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HomeMy WebLinkAbout1339 ! r '''1 i ~ . account to Ix?y such charges when due shall he Iu?id by Mortgagor to Mortgagee on demand. lt, by mason of any del:wlt by Mort~ugor under any provision of this Mortgage, Mortgagee declares all sums secured hereby to be due and {wynble, Mortgagee may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to tuxes, :?sseasmente and insurance premiems herein otherwise provided shall nut be affected except insofar as those obligations have been met by compliance with this paragraph. Mortgagee may from time to time ut its option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to Mortg:gor 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 assessments assessed or levied under and by virtue of any state, fedend, or municilx?1 law or regulation hereafter passed, against Mortgagee upon this Mortgage or the debt hereby secured, or upon its interest under this Mortgage, provided however, that the total amount so paid fur any such taxes pursuant to this pargraph 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 ag:?ir?st l~lorigagee up= on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or damage by fire, and all 1?e~ils insured against by an ex- tended coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or I~olicies of such insurance shall be in the Corm in genera! use from time to time in the locality in which the Mortgaged Property is situated, shall he in such amount as Mortgagee may reasonably require, shall be issued by a company or companies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- . ever requirrd by Mortgagee, such policies, shat) 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 part thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. tJpon exercise of the power of sale given in this Mortgage or other acquisition of the Marignged Prof?eriy or any part 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 tie grunted or withheld at the sole discretion of Mortgagee, before la) removing or demolishing any building now or hereafter erected on the premises, Ih) altering the arrangement, design or structural character thereof, (r) making any repairs which involve the removal of structural {k?rts or the exposure of the interior of such building to the elements, (d1 cutting or removing or permitting the cutting and re- moval of any trees or timber on the Mortgaged Property, (el removing or exchanging any tangible personal property which is t?:?rt of the Mortgaged Proterty, or (t) entering into or modifying any leases of the Mortgaged Property: 7. To maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such repairs :?s Mortgagee may from time to time determine to he necessary for the preservation of the Mortgaged Property and to not commit or hermit any waste thereof. tt. To comply with all laws, ordinances, regulations, covenants, ?•onditions and restrictions a(fec•tinq the Mortgaged Property, and not tc? suffer or permit any violation thereof. 9. If Mortgagor fails to Ik~y any claim, lien or encumbrance which is sut?erior to this Mortg:?ge, or when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or Imrmil waste, or if there be commenced any action or proceeding affecting the Mortgaged Prol?eriy or the tit{e thereto, or the interest of I1lortgagee 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 retk~irs 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 advame such sums of money, including all costs, reasonable attorney's fees and other items of exl?ense as it deems necess:ry. Alortqugee 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. Morig:?gee shall not be held accountable for any delay in m:?king any such Iwyment, which delay may result in any additiomtl interest, costs, ch:?rges, extenses or otherwise_ l0. Mortgagor will pay to Mortgagee. immediately and without demand, al, sums of money advamrd by Mortgagee j to protect the security- hereof pursuant to this Mortgage, including all costs, reasonable attorney's fees and other items of i ex{sense, together with interest on each such :?dvancement 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_ I1. All sums of money secured hereby shall he t?:?yable without :?ny relief whatever from any valuation ar appr.?ise- ment lows. • t f2_ .If default be made in th?yment of any instalment of principal or interest of the Note or any tx?ri thereof when due, or in payment, when due, or any other sum se?•ured hereby, or in performance of any of Mortgagor's obligations, coven- ants or:igreements hereunder, all of the indebtedness secured hereby shall become and be 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 Mortgage may be foreclosed with all rights and remedies afforded by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney.'s fee, including all such costs, expenses and attorney's tees for any retrial, rehearing or appeals. The indebtedness secured hereby shall bear interest :?t the highest lawful rate of interest per annum in the State of Florida from and after the date of any such default of Aiortgagor. It the Note provides for instalment payments, the Mortgagee may, at its option, collect u late . charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimburse the 111origagee for expenses in collecting and servicing such instalment payments. 13_ If. default 1?e made in payment, when due, of any indebtedness secured hereby, or in performance of-any of Marigagor's obligations, covenants or agreement hereunder. (u) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of the Mortgaged Property or any fh•?rt thereat, to f?ertorm any acts hlorigagee deems necessary or proper to consen•e the M security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing thereafter: and (h) Mortgagee shall be entitled, as a matter of strict right, without notice and exparte, and' without regard to the ~ value or occupancy of the security, or the solvency of I\tortgagor, or the adequacy of the Mortgaged Property as security for 5 the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and profits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers permitted ~l under the laws of Florida. In either such case, Mortgagee or Che receiver may also take possession of, and for these purposes use, any and all ~ 1ersonal property 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 tees, counsel fees, costs and agent's compensation) incurred pursuant to the porvera herein contained shall be secured hereby. Mortgagee shalt (after payment of all costa and expenses incurred) t -2- . ~~r 302 =r~_r 139