HomeMy WebLinkAbout1588 account to pay such charges when due shall t?e paid by Mortgagor to Mortgagee on demaro~) 11f, by re icon of'any default
by Mortgagor under any {?roviaion of this Mortgage, hortgagee declares all sums secured hereby to be due and payable,
111ortgaRee 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 as those obligations have been met by compliance with this paragraph. Mortgagee may from time to time at its
option waiao, and after any such waiver reinstate, any or all provisions hereo[ requiring such deposits, by notice to
Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums
:us herein elsewhere provided.
4. To promptly pay all taxes and assessments asgesaed or levied under and by virtue of any state, federal, or municipal
law or regulation hereafter passed, against Mortgagee upon 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 lazes pursuant to this paragraph togelh-
•(rwith the interest payable on said indebtedness shall not exceed the highest lawful rate of interest in Florida :end provided I
further that in the eaent of the passage of any such law or regulation imposing a tar or assessment against Mortgagee up- ;
on this Mortgage or the debt secured hereby, that the entire indebtedness secured by thin Mortgage shall thereupon he•
come immediately due and payable at the option of Mortgagee.
5. To keep the Mortgaged Property insured against loss or darrwge by tire, and all perils insured against by an ex-
tended coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or
{~olic•iea 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 lie 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 {wlicies, shall t?e delivered immediately to and held by Iortgagee. Any and all amounts
received by Mortgagee under any of such policies may he applied by Mortgagee on the indebtedness secured hereby in such
manner as Mortgagee m:iy, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or any
part thereof may he released. Neither the a{~plication nor the release of any such amounts shall earn or waive any default.
Upon exen•ise of the power of sale Riven in this Mortgage or other acquisition of the Mortgaged Pro{~erty or any part there-
of by Mortgagee, such {iolicies shall become the absolute property of Mortgagee.
6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld :d the sole discretion of
Mortgagee, before (a) remoahng or demolishing any building now or hereafter erected an the premises, (b) altering the
arrangement, design or structural character thereof, (c) m:cking any repairs which involve the removal of structural {accts
or the ezpasure of the interior of such building to the elements, (d) cutting or removing or {~ermittinR the cutting tend re-
moval of any trees or timber on the Mortgaged Pro{~erty, (e) removing or exchanging any tangible personal pro{~erty which
is {xcrt of the Mortgaged Property, or (f) entering into or modifying any leases of the Mortgaged Pro{x~rty.
7. 'To maintain the Mortgaged Pro{~erty in Rood condition and re{pair, including taut not limited to the making of such
repairs as Mortgagee may from time to time determine to he necessary for the preservation of the Mortgaged Property and
to not commit or {permit any waste thereof.
8. To com{ply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the 1ltortgaged
Pro{~erty, and not to suffer or {permit any violation thereof.
9. If Mortgagor fails to {hey any claim, lien or encumbrance which is su{x•rior to this 111ortgaRe, or whin due, any tax
or ati4essment or insurance premium, or to keep the T<lortgaRed Pro{~erty in re{rair, or shall commit or {x•rmit waste, or it
there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of
Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then
Mortgagee, at its option, may {gay said claim, lien, encumbrance, tar, assessment or premium, with right of subrogation
thereunder, -may make such re{k~irs and take such ste{~s as it deems advisable to present 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 pur{wses Mortgagee may advance such sums of money, including all costs, reasonable attorney's
fees and other items of ex{~ense as it deems necessary. Mortgagee shall 1?e 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 {kid in satisfaction
thereof. Mortgagee shall not be held accrountahle for any delay in making any such payment, which delay may result in
any additional interest, costs, charges, expenses or otherwise.
10. Mortgagor will pay to 119ortgagee, immediately and without demand, all sums of money advanced by Mortgagee
E to protect the security hereof pursuant to this Alortgage, 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 per annum in the State oI
Florida, and all such sums and interest thereon shall he secured hereby.
il. All sums of money secured hereby shall l.e payable without any relief whatever from any a:~luation or appraise-
; ment laws.
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12. It default F?e made in f:ayment of any instalment of principal or jnterPs~;.Af, ~r~ ~tn:9ny {part thereof when
E due, or in {rayment, when due, or any other sum secured hereby, or in f:erforrnancept~
a,ni~y~~f~,~ rtgagor s obligations, coven-
ants or agreements hereunder, all of the indebtedness secured hereby shall Ixcome area tie immediately due and {h~yahle at the
option of Mortgagee, without notice or demand which are hereby expres419waived; in wrhiejfevet~t 1V~dr~ga~le may aa:cil itself
of all rights and remedies. at law or in equity, and this Mortgage may_he toreck~sed.withall rilthts and.reroedies afforded by
8 the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reason:cble attorney's fee.
1 including all such costs, expenses and attorney's fees for any retrial, rehearing or appeals. 't'he 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 any
such default of Mortgagor. If the Note provides for instalment {payments, the Mortgagee may, at its option, collect a late
charge not to exceed two cents for each one dollar not paid to the illortgagee when due, to reimburRe the Mortgagee for
expenses in collecting and servicing such instalment payments.
~ 13. If default he made iri payment, when due, of any indebtedness secured hereby, or in performance of any of
Mortgagor's obligations, covenants or agreement hereunder
(a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and t:cke {w~.:session of
the Mortgaged Property or any part thereof, to {~ertorm any acts Mortgagee deems necessary or proper to conserve the
security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing
! thereafter: and
Ih) Mortg:~Ree shall he entitled, as a matter of strict right, without notice and exparie, and without regard to the
value or occupancy of the security, or the solvency of 11lortgagor, or the adequacy of the Mortgaged Property as security for
the Note, to have a receiaer appointed 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 haae all the rights and powers permitted
~ under the laws of Florida.
In either such case, Mortgagee or the receiver may also take possession o[, and for these purposes use, any and all
perspna) 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 fees, counsel tees, costa 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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