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HomeMy WebLinkAbout0052 t~~ ~ account to pay wch charges when due shall be paid by Mortgagor to Mortgagee on demand. It, by reason of any default by Mortgagor under any provision of this Mortgage; Mortgagee declares all sums secured hereby to be due and payable, Morigaaee may then apply any funds in said account against the entire indebtedness secured hereby, The enton~eability of the covenan4 relating to taxes, aaseaeunentr and insurance premiumr herein otherwise provided shall not be affected except _ insofar as dross obligations have been met by compliance with this paragraph. Mortgagee may from time to time at its option weave, .and after any such waiver reinstate, any or all provisions hereof requiring such deposits.- by notice to ~4lortgagor in writing, White any wch waiver is in effect. Mortgagor slrrrll pay taxes, assessments and insurance premiums ' as herein elsewhere provided. To promptly pay all taxes and assesamenta esaeased 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 rho total amount ea paid for any such taxes pursuant to this paragraph 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 wch law or regulation imposing a tax or assessment against i'dorigagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- rnrrre immediately due and payable 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 as ttorigagee in its discretion may require,. The policy or policies of wch insurance-shall be in the form in general use from time to time in the locality in which the Mortgaged Property is situated. ahaU be in wch amount as Mortgagee may reasonably require, shall be iswed 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, wch policies, shall be delivered immediately to and Le1d by Mortgagee. Any_and all amounts f received by Mortgagee under any of such. policies may be applied by Mortgagee on the indebtedness secured hereby in wch I manner as Mortgagee may; in its sole discretion. elect or, at the option o[ Mortgagee, the entire amount so received or any part thereof may be released. Neither the_application 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 policies shall become the absolute property of Mortgagee. _ 6. To first obtain the written consent of Mortgagee, wch consent to be granted or withheld a~ the sole discretion of - - Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (b) altering the arrangement, design ~r structural character thereof, (c) making any-repairs which involve the removal of structural parts or the exposure of the interior of such building to the elements, (d) cutting or removing or permitting the cutting and re- moval of any trees or ember on the Mortgaged Property, (e) removing or exchanging any tangible personal property which is part of the Mortgaged Property, or {t) entering into or modifying any leases of the 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 ~ cgaged Property and to not commit or permit any waste thereof, _ 8. To comply with-all laws, ordinances, regulati9ns, covenants, conditions and restrictions affecting the Mortgaged Property, and not to su[fer or permit any violation thereof. . 9. If Mortgagor tails is pay any claim, lien or encumbrance which is superior to this Mortgage, of when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or i[ 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 banknrptcy or reorgan;zation proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may-make wch repairs and take such steps as it deems ad»sable to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take wch action therein. as 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 older items of expense as it deems necessary. Mortgagee shall be the sole judge o[ flee legality, validity and priority of any such claim, lien, encumbrance, iaz, 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 payment, which delay may result in any additional interest, costs, charges, ezpensea 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 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 of Florida, and all such sums and interest thenwn 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. If default be made in payment of dny instalment gt.principaJ or interest of the Note or any part thereof when due, or in payment, when due, or any other sum secured ~i'~reby, or in peroormance of any of Mortgagor s obligations, coven- antR or agree-menu hereunder, all of the indebtedness secured hereby shall become and be immediay~eTy due and payable at the - option of Mortgagee, without notice or demand which are hereby ezpresaly waived, in which ev Mortgagee may avail itsel[ of all rights and remedies, at Jaw or in equity,. and this Mortgage maybe [oreclosed with all rig4it:}`~i~a remedies afforded by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a •reaaonable attorney's fee, including all wch costs, expenses and attorney's fees 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 from and after the date of any each default of Mortgagor. If the Note pro»des for instalment payments. the l~iortgagee may, at its option, collect a late charge not to ezceec! two cents for each one dollar not paid to the Mortgagee when due, to reimburse the -Mortgagee for expenses in collecting and servicing such instalment payments. - 13. Ii default ~e made in payment, when due, of any indebtedness secured hereby, or in performance of any of Mortgagor a obligations, covenants or agreement hereunder: (a) Mortgagee is a~~thorized at any time, without notice, in its sole discretion to enter upon and. take possession of the Mortgaged Property or any t>•ari thereof, to form 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 {b) Mortgagee shall be entitled, as a matter of strict right, without notice and a:pcrrle, and- without regard to the value or occupancy of the security, os-the solvency of Mortgagor, or the adequacy of the Mortgaged Property as security for 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 the same as flee rnuri Tray direct, such receiver to have all the rights and powers permitted under the laws of Florida. In eit~rer such case, Mortgagee or the receiver may also take possession of, and for these u f p rposea 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 therec+t. The expense (including receiver's fees, courraet fees, costa and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of aU costa and expenses incuried) -2- ~~x3~.7 p~F 5~ .