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HomeMy WebLinkAbout2969 uc+•ount to fxry such charges when due ah:all tee fruid by Mortgagor to Mortgagee on demand. lt. by reason of any default by Mortgagor under any frrovision of this Mortgage, Mortgagee dec•lurea all sums secured hereby to be due and fwyalrle, Mortgagee may thou apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurance premiums herein otherwise provided shall not be affected a:cept iruo(ar 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 all provisions hereof requiring such deposits, by notice to Mortgagor in writing. While any wch waiver is in effect, Mortgagor shall pay taxes, easeasmenta and insurance premiums rrs herein elsewhere provided. 4. To promptly fray all taxes and assessments assessed or levied under sand by virtue of any state, federal, or municipal law or regulation hereafter passed, against Mortgagee ufwn 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 taxes pursuant to this paragraph togeth- er with the inter+eat 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 such law or regulation imposing a ta: or assessment against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereufron be• come immediately due and payable at 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, and such other risks and perib as Mortgagee in its discretion may require. Tlae policy or policies 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 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 part thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. Upon 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 property of Mortgagee. 6. To Iirst obtain the written consent of Mortgagee, such consent to he granted or withheld at the sole discretion of Mortgagee, before la) removing or demolishing nny building now or hereafter erected on the premises, (b) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structural fr:arts or the exposure of the interior of such building to the elements, Id) cutting or removing or permitting the cutting and tr- moval of any trees or limber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which is fraH of the Mortgaged Property, or (t) entering into or modifying any leases of the'Mortgaged Property. 'I'o maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such refxaira as Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Property and to not commit or permit any waste thereof. t3. To comply with all Iowa, ordinances, regulations, covenants, a•onditiom and restrictions aftea•ting the Mortgaged Property, and not to suffer or permit any violation thereof. 9. If Mortgagor fails to fu+y any claim, lien or encumbrance which is sufrerior to this Mortgage, or when due; any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or hermit waste, or it there he commenced any action or proceeding affecting the Mortgaged Protrerty or the title thereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then Mortgagee, al its option, may pay acid claim, lien, encumbrance, tax, assessment or premium, with right of .subrogation thereunder, may make ouch repairs and take sua•h stefrs :as it deems advisable to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such action therein as Mortgagee deems ad- visable, and for any of such purposes Mortgagee may advance such sums of money, including all costs, reasonable attorney's fees and other items of extreme as it deems necessary. Mortgagee shall be 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 he paid in satisfaction thereof. Mortgagee shall not Ire held arcountatrle for any delay in making any au+•h fxayment, which delay may result in any additional interest, costa, charges, expenses or otherwise. 1t?. Mortgagor will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee to protea•t the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's fees and other items of expense, together with interest on each~auch advancement at the highest lawful rate of interest per annum in the State of Florida, and all such sums and interest thereon shall tee sea•ured hereby. 11. All sums of money sea•ured hereby shall tee fkayable without :any relict whatever from any valuation or apprnise- ` ment laws. • ~ 12. If default tee made in fwyment of any instalment of princifral or interest of the Note or any hart thereof when due, or in payment, when due, or any other sum secured hereby, or in frertormance of any of Mortgagor's ob[igaliom, coven- F :ants or agreements hereunder, :ell of the indebtedness sea•ured hereby shall bea•ome and Ire immediately due and frayalrle at the ~ option of Mortgagee, without notice or demand which are hereby expressly waived, in which event Mortgagee may avail itself ~ of :ell 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 Mortgagor shall pay all costs, charges and expenses thereat, .including areasonable attorney's fee, including all such coats, expenses and attorney's fees for any retrial, rehearing or appeals. The indebtedness secured hereby shall bear interest at the highest I:awful rate of interest per annum in the St:rte of Florida from and after the date of :any such default of Mortgagor. If the Note provides for instalment payments, the Mortgagee may, at its option, collect a fate charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee for ezfrenscw in collea•ting and servicing such instalment fraymenis 13. If default Ire made in payment, when due, of any indebtedness secured hereby, or in frer(ormance of any of `s Mortgagor's obligations, covenants or agreement hereunder. la) Mortgagee is authorized at any time, without notice, in its sole disa•retion to enter ufwn and take frossexsion of the Mortgaged Protrerty or any part thereof, to freeform any acts Mortgagee deems necessary or proper to conserve the security and to collect and retfive i.ii rrniz+, rues and frrarfils theme, including tharae fr:asi due :as well :as those aat•roinK thereafter: and Ih) Mortgagee shall Ire entitled, :as :a matter of strict right, without notice and exfrarte, and without regard to the value or occupancy of the seavrity, or the solvency of Mortgagor, or the adequacy of the Mortgaged Properly as aec•urity for the Note, to have a receiver apfrointed to enter ufron and take frossesaion of the Mortgaged Property, collect the rents and profits therefrom and apply the same as the court may direa•t, such receiver to have all the rights and powers permitted ' under the laws of Florida. i In either such case, Mortgagee or the receiver may also take possession ot, and for these purposes use, any and all ~ Personal property which is a {cart of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or 5 :any part thereof. The a:frense (including receiver's fees, counsel fees, costa and agent's compensation) incurred pursuant - to the powers herein contained shall be secured hereby. Mortgagee shall latter payment of all costa and expenses incurred) f I -L- _ r ~ z~s~ _ ~r