HomeMy WebLinkAbout0321 :n•~•uunt tu ~uty' sui•h e•hurRc>v Hhe•n du~• .h:~l) IK~ ~~:ud by A1urt~;:~~;ur tu ~lurly;;~x~~~ on d~•~u:~nd. il, h>• n:~.uu ul an> ~i~•I:~ul~
hy \lortgugor undrt uny pm~vaiun'GI this ~lu~tK:~Kr, rturt?;.~K~~ d~K•i:u~s :~11 ,uiuN .ecund hc~~ehp to 1~ ~1ue :ind ~r.~~•::1~}t'
~1urtti:~g~r may then u~q~ly r~ny (un~1s i~ ~+:fid uccuunt :~~;uinst the ~•ntim ~ndeht~yin~•s, w~•uriYl h~•rc•hy Thi~ enlon•~•uh~lit~• uf
Ihe co~~enanta mlatinR to taxrs, .~tuzex.timentR .lnd insur.~nce premiums hernin otherwi~ provid~ai +hall noi lu• atfc~•1e~1 exre+~t
inxofar :~s thave ohliRutions h.~~~N IK~n met by ~•ompliu~ir with this par.~Kr,~~~h. Alorlgagee muy frum ~ime to timr :~t ~ts
oplion w~iivP, und ~~(tet uny auch w~~i~•~r reinstate, any o~ aill pruvisions hereof n~cµiiri~iR surh de{wsits, by noti~r to
T1ortK.~Ror ~n writing. While nny such w:ii~er is in el(~v~t. MortK~~gor chall ~k~y ta+xes, a~~,;sment~ :~ud insur.+oi•e ~~rc~n~iums
as herrin etsewhem {~m~•idc~l.
4. 't'o protnptly {x~y i~U t.~aes uud .~~r»tnrnts :i+se::v:d e,~ levie~! under ;ind !~v ~•irtue ot a»y sl:~l~~, IiKler:?1. ur muni~ i!?al
luw or regulution herra(ler ~~~~d, eiguinst 111ortxaK~~ u~wn this 1~lortgage or the det?t hettiby secun~cl. or u~wn its int~•rrat
u~der this Alo~tg:~ge, provided huwever, th:~t the totnl uniount so ~u~id tor un}• such taxes pur~u.~nt to this {~:~r:~Kru{~h toKeth-
c•r w•ith the intert~t {~iyable on said indr.bteclnt•s.g shu11 not excc~ri the hiKheat luK•ful r:~tt• ot ~ntc•rrst in Flurida :~nd prurlclcYf
further thut in the e~•~•nt o( thH µe~ige of uny such l:iw or regulatiun im)~osinR a tax or asses:+ment nK.~inst AlortguK~r up-
un this hlort~;:iKe or thr deht ~x~•ur~~l hemhy. th:~t the entire indebt~•dn.~~s scti•unK! h~~ this 11ortKaKf• sh.~U th~•rru~Nm iK..
rome immecliatcly due :~nd {kiy:~ble at the option ut A1oHK:~Kec~.
5. To kerp the Mortg.iged Pro{?etty insurrd .ig:~inst los,~ or d:unuKe by firn, and .ill ~~rrils insuretl ugainst !~y an ex-
tendi~d ~•o~er.~Ke endorsement, and such other risks und ~>er~ls as Atortg.iKee in ifs diu~retiun may reyuire. 'The ~x~li~•y- or
~K,liries of such insur.+n~r shall be in the form in KPners~l ii~e tn~m time tn time in the locality in w•hich the ~1oriKaRtK1
Yro}?erly is situ:?trd, ahaU 1?e in such amount as lllurtg:~Kc~• m:~y reasun:~bly n~yuire, sh;~ll l~e issu~Y1 by a i•umpany ~~r
cump:~~ies appro~•ed by I1lortgag~r, and shull contain a stundc+rd murt~;agee cluuse with loss ~htyable to \iart~agtti. Whrn-
ecrr myuired hy A4ortgugee, such ~wlicies, shaU lK drlivemci iminediately to und held by Mortgagee. Aoy and a!) amounts
rec~iti~ed by ~fottg<igee under any of ~uch ~wlicies may t~e aNplied by 111ortRaxee on the indebtc~lnesti secured h~reby in su~•h
ma~nrr .~s Alortgagc*e m:~y, in its sole dis.•rt:tion, elect or, ut the option of ~lfortgaxee, the ~~ntire amuunt su rc~•ei~•E~ or anv
~n~rl thereo( m:~y be mleased. Neither the applic.~tion nor the ~elease of ,~ny such amounts shall cure or vv:~ive anv def~utt.
