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HomeMy WebLinkAbout1601 , . account to f?;+y such charges when due shall (:e f+:+id I,v Mortgagor to Mortgagee' un demand. It, by re:+scu+ of any default by Mortgagor under any provision of this Mortgage, Alortgngee dee•larrs all sums secured hereby to he due :+nd f><ryable, Mortgagee m:+}• thorn apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurimr premiums herein otherwise provided sl+ull not be at(ee•ted except i+uw(ur as those obligations hove been met by eomf+liunce with this paragraph. Mortgagoe nwy from time to time :+t its option waive, and after any such waiver reinstate, any or :dl provisions hereof requiring such defwsits, by notice to Mortgagor in writing. While any such waiver is in effect,-Mortgagor shall fwy taxes, assessments and insurane~ premiums as herein elsewhere provided. 4. To promptly pay all tuxes and assessments asxc~e•d or levied under ani: by virtue of any state, feeler.+1, or municil>:+I law or regulation hereafter passed, against Mortgagee. ulwn this Mortgage or the debt hereby secured, or ulwn its interest under this Mortgage, provided however, that the total amount so fwid for any such taxes pursuant to this p:+ragruph togeth- . rwith the interest fx+yable on said indebtedness shall not exceed the highest luw•tul rote of interest in Florida and provided further that in the event of the f+:+s4:+ge of any such law or regulation imfwsing a taz or assessment against 111ortgugee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this I1lortgage shall thereufwn lse- come immediately due and liayable :+t the option of Mortgagee. 5. To keep the Mortgaged Property insured against lass or damage by fire, and all 1?erils insured against by an ex- tended cover.+ge endorsement, and such other risks and fx•rils as Mortgagee in its discretion may require. The policy or fwlicies of s+uc•h insurance shall be in the form in general use (mm time to time in the 1«mlity in which the Mortgaged Profseriy is situated, shall 1?e in such amount :+s Mortgagee may reasonably require, shall be issued by a comfmny or cromfmnies approved by 111ortgagce, and shall contain a standard mortgagee clause with loss f>:+yable to Mortgagee. R'hen• ever required by Mortgagee, such fwlieirs, shall f?e delivered immediately to and held by Mortgagee. Any and all amounts recei~rd by 111origagee under any of such fwliciex may fx ap{?lied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee m:+y, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or :+ny • Bart thereof may be rele:+sed. Neither the application nor the release of any such amounts shall cure or waive any default. Upon exercise of the Iwwer of s:+le given in this Mortg:ge or other acquisition of the Alorigaged Pmf+erty or :+ny t>Trt there- of by Mortgagee, such fwlicies shall I,cc•ome the absolute pmf+eriy of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to Ise gr.+nte•c! or withheld :+t the sole discretion of Mortgagee, I+etore (a) removing or demolishing any building now or hereafter ercc•ted on the premises, Ib) altering the arrangement, design or structural character thereof, (c) making any refx+irs which involve the removal of structural parts or the exfwsure of the interior of such building to the elements, Id) cutting or removing or permitting the rutting and re- moval of any trees or timber on the Mortgaged Property, let removing or exchanging any tangible fsersonal prof?erty which is f>:+rt of the Aiorlgagecl Prof+erty, or If) entering into or mc?difying any leases of the tMortgaged Pmf+eriy. 7. To maintain the tortgaged Profwrty in go«l ~•ondition and repair, including but not limited to the making of su+•h refs:+irs as Mortgagee may from time to time determine to be necess:+ry for the preserv:dion of the Mortgaged Pmf?c•rh• and to not crommit or f?ermit any w:+ste thereof. R. '1'o c•omply with all laws, ordinances, regul:dions, cove•uants, conditions and mstrictions a(f+N•ting the Mortgaged Profserty, and not to softer or fx•rmit any violation then•o(. 