HomeMy WebLinkAbout2503 This morigage is made, however, subject to tht following covrnants, conditions and agreements:
FIRST: 'I~at the mortgagot hereby agrees and covenants to pay the interest and pcinci~al hereby secured promptty
whrn due and if default be made in any patt thereof, or in the payment of any other mon~es hereby sctured, thtn the
ume shaN, without demand if mortgagee shall elat, become due and payabte at once a~d the moctgage may be foralosed
in the manner provided by law.
SECOND: 'I7~at the mortgagor agrees to pay as the same become due and payable all taxes, assessments, and other
chuges imposed by 1aw (induding d~tch, canal, reservoir, or other water charges, taxes, or assessments) upon said
premises or any put thercof including the mortgagee's interest therein and upon this moctgage or the note oc indebtedness
secnted hectby, pcovided that should the amounts paid for the mortgagee under this paragraph for such taxes, uxssments
and other charges togethet with the interest on the indebtedness exceed the highest interest ratepe rmitted by law on the
indebtedness then owing, mortgagor shall not be liable to pay any of such excess oaer the highest lawful rate. In the event
of the passage, after the date hereof~ of any law by the State of. Florida, deducting from the value of land for th~ purpose
of taxat~on any lien thereon or changing in any way the existing laws for the taxation of moctgages or debts secured by mort-
gage for state or local purposes, or the manner of the collection of any such taxes, so as to afiect this mortgage, the holder o(
this modgage and of t6e debt which it secures, shall have the right to gi~~e six (6) months' written notice to the owner of said
land requiring thepa vment of the rntire indebtedness ~crured hereby, and it is hereby agreed that if such notice be given the
said in~ebtedness shall become due, and collectible at the expiration of said six (6).months.
THIRD: That the mortgagor agrees to pay all other debts th3t are now or may become liens upon or charges against
said premises, and not to permit any lien of any kind to accrue and remain on said premises, or the ~mprocements theceon,
which might take preccdence over the lien of this mortgage. 'll~e mortgagor further agrees not to create any lien on said
premises junioc hereto unlcss the person rntided to the benefits thereof shall have agceed that the time for the payment of
the indebtedness hereby secured and the maaner and amount of pa}-ment thereof and the benefits of the secunty afforded
hereby may, without conxnt of such person and without any obligation to give notice of any kind thereto, be extrnded,
reextrnded, ucelerated, susprnded and refunded on any terms whatsoever w~thout in any manner afiecting the priority
of the lirn hereby created u security for the payment of the indebtedness secured hereby or any obligation substrtuted
therefor or issued to refund same.
FOURTH: That the mortgagor ~grees to keep said premises and impro~emrnts thercon in Aood condition and repair
and not to commit or saffer wute thereof; to operate all lands, whether improved pastures, orchards, grazing, timber, or
ccop lands, in a good and husbandmanlike manner in accordance with acce~ted principles of sound agricnltural and forestry ;
practices; to take al! reasonable Qrecautions to control wind and water erosion: to femhze impro~~ed pasiures, if any, where
necessary to maintain a goad stand of desirable grasses; to protect orchards and timber, if anp, by reasonable precautions
against loss or damage by.6re induding the mainte~ance of appropriate fire brcaks; and neither to remoee nor permit the
f removal of any timber, baildings, oil, gss, mineral, stone, rock, day, fertilizer, Rravel or top soil without the prior written
~ consent of the mortgagee. The mortgagee shall ha~•e the right to inspect the mortgaged property at such reasonable times
~ and intecvals u the mortgagee may desire, to determine the mortgagor's compliance with the covenants contained in any
~ dause of this modgage.
FIFTH: That the moctgagor aRrees to procure, maintain and deli~•er, premiums paid, to the mortgagee policies of
~ insurance against sach hazards on the buildings now or hereafter Icxated on sa~d premises as the mortgagee may from time
to time require, in such comPanies and in such amount and form and with such loss payable clauses as shall be satisfac-
~ tory to the mortgagee. The mortgagee is authorized to assign and deli~•er said policies to any purchaser of this mortgaRe ot
to the purchaser of saed premises at any foreclosure sale. In e.~ent of loss the mortRagee is expressl} authori2ed and em-
powered to settle or compromise daims under said policies, and the proceeds from said ~licies as well as any other policies
procuted by the mortgagor shall be Paid to the mortgagee who at its sole dixretion may apply same or any part thereof on
account of the indebtedness secured hereby whether or not then due and pa~able, or m~y apply the same or any part thereof
towards the alteration, teconstruction or repair of said buildings, either t~ the portion damaRed or an~ other jx~rtion thereof,
or release same to the mortRagor. Such application or release shalf not cure or w~i~•e any default or notice af default here-
under or invalidate any acj done pursuant to such notice_
S1XTH: That in the event the mortgagor shall fail to procure, maintain and deli~~er the inwrance tx~licies, premiums
prepaid, or to pay, as the sartte become due and payable, any~ tax or assescment im~sed bv law u~n said premises or any
~ part thereof, or the note, or indebtedness secured hereby, or to ~1y dOy lien, claim or charqe against such premises which
~ m~ght take precedence o~er the lien of this mortgage or to comply a•ith the procisions of psraRraph ~ourth hereof, the
~ mortgagee mav, without notice or demand, insure any of the bUildings anJ pa~~ the cost of such insurance and pay any of
sai~ taxa, assasments, liens, claims and charges. or any part thereof, or redeem from the sale of said premises for any
~ taxa or assessmrnts (irregularities in the levy or imposition of any tax or assessment beinR expressly waived), nr redeem
from the sale of said premises resulting fmm the enforcement of any such lien. claim or chlrqe, or expend such sums as ~
~ may be necessarv to corrert the failure of the mortqagor to compl~ with the pro~~isions of said paragraph Foutth, and the
~ mortRagor hereby agrees immediately to repay to the mort~a~ee, without notice or demand. anv sums so haid with interest s
thereon at the same rate u speci6ed in the note secured hereby on the principal thereof after default and maturity, and all
sums paid bv the mortgagee wdh interest shall become a p3rt of the indebtedness setured hereby, and in default of
immediate repayment thereof by the mortgzRor the whole indeMedness secured hereby shall at the option of the moctgagee
~ become due and payable forthwith without notice.
~ SEVENTH: That in the e~•ent the mortgagor sells or com~eJs said premises, or any portion thereof, or, if the
: mortgaRor is a corporation, sells, trades or disposes of more than ...-Q-......~Jo of its corporate stcxk to persons other than
~ the present owe~s, the~r he~rs and quali6ed directors prior to the time the indebtedness secured hereby shall ha~e been
y reduced to then, at the option of the mortgagee, the entire uid indebtedness shall become due and payable.
~ EIGHTH: That the rmirtga1;or agrees to pay on demind all e~c{,enses and attorneys' fees incurred by the mortgagee by
reason of litigation or legal pr«eed~nRs in which the mortgagee is made a party to protect the lien of this mortgage and
all moneys so paid by the mortgagee, includ~ng any expense inevrred in procuring or continuing absttacts of tidt and tide
policies and searching the records for the purposes of such litigation, shall bear interat at the same rzte u specified in the
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