HomeMy WebLinkAbout1096 account to troy such charges when due shall lie !x?id by Mortgagor to Mortgagee +~n demand. I(, by mason of any default
by Mortgagor under any provision of this Mortgage, Mortgagee declares all sums secured hereby to he due and Iwyable,
Mortgagee nary then apply any funds in said u+rount against the entire indebtedness secured hereby. The enfon•rahdity of
the covenants relating to !axes, assessments and insurance premiums herein otherwise provided shall not t,e affected except
insofar as those obligations have t,+~en met by compliance with thin paragraph. Mortgagee may from time to time at its
option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to
Mortgagor in writing. While any such waiver is in of feet, Morigagor shall p:ry taxes, ae+sesarnents and insurance premiums
as herein elsewhere provided.
4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any estate, tedend, or municilu+)
law or regulation hereafter passed, against Mortgagee ulx,n this Mortgage or the debt hereby secured, or ul?on its interest
under this Mortgage, provided however, that the total amount so paid for any such taxes pursuant to this paragraph togeth-
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 I>assage 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 ihereul,on t,e-
+•on+e immediately due and payable at the option of Mortgagee.
5. To keep the Mortgaged Property insured against loss or damage by tire, and all perils insured against by an ex-
tended cover.+ge endorsement, and such other risks and perils as Mortgagee in its discretion rru+y require. The policy or
Iwlicies of such insurance shall be in the form 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 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 :+nd all amounts
received by Mortgagee under any of such policies may I,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 t,e released. Neither the application nor the release of any such amounts shall cure or waive any default.
Upon exen•ive of the power of sale given in this Mortgage or other acquisition of the Mortgaged Prol,erty or any part there-
of by Mortgagee, such policies shall t,ecome the absolute property of 1~lortgagee.
6. To first obtain the written consent of ?Vtortgagee, such +ronsent to t,e granted or withheld at the sole discretion of
Mortgagee, before la) removing or demolishing any building now or hereafter erected on the premises, Ib) altering the
:?rr.+ngement, design or structural character thereof, (c) making any repairs which im•olve the removal of structural Darts
or the exposure of the interior of 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,- le) removing or exchanging any tangible personal property which
is p:+rt of the Mortgaged Prol,erty, or to entering into or modifying any leases of the Mortgaged Property.
7. To maint:?in the Mortgaged Property in good condition and repair, including but not limited to the making of such
repairs :?s Mortgagee may from time to time determine to be necrs.4:+ry for the preserv:?tion of the Mortgaged Prol,erty and
to not commit or hermit any waste thereof. ~
S. 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. It blorigagor tails to Imy any claim, lien or encumbrance which is superior to this Alortgage, or when due, any tax
ur :?ssessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit w:+ste, or it
there I,e commenced any action or proceeding affecting the Iliortgaged Prolrerty or the title thereto, or the interest of
Mortgagee therein, including, but not limited to, eminent domain and tr+nkrvptcy or reorganization proceedings, then
Mortgagee, at its option, may {><•?y said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation
thereunder, may make such repairs and take such steps as it deems advisable to prevent or cum such waste, and may
appear in any such action or proceeding and retain counsel therein, and take such action therein us Mortgagee deems ad•
visahle, and for any of such purl,oses Mortgagee may advance such sums of money, including all costs, reasonable attorney's
fees and other items of exl,ense as it deems necess:ry. Mortgagee shall be the sole judge of the legality, validity and priority
j of any such claim, lien, encumbrance, tax, assessment and f,remium and of the amount necessary to be f,aid in satisfaction
thereof. Mortgagee shall not be held accountable for any delay in making any such lu?yment, which delay may result in
M any additional interest, costs, charges, expenses or otherwise.
10. I1lortgagor will pay to Mortgagee, immediately and without demand, all Burns of money advanced by Mortgagee
to protect the security hereof pursuant to this hlortgage, including all costs, reasonable attorneys fees and other items of
j expense, together with interest on each such advancement at the highest lawful rate of interest l,er annum in the State of
I 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 fmm any valuation or appraise-
s ment laws.
12. If default t,e made in payment of any inst:+lment u( principal or interest of the Note or any part thereof when
due, ur in payment, when due, or any other sum secured hereby, or in performance of any of Mortgagor's obligations, Coven-
t ants or agreements hereunder, all of the indebtedness secured hemhy shall t,ecome and be immediately due and payable at the
e 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 111ortgage may t,e foreclosed with all rights and remedies afforded by
the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney's fee,
including all such costs, expenses and attorney's fees (or any retrial, rehearing or appeals. The indebtedness secured hereby
t shall hear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of any
~ Bush default of Mortgagor. If the Note provides for instalment payments, the Mortgagee may, :+t its option, collect a late
( charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimburse the Diortgagee for
expenses in collertinq and sen•icinq such instalment payments.
13. It default t,e made in payment, when due, of any indehtedne•ss secured hereby, or in t,erformance of any of
~torigagor•s obligations, covenants or agreement hereunder:
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= lal Mortgagee is authorized at any time, without notice, in its sole discretion to enter ut,on and take t,ossession of
the Mortgaged Property or any part thercc,f, to {,erform any acts Mortgagee deems necessary or proper to consen•e the
_ security and to collect and receive atl rents, issues and pro(it.4 thereat, including those past due as well as those acc•ruinR
thereafter, and
Ihl Mortgagee shall he entitled, as a matter of strict right, without notice and exparte, and without regard b the
value or occupancy of the sec•urily, or the solvency of hlortgagor, or the adequacy o[ the Mortgaged Property as security for
the Note, to have a receiver apl,ointed to enter upon and take twssession of the Aortgaged Property, collect the rents and
profits therefrom and apply the same as the rnurt may direct, such receiver to have all the rights and towers permitted
- under the laws of Florida.
In either such case, Mortgagee or the receiver may also take tx,ssession ot, 3nd for these purtwses use, any and all
tersonal property which is a part of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or
any part thereof. The ext,ense (including receiver's fees, counsel tees, costs and agent's compensation) incurred pursuant
to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costa and expenses incurred)
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