Loading...
HomeMy WebLinkAbout2440 ucYYrunt to pay such charges when due shall ire lurid by Mortgagor to Mortgagee on demand. 1f, by reason of any deluult by Mortgagor under uny provision of this Mortgage, Mortgagee declares all sums secured hereby to he due and payable, Mortgagee may then apply any'tunds in said account against the entire indebtedness secured hereby. The enforceability crf the covenants relating to tuxes, assessments and insurance premiums herein otherwise provided shall not be affected except insofar as those obligations have beet, met by compliance with this paragraph. Mortgagee may from time to time at its option waive, and after 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. assessrnenls and insurance premiums :ra herein elsewhere provided. 4. To promptly pay all to:ea and uaseasments assessed or levied under and by virtue of any state, federal, or municipal law or regulation herea[ter passed. against Mortgagee upon this Marta or the debt hereby secured, or upon its interest under this Mortgage, provided however, that the total amount so paid tots ny such fazes pursuant to this paragraph togeth- er with the interest payable on said indebtedness shall not exceed the hig~est lawful rate of interest in Florida and provided further that in the event of the paa8nge of any such law or regulation rm rng a tax or assessment against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtednesecured by this Morigage'shull thereulron be- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or darrral~ by tire, and all perils insured against by an ex- ~tended covernge endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or policies 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 companies approved by Mortgagee, and shall contain a standard mortgagee clause with lass 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 nary 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 o[ 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 Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to be grunted or withheld at fhe sole discretion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (b) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of alructural p:rrta or the exposure of the interior of such building to the elements, (d) cutting or removing or permitting the cutting and re- mnval of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which is Bart 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 repair, including but not limited to the making of such repairs as Mortgagee may from time to time determine to he necesgrrry for the preservation of the Mortgaged Property and to not commit or hermit any waste thereof. 8. To comply with all laws, ordinances, regulatiirns, covenants, conditions :?nd restric•tiona affecting the Aortgaged Property, and not to suffer or hermit any violation thereof. 9. It Mortgagor fails to Ikry any claim, lien or encumbrance which is sulrerior to this Mortgage, or when due, any tax or assessment or insura_ nce premium, or to keep the Mortgaged Property in relrair, or shall commit or permit waste, or if there be commenced any action or Ixoceeding affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, lwt 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 relxrire :end take such steps as it deems advisable to prevent or cure such waste, and may aplrear in any suer action or proceeding and retain counsel therein, and lake such action therein :rs 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 lraid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in marking any such Irayment, which delay may result in any additional interest, mats, charges, expenses or otherwise. i 10. Mortgagor will I><'ry 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 fees and other items of j expense, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of i Florida, and all such sums and interest thereon shall he secured hereby. f 11. All sums of money secured hereby shall he Ixryable without any relief whatever from any valuation or apprniwe- mPnt laws. - 12. If default be made in payment of :iny instalment of prine•ipal or interest of the Note or any Ir:art thereof when due, or in payment, when due, or any other sum secured hereby, or in performance of any of Mortgagor'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 ezpressly waived, in which event Mortgagee may avail itself t 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 shalt fray all costs, charges and expenses thereof, including a reasonable attorney's tee. including all such costa, 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 ;`ore provides for instalment luayments, the Mortgagee may, at its option, collect slate - charge not to exceed two rents for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee for expenses in collecting and servicing such instalment payments. 13. If default t?e made in laayment, when due, of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, covenants or agreement hereunder. la) Mortgagee is authorized at any time, without notice, in its sole discretion to enter ulron .and take laoc4ession of .the lliorigaged Property or any part thereof, to perform any acts Mortgagee deems necessary or proper to consen•e the r security and to collect and rernive all rents, issues and profits thereof, including those past due :rs well :rs those accruing t thereafter: and Ih) Moriq:rgee shall tee 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 Mortgagor, 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 I1Tortgaged Property, collect fhe 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 Iossession of, and for these purposes use, any and all personal property which is a part of the Mortgaged Property and used by I1lorigagor in the rental or leasing thereof or any part thereof. The expense (including receivers fees, counaet fees, coats and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costa and ezper?ses incurred) r -2- A _ ~ ~s-y~ ~ ~eoxew~ ~A.C~2440 ~ - ~s - _ -