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HomeMy WebLinkAbout1012 } . . ! j t account to pay sorb charges when due shall be paid by Mortgagor to Mortgagee on demand. It, by reason of any default by Mortgagor under any provision of thL Mortgage, Mortgages declares all sums secured hereby to be due and payable. Mortgages may then apply any funds in said account against the entire indebtedness secured hereby. The entorc~bility of the oovenanls relating to tares, assessments and insurance premiums herein otherwise provided shall not bs affected except insofar as those obligations have been met by compliance with Wis Psregraph. ~ Mortgagee may troar time to time at ib option waive, and after any such waiver reinstate. any or all provLions hereof requiring such deposits, by notice to Mortgagor in writing. While arur such waiver is in effect, Mortgagor shall pay to:es, assessments and insurance premiums as herein etsewl~ars provided. To promptly pay all lases sad assessments assessed or levied under and by virtue of any state, federal, os municipal law or regulation hereafter passed. against Mortgages upon this Mortgage or the debt hereby secured, or upon its interest under this Mortgage. Provided however. that the total amount so paid Eor any such tares pursuant to this paragraph togeth- er with the interest payable on said indebtedness shall not e:oeod Ws highest lawful rate of interest in Florida and provided further drat is the event of the passage of any such law or regulation imposing a tax or aaessaQant against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against foes or damage by fire, 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 policies of such insurance shall be in the form in general use from time to time in the totality in which the Mortgaged Property is situated, shall be in such amount as Mortgagee may reasonably require, shall be issued by a rnmpany or companies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- ever required by Mortgagee, such policies, shalt be delivered immed;aeety to and held by Mortgagee. Any and alt 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, eleM or, at the option of Mortgagee, the entire amount so received or any part thereof may be released. NeiWer the application nor the release of any ouch amounts shall cure or waive any default. Upon ezercise of the power of Bale 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 first obtain the written consent of Mortgagee, such consent to be granted or withheld at the sole discretion of Mortgagee, before (a) removing or demolishing any 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 atnrctural parts or the ezposure of the interior of wch building to the elements, (d) cutting or removing or permitting the cutting and re- moval of any trees or timber on the Mortgaged Property, (e) removing or a:changing any tangible personal property which is part of the Mortgaged Property, or (i) entering into or modifying any leases o[ lire Mortgaged Property. 7. To 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 permit any waste thereof. 8. To rnmply with all laws. ordinances, regulations, covenants, conditions and restrictions affecting the Mortgaged Property. and not to suffer or permit any violation thereof. 9. If Mortgagor fails to p:iy any claim, lien or encumbrance which is superior to Chia Mortgage, or when due, any taz or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or if there be commenced any action or proceeding affecting We Mortgaged Property or the title Wereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganirslion proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, to:, assessment or premium, with right of subrogation thereunder, may make such repairs and take such steps as it deems advisable to prevent or cure such waste, and may _-appesz• in~ny_auch_actroa~r_proceedrng-and_retaiA-counsel-therernr8ad-take_such-ackroa-then+eaa-as-Mortgagee-dcems-ad--- - visable, and for any of such purposes Mortgagee may advance such some of money, including all costa, reasonable attorney's fees and other items of ezpense as it deems necessary. Mortgagee shall ire the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, taz, aaeeasment and premium and of the amount necessary to be paid in eatistaction thereof. Mortgagee shall not be held accountable for any delay in making any such payment, which delay may result in I any additional interest, costa, charges, expenses or otherwise. 10. Mortgagor will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's tees and other items of ezpense, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of Florida, and all such soma and interest thereon shall be secured hereby. 11. All sums of money secured hereby shall be payable without any relief whatever from any valuation or appraise- ment laws. 12 It default be made in payment 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 Mortgagor's obligations, coven- ants or agreements hereunder, all of the indebtedness secured hereby shall become and be immediately due and payable at the option of Mortgagee, without notice or demand which are hereby e:presaty waived, in which event Mortgagee may avail itself of all rights and remedies, at law or in equity, and thin Mortgage may be foreclosed with all rights and remedies afforded by the laws of Florida and Mortgagor shall pay all casts, charges and expenses thereof, including ~a reawnaWe attorney's tee, including all such costa, expenses and attorney's tees for any retrial, rehearing or appeals. The indebtedness secured hereby shall bear interest at the highest lawful rate of interest per annum in the State of Florida tram end after the date of any such default of Mortgagor_ If the Note provides for instalment payments, the Mortgagee may, at its option, co11eM a late charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimbunye the Mortgagee for expenses in collecting and servicing such instalment payments. 13. It default beroads- in payment, when due, of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, covenants or agreement hereunder: 1 (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of the Mortgaged Property or any part thereof, to perform any seta 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 I (b) Mortgagee shall be entitled; as a matter of striM right, without notice and ezparte, and without regard to the value or occupancy of the security, or the solvency o[ Mortgagor, or the adequacy of the Mortgaged Property as security for c' ! the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and profits therefrom and apply ttre same as the court may direct, such receiver to have all the rights and powers permitted under the laws of Florida. 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 part of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or any part thereof. The a:pence (including receivers fees, counsel tees, casts and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment o[ all costa and ezpenses incurred) -2- su x 315 PAGE X010 ~ . .