HomeMy WebLinkAbout2556 account to },ay such charges when due shall be p:tid,My~llortgugor to Mortgagee on demand. 1f, t,y mason o! any de(:wlt
by Mortgagor under any provision.of' this ]1lartta~r;~lt~rtgagee de+•iatea all xu,+,s ~:ured hereby to t,e due and }x+yuble,
Mortgagee may then apply :+ny funds ~in said account against the entire indebtedness secured hereby. The enforceal,ility 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 paragrnph. 1ltortgagee may tram time to ti;++e at its
option waive, and after any such wai?•er reinstate, any or all provisions hereof requiring such deposits, by notice to
Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums
:+s herein elsewhere provided.
4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any state, federal, or municipal
law or regulation hereafter passed, against Mortgagee u},on this Mortgage or the debt hernhy securest, or u}wn its interest
under this Mortgage, provided however, that the total amount so 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 Floridii :+nd provided
further that in the event of the passage of any such law or regulation im}wsing :r tax or assessment ag:+inst Mortgagee up-
on this Mortgage or the debt secured hernhy, that the entire indebtedness secured by this Mortgage shalt thereupon be-
came immediately due and payable at the option of Mortgagee.
5. To keep the Mortgaged Property insured against loss or damage by tiro, and all },arils insured against by an ex-
tended coverage endorsement, and such other risks and },arils as Mortgagee in its discretion may req•+ire. The policy or
Iolicies at such insurance shall be in the Corm in general use from time to time in the 1«•ality in which the IMortgaged
Property is situated, shall t,e in such amount as hfortgagre may .reasonably require, shall be issued by a company or
companie:4 approved by Mortgagee, and sh:+11 contain a standard mortgagee cli+USe with loss payable to Mortgagee. When-
ever required by Mortgagee, such policies, shall F,e delivered immediately to and held by Mortgagee. Any and all amounts
received by Mortgagee under any of such }x,licies may l,e applied by Mortgagee on the indebtedness secured herel?y in such `
manner as Mortgagee may, in its sole discretion, etec•t or, :+t the option of Mortgagee, the entire amount so received or any
part thereof may be released. Neither the :r},plication nor the release of any such amounts shall rune or waive any default.
Upon exercise of the power of sale given in this Mortgage or other acquisition of the Mortgaged Prol,erty 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 he 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 structural p:+rts
or the ezpasure of the interior of such building to the elements, (d) rutting ar removing or permitting the cutting and re-
moval of any trees or timl,er on the Mortgaged Property, (el removing or exchanging any tangible personal property which
is },:+rt of the Mortgaged Pro},erty, or If1 entering into or modifying any le:isrs of the 1liortgaged Yroperty_
7, '!'o maintain the Mortgaged Property in good condition and re},air, including but not limited to the m:+kinq of such
repairs as Mortgagee may from time to time determine to be nec•ess:+ry lot the preservation of the Mortgaged Property and
to not commit ur },rrn+it any waste thereof,
8. To comply with all laws, ordinances, requketions, covenants, conditions and restrictions affcvting the \lortgaged ~
Property, and not to suffer or permit :+ny violation thereof, •
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9. If ?Mortgagor faits to },:+v :env claim, lien or ens+,mhrfnce which is su},rrior to this MortK:+Ke, or when due, any tax
or :+ssessmen/ or insurame premium, or to keep the Mortgaged Property in repair, or shall commit ar },ermit waste, or if
there i,e comn+rncrd :,ny :a•ti4+i ar proceecfiag :+ffecting the Mortgaged Pro}x•rty or the title thereto, or the interest o!
Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then
Mortgagee, at its option- may pay said claim, lien, enc•uml,ranse, tax, asstrsgment or premium, with right of subrogation
thereunder, may make such re},:+irs and take such ste}s as it deems advisable to prevent or rum such w:+ste, and rosy
appear in any such action or pr«•eedinq and retain counsel therein, and take such action therein as Mortgagee deems ad-
visable, and for any of such purposes 1•torts:+ger may advance such sums of money, including all costs, reasonable attorney's
lees and Diner firms of rx ,ruecr ,i ucrouu ur. ra~.,i ^+-•-,1 t,,, {
t _ _ the sole judge of the legality, validity and priority
of any such claim, lien, encumhr,nce, tax, assessmnnl and premium and of the amount necessary to t,e },:+id in satisfaction
thereof_ INorigager shall not f,e held accountable for any delay in making any such }u+yment, which delay may result in
any additional interest, costs, charges, expenses or otherwise.
10_ Mortgagor will {,:q• to Mortgat:ce. immediately and without demand, :elf sums of money adr:+nced by MurtgaK~
to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's fees and other items of
ex},arse, together with interest on each such advancement at the highest lawful cafe of interest },er annum in the State of
Florida, and all such sums and interest thereon shall he ses•ured hereby.
I1. All sums pf money scr•urcd hen•hy shall I:r payable without am• relief whatever from any ~:+luatian or appr.+in;e-
mt•nt L,N•s.
12. If de4•+ult f?e made in I,:+vment of any instalment of principal or interest of Yht:•NblK~ifyyt'vip~ thereof when
due, or in }kayment, when due, or any other sum secured hereby, or in },erformance of at+,l(,9{;:~1 ~ s obligations, coven-
ants or agreements hereunder, al! of the indebtrdnesti secured hereby shall become and I,e immed+a e y ue and payable at the
option of Mortgagee, without notice or demand which are hereby expressly waived, in whic•1, ~vent•Mor~~aKieE rre~favail itself
of all rights and remedies, at law or in equity, and this :1lortgage may he foreclosed with felt-1~lthts arrd~Mensedias-afforded by
the I:+w•s of Florida and Mortgagor sl+:+ll }r.+y ;dl costs, ch:crges :+nd expenses thereof, including a reasonable attorney's fee,
including all such costs. expenses and attorney's Errs for any retrial, rehearing or appeals. The indebtedness secured hereby
shall bear interest at the highest lawful r:+te of interest },er annum in the State of Florida from and after the date of :+nv
such default of :Mortgagor. It the Note provides for instalment payments, the Mortgagee may, at its option, collect a late
charge not to exceed tv~•o cents for carh one dollar not paid to the 14ls:rtgager when due, to reimburse the 11lortgagee for
rx}x•nses in collrc•ting and sen•icing such instalment payments
13. If default tx• made in }u+yment, when due, of any indebtedness :;ccumd hereby, or in performance of any of A
;~lorlgagor s obligations, covenants or aKrc•e•ment hereunder:
la? Mortgagee iv authorized a! any time, without notice, in its sole discretion to enter u},on and take },oNSC•ssion of
the Mortgaged Property or any.}?.•+rt thereof, to }x•rform any acts \torigagee deems necessary or proper to conserve the
security and to collect and res•eive all rents, issusw and profits thereof, including those past due as well :+s those accruing
thereafter: and
!b? Mortgagee shall hr entitled, as a matter of strict right, without notice and exparte, and without regard to the
value or ocs•u},ancy of the security, or the soh•ency of Mortgagor, or the adequacy of the Mortgaged Property as security for
the Note, to have a receiver appointed to toter upon and take }x>45ession of the Aortgaged Property, collect the rents and
profits therefrom and :+pply the same as the court may direst, such receiver to have all the rights and }rowers permitted t
under the laws of Florida.
in either such case, Mortgagee or the receiver may also take }wssession of, and for these purposes use, any and all
personal property which is a }>.-+rt of the Mortgaged Property and used by Mortgagor in the rental or leasing thereof or
am• part thereof. The expense (including receiver's fees, counsel tees, costs and agent's compensation) incurred pursuant
to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costs and ezpenses incurred)
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