HomeMy WebLinkAbout0507 ~ . v i~ d~~ it?oN' C~'~ ~i? _
a•_ ; ~~ti c~?!!W~
t + i . . , c . :"t~: i!' 1~f" ~ Ut 1911'
u~•cuunl to ~uiy su~•h ehu~geis when due sht~ll I,e ~u~id by Mor~suRo~ ~o rloees~~e Gh~W1t~IW~1~~~~M M~~~1~ult
b Mort u o~ under nn ~ro~•iaio~ of this Mortguge, Mortg~gee declar eaeproi.~wt~y ~y~ le,
Morig~gee rrwy ihen appiy uny iunds in aaici accouni ngain~ fiie entiie~~~n~8 ~ecut'~d he~rb~r, e en orc~eu~ilixtyot
the rovenunts relaling to tuxea, twexa~nenta and insurance premiums herein otherwise pmvided shaQ not be attected except
inso(er as those obligationa have bee~ met by compliance with thia paregraph. Mortgagee may fwm time to time nt its
option waive, und atter any such waiver reinatute, any or idl provisions hereof requiri~g such deposits, by notice t~,
Mortgugor io writing. While any such wai~~er is in e(fect, Morigagor ahall pay tezes, iirseaamenls and inaurnnce premiums
:~s hecein elaewhere provided.
4. To promptly j~y all t~xes and usse~ments asaessed or levied under and by virtue o( :~ny stnte, tederul, or munici{x?1
luw or regulntion hereafter paseed, ugainat Mortgugee u~wn l6is Mortgege or the debt hernby esecured; o~ upon its intrrest
under ihia MoHgage, pwvided howe~•er. ilwt fhe tutnt aii~uunt sc, paid tor any such lazes_pursuant to thia pnr~Kn~ph togeth-
er with the i~tereat ~x~yAble on said indet?ledneas shuU not ezcred the highesl luwtul rate ot interest in Floridu :~nd provided
(urther that in the event of lhe {~assuge ot any such luw or regulation imposing a tr~x or usaes~ment ugainat Mortqugee up-
un thia Morigeige or the debt secured hereby, ths?t the eatire indebtedneat secured by this MoHg:~ge shall tAereu~x~n be-
come immedivtrly due and pay~ble at the option of MortgAgee.
5. To keep lhe Moriguged Property insured againal Ivss~ or d~mage 1?y (im, und nll perils inaured aK~insl by an ex-
tended co~~erage endorsrment, and such other riska und perila us Morigugee in its discmtion may require. The Ewlicy or
,~oliriea o( such insurance ahall be in the. lorm in general uae from time to time in the locality in whii~h the Morigaged
Property is situuted, shall t?e in surh amount as Mortgagee may reasonably require, shall be iasued by a comjwny or
companies s~pproved by Morigagee, and shall ronl:~in n standard mortgagee clause wilh l~s payable lo MortRagee. When-
ever required hy Mortgagee, such poli~•ees, shall be delivemd immedit~tely !o and held hy Mortgagee. Any and all ~mounts
re~r.ived by Mortgagee under any of such {wlicies muy be applied by hiortgagee un the indebtedness secured hereby in such
manner :~s I?lortgagee may, in its sole dis~-retion, elect or, ul the option of Mortg:~gee, the entim amounl u? re~ri~~ed or any
E?nrt thereof mny 1?e relexaed. Neither the npplication nor the relrase of any suc-h nmounts sh:?Il care -?r wnive nny def~ult.
U{wn exercise ot the power o( ~:~le Ri~~en in this Mortg~ge or other arquisition of the MortRaRed Pro~Krty or any p:~rt Ihere-
of by Mortgagee, such poli~•iea shall Ix~~me the at?solute pm~~rty ot A1ortR:~gee.
