HomeMy WebLinkAbout0590 ar~•uuut lo ~~:~y ~ui•h ch:uKrx whi•n dui• +hull Ir• ~r,ud bv \1urt~:~?;ur tu A1urt~;ukr~• un ilrnu~nd. 1(, hy n:~•un ul :~ny ~i~•I:~ult
hv ~1ortKuKor under ~~ny pro~ision ot lhis AtortKuK~~, ~turiKuK~~~ d«•iar~w :~I) sums .c~c•urect hemby t~ 1~~ due :~nd ~~:~>•:~hl~~.
111urtKaK~Y~ may ihen upply :~ny tumf.w in a:ud a~•i•uunt aK:iin:ct thc rntim indcbtedn~:~ sc~•unK! h~~mby. '1'h~• ~nlon•~ :~IaGty ut
Ihe ~nvrn.tnta mli~ting to t.~xes, tistii:~menfR and insur.~n~r premiums herein otherw~se pmvidc~l shall not t~e .~tfei•tcrl excc~pl
in.qu(ar :~s those ob1iR:Uions hare IK~cn met by complianre w•ith ihis {xir.~gruph. I?1o~tgukee muy tn~m tin~e to time at its
option N~:iive, and nlter uny such Nui~•e~ reinstute, any or :til procisions h~~mo( n~quirinK xu.~h de{wsits, hy notii~e to
~1urlguKor in writing. ~Yhile s~ny surh wui~•er is in et(cr•t, 11lorigugor,:luill ~x~y t:~x~»s, atis~:v.tim~nts au~d insurancr ~~mmiums
:~c herein clse~N•hem ~~ro~•ided.
4. 1b ~,r~n~NUy ~k~y aU tux~~tc und aseessmrnis a~~u:c,~d ur I~•vi~~1 under :~nd hy ~•irtu~~ of any state, Ictiler.il. or munii•ipal
law ur mgulation hrmahrr ~x~s,rd, ug:+inat Alurttiag~ti: u~x,n ihis 111urtKuxe or the dei~l hrrehy urure~cl, or u~wn its inlrrrat
w~der this Alortguge, pn,~~ided hoNever. thut lhe total .inrount so puid (or uny ~uch tuzes punuant to Ihis Fx~raKraph togrth-
er with the interrxt {myabir on s:iid indeLieclne~x sh:~ll not ex~ti~d the hiKhest I~~wtul r:Ur of intr~esl in Floridu .?~~~i ,,~~.~~~i~~i
furlher thut in the e~•ent o( the pns~~ge o[ .iny such 1:?w or regulatiun im{x~sinR tax or asxs.,mrnt aKainst Tlorty;u~;ee up-
un this \tortKaKe or the dei~t sc~•ur~d hrn•by, that the entin~ ~ndebl.~c~nrss u~~~urc•d by tt~ic MnrtR:~y;r ~hall th~•rc~u~K~n i~~-
cume immeciiately due and ~k~yahle at the option ot h1ort~:~~;c~.
.
5. To krep Ihr hiortgaged Pro~?rrty insure~l aguinst lus~ ur damaRe by fin•, nnd <~U ~xrils insurrd ugainst by :i~ ex-
tend.~c1 co~erage endorsrment, aod such other risks und ~Kriis .+s hlortg:~~Er ~n itx dis~•retion may mquin•. 'I'ht• ~wli~•y or
Ewlicies ot such insur.~n~•e sh.~l) be in the form in gener:~l use fmm time to time in the loeulity in ..•hich the MnrtR.~Rt~ci
Yrv~rty is situated. sh,~ll t~ in su~•h .~mount ~is Mort~.~K~r m:~y re.?-w~n.ibl}• r~~c~uire, sh:?1) F~e issuecl by com~r.?ny ur
com{uinies appmved hy Mortgugee, und shall cunt.un u staudarci mortK~iger ~•luu+e with loss p.iyable to ;Nor1Ka~;ei~. 1~'hen-
ever myuimd by lllorigager, sui•h ~~olicies, shall tx deli~•ered immeciiately to and held hy MortgaQee. Any :~nd .~U amuunts
n~~eivc~ by Alortg.~g~c unclrr any of such {wlici~~ muy I~e applicd by 1liortg:?Kee on the indc:btedne~ti.-> se~~ur~Ki hereby in su~•h
munner as htortgugee may, in its sole disi•retion, elcc•t or, :~t the option of rtortKaKee, the cntire amount so re~ri~~eci ar any
par! thereo[ may 1?e mle.?sed. Neither the applii•ation nor the release o( :iny su~•h umounts shall c-ure or wnive any det:?ull.
