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HomeMy WebLinkAbout0400 nccount to }?~~y such churgrs whrn due ahuU I~e ~x~id by Alortgugor to Morlgugee un demand, I(, by reuson o( uny dc(ault by Mottgagot under any proviaion of Ihis Mortgiige, Mortgageu decleres nll sums serured hereby to be due and ~~yat~le, Mortgugee may then apply noy tunda in attid account ugainst the entire indebtedness sec•ured hernlry. The enlomeai,ility of the covenaata relatit~ to taxea, ~easments and inaurance premiums herein otherwine providod shall not be attectod e:c~pt insotar us those obligationa have been met by compliance with thia paragraph. Mort~t~gee may trom time to time i~t ita option waive, and atter uny auch waiver reinstate, any or nll provisions hereof requiring such depoaits, by notice to Mortgagor in writing. White aay such waiver is in e(tect, Mottgagar ahall pay taxes` aaseesments and insurance premiuma :~s het~in el8ewhere provided. ' 4. To promptly pny aU taxes and ueoessmenta ~ssexsed o~ levied under and hy viirtue a! nny atate, federal, or munici~u~t law or regulation hem,s+ttet passed. agair?at Mortgagee upon this Mortgage or the debt hereby secuted, or upon ita intereat under this Mortgage. provided however, that the total amount so {~aid fot any suc6 tnx~ pureuunt to this paragruph togeth- er with the interest piiyable on said indebtednese stwll not eYCeed the highest lew(ul rate ot interest in Florida and provided further that in the event ot the_paesage ot any such law or regulation imposing a ta: or aeseaament against Mortgugee up- on this Morlguge or lhe debt secured hereby, that the entire indebtedness secund by this Mortgf~ge shull thereu{wn t~e- come immediately due and paysbte at the option of MortRngee. ~ 5. To keep the Morfgaged Pmperty insured against loss or damage by tire, and aI! perils inaured against b~ an ex- tended co~rrnge endorsement, and such ofher risks and perils as Mortgagee in its discretion may require. The policv er policies oI auch insurance ahall be in the torm.in general use trom t7me to time in the locafity in which the Morigaged Property is situated, ahall be in such amount as Mortgagee may reasonably require, shall be isaued by a company or ~wmpaniea approved by Morigagee, and shall contain a st~ndard mortgagee clAUSe with loss Eiayable to Mortgagee. When• ever required by Mortgagee, auch policies, ehall be delivered immediately t4 and held by Mortgagee. Any and ail amounts received by MortgAgee under any of auch poticies rnay be applied by Mortgagee on the indebtedness aecured hereby in auch tnanner as Mortgagee may, in ita sole disceetian, elect or, at the option ot Mortgagee, the entire amount ao received or any purt thereof tnt?y be relexsed. Neither the Apptication nor the rnlease of any such amoanta shal) cnre or wai~•e any dets~ult, Upon e:etciae ot the power o! sale given in this Mortgage or othet acquisition ot the Morlgaged Property or any part there- of by Mortgagee, such policies ahall berome the atieolute property ot Mortgngee_ 6. To first obtt~in lhe written consent of 1Nortgagee, such cor?se~nt lo be gtanted or withheld at the sole discretion o( Mortgagee, before (a) temoving or demolishing any building now or hereatter erected on the ~~remises, (b) altering the arrangement, design or atructural character thereof. (c) ma~king any repairs whi~h involve the removal of structural parts or the e:posure ot the interiot ot sach building to the elemenis, (d) cutting or removing or permitting the cutting and re-- mo~~al'ot any trees or timber on the Mortgnged Pro~~erty, (e) removing or exchanging any tangible personal propeHy which is part of the biortguged Property, or (i) entering into or moditying any leases o( the Mortgaged Yroperty. 7. To maintain the Mortgaged Property in good condition and rep•rir, including but not limited to the making o( such repairs as Mortgagee may tmm time to time determine to be necessary (or the preaervation of the MortRaged Property and to not commit or permit any waste thereot. S_ ~'o comply with all 1uws, ordinances, mgulations, covenanl~, e-ondilions and restrictions affecting the Mortgagecl Pmperty, and not to suffer or petmit ~ny violation thereof. ' ' 9. It Morigt~gor (ails to ~~y any claim, iien or encumbrance which is su~~erior to this tliortRage, or when due, any tax or asses4ment or insurance premium, or to keep the Mortgaged Property in repair, or slwlf commit