9. If Mortgagor tails to fs:+y any claim, lien ur enc•umbr:uu•e which is sufx•rior to this t4lorlgage, or when due, any tax or assessment or insurance premium, or to keep the 111ortg:+Red Pmf+erty in repair, or shall commit or fx•rmit waste, or i( there 1?e commenced any action or pr«•eeding affecting the Aiortgage•d Prof+erty or the title thereto, or the interest of 111ortgagee therein, including. but not limited to, eminent domain and bankruptcy or reorganiz+tion proceedings, then Mortgagee, at its option, may h:+y s:+id claim, lien, enc•umhrance, tax, :+ssessment or premium, with right of subrogation thereunder, may make such ref>:+irs and take such steps as it deems :+dvic:+ble to prevent or cure such waste, and may ap{+ear in any such action or pnxeeding and retain e•ounsel therein, and take such action therein as Mortg:+gee deems ad- vis:+ble, and for any of such purfwses Mortgagee may advance-such sums of money, including all costs, reasonable attorney's fees and other items of exf+ense :+s it deems necess:+ry- t4lortgagee shall l+e the sole judge of the legality, validity and priority of any such claim, lien, enc•umbr.+nce, tax, :+ssessment and premium and of the amount necessary to he {paid in satisfaction thereof. Along:+gee shall not I?e held accountable for any delay in making any such payment, whie•h delay may result in anv additional interest, costs, charges, expenses or otherwise. ~ 10. Mortgagor will fx+y to Mortgagee, immc•diateh• and without demand, all sumr• of money :+dcance•d by Mortg:+gce f ' to protee•t the security hereof pursuant to this MortgaKe, including all costs, reasonnble attorney's tees and other items of expense, together with interest on each such advancement at the highest lawful rate of interest fx•r annum in the State of Florida, and all such sums and interest therc•on shall he sec•unrd hereby. ll. All sums of money scr•ured herehv shall Ix• payable without any relict whatever from any valuation or appraise- ! m+•nt laws. 12. If default tee made in payment of any instalment of f?nncipal or interest of the Note or any p:+rt thereof when due, or in payment, when due, or any other sum se'c'ured hereby, or in fserformance of any of Mortgagor's oblig:+tions, coven- ants or agreements hereunder, all of the indebtedness secured hereby shall become and Ix• immediately due and fk~yabie at the option of Mortgagee, without notice or demand which are hereby expressly w'an'ed, in which event Mortgagee may avail itself u( all rights and remedies, at law or in equity, :+nd this Mortgage may be foreclosed with all rights and remedies a(tonled by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney's fee, including all such costs, 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 fx•r annum in the State of Florida from and after the date of any such default of Mortgagor. If the Note provides for instalment f?:+yments, the Aortgagee may, at its. option, coilec•t a late charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimhesrce the Alortgagee for expenses in collecting and servicing such instalment payments. 13. 1f default he made in payment, when due. of any indebtedness secured hereby, or in f+er(ormanc•e of am• of Mortgagors obligations, covenants or agreement hereunder: - lal Mortgagee is authorized at any time. without notice, in its sole discretion to enter upon and take fxss_sesviun of the Mortgaged Pmi+erty or any part thereof, to fx•rform any acts MortKaKee deems necessary or proper to c'onserv'e the security and to collect and receive all re'nts' issues and profits theyc•of, including those past due as well :+s those a+rruing ~ thereafter: and ~ Ib) Mortgagee shall Ise 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 Mortgagor. or the adequacy of the Mortgaged Property as security tot the Note, to have a receiver apfwinted to enter ufwn and take Iwsgesgion of the Aforig:+ged Property, collect the rents and profits therefrom and apply the same :+s the court may direct, such receiver to have all the rights and {rowers permitted under the laws of Florida. In either such case, Mortgagee or the receiver may also take fwssession of, and (or these purfwses use, any and' all person:+l prof+erty which is a part of the Mortgaged Prof+erty and used by Mortgagor in the rental or leasing thereof or .a :+ny part thereof. The exf~ense lincluding 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 a:penses incurred) • -2- $s'~r 3~9 ~~cE 154 : . .