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HomeMy WebLinkAbout1630 ~ 2. To leavc with the mortgagee dunng the existence o[ said notc any abatract ot titlc (urnished to the mort- gagee. In•the event of any forecloaure aale hereunder the mortgagee may deliver such abstract to the purchaser at auch eak and it ahall beaome the property of such purchaser. 3. To pay (a) betore the same become delinquent~ all taxes, assessments~ water and other cha ea upon or . against the premises or upon or against this mortgage o~ said note, levied or ass~sed in Florida; and (b~ any other charges~ liens. or encumbrances which shall appear to be a lienpcior to the lien of this mortgage upon the premisee or the buildings oc other fiatures thereon. In detault thereof~ the mortgagee may. without demand or notice. : either (a) pay and discharge the same, or (b) may appear in any action for the enforoement thereof and defend or ! settle the same, and its determination as to the validity. priority and amount thereof ahalf be bi~lding ~poa the mortgagor. . 4. To keep such buildi~gs and other fixtures upon the premises insured against such hazards and in such amounts as may be required by the mortgagee. All pol~cics of insurance and the renewals thereof shall be written ~ i upon forms and in companies satistactory to the mortgagee. be made payable, in case of loss. to the mortgagee~ and shall, with premiums fully paid by the mortgagor~ be delivered at least 6fteen (15) days before the expiration of any old po(icy~ to the mortgagee and held by it. In default theceof~ mortgagee may ~cocure such insurance j~ and pay the premiums thereon. # - In case of loss~ mortgagee is authorized and empowered at its option to rnllect and receive the proceeds (rom any such policy. and after deducting !rom such insurance proceeds any expenses incurred by it in the collection or - handling thereof~ to apply the net proceeds. at its election~ either ta the restoration of the property damaged or as a credit on any portion of the unpaid balance of said note whether then matured or to mature in the future. S. To commit or permit no waste on the premises, to keep the buildings and other fixtures thereon in ~ood oondition and repair~ and to cultivate and fertilize any improved pasture on the premises in a good husbandiike manner. In default thereof~ the mortgagee may at its option remedy any waste or make any repairs and its de- termination as to the advisability or necessity thereof shall be binding on the mortgagor. The~mortgagee is hereby authorized to enter upon and take possession of the premises [or such purposes. 6. To ~ay the mortgagee. immediately and without demand. all sums which it shall pay or expend pursuant to the provisioas of Paragraphs 3. 4 and S a'oove~ inciuding ca,t ai any title evidence and reasonable attorney's fees, together with interest thereon from date of expenditure until paid at the rate of ten percent (10°fo) per annum, and if not ao paid by the mortgagar, all such sums shall be added to the debt and secured hereby. y. The mortgagee, by any authorized agent or employee~ may enter upon and inspect the premises at any reasonable time. 8. The net proceeds of any judgment~ award or setdement in any o~ndemnation or other proceeding for any damage to the premises~ buildings or other 6xtures thereon~ sl:all be paid to the mortgagee and shall, at its option. either be applied as a credit on any portion oi the unpaid balance of said note. whether the~ matured or to mature in the future~ or be released to the mortgagor. 9. The mortgagee shall be subrogated to the lien~ ~netwithatanding its release of reoord~ of any prior vendor's ` lien~ mortgage or other encutnbrance on the premiees paid or discharged from the prooeeds of said note. £r 10. The mortgagee, at the request of mortgagor, may from time to time and without notice~ execute and " deliver partial releases of any part of the premises from the lien of this inortgage without a~ecdng ather the personal liability of any person liable for the payment of said note, or the lien of this mortgage upon the remainder. of the premises for the full amount of the note then remaining unpaid. The rights d.anysubsequent purcttaser, of any junior lienholder or of any other person or corporation in all or any part of the prgmises;shal~ be subject to such right of the mortgagee to execute and deliver such partial releases as atoresaid. - I1. The entire debt aecttred hereby shall, at the election oi the mortgagee and without notioe or demand. become immediately due and payable and this mortgage may be foreclosed in the event of (a) any defaulC in the ~ payment of any instaliment of principal or interest on said note or in the ke~ping and ~erformapce of any of the ~ oovenants or agreements hereunder~ or (b) if the mortgagor. without 6rst'obtaiditig wntten ooneent of the mort- gagee thereto. shall assign the rents or any part thereof. from the premises; or sha11 oonsent to the cancrlladon or ~ ~ surcender of any lease of the premises or any part thereof. now existing or hereaftet to be made, and having an uaexpired term of one year or more, or shall modify any ~uch lease so as to shorten the unexpired term thereof, or ~ so ass to decrease the amount of rent payable thereunder~ or shall in any other manner impair the value of the prem- ~ ~ ` ises or the security of the mortgagee for the payment of the debt hereby secured. i 12. In the event of any foreclosure hereof- ` (a) The mortgagor shall pay all eosts and expenses thereof~ inclvding the cost of any title evidence and j reasonable attorney's fees, which sums, if not paid before suit is commenced, shall be added to the debt and secured hereby; ~ (b) The mortgagee shall without notice be entitled to the appointment of a reeeiver to take charge of the mortgaged property~ to rnllect the rents, issues and profits therefrom~ and to care for same. without ~ ; proving insolvency or any grounds for extraordinary relief, and the mortgagor hereby consents to such ~ ap~ointment~ and such appointment shall be made by the rnurt having jurisdiction thereof as a matter ~ ef right ~o tfi~ riio~agee ~nd` witho~~-refefei~ce to the adequacy or inadequacy of the security or to the ~ ~ ; solvency or insolvency of the mortgagor. ~ 13. The transfer of the tefits, ~ssues and proftts ffom the premises, he~einabove made, is speci6c in nature and ~ irrevocable. So long as no default exists in the payment of said note or in the keepinq and performance of mort- f gagor's covenants hereunder~ the mortgagor may rnllect and retain the currrntly accruing rents, issues and profits ; as they acerue, but in no event in advance of their normal accrual date. In the event, however. of any such de- fault, mortgagor hereby expressly and irrevocably authorizes and empowers the mortgagee, its agents or attorneys, at its election and without notice to mortgagor. and as the appointed agent of mortgagor. to: ~ (a) Take immediate possession of and maintain full rnntrol and management over the premises; f k (b) Oust tenants for nonpayment of rent; (c) Lease all or any part of the premises on such terms as mortgagee may deem advisable; (d) A~Iake alterations or repairs which mortgagee may deem advisable; E (e) Receive all rents and other income from the premises and issue receipts therefor. Out of the amount s or amounts so received, mortgagee shall pay the necessary operating expenses, including a reasonable s charge for managing the property. and shall then apply the net balance remaining in such manner as it 6 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 mortgagor. Mortgagee shall be aceountable only to the extent that such rents and income are actually rnllected. i eoRX~4~3 PAc?1~3Q ~ - " ~ ~ - - i si .[y ~'y.]':=5~ . '4.'SM,f , -_Y.rx ~ ~ _