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HomeMy WebLinkAbout2805 account to twy e?uch charges when due shall 1?e twid by Mortgagor to Mortgagee un demand. If, by reuewn of any default by Mortgagor under any provision of this Mortgage, I1lorigugee declares all sums secured hereby to he due and tk?yuhlc•~ Mortgagee nu?y then apply any funds in a?id account against the entire indebtedness secured hereby. The enforcenl?ilily of the covenants refuting to tt?xes, assessments and insurance premiums herein otherwise provided shall not he affected except insofar as those obligations have been met by compliance with this paragraph. Mortgagee may from lime to time at its option waive, and otter any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums :?s herein elsewhere provided. 4. To promptly pay all taxes and assesan?ents assessed or levied under and by virtue of any state, federal, or municitwl law or regulation hereafter passed, against Mortgagee upon this Mortgage or the debt hereby secured, ur upon its interest under thin Mortgage, provided however, that the total amount so paid for any such tares pursuant to this paragraph togeth- 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 passage of any such law or regulation imposing a tax or assessment against Mortgagee up- un this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereut?on 1?e- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or damage by tire, and all perils insured against by an ex- tended coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or t?oliciee of such insurance shall be 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 as Mortgagee may reasonably require, shall be issued by a comtwny or . companies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- 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 be 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 twit thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. [Jpon exercise of the power of sale given in this Mortgage or other acquisition of the Mortgaged Prot?erty or any twri there- of by Mortgagee, such policies shall become the absolute property of Mortgagee. 6. To [teat obtain the written consent of Mortgagee, such consent to he grai?ted or withheld ut the sole discretion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, Ib) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structural parts or the exposure of the interior of such 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 exchanging any tangible personal property which is twit of the Mortgaged Property, or (f) entering into or modifying any leases of the Mortgaged Property. 7. To maintain the Mortgaged Property in good condition and retwir, including but not limited to the making of such retwirs :6s Mortgagee may from time to time determine to he necessary for the preservation of the Mortgaged Property and to sot c-ommii or permit any waste thereof. 8. To comply with all laws, ordinaners, regulations, covenants, conditions and restrictions affecting the Mortgaged Property, and not to suffer or permit any violation thereof. 9. If Mortgagor fails to tk?y any claim, lien or encumbrance which is sut?erior to this Mortgage, or when due, any tax • or assessment or insurance premium, or to keep the Mortgaged Property in retwir, or shall commit or permit +ivaste, or if there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, but not limi/ed to, eminent domain and bankruptcy or reorganisation proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may make such repairs and take such steps as it deems advisable to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such action therein as Mortgagee deems ad- - visable, and for any of such purposes Mortgagee may advance such sums of money, including all costs, reasonable attorney's _ fees 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 be paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in m:?king any such payment, which delay may result in any additional interest, costs, charges, expenses or otherwise. ; li 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 al! costs, reasonable attorney's fees 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 he secured hereby. i ' 11. All sums of money secured hereby shall he twyahle without any relief whatever from any valuation or :?ppnise- I ment l;aw•s. E 12. If default tie rrwde in payment of any instalment of princitwl or interest of the Note or any part thereof when ~ due, or in payment, when due, or any other sum secured hereby, or in performance of any of Mortgagor's obligations, coven- :?nts or agreements hereunder, all of the indebtedness secured hereby shall become and be immediately due and payable at the ' otation 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 Mortgage may be foreclosed with all rights and remedies.atforded by ¢ the laws of Florida and Mortgagor shall twy all costa, charges and expenses thereof, including a reaaor?able attorney's tee, including all such costs, extenses and attorney's tees (or any retrial, rehearing or appeals. The indebtedness secured hereby shall hear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of any I such default o[ Mortgagor. If the Note provides for instalment payments, the Mortgagee may, at its option, collect a late charge not to exceed two cents for. each one dollar not thaid to the Mortgagee when due, to reimburse the Mortgagee for expenses in collertinq and servicing such instalment payments. r 13. If default ~ he made in payment, when due, of any indebtedness secured hereby, or in performance of any of s Mortgagor's obligations, covenants or agreement hereunder: a fa) I~tortgagee is authorized at any time, without notice, in its sole discretion to enter utwn and take tao<session of the Mortgaged Property or any twit thereof, to t?erform any acts Mortgagee deems necessary or proper to conserve the - - security and to collect and receive all rents, issues and profits !hereof, including those past due as well as those an•ruinq thereafter: and - Ih) Mortgagee shall he entitled, as a matter of strict right, without notice and exports, and without regard to the value or occutwncy of the security, or the solvency of Mortgagor, or thQ adequacy of the Mortgaged Property as security for ~ the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and s profits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers permitted under the laws of Florida. In either such case, Mortgagee or the receiver may also take possession of, and for these purposes use, any and all _ personal property which is a part of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or any part thereof. The a:pence (including receivei s tees, counsel tees, costa and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall latter payment of all costs and expenses incurred) -2- (~j~ P R 3~1 i`r.~~r~~VV R[ ~K t µ ~ } _ - ~ ~