[1Ex~n rxercise of the E~wer of s:ile Ri~en in this 1lortg:ige ur other ac~uisitiun o( th~• A1ort~a~c~ci I'ro~x~rty or any parl there-
o( by Morig:~Kee, such ~wlii•ies shall hecome the absolute pn~~~erty of Atortg:~kee.
6. To (irst obtain the written consent ~~f 11ortRaK~~~, su~•h cons~•nt to ire gr:~nted ur ~.•ithheld at the soie di.~•mtion ~~1
\lortgaRce. M fore la) removing or demolishinK :iny buildin~ ~uw or herea(ter en•ctEY1 on ttir pmmises, 1 h? :~Iterink th~•.
:~rranRement, desiRn ~~r structural character thereof, li•) makinR .my reE~:~irs x~hich in~•ol~•e the rc~moval of strui•tural parts
or the ex{wsure of ihe interior of such buildin~ lo ihe ~~lements, Id? cuttinR or remo~~inR or ~~ermittinR the cuttinR and m-
mov,~l ot any trees or timbrr on the A1ortRa~;ed Pm~x•rt~•, Iel remo~~inR or exi•h:~n~;inR :~ny tanRible ~~ersonal pro~x•rty ..•hi~•h
is ~k~rt of the MorigugEC1 Yro~xrty, ot ~nterinx iuto or m~xlifyinK :~ny lea~rs o( the :~1ortK:~K~r1 YroEx•rty.
7. 'Co maintain the ~lorigaRecl ProEmrty in Aooci condition :~nd m~~air, includinK but not limitc~l to the makinR o( su~h
re{~airs Mort~aRee m.~y from time fo time determine tu tx• neretis:~ry f~r the ~?re~en':?tion of th~~ tlort~:~KeYi Pm?~rty :ind
to not cY,mmit or ~?ermit any wastc~ thereof.
8_ 7b comply with all law•s, ordin.~n~•es, ngulatiu~u. i•~nenantti. ~•u~iditiuns a~2d reslri~•tions att~ti•tinK. ~he :~lortRa~E~1
Ym~xrty, and not to suffcr or ~x~rmit :~ny violation thereof.
4. If A~lort~:~Kor (:iils lo ~r.~~• any ~•laim. lien ur en~~umbrnnce ..hi~-h is su~x~rior to this \tortKaKe. or ~~•h~~n dur. ;~n~~ tax
or asc~sment or insueancc• pmmium, or to kcrp the 1lortgaged Ym}~rty in repair, ur sh.~ll ~•ommit or ~~nnit N:~ste_ or if
there l,e commenec~l any .~ction or pr«•e~~inR atfecting the rlortg:i~ed Prc~~~erty or the title themto, or the interest
i l~torlRagee themin, including, buf not limitecl to, eminent domain ~~nd lk~nkruptcy or renrKaniz:~tiun pmc•eedinRs, then
i ~lortgagee, at its oHtion, may ~~:~y s:~id i~l:~im, lien, encumbran<•e, tax, a~e~ment or prrmium, with riKht of subr~~Kation
s thereunder, may make sw~h mpairs .ind t:~ke such strps :~s it d~ems :~d~is:~hle to pre~~ent or ~•un such w:?ste, and m.~y
~ ap~~ear in any such action or pro~~rdi~K and retain ~rounsel lfierein, and t<~ke such artion themin as 1~tortK:~Ktr derms ad-
j ~is:ible, :ind (or .+ny' of su~•h pur~wses I~lortK:iRee may ad~:~ni~e such sums of monev, includinR .ill ~•osts, reasc~n:+ble :~ttornet'~~
` (ces and other iten~.s of ex{~ense us it deems necess:~ry. A1ortK:iRee shall trr the sole jud~e of the leq.~licy, .~al;dity .ind priority
oi am~ such claim, lien, encumbr.ince, tax. <~sseument and prrmium and oi the :imounl ne~•essary tu ix paid in s:+tistaction
thereoL Vtortgagee sh:ill not tx• held accountable fur any delay in m:~kinR am• su~•h p.itment, whi~•h deluy muy rE~ult in
any additional interc~t, i•osts, charRes, ex{~enses ur othen~•i~>.
~ 10. ~1ortRa~or ~.ill p:n~ to !~1oriR:~Kee, inunc~diately and w•ithuut demand. all sums o(.monry :?dvanced by 11ortKa~;e~•
~ to protc~•t the secvrity hereoi pursuunt to this Murtg~Ke, includinR all ~'~~sts, rea~c~n:~l~le attorney~s tees and other iti~ms of
~ rx~K nsr, tugether with interest on each ~uch ad~:v~~•ement at the highrst lawlul r.~te of inten~st ~x~r annum in the Stat~ o(
~ Florida, and all sui~h sums und interest ihenv~n ~hall fx• se~vred hPreb}•.