U~wn exercise of the ~wwer of s:ite Ri~•en i~ this \lortg~ge o~ other acquisition ot the A1ort~aRed Pro~x•rly or :in~• part them-
ot by Alortgagee, su~•h ~wli~•ic~ sh.~ll hecomr the al~oolute pruEh•rty ut A1ortK.~K~c~.
G. To tirst of~t:~in the N~ritten ~v~n.~nt ot 111orl~aKee, surh i•~n~~nt to IM Rrantivl or ~~ithh~~ld at th~~ sule disi•retion uf
\lorig.+gee, before li~l removing or demolishinK am• buildinR nu~v or hert•:~ti~~r f•r~~~•tc~ct on thf~ pre~ni.es, (h? :ilterinR th~•
:~rr.~nRement. desiRn or stn~ctur~l chancter thereof, Ic) maki~R any repairs whi~•h im•ol~~e ihe remo~•al of struc•tural p:+rts
or the ex{w.4ure of the interior of such buildinR-to lhe etements, (d1 cutting or remo~•ing or ~~ermitting the c•utling and rr-
mo~.el of :tny trees or timF~r on the !11ori~aRed ProE~ert~•, le) remo~~inR or exchanRinR any tangiMe ~x•rsnn:~l pro~x•rty whic~h
is part of the illortR~iged Yro~~erly, or I(1 enterinR into or m~xlifying an}• le:~se+ of the 1~1ortK:~y;ed Pro{x~rty.
7. To maintain the A1ortK.~ged Pm}~erty in Ro~x) irndition :ind re~k~ir, includinR t~ut not limitecl to the m;~kin~ ot sai•h
:epairs as Mortgagee may trom time to time detc•rmine ta }?r n~~c~~sv:~n• for the pmu•n:~tion of the ]11ortRaRec1 Pm{x~rty :~nd
to nnt commit or ~~ermit any w;~ste thenrf. .
S. To comply with ull la~ti~s, urdinanres, regulations. ru~•enaots. ~•oru~itions and restri~•tions alfr~~tin~; thc~ :~t~~rt~::+~;~~cl
Yro~~erty, and not to su(fer or ~?ermit :~ny violation then~of.
9. I( lllortgagor fails to p.n• :tm• c•Ictim, lien or t~n+•uml~ran~Y~ «•hi~•h ic su~x~riur tu Ihis :1lurtkay:t~, nr ~~hc~n due, am• t:~x
or a~:sc~sment or insuramr premium, ur to keep the \]ortgaRi~1 Property in repair, or shall rommit or ~x rmit ~~.~ste, or if
there i~e ~bmmenced any action or proceecling a1f~~•ting the 111oriR:~grd Pro~~erty or the title thereto, or the interest of
Mortg.igee therein, including, but not limited to, eminent domain and lu~nkruptcy or n~rRaniz:~tion proe•eedings, lhen
A4orfgaKee. ~+t its oplean. m.~y ~1:iV ~:~id claim, Iirn, em•umbran~r. tax. :issessment or premium, with rigM of subrogation
thereunder, may cnake such rep.iirs and take such steps as it deems ad~•is:ihle to pre~ent ar cure cu~•h «:~ste, and m;n-
ap~~ear in :~n~ such action or procerdinK and retain counsel therein, und takr such a~•tio~ therein as AtortRaRee deems :~d-
~~is:~ble, and for any of such purposes MortRa~ee ma~~ ad~-ance such surr?s of money, includinR ,il! ~-osts, reason.:ble attorney's
fees and other items of es~x•nse ~s it deems nec•esc~ry. r4ort~:~gee shall 1~e the sc~le judge of the legality, ~•alidity and priority
of any such claim, lien, encumbr:~nce, tax, asses.sment und premium .ind oi the amount neces.~~ry to he paid in satisf.iction
thereof. tilortga~;ee sh:?Il not l~e held <ic~•ountable for any delay in makinR am~ such ~kiymen(, which delay may result in
iil1Y .idditional interrst, iY~sts. charQes, ex~xn.ses or othena~ise.
10. \lortga~or vvi11 ~r.~v to ~iortKaKc~c~, immedi:~f~ly and N~ithouf drmand, :?fl sums of monrt• :id~~.~n~•eci b}• Mort~;aK<~•
to protec•t the sc~-urity hereot pursuant !o this 11IortKage, including al) ~•ustc, rr:~sunaLle atturnev's ters and other items o!
