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HomeMy WebLinkAbout0058 ~ , , i ncrnunt to pay such churges when due shail be pttid by Murtgugor to MoHgugee on demund. If, by rearon o) any de(ault liy Mortgugor under a~y proviaion oi this Mortgaae. Mortg~tgee declares ap ~ums secured hereby to be due and {wyable, Morigagee may than apply any tunds in said account againet the entire indebtedneae secured hereby. The entorceability of tbe cove~aats relating to tuxes, apeaamanb and insurance premiums herein otherwise provided shall not be aftected except _ insotar as those obligations have been aaet by compliance wiW this peragraph. Mort~aaee may fwm time to time at ib oplion waive. and atter any auch waiver reinstate. any or nll provisions hereo[ requirine such depoaits, by notice to Mortgugor in writina. While any euch waiver is in ef[ect. Mortgagor shall pey tases, aaseaamenta and insurance premiums ns herein elsewhere provided. 4. To pmmptly pay aq ta:es and a~sementa ~ed or le~ied under end by vittue ot any atate. federal, or municipal law or regulation hereatter pas~cd, against Mortgagee upon this Mortgage or the debl hereby secured. or upon ib intereat under this Modgage. provided bowever. that the total amount so paid for any such la:es purauant to this parngraph togeth- er with the interEat payable on said indebtedness shali not exceed the highest tawtul rate ot interest in Florida and provided tudher that in the event ot We paeeage ot any such law or regulation imposinR a taz or assessment against Moctgaeee up- on thia Morlgage or the debt eecured hereby. that the entire indebtedneas secured by this Mortgaqe shall thereupon he- coc~ immediately due and payable at the option of Mortgagee. S. To keep the Mortgaged Property insured ageinst loss or damage by (ire. and all perila insured against by an e:= tended coverage endoreement, and such other risks and perils as Mortgagee in ita discretion may tequire. The policy or policiee ot euch insurance ahall be in the torm in geaerai use from tia~e to time in the locality in which the Mortgaged Property ia situated, at~all be in sach amount as Mortgagee may reasonably require, ahall be issued by a company or companiea approved by Mortgagee, and stiall contain a atandard mortgagee clause with lo~ payable to Mortgagee. When- ever required by Mortgagee, auch policies. ahall be delivered immediately to and held by Mortgagee_ Any and all amounta received by Mortgagee under any ot such policiea may 6e applied by Mortgagee on the indebtednc~sa secured hereby in such manner as Mortgagee may~ in its sole discretion~ elect or, at the option ot Morigagee. the entire amount ao received or any pari thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. Upon e:erciee of the power ot aale given in thia Mortgage or other acquisition ot the Mortgaged Property or any part there- oi by Mortgagee, sueh policiea shall bei~ome the abeolute propedy ot Mortgagee. 6. To first obtain the written cor?sent of Mortgagee, auch consent to be granted or withheld at the sole discretion ot ' Mortgagee, betore (a) removing or demolishing any building now or hereatter erected on the premiees, (b) nltering the _ arrangement. design or structurat ctiaraMer thereof, (c) makins any repaira which involve the removal of atructural parta or the e:poeure of the interior oI auch building to the elemenfs, (d) cutting or removing or permittinE the cutting and re- moval oi any trees or timber on t6e Mortgaged Properiy, (e) removing or ezchanging any tangible peraonal pmpertY which is part ot the Mortgaged Pmperty, or (f) entering into or modifying any leases of the Mortgaged Property. 7. To maintain the Mortgaged Propedy in good condition and repair, including but not limited to tbe making ot auch repairs as Mortgagee may from time to time determine to be necessary tor the preeervation of the Mortgaged Property and to not commit or permit any waste thereof. 8_ To comply with all lawa, otdinances, regulationa, covenants. conditiorur and restrictions attecting the Mortgaged Property, and not to sutter or permit any violation thereof. 