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~ 11. All sums of muni•~~ se~•ured hereh~• ~hall !x• ~iayahle without :~ny re•lie( ~+hate~er trum :iny ~aluatinn ~~r :i~~pr:iisc•-
~
~ mc~nt IJN'S,
~ 1?. If default f~ made in p:iyment uf :~ny inst:~lment of ~uinripal or interest of the Note or any part ihereo( Hhen
~ due, or in payment, Hhen due, or ant• nther sum u~•urecl hereby, or in per(urm.~ni•~ ot any uf l~lortgagor's obliRations, co~~en-
ants or aKn~ ments hen~under, :?II o( the indebtecfne+s ~•urc~l herehy sh.ill 1~ec•ome and I~e imn:ecli:itely due and pavahl~~ at the~
y option of AtortRa~ee, w•ithout noti~•e or demand which ~re hereh~ exprc~c~ly wai~~ed, in ~chich e~•ent A4ort~agEr ma~• A~:?il itsel(
~ o! all riRhts and remedies, at law or in cyuity, and this ;lforigage may he toreclosed a~ith all rights .~nd remediec :~rr~~eti r~,
~ the lu..~s of Florida and ~lortg:iRor shall p:~y :~II ~•osts, c•harK~K and expenses thereof, includinQ a reasonable atforney's fcr,
~ includinK all such i•ost~, ex~x~nu~ and attornrY's (ec~s (or :~ny re•trial, rc•he.+ring or ap~~eals. The indehtc~clne:;.~ secumd hereh)•
shall t~ear interest at the hi~;hc~t lawful rate of interest ~K•r annum in thF State of Florida (rom .~nd aher the d:dF of :+m~
~ such de(ault oi :11ortRagor. If the Note pro~ides (or insf:~lment p.iyments, thc \fort~:i~ee m:~}•, :?t its o~~tion, collei~t a lat~~
~ ~•harQe not to exc-ecK1 tw'o cents (or each o~e doll.~r nnt p:tid to the ~tort~a~ee vvhen due, to reimburse the ?~1~r1KaR~~P (or
ex~~en.u~s in collectinR and ser~•i~•in~ such instalment payments
13. If default t~e made in puyment, when due, of any indehtedness ~curet! herehy, nr in ~~erforman~•c• u( vn• ot '
3tortRaKor's ohliR~tions, ~•o~~enants or :~Kreemc~nt hereunder.
~
' In) AlortgaRee is :~uthorizEY1 <it any time, without noticr, in its sule discretion ta enter upon and t:ike ~io~sessiun of
.`y the \1ortK:~Red Yro~~ert}~ ~r :~n~• ~nrt thertY~f, b ~~er(orm an~~ act~ ;~1~~r1y;aRt~e deems ne~•ess:iry or (~'m?~er to ~•o~i5en~~ the
' seeurity and to colle~~•t :~nd mcei~e :ill rent~, ic,uc~ :ind pr~(its thercr~t, inctudin~ those pasf dut~ as ~~ell as ihou• acvniin~
_ thereatter: and
~ Ib) ?1'IortgaRee shall t~ ~ntiUecl, as a mafter siri~•t riRht, Wilhout notice and exparte, and v~•ithout re~ard to the
c:ilue or a~<•upanry cd the ~~curety. ~r ihe sol~~enc•y ot \iort~agor. or the :~d~~uacv ot the :~'IortgaRed Pro~x•rty ~s se~•urity for
the T~Tote. to ha~~e a mcei~-er ap{x~inted to enter ui~on and talce ~~~ses~ion of the 114ort~aRed Pro~~erty, collect the rPnts and
profits theretrom and apply the s:ime as the court may direc•t, su~-h rc~-ei~~er to ha~•e .dl the riRhts and {?ow•ers {~ermittc~ri
under th~ laws of F'lorici:~.
In eithPr sa~~h case. :~tortRagcr or the recei~•er may :~Iw~ takc ~x~s..~ssiun ot, ~nd for these pur~x~ses use. .~ny and all
~~er~na) pr~?~~erty w'hich is a part ot the :~1ortgaRed Pro~~crty and usc~ hy 1ltortRaRor in the rental or le:~sinR therenf or
- any part thereof. The exE?ense (including recei~•er's fees. counsel fees, costs and aKent's compensation) incurred pursuant
to the powers Ferein confained shall be secured hereby. ;~tortRaKee shall (after p:+yment o( all costs and expenses incurrecl)
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