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HomeMy WebLinkAbout2723 is i This mortgage is made, however, subject to the folbwing covenants, conditions and agrernxaa: . FIRST: Hutt the modgagor hereby agrees sod rnvenants to pay the interest and principal. hereby secured promptly when due sad if default be made in any pact thereof, or in the payment of any other names hereby secured, . thrn the same shall, without demand if mortgagee shill, elect, become due and payable at once ,and the mortgage may be foreclosed in the manner provided by law. SECOND: That the mortgagor agrees rQ pay u the same become due and payable all taxes, assessments, and other charges imposed by law (including ditch, canal, reservoir, or other water durges, taxes, or usesunena) upon said premises or any part thereof including the mortgagee s interest therein and upon this mortgage or the note or indebtedness secured hereby. provided that should the scnouna paid for the mortgagee under this Qaragraph for such taxes, assessments and other charges together .with the interest on the indebtedness exceed the highest interest rate permitted by law on the indebtedness then owing, mortgagor shall not be liable to pay any of such excess over the highest lawful nte. In the evrnt of the passage, after the daft hereof, of any law by the State of Florida, deducting from the value of land for the purpose of taxation any lien thereon or ~hang~'ng in any way the existing laws for the taxation of mortgages or debts secured by mort- g' ge for sate or kxal ,purposes, or the manner of the collection of any such taxes, so u to affect this mortgage, the holder of ,this mortgage and of dx debt which it secures, shall have the right to give six (6) months' writtrn notice to the owner of said • Viandrogurnog the payment of the entire indebtedness secured hereby, god it is hereby agreed that if such notice be givrn the said inrleLtedness shall become due, and collectible at the ezpintion of said six (6) rdonths. THIRD: That the anodgagor a to pay all other debts that arc now or may become liens upon or durges against ~ said remises, sad not to permit any lien of any kind to accrue and remain on said premises, or the improvements thereon, wh~ might take precedence over the lirn of this mortgage. The mortgagor further agrees not to create any lirn on said prbcnisfes funior hereto unless the person entitled to the brnefits thereof shall have agreed that the time for the payment of the indebtedness hereby secured and the manner and amount of ppaaymrnt thereof and the benefits of the security afforded 'bereby.imay, without consent of such person and without any obligation to give notice of any kind thereto, be extrnded, re~teoded. accelerated, suspended and refunded on any terms whatsoever without in any manner affecting the priority of •~~.lirn hereby seated u security for the paymrnt of the indebtedness secured hereby or any obligation substituted th~joef or issued to refund same. I~tJRTH: That the mortgagor agrees to keep said premises and improvemrnts thereon in good condition and repair and nth to commit or suffer waste thereof;. to operate all lands, whether improved pastures, orchards. grazing, timber, or crop lands, in a good and husbandmanlike manner in ucordance with ucePted principles of sound agricultural and forestry practices; to take all reasonable precautions to control wind and water erosion: to fertilize improved pastures, if any. where necessary to maintain a good stand of desirable-gasses; to protect orchuds and timber, if any, by reasonable precautions against loos or damage by fire including the maintenance of appropriate Ere breaks; and neither to remove nor permit the i removal of any timber, buildings, oil, gas, mineral, stone, rock, clay, fertilizer, gravel or top soil without the prior writtrn ~ consent of the mortgagee. The mortgagee shall have the right to inspect the mortgaged property at such reasonable times and intervals u the mortgagee may desire, to determine the mortgagor's compliance with the covrnants eonained in any clause of this mortgage. E FIFTH: ?hat the mortgagor agrees to procure, maintain and deliver, premiums paid,-to.the mortgagee policies of E insurance against such hazuds on the buildings now or hereafter located on uid premises u the mortgagee may from time to time tegwre, in such companies and in such amount and form and with such loss payable clauses u shall be utisfu- tory to the mortgagee. The mortgagee is authorized to assign and deliver said policies to any purchaser of this mortgage or E to the purchaser of said premises at any foreclosure sale. In event. of loss the mortgagee is expressly authorized and em- powered to settle or compromise claims under said policies, and the proceeds from said policies u well u any other policies ~ procured b1 the mortgagor shall be id to the mortgagee who at its sole dixretion may apply same or any part thereof on account of the indebtedness secured hereby whether or not thrn due and payable, or may apply the same or any part thereof towards the alteration, reconstruction or repair of uid buildings, either to the portion darruged or any other portion thereof, of rslease same to the mortgagor. Such application or release sh;Il not cure or vraive any default or notice of default here- ~ under or invalidate any act done pursuant to such notice. SIXTH: That in the event the mortgagor shall fail to procure, maintain and deliver the insurance policies, premiums prepaid, or to pry, u the same become due and payable, any tax or assessment imposed by law upon said premises or any -pad thereof, or the note, or indebtedneu secured hereby, or to pay any lien,-claim or charge against such premises which might take precedence over the lirn of this mortgage or to comply with the provisions of paragraph Fcwrth hereof, the mortgagee may, without notice or demand, insure any of the buildings and pay the cost of such insurance and pay any of -said toes, usasments, urns, claims and chuges. or any part thereof, or redeem from the sale of said premises for any taxes or assessments (irregularities in the levy or imposition of any tax or assessmrnt being expressly waived), or redeem from the sale of said premises resulting from the enforcement of any such lien. claim or charge, or exprnd such sums u may be necessary to correct the failurt of the mortgagor to comply with the provisions of said paragraph Fourth. and the modgagor hereby agrees immediately to repay to the mortgagee, without notice or demand. am sums so laid with interest thereon at the same ntt as specified in the note soured hereby nn the principal thereof after default and maturity, and all sums paid by the modgagee with interest shall become a part of the indebtedness secured hereby, and in default of immediate repaymrnt thereof by the mortgagor the whole indebtedness secured hereby shall at the option of the mortgagee become due and payable forthwith without notice. SEVENTH: That in the rvrnt the mortgagor sells or conveys said premises, or any portion thereof, or, if the modgagor is a corporation, sells, trades or disposes of more than of its corporate stock to persons other than the presrnt o0 Obthnr heirs and gwlified directors prior to the time the indebtedness secured hereby shall have bern ~ reduced to = thrn, at the option of the mortgagee, the rntire said indebtedness shall become due and payable. EIG'fI'fH: That the modgagor agrees to pay on demand all expenses and attorneys' fees incurred by the modgaget by reason of litigation or legal proceedings in which the mortgagee is made a party to protect the lirn of this modgage and all moneys so paid by the mortgagee. including any expense incurred in procunng or continuing abstracts of title and tick policies and seardiing the records for the ~~r7p~~rrosl~es~of such litigation, shall bear interest at the sair~e rate u specified in the sr~K e]lue~ ~lr,E2?19 ~~Pr ~3U1 r.~rF1874 R