9. If Mortgagor fails to pay any claim, lien or encumbrance which is superior to this Mortgage. or when due, any ta: or assessment or inaurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or it there be commenced any action or proceeding atfecting t6e Mortgaged Pmperty or the title thereto. or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorBanization proceedings, then Mortgagee~ at ita option, may pay said claim, lien, encumbrance, fe:, as~essment or premium, with right of eubrogation thereunder, may malce such repai~s and take auch steps as it deema advisable to prevent or cure such waste, and may appear in any sucb action or proceedin8 and retain rnunsel t6erein, and take suc6 action therein as Mortgagee deems ad- visable. and ior any of such purpoees Mortgagee may advance such suma ot money, includi- ; all costs, reasonable attorney's feea and other items ot e:pense as it deems necessary. Mortgagee ahall -be the sole judge ot the legality, validity and priority of any such claim, lien, encumbrance~ taz, assessment and premium and of the amount neceasary to be paid in satistaction thereof_ Mortgagee ahall not be held accountable for any delay in making any such payment, whic6 delay may result in j any additionai internat, costa, charges, espensea or otherwise. ~ 10. Mortgagor will pay to Mortgagee, immediately and without demand, all suma of money advanced by Mortgagee ~ to protect tbe security hereof putsuant to this Mortgage, including all costs, reasonable attorney's fees and other items of eipense, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of i Florida, and all such sums and intereat thereon shall be secured hereby. - 11. Al! sums of money secured hereby shall he payable without any relief whntever from any valuation oT appraise- ment lawa. . 12. If default be made in payment of any instalment of principal or interest ot t}~e Note or any part t6ereof when due, or in payment, when due, or uny other sum se~vred hereby, or in performance ot any of Mortgagor s obligations, coven- ants or agteements hereunder, all of the indebtedness secuced hereby ahall become and be immediately due and payaMe at the option o( Mortgagee. without notice or demand which are hereby e:pressly waived, in w6ich event Mortgagee may avail itselt of ali rights and remedies, at law or in equity, and thia Mortgage may be forecloee~d wit6 all ~rights and remedies atforded by the lawa of Florida and Mortgagor ahall pay all coste, c6arges and e:penses thereof, including a reasonable attorney's fee. including ali such costs, e:penaes and attorney e tees tor any retrial, rehearing or appeals. The indebtedness secured hereby ahall bear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of any such detault ot Mortgagor. If the Note provides tor instalment payments, the Mortgagee may, at its option, collect a late charge not to ezceed two centa for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee For e:penses in collecting and eervicing such instalment paymenta_ 13. It detault be made in payment, when due, ot any indebtedness secured hereby, or in performance of any o( Mortgagor's obligations, covenants or aBreement hereunder: ~ (a) Mortgagee is authorized at any time, without notice, in its aole discretion to enter upon and take posseeaion of ~ the Mortgaged Property or any part thereof, to pertorm any acts Mortgagee deems neceseary or proper to rnnserve the security and to collect and receive all rents, isaues and pro[its thereof, including those past due as well as thoae acrruing thereafter: and (b) Mortgagee shall be entitled, as a matter ot strict right, without notice and ezparte, and without reBard to the value or occupancy ot the aecurity, or the solvency of Mortgaaor. or the adequacy of the Mortgaged Pmperty as security for the Note, to have e receiver appointed to enter upon end take poeeession of the Mortgaged Property~ collect the rents and protits therefmm and apply the same aa the court may direct, sac6 receiver to have all the righta and powera permitted under the lawa ot Florida. In eit6er wch case, Mortgagee or the receiver may also take po~asion ot, and for these purposes we. anY and all pereonal propetty which is a part ot the Mortgaged Pmperty and used by Mortgagor in the rental or leasing thereof or any pert thereof. The e:pense (including receiver'~ tees. oouneel tees. costa and aBent'a compensation) incurred purauant to the powers herein contained shall be eecured herebY. Mortgagee ahall (atter peyment of all costs end ezpenses incvrred) -2- . ~ ~ 275 PA~~ 58