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HomeMy WebLinkAbout2139 , account to pay such charges when due shall be paid by Mortgagor to Mortgagee on demand. If, by reason of any default by Mortgagor under any l+roviaion of this Mortgage, Mortgagee declares all sums secured hereby to he due and payable, Mortgages may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes. assessment and insurance premiums herein otherv+rise provided shall not be affected except + insofar as those obligations have been met bye compliance with this patagrapb- Mort~rigee may from time to time at its option waive, and attar 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 as herein ebrewhere provided. 4. To promptly pay all taxes-and assessments assessed or levied under and by virtue of any state, federal, or municipal • law or regulation hereafter p®ssed. against Mortgagee utwn this Mortgage or the debt hereby secured. or upon its interest ! under this Mortgage. provided however, that the total amount so paid for any such taxes pursuant to this paragraph togeth- t er with the interest payable on said indebtedness shall not excced the highest lawful rate of interest in Florida and provided further that in the event of fir, 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- rnme inrrnediately due and payable at the option of Mortgagee. . 5. To keep the Mortgaged Property insured against lose or damage by fire, 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 f policies of such insurance shall be in the town 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 r+equire,'shall be issued by a company or rnmpanies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- . ever required by Mortgagce, 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 ~ 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 ibis Mortgage or other acquisition of the Mortgaged Property or any part there- of by Mortgagee, such policies shalt become the absolute property of Mortgagee. 6. To first obtain the written consent of Mortgagee, 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, (b) altering the arrangement. design or structural character thereof, (c) making any repairs which involve the removal of structural parts or the exposure o[ the interior of ouch 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 part of the Mortgaged Property, or It) entering into or modifying any leases of the Mortgaged Property. 7. To maintain the Mortgaged Property in good rnndition and repair, including but not limited to the making of such repairs as Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Property and to not commit or permit any waste thereof. 8.~ To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Mortgaged Property, and not to suffer or permit any violation thereof. ~ - 9. I[ Mortgagor tails to pay any claim, lien or encumbrance which is superior to this Mortgage, or when due, any tax or asseaament or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit .waste, or if there be commenced any action or proceeding at[ecting 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 acid claim, lien, encumbrance, tax, aasesament 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 praceding 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 a/torney's fees and other items of expense as it deems. necessary. 1liortgagce shall be the sole judge of the legality, validity and priority i 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 making any such payment, which delay may result in any additional interest, costa, 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 i Florida, and .all such soma and interest lheiron shall be secured hereby. i 11. All sums of money ~aecured hereby shall be payable without any relief whatever from any ~•aluation or appraise- men! laws. - 12. It default be made in payment of any instalment of principal 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- ants oragreements hereunder, all of the indebtedness secured hereby shall become and be imYEiediately 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 mats, charges and expenses thereof, including a reasonable attorney's fee, including all such costa, expenses and attorneyb tees 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 o[ any such default of Mortgagor. It the Note provides for instalment payments, the Mortgagee may, at its option, collect a late charge not to exceed two cent 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- It default lie made in payment, when due, of any indebtedness secured hereby; or in performance of any of Mortgagor a obligations, covenants or agreement hereunder: - la) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of the Mortgaged Property or any part thereof, to perform any acts Mortgagee deems necessary or proper to conserve the security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing x thereafter, and (b) Mortgagee shall be 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 Mortgagor, or the adequacy of the Mortgaged Property as security [or the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and t 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 ot, and for these purposes use, any and all persona) property which is a part of the Mortgaged Property and used by Mortgagor in the rental or-leasing thereof or any part thereof. The ezpense (including receivei s fees, counsel ices, costa and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costs and e:pensee incurred) F -2- - o Na Z~~ - - ~ ~