or permit waste, or if there be commenced any artion or proceeding atfecting t6e Mortgaged Pmpetty or the title thereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bnnkruptcy or reorganization proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of aubrogation thereunder, may make, such rnps»ra and take such steps as it deems advisable to prevent or cure such waste,- and may appear in any such action or proi,•eeding and retain counset tfiere~n. and taice Such aciivn ii~rrrin ~iivrikdx~ u'rtr,;~ viaable, and for any of such purposes Mortgagee may ad~~ance suc6 suma ot money, including aU costs, reasonable attorney's fees and other itemx ot expenee as it deems necesss~ry. Mortgagee ahall be the sole judge of the legality, validity and priority ot any such claim, lien, encumbrance, ta:, assessmenl and premium and of the amount necesgary to be paid in sati$(action thereoi. Mortgagee shall not be held accountable for any detay in making any such payment, which delay m.-~y result in aey additional interest, costs, ch:irges, e:penses or othervvise_ 10: Mottgagor wi11 pay to MortRagee, immediately and withou! demand, all sums ot money advanced by MorigaRee to protect :he security hereof pursuant to this 141ortgage, including alt costs, reasonable atto~ney's (ees and other items of eapenee, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of _ Florida, and all such suma and interest thereon shatt be secured hereby. _ I1. All sums of money secured hereby shall Im payable without any relief whatever from any ~•aluation or ~ppraise- me~t laws. ~ - 12. If de(auh t?e made in i>ayment of any instalment ot principal or interest o! !he Note or any part thereof when due, or in Erayment, when due, or any other sum secured hereby, or in per(ormance ot any of Mortgagor's obligations, coven- ants or agreements hereunder, all of the indebtedness secured hereby shaU become and be immediately due and payable at the option of Mortgagee, without notice or demand which are heteby expresaly waived, in whirh event Mortgagee may avail itaelt of all righta and remedies, at taw or in equity, and this Mortgage may be toreclosed Niih all rights and remedies afforded by the laws of Florida and Mortgagor ahall pay all costa, charges and expenses thereof, including a reasonable attorney's fee, including all such costn, expenses and attorney's fees tor any retrial, rehearing or appeals. The indebtedness secured hereby ahall bear interest at the highest Iawful rate of interest per annum in the State of Florida from and atter the date of any such default of Mortgagor. It the Note providea tor inslalment peyments, the Mortgagee may, at its option, collect a late charqe not to e:ceed two c~nta for each one dollar not paid to the Mortgagee when due, to reimburse the Mottgagee for e:penses in collecting and aervicing such instalment payments. 13_ I[ default be made in payment, when due, of any indebtedness secured hereby, or in performance of any oi Mortgagor's obligationa, covenants or agreement hereunder: (a) Mortgagee ia suthorized at any time, without notice, in its sole discretion to enter upon and take possession of the Mortgaged Property or any part thereof, to perform any acts Mortqagee deems neceseary or proper to conserve the. seeurity and to c~ollert and neeeive nll rents, issues aod profits thereof, ineluding those past due as well as those acrruirtig thereatter; and !b) Mortgagee ahall be entitled, as a matter o( strict right, without notice and exparte, and without regard to the value or occupancy ot the security, or the solvency of btortgagor, or the adequacy ot the 1liottgaged Property as aecurity for the Note, to have a receiver appointed to enter upon and take pa~session of the Mortgaged Property, collect !he renta and profita thenett~om and apply the same ae the court may direct, such receiver to have all the righta and powera permitted under the laws of Florida. ~ In either such case, Mortgagee or the receiver may also take poesession of, and tor these purpoeea use, any and all petsonal property which is a part of the Mortgeged Property and used by Morlgagor in t6e rental or leasing thereof or any part thereof. The ezpense (including receiver's fees, counsel tees, coata and agent'e compeneation) incurred purauant to the powers herein contained shal! be secured hereby. Morlgagee shall (atter peyment of all costa and e:penses incutied) -2- - ~ ~QQ ~ B~ «7V ~GE ~ .