HomeMy WebLinkAbout0244 'Il~is mortgagt is made, however, subjat to the following covenants, conditions and ~greements:
F1RST: 'I~at the mortgagor hereby agrees and covenants to pay the interest and pri~cipal hereby secured promptly
when due and if default be made in any pan thereof, or in the payment of any other monies hereby srcured, then the
same shaN. without demand if mortgagee shall elat, become due anJ payable at once and the moctgage may be foralosed
ia the manner provided by law.
SECOND: 'IT~at the mortgago[ agrees to pay u the same becomc due and payable all taxes, usessments, and other
charges impoxd by law (including d~tch, canal, reservoir, or other water charges, taxes, or assasments) upon uid
premises or any part theccof including the mortgagee's interest there+n and upon this mortgage or the note oc indebtedness
secured hereby, ptovided that should the amounts paid for the mortgagee under this paragcaph for such taxes, assessments
and other charga together with the interest on the indebtedness exceed the highat interest rate~e rmitted b~ !+a+ on the s
indebtedness then owing, modgagor shall not be liable to pay any of such excrss o~•er the highest lawful rate. In the e~ent
of the passage, after the date hereof, of any law by the State of Florida, deducting from the value of land for the _purpose
of taxation any lien therton or changin~ in any way the existing Izws for the taxation of moctgages or debts secured by mort-
gage for state or local put[~oses, or the manner of the collection of any such taxes, so as to affect this mortgage, the holder of
this mortgage and of-the debt which it secures, shall ha~•e the right to gi~•e six (6) months' written notice to the owner of said
land requiring thepa vment of the entirr indebtedness .>ectired hereby, and it is hereby agreed that if such notice be gi~•en 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 that are now or may become liens upon or charges aRainst
said premises, and not to permit any lien ~f an~ kind iu accrue and remain on said premixs, or the impr~~•ements thereon,
which might take precedence over the lirn of this mortgage. 'I'he mortgagor further agrees not to create any lien on said
premises junior hereto unless the person entitled to the bene6ts thereof shal) ha.•e agreed that the time for the payment of
the indebtedness heceby secured and the manner and amount of payment thereof and the benefits of the secunt~ afEorded
hereby may, without consent of such person and without a~y obligation to give notice of any kind thereto, be extended,
teactended, ucelerated, susprnded and refunded on any terms whatsoe~~er without in any mznner afiecting the priority
of the lirn hereby created as secvrity for the pa~•ment of the indebted~ess secured hereby or an~ obligation subst~tuted
therefor or issued to refund sune_
FOURTH: 'I~at the mortgagor agrees to keep said premises and improcements thereon in Rood condition and repair
and not to commit or suffer wute thereof; to operate all lands, whether improved pastures, orchards, gnzing, timber, or
j ctop lands, in s good and husbandmanlike manner in accordance with acce~ted principtes of wund agricultural and forestr~
'I practices; to take all reasonable pretautions to control wind and water eros+on: to fertil~ze impro~•ed pastura, if an~•, where
necessarq to enaintain a good stand of desirable grasses; to protect orchards and timber, if any, by reasonable praautions
i against loss or damage by 6re including the maintenance of appropriate fire breaks; and neither to remo~•e nor permit the
( removal of any timber, buildings, oil, gas, mineral, stone, nxk, clay, fcrtilizer, Rra.•el or top soil a~ithout the prior written
consrnt of the mortgagee. T1x mortgagee shall ha~e the right to inspect the mort~aged property at such reasonable times
and intervals as the moctgagte may desire, to determine the mortgagor's compliance with the co~•enants contained in anp
dause of this moctgage.
FIFI'H: That the mortgagor aRrees to procure, maintain and deli~er, premiums paid, to the mottgagee ~licies of
insurance against such huards on the buildings now or hereafter located on said premises as the mortgagee ma~• from time
to time require, in such companies and in such amount and form and with such loss payable clauses as shal) be satisfac-
tory to the mortgagee. The mortgagee is authorized to assign and deli~•er said }~licies to an~ purchaser of this mortgaRe or
to the purthaxr of said ptemises at any foreclosure sale. In e~~ent of loss the mortRaRee is expressl~ authorized and em-
powered to settle or compromise daims under said policies, and the proceeds from said ~licies as well u an~ other policies
procured by the mortgagor shall be paid to the mortRaRee who at its snle discretion may apply same or any psrt thereof on
account of the indebtednas secuted herebv whether or not then due and pa~~able, ~r ma~ apply the same or any part thereof
towards the alteration, reconstruction or repair of said buildinRs, eithcr tn the p~rti~~n dama~ed or an~~ other ~•ortion thereof,
or release same to the mortRagor. Such application ~r relcase shill not cure or a~ai.•c an? default or notice ~f dcfault here-
under or invalidate an} ad done pursuant to such notice.
SIX1'H: That in the event the mortgaRor shall fail to prcxure, mzintain and deli.•er the insurance ~licies, premiums
prepaid, or to pay, as the same become due and pa~~able, an~• tax or assessment im~sed b~• laa u~n said nremiscs or an~
pad thereof, or the note, or indebtedness secured hereby, or to pav an~, lien, claim ~r char~e a~ainst such ~+remises which
might take precedence o~•er the lien of this mortgaRe or to comply w~th the pro~-isions of ParaRraph Fourth hereof, the
mortgagee mav, without notice or demand, insure an~• ~f the buildinRs and ~ay the cost ~~f such insurance and pay an} of
said tazes, usessments, liens, claims and charRes. ~r any part thereof, or redeem from the sale of said premises for an~
taxa or ~ssessments (irtegvlarities in the levy or imposition of any tax or assessment beinR expressly waived), or redam
from the ule of said premises raulting from the enforcement of anv such lien. claim or charee, or expend such sums as
may be naessarv to correct the failure of the mortqagor to comply with the prorisions of said paragraph Fourth, and the
mortRagor hereby agrees immediately to repay to the mortRaRee. without notice or demand, anv sums so haid a ith interest
thereon at the same rate u speci6ed in the note secured hereby ~n the principal thereof after default ind maturin, and all
sums paid bv the mortgagee with interest shall become a p3rt of the indebtedness secured hereby, and in default of
immediate repavment thereof by the mort~qa~or the whole indebtedness secured hereby shall at the option of the mortgagee
become due and payable forthwith without notice.
SEVEIVTH: Thit in the event the mortgagor sells or rnm-eys said premises, or any ~rtion thereof, or, if the
mortgagor is a corporatioa, sells, trades or disposes of more than ................~fo of its corporate stnck to persons other than
the present owners, their heirs and qualified directors prior to the time the indebtednas secured hereby shall ha~e been
reduced to =......Q...90..._...., thrn, at the option of the mortgagee, the entire said indebtednas shall become due and payable.
EIGHTH: 'I'hat the mortgagor ~grees to pay on demind all expenses and attomeys' fees inctirred by the mortgagee by
reuon of litigation or legal proctedinRs in which the mortgagee is made a party to protect the lien of this mortgage and
ail moneys so paid by the mortgaRee, includinR any~ expense ~ncurred in procuring or continuing abstncts of tiNe and tide
policies and searching the raords for the purposes of such liti~ation, shall bear interest at the same rate as speri6ed in the
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