Loading...
HomeMy WebLinkAbout1812 ar•r•uunt to p:ry such charges when due shall I,e {arid by Mortgugut to 111urtgugee on denuurd. ll, by reuxun u( any default by Mortgagor undo:r any provision of this Mortgage, I1lortgagee declares all sums ser•ured hereby to t,e due and p:ryuble, lllorigugee nary then apply any funds in strid account against the entire indebtedness secured heret?y. The entonez?bility of the covenants relating to taxes, assessments and inaunrnce premiums herein otherwise provided shall not t,e affected except insofar as those obligations have been met by compliance with this paragraph. Alortgagee may from time to time :N its option waive, and utter any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to hiortgugor in writing.. While any such wai~rr is in effect, Mortgagor shall pay taxes, assessments and insurance premiums i as herein elsewhere provided. i 4. To promptly pay all taxes and assessments usaesaud or levied under and by virtue of any state, federal, or municil,al Iaw or regulation hereafter passed, against Mortgagee upon this Mortgage or the debt hereby secured, or upon its interest j carder this Mortgage, provided however, that the total amount so paid for any such taxev3 pursuant to this paragraph togeth- 1 er with the interest payable on said indebtedness shall not exceed the highest lawful rate of interest in Florida and provided further that in the event of the ptraeuge of any such law or regulation imposing a taz or assessment against Mortgagee up- un this Atorigage or the debt secured hereby, that the entire indebtedness ser•unxl by this Mortgage shall thereutwn F,e- come immediately due and payable at the option of Mortgagee- - ' t t 5. To keep the Mortgaged Property insured against loss or damage by tire, trod all perils insured uguiiu:t by an ex- tended r•overuge endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or Iwlicies of such insurance alitil) he in the form in general use from time to time in the locality in which the Mortgaged Property is situated, shall be in such amount tis Mortgagee may reasonably require, shall he issued by a comlurny or companies approved by Mortgagee, and shall contain-a standard mortgagee clause with loss payable to Mortgagee. When- i ever required by Mortgagee, such policies, shall be delivered immediately to and .held by Mortgagee. Any and all amounts _ received by Mortgagee under any of such policies may he applied by Mortgagee on the indebtedness secured hereby in such ~ manner as Mortgagee may, in .its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or any 3 t>ari thereof may be reletrsed. Neither the application nor the release of any such amounts shall cure or waive any default. Upon ezerrise of the {waver of sale given in this Mortgage or other acquisition of the Mortgaged Property or any 1>.~rt there- of by Mortgagee, such policies shall become the absolute property of Mortgagee.- 6. To first obtain the written consent of Mortgagee, such consent to t,e granted or withheld at the sole discretion of Mortgagee, before la) removing or demolishing any building now or hereafter erected on the premises, (b? altering the arrangement, design or structural character thereof, (c) making any relurirs which involve the removal of structural parts or the ezpoaure of the interior of aurh building to the elements, (d) cutting or removing or permitting the cutting and re- moval of any trees or timber on the Mortgaged Property, (e) removing or ezchanging any tangible I~ersonal property which is tart of the Mortgaged Properly, or (t) entering into or modifying any leases of the Iliortg:iged Prol,eriy. s 7. To maintain the Mortgaged Property in good condition and relxrir, including but not limited to the making of such ~ repairs us Mortgagee may tram time to time determine to be necea.4ary for the presen•ation of the Mortgaged Property and to not commit or Irern~it any waste thereof. ' ti. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions aRecting the Mortgaged Property, and not to suffer or perrmit any violation thereof. 9. If Mortgagor fails to pay any claim, lien or encumbrance which is superior to this Mortgage, or when due, am• tax or assessment or insurance premium, or to keep the Mortgaged Property in relwir, or shall commit. or hermit waste, or it there he commenced any action or proceeding. affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may make such re{,.,rice and take aurh steps as it deems advisrble to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and 4nke such action therein :rs Mortgagee deems ad- visable, and for any of such purposes Mortgagee may advurne such sums of money, including all costs, reasonable attorney's ( tees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, tax, assessment and premium and of the amount necessary to he paid in satisfaction thereof. Mortgagee shall not he held accountable for any delay in making any such payment, which delay may result in any additional interest, costs, charges, expenses or otherwise. { 10. Mortgagor will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's tees and other items of expense, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of Florida, and all such sums and interest thereon shall be secured hereby. 11. All sums n( money secured hereby shall l,e f,:ryable wdhout any relief whatever from any valuation or apprrise- ment laws. t l2. It default be made in f>iiyment of any instalment of principal or interest of the Note or any part thereof when dUe, ur in payment, when due, or any other sum secured hereby, or in I,ertortnance of any of lbtortgagor's obligations, rnven- ~ ants or agreements hereunder, all of the indebtedness secured hereby shall become and he immediately due and payable at the option of Mortgagee, without notice or demand which are hereby expressly waived, in which event Mortgagee may avail itself of all rights and remedies, at law, or in equity, and this I?lortgage may be foreclosed with all rights and remedies afforded by the IaN•s of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney's tee, including all such costs, expenses and attorney's fees for any retrial, rehearing or appeals. The indebtedness secured hereby ~ shall bear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of any such default of Mortgagor. If the Note provides for instalment payments, the Mortgagee mray, at its option, collect a late ~ charge not to exceed two rents for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee for i z expenses in collecting and servicing such instalment payments. } i 13- If default he made in payment, when due, of any indebtedness secured hereby, or in I,er(ormance of any of 4lortgagors obligations, covenants or agreement hereunder: (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of s 1 y g: ry proper to conser.•e the the Mortgaged Prof,erty or any part thereof, to ,erform an acts Mort igee deems necessa or security and to collect and receive all rents, issues and profits thereof, including those 1><-ist due as well as those accruing thereafter: and r (b) Mortgagee shat! be entitled, as a matter of strict right, without notice and exf,arte, and without regard to the value or occupancy of the_ security, or the solvency of riorigagor, or the adequacy of the Mortgaged Property as security for the Note, to have a receiver appointed to enter ul,on and take possession of the Mortgaged Property, collect the rents and r profits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers permitted under the Itiws of Florida. - In either such case, Mortgagee or the receiver may also take possession of, and for these purposes use, any and all ' ~ I,ersonal pmperty which is a part of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or any part thereof. The expense (including receiver's fees, counsel fees, costs and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all coats and ezpenses incurred) 5 -2- Pr .~U~ i" CE 18 • 07 C N '