6. To first obt~~in the written consent of McirtgaKee, su~•h i-onsent lo I~r Rr:~ntecf or withhrld :~l the w~le diw•mtion nt
Mortgagee, before (a1 removing o~ demulishinR .~ny huilding now or hemaher erected on the premises, Ib) tilterinR the ~
arr.inRement, design or structural character thereof, Ic) makinq any reEuiirs which im•ol~•e the rnmo~•al o( structural ~u~rts
or the ex~x~surP ot the interior of such buildinR to the elements, Id1 cuttinR or mmovinR or permittinR the cutting and re-
mo.:d of any trees or timt?er on the MortR:+qed Pm~~erty, Ie) remo~~ing or ezch.~nginR any tanRihle ~~ersonal proE~crty whi~•h
is ~uvt o( the 111oHgaged Pro~K•rly, or enterin~ into or modifyinR .iny leases ot the MortRaRec1 Pr~~~~erty.
7_ To maiMain the MortRaRed Pro~~erty in R«xl condition aind re~u~ir, including but not limited to the making o( such
re~x~irs .~s MortQaRee rtu~y fmm time to time determine to t?e necec~ry tor lhe preservation o( the ~1oHRaRcY1 I'm~~eriy and
to not commit or ~,etmit any w~ste thereof. ~ ~
R. 7b ~Y~mply W~ith a41 la~+~s, ordinan~•es, rrgul:itions, ~•o~•enants, ~•onditions :~nd restri~•tions u(t~•IinR the :~1orlR:~Kcr!
Yro~?eriy, and not to sutter or ~~ermit any violation thereof.
9. I( MortgaRor (.iilg t~~ ~h~y any ~•I:~im, lien or enc•umbr:~nce whii•h is su~K nor to this 1~tortQaKr, or when due, any t:~x
or :~ss~svmrnt or insur:~nir premium, or t~ ki~p the MorfRaKed Pro~xrty in fFpair, or shal) ~•ommit ur ~x~rmit wuste, or it
there t~e commenced any ai•tion or pr~x•eerlinQ affe~•tinK th~• 1Gtortgagecl Ym~~rty or the title thereto, or the interest ot
1~tortRagee therein, includinR, but not limited to, eminent domain and hankrupt~y or morRanization procredings, then
Mortqagee, at its option, may {~.~y said claim, lic:n, encumbran.-e, tax, assessment or pmmium, with riQht ot subroRation
thereunder, may make such rn~~.~irx :ind take ~su~•h ste~~s as it deems ad~•is:+ble to precent or c•um such w:~ste, .~nd m:~y
ap~~ear in any such action or prm-eedinR :~nd ret:nn counsel therein, and take suc~h action therein as blortR:iRee deems :~d-
~isable, ar~d (or any o( such pur{x» IltorlRaRee may advance such sums o( muney, ineluding all ~-~ts, rea~nable attorney's
[ees and other items ot eY~~ense :is it derms necess:~ry_ ~tortF~gee shall ~e the sule judge of Ihe legulity, validity and priority
o( any such claim, lien, encumbrance, tuY, :?s.xsrsment :~nd prrmium and of the :?mounl neees,:iry to be {~:~id in satis(action
i thenv~f. MortRagcr sh:ill not i~e held :i~•~~untable for :~ny delay in m:iking any su~•h ~kiyment, which deluy m:iy result in
~ any addition:~l interest, cnsts, charges, Px~~enses or othervei~e.
~ !0. rtortQaRor will ~?:~y to Mor1Q:iR~~, immediately and without demand, all sums money advani~ed by MortAaKee
~ to pr~~tec•t the u~•urity herr_rof pursu:~nt b this MorlRaqe, includ~ng all ~•osts, reasonable attorney's fees and other items o(
~ expense, together with interest on each surh :+dvan~•ement at the highest lawtul rate of inlerrst ~~er annum in the State ol
Florida, :~nd nll sui•h sum~ :~nd interest then~n chall t?e secured hernby.
