause of this mortgage. ~ FIFTH: That the mortgagor aRrees to prcxure, maintain 3nd deli.•er, premiums paid, to the mortga~ee ~licies of insurance against such hazards on the buildings n~w~ or hereafter located on sa~d premises as the mort~aRee ma~• from time ~ to time reqwre, in such companies and in such amount znd form snd a~ith such I~ss pa~•able clauses as shall be satisfac- ~ tory to the modgagee_ The mortgaRee is authorized to assi~n and deli.•er said ~licies t~~ am• purchaser ~f this mortRaRe or ~ to the purchaser of said premises at anp foreclosure sale. In e~~ent of loss the mort~a~ee is expressk authorized and em- powered to settle or compromise claims under said policies, and the prcxeeds from said policies as w•ell as an~~ other ~licia procured by the mortgagor shall be paid to the mortRa~ee v?~ho at its sole discretion ma}' ~pp~y same or ~ny part thereof on ~ account of the indebtedness secured hereb~ a:hether or not then due and ~a~~able, ~r ma~• appl~~ the same or an~ part thereof towards the alteration, reconstruction or repa~r ~f said buildinRs. either t~~ the r~~rt~~~n dama.~ed ~~r am• ~~ther ~rti~~n therec~f, ~ or release same to the martRagor. Such applicahon ~r release shill n~~t cure or K~ai~~e an~• default or notue ~f default here- under or invalidate any act done pursuant to such notice. SIXTH: That in the e~•ent the mortga~or shall fail to prcu-ure, miintain and deli.~er the insurance ~licies. ~+remiums ~ prepaid, or to ~+ay, as the same kxrome due and pa~~able. an~• t~x ~~r at+ec~ment im~~scd h~~ law~ u~n sai~l nremises ~r an~• part thereof, or the nate, ~r indebtc~ness s:rured hereb~~, ~~r t~ ~a~~ anti~ lien, claim ~~r char~e a~a~nst wch ~remises w•hich ~ miRht take pretedence o~•er the lien of this mc~rt~.~Re or to comrl}' w~ith the pro.~isiunc ~,f para~ra~h I~~urth hereof, the mortgagee mav, without n~tice or demand. inwre an~• ~f the b~ildin~s and ra~• the c~st c,f such ~nsurance and pac an} of ~ said taxes, usessments, liens, claims and char~es. ~~r an} ~art therec~f, ~~r redeem frc~m ihe sale of said rremises for any " taxa or assessments (irreqularities in the le~y ~r im~sitic?n ~f an}• tax ~r assessment bein~ expressly w•ai~~ed). ~c redeem `a from the sale of said premises resultin~; fr~m the enforcement of anc such lien claim or ch.~r~e. ~r ext~end such sums as : may be necessan to correct the failure of the m~~rtGaRor t~ c~~m~l~• w•ith the pro.•isions ~f said para~raph Fourth, and the mortRaRor herehy aRrees immediately to repa}~ t~ the m~rt~a~ee, v?~ith~ut n~tice or demand. am• sums so ~aid w•ith interest ~ thereon at the same rate as specified in the n~te secured hereb~• ~n the ~rinciral thereof after default and maturitv, and all - sums paid bc the mortRaRee w~ith interest shall hecome a~.irt ~~f the ~ndebtedness secored hereb~•, and in default of ;5=; immediate repavmrnt thereof bv the mort~aRor the whole indcbtcdness tecured herrhy shall at the option of the mortqagee ` become due and payahle forthw•ith w•ithout ne~tice. SEVENTH: That in the c~-rnt the m~rtga~~~r sells ~r rnn.~c}•s said ~rerr,ises, or an~• portion thereof, or, if the mortRaRor is a corporation, sells, trades or dis~x~ce< <~f more thin . O.. OOr~ ~f its corporate stcxk to persons nther than the present owners, their heirs and qualihed d+rect~,rs prinr t~~ the time the indebtedness secured hereb} ~hall haee been r,;: 50 000 00 reduced to s--•••••x-•-•••-•'•.-•.-. then, at the optian of the m~rtRa~ee, the cntire said indebtedness shall become due and payable. F.>,~. EIGHTH: That the m~rtRaR~r aRrecs M~a~• on dcm~nd all cx~+cnses and ~ttorne~~s' fees incurred bp the mortgagee by ~F~ reason of litigation or IeRal ~r~ceedin~s in w~hich the m~,rtGa~ee is made 1~1t~~' (O protect the lien of this mortgage and . . . all moneys so paid b}' the ru~rt~G.~~ee, includin~ am- exE•ense ~ncurred in prrxunnR or rnnt~numg abstcacts of title and tide ~ policies and searching the records f~r the pur~ses of such liti~ati~n. ~h~ll hear interest at the same rate as sptcified in the ~=,5 :':;,~4.~~ ~.,~~1583 _ ~ TM . ~ 3 ~ ~ ~ ~ ~ ~ ~~-~~"~.~_w°_t~.u~..,.~... .