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HomeMy WebLinkAbout2727 . This mortgage is made, bovever. subject to the following covrnants, conditions and agreeatertts: FIRST: That the mortgagor hereby agrees and covenants to pay the interest and principal hereby secured promptly when due .and if default be made in any part thereof, or in the payment of any other monies hereby secured. then the wane shat!, without demand if mortgagee shall elect, become due and payable at once and the mortgage troy be foralosed is the meaner provided by law. SECOND: 'T'hat the mortgagor agrees to pay u the same become due and payabk all taxes, :tsesstrtertts, utd other durga imposed by 4w- (including ditch, canal, reservoir, or other water charges, taxes, or assessments) upon said preantses or way put thereof including the mortgagee's interest therein and upon this mortgage or the note or indebtedness secured hereby. provided that should the amounts peed for the mortgagee under this Qaragnph for such taxes, usessments and other charges together with the interest on the indebtedness txceed the highest Interest me pettnitted by law on the , indebtedness then owing, mortgagor shall not be liabk to pay any of such exceu over the highest lawful nee. In the evrnt of the passage, after the date hereof, of any law by the State of Florida, deducting from the value of land for the purpose of taxation any lien thereon or changing in any way the existing laws for the taxation of mortgages or debts secured by mort- gage for shte or loal~~utposes, or the manner of the collection of any such taxes, so u to affect this mortgage, the holder of this rrwttga~e and of deebbtt which it secures, shall love the right to give six (6) months' writtrn notice' to the owner of said - land rr~cqwwnng the pavment,of the rntirr indebtedness senued-hereby, and it is hereby agreed that if such~notice be givrn the said indieedness dull baoane due, and collectible at the expintion of said six (6) months. THIRD: That the mortgagor agrees to pay all other debts that are now or may become liens port or chugs agair?ss said premises, and not to perm!! any ern of any kind- to accrue and remain oo utd premises, or the Improvements thereon, which mitt take precedence over the lirn. of this mortgage. The mortgagor further agrees not to create any lirn on uid premises lunlor hereto unku the person entitled to the bone Its thereof shall. have agreed that the time for the payment of the indebtedness hereby secured and the manner and amount of ppaayment thereof and the brnefrts of the security afforded hereby ma ,without consrnt of suds person and without any obligation to give notice of any kind thereto, be extrnded, reextended, accelentcd, susprnded and refunded on any terms whatsoever without •in any manner affecting the priority of the lirn hereby crated u security for the paymrnt of the indebtedness secured hereby or any obligation substituted therefor or issued to refund same. _ - FOURTH: That the mortgagor agrees to keep uid premises and improvements thereon in good condition and repair snd not to cnutatit or suer waste thereof;.to opente all lands, whether improved putures, orchards, gruing, timber, or crop lands, in a good and husbandmanlike manner m accordance with ucepted principles of sound agricultunl and forestry practices; to take all reasonable precautions to control wind and water croslon: to fertilize improved pastures, if any, where necessary to maintain a good stand of desirabk gixsses; to protect orchards and timber, if any, by reasonable precautions against loss or damage by fire iachrding the maintenance of appropriate 6rc breaks; and neither to remove nor permit the rrnaoval of any timber, buildings, oil, gas, minrral, stone, rode, clay, fertilizer, gavel or top soil without the prior writtrn j consrnt of the mortgagee. The mortgagee shall have the right to inspect the rr~ortgagcd property at wdt reasonable times and intemaLs u the mortgagee may desire, to determine the mortgagor's compliance with the covrnants contained in any clause of this mortgage. FIFTH: That the mortgagor agrees to procure, maintain and deliver, premiums paid, to the mortgagee policies of i ~ iasuntiee against.such hazuds on the buildings now or hereafter located on said premises u the mortgagee may from time ! to time rectwre, in such companies and in such amount and form and with such loss payable clauses u shall be satisfac- { tort' to the mortgagee. The mortgagee is authorized to assign and deliver said policies to any purchaser of this mortgage or ! to the purduser of said premises at any foreclosure ule. In evrnt 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 by the mortgagor shall be d to the mortgagee who at its sole discretion may apply same or any part thereof on account of the indebtedness secured hereby whether or not then due and payable, or may apply the same or any part thereof s ! towrards the alteration, reconstruction or repair of said buildings, either to the portion damaged or any other portion thereof, or rckase same to the mortgagor. Such application or rciease shall not cure or waive any default or notice of default here- - ` r 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 t prepaid, or to pay, u the setae become due and payable, any tax or assessment imposed by law Lpon said premises or any part thereof. or the notq or indebtedness 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 Fourth hereof, the i mortgagee may, without notice or demand, insure any of the buildings and pay the cost of such inwnnce and pay any of ~ said taxes, usessmertts, lirns, claims and charges, or any part thereof, or redeem from the sale of uid premises for any taxes or assessments (irregularities in the levy or imposition of any tax or usessment being expressly waived), or tedettrrt from the sale of said premises resulting from the rnforcemrnt of any such lirn. claim or charge, or txpend such sums as ~ may be necessary to correct the failure of the mortgagor to comply with the provisions of uid pangnph Fourth. and the mortgagor hereby agrees immediately to repay to the mortgagee, without notice or demand, any sums so !aid with interest 1 thereon at the same me u specified In the note secured hereby nn the principal thereof after default and maturity, and all sums paid by the mortgagee with interest shall become a part of the indebtedness. secured hereby, and in default of immediate rrpaymrnt thereof by the mortgagor the whole indebtedness secured hereby shall at t}Ie option of the mortgagee become due and payable forthwith without notice. i ~ SEVENTH: That in the. cwrnt the mortgagor sells or conv said premises, or any portion thereof. or, if the mortgagor is a corpontion, sells, !tides or disposes of more than ...9.......% of its corporate stock to persons other than ~ the prrsertt 0 e00 r heirs and qualified directors prior to the time the indebtedness secured hereby shall have bern reduced to = thrn, at the option of the mortgagee, the rntirc said indebtedness shall become due and payable. i EIGHTH: That the mortgagor agrees to pay on demand all expenses and attorneys' fees incurred by the mortgagee by • reason of litigation or legal proceedings in which the mortgagee is made a party to protect the lien of this mortgage and - aH moneys so paid by the mortgagee, including any expense Iixvrred in procunng or continuing abstracts of titk and tick policies and searching the records for the purposes of such lit~ijgatign, shall bar iptc~estihtb^es/ame mie~ifxied in the 3 G!! ~U~ ''Arc ~ / V ~ ~ a t7~.J - _ 7 ~