HomeMy WebLinkAbout1746 ac-c•ount to fury such charges when due shall I?e fuaid by Mortgagor to Mortgagee on demand. If, by mason of any default
by Mortgagor under :rny provision of this Mortgage, Mortgagee dec•luras all sums secured hereby to he due and fx?yable,
Mortgagee may then 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 except
insofar us those obligations have (?een met by compliance with this paragraph. Mortgagee may from time to time a/ its
option waive. and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to
Aortgagor in writing. While any such waiver is in effect, Mortgagor shall pay fuzes, assessments and insurance premiums
:rs herein elsewhere provided.
4. To promptly pay all !axes and assessments assessed or levied under and by virtue of any state, federal, or municifxsl
law or regulation hereafter passed, against Mortgagee ufwn this Mortgage or the debt hereby secured, or ufwn its interest
under this Mortgage, provided however, that the total amount so paid for any such taxes pursuant to this fuir.?Kraph 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 passage of any such law or regulation imposing tax or assessment against Mortgagee up•
on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereufwn t?c•-
c•ome immediately due and f~ayuble 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 perils :rs Mortgagee in its discretion may require. The policy or
fwlicies 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 1liortgagee 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, surh policies, shall 1?e delivered immediately to and held by 114ortgagee. Any and all amounts
received by Mortgagee under any of such fwlicies may I,e applied by Mortgagee on the indebtedness secured hereby in such
manner as Mortgagee may, in its sole discretion, elect or, ut the option of Mortgagee, the entire amount so received or any
Bart thereof may he released. Neither the nf?plication 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 fwlicies shall become the absolute property of Mortgagee.
6. To first obtain the written consent of Mortgagee, such consent to I,e granted or withheld at the sole discretion of
Mortgagee, before (a) removing or demolishing any Iuilding now or here:rtter erected on the f?remises, It?? :?Iterinq the
arrangement, design or structural character thereof, fcl making any repairs which invoh•e the removal of structural parts
or the exposure of the interior of such building to the elements, Id) cutting or removing or permitting the cutting and re-
moval of any trees or timber on the Mortgaged Pmperty, Ie1 removing or exchanging any tangible f?ersonal property which
is fkcrt of the Mortgaged Property, or (f) entering into or modifying any leases of the Mortgaged Pmfx•rty.
7. 7'o maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such
repairs as Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Property and
to not commit or hermit any waste thereof.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Mortgaged
Profx•rty, and not to suffer or f?ermif :rny viol:riion thereof.
9. If Mortgagor fails to p:?y any claim, lien or encumbrance which is sufx•rior to this Mortgage, or when due, any tax
or assessment or insurcrar premium- or to keep the Mortgaged Property in repair, or shall commit or fx•rmit waste, or if
there 1?e commenced any action or proe•eeding affecting the Mortgaged Prof?erty or the title thereto, or the interest of
1liortgagee therein, including, I,ut not limited to, eminent domain and bankruptcy or reorganization proceedings, then
Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation
thereunder, may make such repairs and take surh steps as it deems advis:?hle to prevent or cure surh waste, and may
appear in any surh action or proceeding and retain counsel therein, and take such action therein :rs 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 exf?ense as it deems nec•ess:rry. 114ortgagee shall he 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 paid in satisfaction
thereof. Mortgagee shall not be held accountable for any delay in making any such fk?yment, which delay may result in
any additional interest, costs, charges, expenses or otherw•ise-
it 10. Mortgagor will u? to Mort ee i
1 Y g P mmediately and without demand, all sums of money adv.+nc•ed by Mortgagee
to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's fees and other items of
expense, together with interest on each such advancement at the highest lawful rate of interest f?er annum in the State of
~ Florida, and all surh sums and interest thereon shall be secured herehv-
11. All sums of money secured hereby shall I,e h:»•:rhle without any relief whatever fmm any valuation or :y?praise•-
ment laws.
12. If default he made in fx?yment of any instalment of principal or interest of 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 111ortgagor'a obligations, c-oven-
:rots 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
o! all rights and remedies, at law or in equity, and this Mortgage may be foreclosed with all rights and remedies afforded t?v
the laws of Florida and Mortgagor shat) pay all costs, charges and expenses thereof, including a reasonable attorney's fee,
including all such costs, expenses and attorney's fees for any retrial, rehearing or appeals. The indebtedness secured hereby
shall hear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of am•
such default of Mortgagor. If the Note provides for instalment payments, the Mortgagee ma
y, ut 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 Mortgagee (or
& expenses in collecting and servicing such instalment payments.
~ 13. If de(au1C he made in payment, when due, of any indebtedness secured hereby, or in performance of am• of
Mortgagor's obligations, covenants or agreement hereunder:
laf A4ortgagee is authorized at any time, without notice, in its sole discretion to enter ufwn and take fwssession of
the Mortgaged Property or any part thereof, to f?erlorm any acts Alortgagee deems necessary or proper to c•onsen•e the
security and to c•ollec•t and receive all rents, issues and profits thereof, including those past due as well as those an•ruing
thereafter; and
Ib? Mortgagee shall be 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 for
the Note, to have a receiver apfwinted to enter upon and take possession of the Mortgaged Property, collect the rents and
profits therefrom and apply the same as the court may direct, such receiver to have all the rights and power9 permitted
under the laws of Florida.
In either surh case, Mortgagee or the receiver may also take ~wssession of, and for these purposes use, any and all
f?ersonal property which is a part of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or
1 any part thereof. The expense (including receivers fees, counsel fees, costs and a sot's com
~ B pensation) incurred pursuant
to the powers herein contained shall be secured hereby. 2Vtortgagee shall (after payment of all costa and expenses incurred)
-2-
~ok.3U9 ::1743
i
r ~ ,