HomeMy WebLinkAbout0306 2. To lea~~e with the mortgagce during the existencc ot said notc any abstract of titlc furnish~d to thc mort-
gagee. In the ~vrnt of any foreclosure sale hrmunder the mortgag~~c may deliver surh abstract to thc purcha~:r
at such saie and it sh,zii become the pro~~erty of such purchaser.
3. To pay (a) before the same become delinqucnt, ail taxes, asscssments~ ~vater and othc•r charges u~x~n or
against the prem~ses or upon or against thi~ mortga~e or said notc, levi~~c1 or assesscd in Florida; and (b) any other
charges, liens, or encumbranms H hich shall appea~ to tk a lien prior to th~• lien of this mort~;age upon the prrmixs
or the buildi~igs or othe~ fixtures thereon, ln default ihercof, the mortga~ce may~ without demand or notice~
either (a) ~~a~• and discharge the szme. or (b) n~ay ap~xxar in any actiun for the enforcement thereof and defend or
settte the s.lrnc~, and its detcrmination as to the validity, priorit}• and a~uount therroi shall he binding upon the
mort~agor.
To kc~cp such bt~ildings and other tixtures upon the premis~s insured :?gainst such hazards and in such
amounls as ma~• bc myuirccl b~• thr mo~t~;a~~Y . All ~wlici~•s of insurance and thc rcne~vals thc~~~f shall bc ~~•ritten
upon (orms and in companirs x~tisfzcton• to the mort~;a~;~~c, be made ~xtyabir, in cax o( loss, to the morts;a~;ee.
and shall, ~~•ith premiums (ull~~ paid by thc~ mort~a~or, t~c dcliver~Y! at Ir:~st hftc~en (1S) days bcfore thc cxpir:uion
of any old polic~•, to the mort~;aKce and held by it. In default there~,f, mortgagee may procurc• such insurance
and }k3y the premiums thereon. - ~ .
1n case of loss, mortgagee is authorized and empowered at its opti~~n to collect and receive the proceeds from
any such polic~•, and a~ter d~~cluctin~ (ron~ such insurance proccYds an~~ e~~xxnses incurred by it in thc cotlection or
handling thercof, to apply the net pn?ccti•ds, at its election, either to the n~stor:ition of the property dama~ed or
as a credit on any portion of the unjxiid balance of said note ~vhether then matured or to mature in the futiire.
5. To commit or permit no ~+•aste on the premises, to keep ihe buildings and other fixtures thereon in ~ood
condition and re~p~iir, and to ~ultivate and [ertilize any improvecl ~k-?sture on the premises in a fiaxl husl:andlike
manner. In dcfault thereof, the mortfiagee may at its oE~tion remedy any waste or make any repairs and its c1e-
termination as tu the advisabilit~~ or neccssity thcreof shali be bindin~ on the rnortgagor. The morigagee is hcr~•by
authorized to enter upon and take possession of thepremises for such purEx~scs.
6. To pay the mortgagee~ immediatcly and ith~ui demand, all sums ~•hich it shall pay or expend pursuant
to the provisions of Paragraphs 3, ~ and S abo~•e, including cost o[ anv title evidence and reasonable attorney's
fees, toF;ether Hith interest therc~n from datc of cxE~enditurc until ~~id at the rate of ten ~3ercent (10°Jo) ~xr
annum, and if not so paid Uy the mortgagor. all such sums shall be added to the debt and secured hereb~•.
7. The mortgagee, by any authoriacd agent or employee. may enter upon and ins~~ect the premises at an~~
reasonable time.
8. The net proceeds of any judgment, aw•ard or settlement in any rnndemnation or other procee~ding for
any damage to the premises, buildinfis or other fixtures thereon, si:al! be {klid to the mort~afice and s}eail, at its
option, either bc applied as a credit on anj~'portion of the unpaid balance of said note, w•hether then matured
or to matore in the future, or be released to the mortgagor.
9. The mortgagec shall be subrogated to the lien, noiWitl~standing its rclease of record, of an~~ prior vendor's
lien, mortgage or other encumbrance on the premises paid or discharg~d from the proceeds of said note.
