HomeMy WebLinkAbout2419 the 1lortgagee may, at its option, make such repairs as it deems necessary and effectuate the required insurance.
all at the expense of the Mortgagor. Any amount paid by the Mortgagee on account of such taxes, assessments,
insurance premiums, liens, charges or repairs, with interest thereon from the date of payment thereof by the
Mortgagee at the rate of lg% per annum, shall be a lien upon the property hereby mortgaged and shall be a debt
secured by this mortgage, repayable by the Mortgagor forthwith upon demand.
7. To pay to the Mortgagee when due and payable the amount of all taxes, including State of Florida income taxes,
assessments, public dues or charges levied or to be levied by law within the State of Florida on this mortgage
or on the note or debt or interest secured hereby, or on the Mortgagee by reason of the ownership of this mort-
gage or the note or debt secured hereb}•, or on account of interest derived therefrom; but if the amount of such
taxes, assessments, public dues or charges mentioned in this paragraQh, together with interest on the debt secured
hereby, shall exceed the maximum amount permitted by law to be paid for the use of money in the State of Florida.
then the Mortgagor shall not be required to pay any such excess; provided, however, that if the aggregate in
any one year of such interest and such taxes assessed against the Mortgagee shall exceed such maximum amount
permitted by law to be paid for the use of money in Florida, the I1'Iortgagee may, at its option, declare the
entire indebtedness secured hereby due and payable upon li0 days' notice. If such option is exercised and notice
given, then upon the expiration of such 60 days' notice, the entire indebtedness secured hereby shall be due and
pa}•able, and nonpayment thereof shall constitute a default under this mortgage, entitling the Mortgagee to
the exercise of all rights arising by reason of the happening of any other event of default hereunder.
Upon the passage by the State of Florida of any law imposing payment upon the Mortgagee of the whole or
any portion o[ any taxes, assessments or other charges assessed against this mortgage or the note or other indebt-
edness hereby secured, or upon the rendering by any court of competent jurisdiction of a decision that an under-
taking by the Mortgagor, as herein provided, to pay any such taxes, assessments or other charges is legally in-
operative, then and in any such event the debt hereby secured. without deduction, shall, at the option of the
Mortgagee, become immediately due and payable, notwithstanding anything contained in this mortgage or in
any law heretofore or hereafter enacted.
8. To notify the Mortgagee at once of the commencement of condemnation proceedings of any character affect-
ing the mortgaged property, or an}• part thereof. In the event that the mortgaged property is wholly condemned,
the Mortgagee shall receive from the Mortgagor and/or the proceeds of such condemnation proceedings, the
balance of principal remaining unpaid on said promissory note, with interest thereon to the date payment is
received in Hartford, Connecticut. and all other indebtedness secured by this mortgage, and with attorney's
[ees, rnurt costs and all other expenses incurred by the Mortgagee in connection with such condemnation. If,
however, the mortgaged propert}• rs partly condemned, the 141ortgagee shall have the right and option to deter-
mine the amount of such condemnation proceeds as it will require toward the reduction of the mortgage debt,
with interest thereon to the date of payment and, in addition thereto, the Mortgagor shall pay to the Mortgagee
all attorney's fees, court costs and other expenses incurred by the Mortgagee in rnnnection with such condem-
nation. The Mortgagee shall have a lien on any money judgment or award given or made to, or in favor of, the
Mortgagor as a result of any such condemnation proceedings or as a result of any exercise of the right of eminent
domain, whether or not the same is made the subject of court proceedings, affecting the property hereb}• mort-
gaged, or any part thereof. Nothing herein shall be considered as a waiver of the right of the Mortgagee to be made
a party to such rnndemnation proceedings, or any proceedings affecting the title to said property, or any part
thereof, and shall not obviate the necessity of making the Mortgagee party thereto.
9. In the event all or any portion of the property hereby mortgaged is included in any drainage or other improve-
ment district formed or authorized subsequent to the date hereof, or in the event said property, or any part
thereof, is in a drainage or other improvement district as of the date hereo[ and subsequent to the date hereof
the bonded indebtedness of such district is increased or the district is authorized to make additional assess-
, ments for improvements in excess of 15% of the assessment in force and effect as of the date hereof, then in any
of such events, the Mortgagee ma}•, at its option, declare the entire indebtedness hereby secured due and payable
upon six months' notice. I[ such option is exercised and notice given, then upon the expiration of such six months'
notice, the entire indebtedness hereby secured shall be due and payal;le and nonpayment thereof shall constitute
a default under this mortgage and the same may be collected by foreclosure or in any other manner provided
b}• law. However, if the Mortgagor pays the said additional assessment in cash within said six months' period,
i then the right of the Aortgagee to accelerate the debt secured hereby, for said specific nonpayment, shall ter-
; urinate as to such default, without in any manner affecting the rights of the Mortgagee under any other existing
or subsequent default under this mortgage or the note secured hereby. If said assessment may be paid in in-
stalments, then, at the option of the :4tortgagee, the ~4ortgagor ma}• avail himself of such privilege, and
thereafter no right of acceleration shall be available to the ;14ortgagee unless a default occurs under said instal-
= ment payments and said default is not cured in thirty days after its due date, in which event, the iVlortgagee
~ may, at its option, elect to accelerate the mortgage debt and proceed with the collection anc) %or foreclosure thereof.
10. To pay promptly all instalments due others upon agreements of lease or conditional sale contracts of all fixtures,
i furnishings and egwpment located on said property. Should the Mortgagor fail to make any such payment,
the l~iortgagee may, without demand or notice, pay or satisfy the same and the amount so expended shall bear
interest at the rate of 1~Jo per annum and shall be payable by the 141ortgagor to the Mortgagee upon demand
1 and shall, with the interest thereon, be secured by this mortgage. All windmills, pumps, pumping plants and
irrigation or drainage equipment used for the irrigation or drainage of said property, or for stock watering ur
domestic purposes thereon, all motors, engines and devices for the operation of said windmills, pumps, pumping
plants and irrigation or drainage equipment, all refrigerator systems, fire prevention and extingwshing apparatus,
al) lighting, heating and ventilating fixtures and equipment, and all motors, engines, dynamos and boilers, now
or hereafter installed in, on or about said property, irrespective of the manner of installation, are and/or
immediately upon the installation thereof, shall become and be fixtures and a part of the realty and shall not be
removed from said property without the written consent of the Mortgagee.
' 11. To pay to the Mortgagee promptly upon demand all costs, expenses and attorney's tees, including the cost of
any title examination, supplemental abstract of title or title insurance, that may be incurred by the Mortgagee
_ in any proceedings, legal or otherwise, affecting the mortgaged property, or any part thereof, or the title thereto,
or the validity or priority of this mortgage, or that may be incurred by the Mortgagee by reason of the failure
e of the ~4ortgagor to keep and perform any of the covenants or agreements contained herein or in said promis-
sory note. All such costs, expenses and attorney's fees paid by the Mortgagee shall bear interest from the date
of payment thereof at the rate of ~5% per annum until repaid by the Ntortgagor and shall, with such interest,
be a part of the debt secured by this mortgage.
12. In the event of default in the pa}-ment of the promissory note hereby secured, or any part thereof, or any
~ renewal or extension thereof, or if the D'tortgagor shall be adjudged bankrupt or shall make an assignment for
the benefit of creditors, or if any proceedings shall be taken against the Mortgagor looking to the appointment
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