~xj~ense, to~ether ~•ith intere~t on ea~•h such ad.ancement :it the highest la~~ful r.ite of intemst ~nr annum in the State of
Fl~rida, and :~ll sunc ~ums and intemst thereon shaN I~e ~c~urecl henh~•.
11. All sums of mont•p .exvred herehc shall I~c~ p:~~;ihl~~ ~~ithout any mlief .~~h:dr~c~r frnm :iny ~:~luation ur ap~~r:u.t•.
/IIPh~ ~:IK'ti.
1'2. I( de(ault f~e made in pa~•ment of any instalment of prini•ip:~l or intcvest of the t\ute or am• part therE~f when
due, or in ~kryment, ~+~he•n due, or any other sum ~e<•ured herc~br, nr tn ~~erforn~an~-F +~I :~n}• o( :ilort~agor s obliRations, ~•oven-
ants or .~Rrerments herc•under, all of the indebtF~ciness se~~~red hereby sh;ill herome and l~ immedi.itely due and E~y,ible at tht~
option o( ~1ortRaRee, w~ithuut notice or demand ~+•hii•h :~re hereh~• ex~~re~;ly w•:?i~•cd, in H•hich event Morig~gee may a~~ail itself
o! :?U rights and remrclies, at law• or in equity, :ind this AiortR:~Ke m:i}• f~e (oreclosc~ with all riRhts and remedies affordeci t~ti•
the law•s of Florida :~nd lfortRaRor shall pay :rll i-ostv, charges :~nd c•x~>en.ses thereof, in~ludin~e re.~son:tble At1o~t!4's fcr,
includinR all sunc ~osts, ex~~en:es .~nd aittorney's fE~e~c for .~ny refrial, rehe:~rin~ or appeals. The indebtlciaesi-seeuped isereb}•
shall t~ear interest at the hiRhest la~ful r:ite of intrn~t ~?c~r unnum in the State of FloridN from and.after the d.ate of ~:u~y
such default o( ~fortRagor. [f the ?\`ote pro~•idcs for inst:ilmenf payme~ts, the Atort~;a~ee may, :+t its option, conec•Y~ri la~te~
~•harQe not to exceerl two ~ents for earh one dollar not paid to th~ ~fortRaRcr whFn due, to mimhursc• the 11ortRagec~ for
I exE~enses in rollectinR and servicinR su~•h instalment payments
13. ll delault F~~ made in payment, when due, of :iny indebtedness se~•ured herehy, or in ~~r(ormahre of an~• of
' ~9orfKaRor's obliRations, co~enants ur aRrcrment hereunder:
la? :liort~a~~~e ts authorizc~l at an~• timt~, without nuti~•e, in its scde discretion to enter u~?on and takr ~roswssion of
thF :11ortRa~ed Pro~x~rty or am• part thereof, tu ~x•rfnrm any acts hforiKagee deems necess:~ry or ~~mper to consen•~ thc•
security :~nd b coilec•t and reY•ei~•e :~II rents, i~.:u~ and profits therc~f, in~•ludin~ tho~e past due as well ac those :~crn~inK
thereatter; and
1h~ A1ortRaRc~e shal! !re entitlc~l, as a matter o( stri~•t rigM, without notice and exparte, and without reRard to the
c:~lue or arupani•y of the uti•urity, or the solven~•y ot 11ortRaRor, or the adequacy of the ~1ortRaRed Pro~~erty as srcurity for
the Nnte, to have a re~•eiver ap{winted to enter u~~on and take ~x~ssession of the 1liortRaRed Property, ~-ollect the rents anri
profitg therefmm .~nd appl~ the s:ime a~ the court mav diree•t, such re~ei~~er ta hai•e all the ri~hts and ~~w•er:v {~ermitted
under the law~s of Florida.
In either sueh rase, ~1ortRagee or the recei~•er may also take ~~ossession of, and tor these pur~x~ses use. :~n~ and all
~~eru~nal ~~roperty w•hich is a part o( the hfortgaRed Pro1~erty and used by MortRaQor in the rental or leasing thereof or
:~ny part ihe~eot. 7'he ex~~nse Iincluding recei~•er's fees, counsel (ees, costs and aRent's comT~ensation) incurred pursuant
to the po~~•ers herein contained shall be secured hereby. ~fortRa~ee shal) IaRer payment oI al! costs and expenses incurred)
-2-
~ ~ a~oK28U ~32~