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HomeMy WebLinkAbout2184 ' ~ t u+vti,un/ to pay such churg+x when due slulll Ile fxlid by Mortgagor to Mortgagee on demand. It. by reason of any default ~ • 1 by Mortgagor under any provision ut this Mortgage, Mortgagee declares all sums secured hereby to he due and fwyut,le, Mortgagee may then apply any funds in said account against the entiro indebtedness secured hereby. The enforceability of the covenants relating to taxes, Ilssesargents and insurance premiums herein otherwise provided shall not be affected except Insofar as those obligations have been wet by compliance with this paragraph. Mortgagee may from time to time at its option waive. and after any such waiver reinstate. any or :Ill provisioru 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 us herein elsewhero provided. 4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any state, tedernl, or munirijlal low or regulation hereafter passed. against Mortgagee upon this Mortgage ar the debt hereby secured. or upon its interest under this Mortgage, provided however, that the total amount so paid'tor any such taxes 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- 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 perils insured against by an ex- tended rnverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or folicies 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 company or F 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 part thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. Upon exercise of the power of sale given in this Mortgage or other acquisition of the Mortgaged Property or any part there- of by Mortgagee, such policies shall become the absolute property of 111origagee. ; 6. To first obtain the written consent of Mort ~ gages, such consent 'to be granted or withheld at the sole discretion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (h) 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• nloval of any trees ar timber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which : is fulrt 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 refwir, including but not limited to the making of such refuiirs as Mortgagee may from time to time determine to be necesg:lry for the preservation of the Mortgaged Property and to not commit or hermit any waste thereof.. 8. To comply with all l:lw•s, ordinances, regulations, roven:lnts,~+•ondition.4 :and restrictions :Iffecting the Mortgaged _ Prof~erty, :Ind not to suffer or Hermit :Iny violation thereof. i 9. I( Mortgagor tails to fury any claim, lien or encumbnlmr which is suflerior to this Mortgage, or when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in refulir, or shall commit or permit waste, or it there be commenced any action or proceeding affecting the Mortgaged Proferty or the title thereto, or the interest of 1liortgagee therein, including, but not limited lo, eminent domain and bankruptcy or reorganization proceedings, then ' Mortgagee, at its option, may f>.-ly said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may make such repairs and take such stef+s as it deems advisable to pre~rnt or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such action therein as 1ltortgagee deems ad- visable, and for any of such purposes Mortgagee may adv:lme such sums of money, including all costs, reasomlble attorney's fees and other items of exflense as it deems necessary. 11lorigagee shall. be the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, lax, assessment and premium and o[ the amount necessary to be paid in satisfaction thereof. Mortgagee shall not be held acrounlable for any delay in making any such flayment, which delay may result in any additional interest, costs, charges, expenses or otherwise. ~ 10. Mortgagor will fury to Mortgagee, immediately and without demand, all sums of money advancetf by Mortgagee j to protect the security hereof pursuant to this 1ltortgage, including all 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 1?e secured hereby.. i 11. All sums of money secured hereby shall Ise f~ayable without any relict whatever from any valuation or apprise- i ~ ment laws. 12. . It default be m:lde in fulyment of any instalment of princifull 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 Mortgagoi s obligations, coven- ants or agreements 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 he foreclosed with all rights and remedies afforded by the laws of Florida and Mortgagor shall {,ay all costs, charges and expenses thereof, including-a reasonable attorney's fee, including all such costs, expenses and attorney's fees (or any retrial, rehearing or appeals. The indebtedness secured hereby t shall bear interest at the highest lawful me of interest per annum in the State of Florida from and after the date of any such default of Mortgagor. It the Note provides for instalment fulyments, the Mortgagee may, at its option, collect a late charge not to exceed two cents for each one dollar not paid to the Ilioriq:lgee when due, to reimburse the Mortgagee for expenses in collec•tinq and servicing such instalment payments. 13. If default lie rrk~de in payment, when due, of any indebtedness secured hereby, or in performance of any of 1lforigagoi s 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 the A'Iorigaged Property or any part thereof, to flerform any acts Mortgagee deems necessary or proper to conserve the security and to collect and receive all rents, issues and profits thereof, including those fulst due as well as those accruing thereafter, and { (h) Mortgagee shall he entitled, as a matter of strict right, without notice and ezparte, and without regard to the value or occupancy of the security, or the solvency of I<'Iorigagor, or the 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 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 ~ i any part thereof. The ezpense (including receiver's [ees, counsel fees, costs and agent's compensation) incurred pursuant s to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costa and expenses incurred) ° -2- 9CC!c ~02 ~t~C~~84 ~ ~ t f ~ ~ - _ - - - - - ~ -