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HomeMy WebLinkAbout2058 4 ..fee ~^li`,r~ ac•c•ount to pay such charges when due atu?11 Lr {wid by Mortgagor to Mortgugee,pn dag~sd} lf, by~siertof any defauh by Mortgagor under any provision of this Mortgage, Mortgagee declares all sums secured hereby to he due and {~:?yable, Morig:?gee may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of ~ ! the coverwnta re4?ting to to:es, assessments and insurance premiums herein otherwise provided shall not be affected except insofar as those obligations have been met by compliance with this paragraph. Mortgagee may from time to time at its ~ option waive, and after any such waiver reinstate. any or :?11 provisions hereof requiring such deposits, by notice to ~ Mortgagor in writing. While any such waiver is in effect, !4torigagor shall pay taxes, asseasntents and insurance premiums :?s herein elsewhere provided. 4. To promptly pay all taxes and assessments assessed or levied under and by virtue oI any state, federal, or munic•i{x?1 F law or regulation hereafter passed, against Mortgagee u{wn 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 fazes pursuant to this paragraph togeth• i er with the interest payable on said indebtedness shall not exceed the highest lawful rate of interest in Florida and provided further that in the event of the passage of any ouch law ar regulation imposing a ta: or assessment against Mortgagee up• l on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage stu?11 lhereu{wn he- , a come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against lose or damage by (ire, and all petits insured ugains/ by an cx- f tended coverage 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 tram 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 loss 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 may 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 {sari thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. t)pon exercise of 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 properly of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld at the sole discretion of htorigagee, before (a) removing or demolishing any building now or hereafter erected on the premises. (h) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structural parts or the exposure of the interior o[ such 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 ezchanging any tangible personal {property which is {x?ri of the Mortgaged Pro{?eriy, or (tl entering into or modi[ying 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 :cs Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Pro{~erty and to not commit or {permit any waste thereof. 8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions aftec•ting the Mortgaged Property, and not to suffer or hermit any violation thereof. 9. If Mortgagor tails to {k?y any claim, lien or encumbrance which is sut?erior to this Mortgage, or when due, any taz ' or assessment or insurance premium, or to Beep the Mortgaged Property in repair, or shall commit or permit waste, or it there tie commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, taut not limited to, eminent domain and bankruptcy or reorganization proceedings, then lliortgagee• at its option, may {key s•?id claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may make such repairs and take such ste{~s as it deems advice?ble to prevent or cure such w:?ste, and may appear in any such action or praeeding and retain counsel therein, and take such action therein as Mortga~:e deems ad- visable, and for any of such purposes 114ortgagee may advance such sums of money, including all costs, reasonable attorney's tees 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 :?nd premium and of the amount necessary to be paid in satisfaction thereof- Mortgagee shall not he held accountable for any delay in making any such {r.?ymenl, which del:?y m:?y result in any additional interest, costs, charges, ex{~enses or otherwise. 10. Mortgagor will fx?y 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 F expense, together with interest on each such :?dvancement at the highest lawful rate of interest {ter annum in the State of Florida, and all such sums and interest thereon shall I?e secured hereby. 11. All sums of money secured hereby shall tie t~:cyahle without :cny relief whatever from any valuation or npprrise- ment laws. I 12. If default be made in {?ayment of any instalment of principal or interest o[ 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 Mortgagors obligations, coven- ants or agreements hereunder, all of the indebtedness secured hereby shall become and he immediately 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 Aortgagor shall pay all costs, charges and expenses thereof, including a reasonalle attorney's tee. including all such rents, expenses and attorney's tees for any retrial, rehearing or appeals. The indebtedness secured hereby i ~ shall be:?r 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 Note provides for lost:?Iment {~ayn?ents, the Mortgagee may, :it its option, collect a late charge not to ezceed two cents for each one dollar not {acid to the Mortgagee when due, to reimburse the Mortgagee for expenses in collecting and servicing such instalment payments. l3. If default tee made in payment, when due, of any indebtedness secured hereby, or in performance of any of I<lortgagor s obligations, covenants or agreement hereunder: :r • (a) I1lortgagee is authorized at any time, without notice, in its sole discretion to enter u{wn and take {xcsses~ion of x= the Mortgaged Property or any part thereof, to perform any arts Mortgagee deems necessary or proper to renserve the security and to collect and receive all rents, issues and pm(its thereof, including those past due as well as those accruing thereafter: and ; r Ih) Mortgagee shall he 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 (or ~ the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and K profits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers permitted t under the laws of Florida. In either such case, Mortgagee or the receiver may also take possession of, 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 expense (including receiver's tees, counsel 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 e:pensea incurred) -2- r scoK 3U4 cA~~ 2056 ,~a i