! 11. All sums o( money ,rcured h~~n•hy sh:~ll i~• p:~y:~ble aithout any nliet whatever from any ~aluatiun or :~~ry?r:~i.e•~
~ ment I:~w~.
E
~ 12. If de(ault t~e m:~de in ~~:+ymrnt o( any ~nsl:~lment of princ•ipal or interrst of the Note or any p.irt therc~of when
~ due, or in payment, when due, or any other sum secured hereby, or in per(ormance ot any of I~lortgagor's obligations, c•oven-
ants or aRreemrnts hereunder, all ot the indehtedne~s se~•umd hereby shall t?ecome and lie immediately due and ~~yable at the
~ ~,ption of Mortgager, without notice or demand whii•h are hereby exprecgiy vvaived, in which event MortgaRee m.~y a~.~il itselt
~ o( all riRhts and remedies, at I:~w or in ~K~uity, and this MortRaRe may be torer~lo.ged with all riRhfs and remedies atfordE~cl by
the L•~ws of F lorida and Mortgagor shall pay all costs, ch:~rges and ex~x~nses thereof, includinR a reasonable attorney's fee.
~ inrludinR al) such i•osls, ex~~ensc~ :~nd attorney's fees tor any retrial, mhearing or :~ppe:~ls. The indebtedness secured hereby
shaU i~ear interest at the hi~he~t law(ul r.ite of interest per annum in the State o! Florida fmm and atter the date o( am•
~ su~•h de(ault~t 1~4ortRaRor. I( the Note provides tor instalment {~ayments, the Morigagee may. at its option, collect a late
~•harRe not to eYCeed tw•o cents for ~~ch one dollnr not {?:~id to the ytortg:+Kee when due, to reimburse the MortRagee t~,r
~ ~•x~?ensk~ in ~•ollr~•ting a~d !cc•r~~i~•inQ wi•h inclalment payment4
- 13. If default he m:ide in {~ayment, when due, of any indebtedness sc~cvrc~tl hrreh~•, or in ~~er(ormanre ~~t am• nl
~ l11ortK:~Kar's obtigations, covenants or aqn~•ment hereunder.
~ la) MortAaFee is authorized at any time, ~?ithuut notice, in its sole disi•retion to enter uEwn and t:~ke ~?o:sessiun o(
n tht~ MortRaRec1 Pro~~erty or any P:~rl thercrof, to ~x•r(orm any acts 11or1KaQee dcr.ms nee•c~sary or pro~~er to i•onsen•e the
security and lo coll~•t and rereive all rents, issut~ and profits thereof, in~•IudinR those past du~ as ~•ell :~s thowe acc•ruinR
therea(ter: and
~ Ib? MortRagee shall t?e entitlerl, as a matter o( stric•t right, without notice and exparte, and w•ithout reRard to thc-
~ _value or occu~k~n~y ot the ~•urity, or the w?Iveni•y ot MortQaRor, nr the ~dequacy of the 1ltorlRaqed Properiy as serurity Eor
~ the Note, to have a rc~ei~~er ap{iointcd to enter u~wn ~nd take ~~osses.4ion of the ~lortK:+Red Pro~~er~y, collect thc rents :~nd
a profits there(rom and apply the a~me as the c-ourt may dirert, such receiver to h~ve all the riqhta and {~vvens ~~rmitted
~ under the laws of F'lortda.
~ ~
~ In either such case. ~1ortRagee or the receiver may also luke ~wstiession of, and tor these purposes use, any and :~II z~
~ ~iersonal ~,roperty which is a ~~art o( the 111ortgaged Pm~~erty and ueed by Mortgagor in the rental or IeasinR thereo( or
~ any part thereof. The eapense lincluding receiver'a [rea, counael fees, costa and agent'e comper~netion) incurmd pursupnt ;J
~ to the power9 herein contained sh~ll be secured hereby. 2~tori{~aRee ahall (after payment of all costa and ezpenees incurrcci) I
-2- ~ p 1
~ 3~-~-~ 3i1 ~OV