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HomeMy WebLinkAbout1988 ~ i ~ i (l ~ ~ unv,unt to {xiy such i•harges when due shill t,e tuiid by Mortgagor to Mortgagee .,n demand. rl(, by reason of any del:wlt by Mortgagor under any provision of this Mortgage, Mortgugoe dcK•lures all sums aec•ured herel?y to he due and l,ayable, Mortgagee may then apply any funds in quid account against the entire indebtedness secured hereby. The entorceubility of the covenants relating to taxes, assessments and insurance premiums herein otherwise provided shall not be at(ectod except insofar as those obligations have been met by compliance with this paragraph. Mortgagee may tram ?ime to time at its option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to Morig:igor in writing. While any wch waiver is in effect, Mortgagor shall pay taxes, asseasnienla and insurance {,remium8 :u herein elsewhere provided. - 4. To promptly pay all taxes and :iasesaments ux~eaaed or levied under and by virtue of any elute, federal, or municipal law or regulation hereafter passed, against Mortgagee ul,on this Mortgage or the debt hereby secured, ur upon its interest under this Mortgage, provided however, that the- total amount so paid tut any such ?axes puniuant to this paragraph togeth- s er with the interest p:iyut,le on said indebtedness shall not exceed the highest lawful rate of interest in Florida and provided further that in the event o[ the passage of any such law or regulation imposing a tax or assrs+imenl against Mortgagee up- on th~a Mortgage or the debt secured hereby, that the entire indebledneaa secured by this Mortgage shall thereupon be- come immediately due and payable al 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 coverage endorsement, rind such other risks and l,erila as Mortgagee in its discretion may require. The policy or f {,olicies of such insurance shall be in the form in general use from lime to time in the locality in which the Mortgaged Property'is situated, shall he in such amount us Morigtigee may reasonably require, shall be issued by a coml,:iny or romlxiniea approved by Mortgagee, and shall contain :i standard mortgagee clause with loss {myable to Mortgagee. When- ever required by Mortgagee, such policies, shall t,e delivered immediately to and held by 1ltorigagee. Any and :ill amounts received by 1~lorigagee under any of such {,olicies rosy t,e 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 shalt cure or waive any default. g Upon exercise of the power of sale given in this Mortgage or other acquisition of the Mortgaged Property or any part them- € of by Mortgagee, wch policies shall t,ecome the absolute property of Mortgagee. l 6. To first obtain the wrctten consent of Mortgagee, such consent to t,e granted or withheld at the sole discretion n( Mortgagee, t,etore (a) removing or demolishing any building now or hereafter erected on the premises, Ib? altering the } arrangement, design or structural character thereof, Ic) making any repairs which involve the removal of structural parts or the exl,oaure of the interior of such building to the elements, Id? cutting or removing or permitting the cutting and re- • :novel of any trees or timber on the Mortgaged Property, let removing or exchanging any tangible personal property which i is {,:irt of the.Mortgaged Properly, or (f) entering into or modifying any leases of the Mortgaged Pml,erty. 7. To maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such reluiirs :is Mortgagee nuiy from time to time determine to t,e necessary (or the preservation of the Mortgaged Property and t to not commit or permit any waste thereof. R. To comply with all laws, ordinances, regulations, covenants, c•onditiuns and restrictions affecting the \IorlKaged Property, and not to suffer or hermit any violation thereof. : I 9. If Mortgagor toils to pay any claim, lien or encumbrance which is superior Io this Mortgage, or when due, any tux l or assessment or insurance premium, or to keep the 1`lorigaged Prol,erty in repair, or shall commit or hermit waste, or if .there t,e commenced any action or prcx•eeding affecting the Mortgaged Property or the title thereto, or the interest of :~1ortKagee therein, including, t,ut not limited to, eminent domain and bankruptcy or reorganization proceedings. then 5torigagee, at its option, may t,ay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may make such retmira and take such steps as it deems advis:it,le to prevent or cure such waste, and may l appear in any such action or proceedinK and retain counsel therein, and take such action therein as t\tortgugee deems ud- l visable, and (or any of such purposes Mortgagee may advance such sums of money, including all costs, reasonable attorney's fees and other items of extiense as it deems. necesx:iry- MortKugee shall I,e 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 t,aid in satisfaction thereof. Mortgagee shall not l,e held accountable for any delay in making any such t,ayment, which delay may result in { any additional interest, costs, charges, exfenses or otherwise. t F r 10. Mortgagor will lk+y to Mortgagee, immediately and without demand, all sums of money advanced by MortgaKee i € to protect the security hereof pursuant to this Mortgage, including all coats, 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 s Florida, and all such sums and interest thereon shall t,e secured hereby. ` 11. All sums of money secured hereby shall t,e payable without any relief whatever from any valuation or appraise- ment laws. E t 12. If default t,e made in payment of :uiy instabnent of principal or interest of the Note or any part thereof w• en i 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 l,:iyable 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 t,e foreclosed with all rights and remedies afforded by the laws of Florida and htorigagor shall pay all costa, charges and expenses thereof, including a reasonable attorney's fee. including all such costs, expenses and attorney's 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 of any such default of Mortgagor. It the Note provides (or instalment f>iiyments, the hiorigagee may, :+t ,ts option, collect a late s charge not to exceed two cents for each one dollar not paid to the i\tortgagee when due. to reimburse the Aortgagee for ; ext,enaes in collecting and sen•ic•ing such instalment payments 13. If default he made in payment, when due. of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, covenants or agreement hereunder: 1~ ; - la? Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take twssession of the Mortgaged Property or any part thereof, to perform any ac•is !~IortguKee deems necessary or proper to consen•e the security and to collect and receive all rents, issues and profits thereof, including those l,:ist due as well as those accruing thereafter: and Ih) Mortgagee shall t,e entitled, as a matter of strict right, without notice and exports, and without regard to the value or oc•cutuincy of the security, or the solvency of Atorigagor, or the adequacy of the Mortgaged Property as security for the Note, to have a receiver aptwinted to enter upon and take lwsaesgion of the Mortgaged Property, collect the rents and profits therefrom and apply the slime as the court may direct, wch receiver to have all the rights and powers permitted K under. the laws of Florida. In either such case, Mortgagee or the receiver may also take {,osgesaion ot, 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 any part thereof. The exl,enae lincluding receiver's fees, counsel tees, costa and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Alorigagee shall latter payment of all costs and expenses incurred> -2- ~ k r1 gC'0!~U4 ~Ar.cl~~ 9 ti