10. The mortgagee, at the request of mortgagor, may from time to time and v?ithout notice, execute and
delivcr partial releases of an~~ part of the premises from the lien of this mortgage w•i[hout affecting eithcr the
personal liability of an~~ person liable for the pa~•ment of said note, or the lien of this mortgage upon the remainder
of thc premises for the ful) amount of the note then remaining unpaid. The rights of any subsequent purchaser,
of ar~ti~ junior lienholder or o( any other person or corporation in ali or any part of the premises shall be subject
to su~h right of the mortgagee to execute and deliver such partial•releases as aforesaid.
t 1. The entire debt secured hereby shall, at the election of the mortgagee and without notice or demand,
become immediately due and payable and this mortgage may be foreclosed in the event of {a) any default in the
pa}•ment uf any installment of principal or interest on said note or in the iceeping and Exxrformance of any of the
covenants or agreements hereunder, or (b) if the mori~agor. Kithout first obtaining written consent of the mort-
gagee thereto, sha11 assi~n the rents or any part thereof, irom the p:emises, or shall consent to the cancellation or
surrender oF an~• lease uf the preinises or any part thereof, now esistin~; or hereafter to be made, and ha~~ing an
unexpired term of onc ~-ear or more, or shalt modify any such ieasc so as to shorten the unexpircd term thereof, or
so as to decrease the amount of rent pa}•able thereunder, or shaU in any other manner impair the value of the prem-
ises or ihe security of the mortgagee for the payment of the debt hereby secured.
12. In the ereni o! any foreclosure hereof- _
(a) The mortgagor shall pa}• all costs and expenses thereof, including the cost of am~ title evidencr and
reasonable attorney's fees, w~hich sums, if not paid before suit is commenced, shall he added to the
dcbt and secured hereby;
~ (b) The mortrafiee shal! ~~•ithout notice be entitled to the appointment oE a recei~~er to take charge of the
' mort~;a~ed propert}~, to coilect the rents, issues and profits therefrom, and to care for same, w~ithout
` proti•ing insoh~~ncy or an~~ ~rounds for extraordinary relief, and the mortgagor hereby consents to such
€ ap~~intment, and such appointment shall be made by the court ha~•in~ jurisdiction thereof as a matter •
; of ri~;ht to the mort~;a~ee and ~sithout reference to the adequac~• or inadequac}- of the securit~• or to the
soi~•enc}• or insotvcnc~• oF thc ri~ort~,agor.
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13. The tr:insfer of thc rents, i:s~ics and profits from the premixs, hereinabove made, is spc~cifie in nature and
' irrevocable. ~ ion~ as no drfault esists in the ike~•ment of s:iid note or in the keepin~ and per[ormance of m~rt-
~ gaKor's cu~-~~nants hereunder, the mortfia~or ma~• collecl and r~tain the currrntl~~ aceruin~ rents. issues and prohts
as the}• accruc, but in no e~~ent in ad~•ance of th~•ir normal accrual date. In the evrnt, ha~~ever, of an~~ such de-
fault, mort~a~;or hereU}• cxpressl~• and irrev~cably authorizes and emEw«•ers the mort~a~ce, itsa~entsorattorneys,
` at its clection and ~+-ithout notice to ntvrt~;abor, and as ihe apj~inted a~ent of mort~;afior, to:
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(a) Take immcdiate possession of and maintain full control and m:~nagement over the premises;
(b) Oust tenants for non~z~~ment of rent;
(cj Lease all or,any part of the premises on such terms as mort~aree may deem advisable;
(d? \lake aitcrations or repairs w•hich mortgagee may deem advisable;
; (e) Receive a(1 rents and otBer income from the premises and issue receipts therefor. Out of the amount
or amounts so received, morigagee shall pay the necessary operating expenses, includin~ a reasonable
charRe for mana~ing the property, and shall then apply the net bal~ince remaining in such manner as it
may ~n 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 mort~a~or. ~1lortgagee shall be accountable
only to the extent that such rents and inc~me are actually coliected.
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