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HomeMy WebLinkAbout2670 This mortgage is made, however, subject to the following covrnants. conditions and agreements: FIRST; That the mortgagor hereby agrees and covenants to pay the interest and principal hereby secured promptly when due and if default bt made in any part thereof, or in the payment of any other monies hereby secured, then the same shall, without demand if mortgagee shall elect, become due and payable at once and the mortgage may be foreclosed in the manner provided by law. SECOND: That the mortgagor agrees to pay as the same become due and payable all taxes, assessmrnts, and other charges imposed by law (including ditch, canal, reservoir, or other water charges, taxes, or assessments) upon uid premises or any pact thereof including the mortgagee's interest therein and upon this mortgage or tht note or indebtedness secured hereby, provided that should the amounts paid for the mortgagee under this paragraph for such taxes, assessments and other charges together with the interest on the indebtedness exceed the highest interest rate permitted by law on the indebtedness then owing, mortgagor shall not be liable to pay any of such excess over the highest lawful rate. In the event of the pasuge, after the date hereof, of any law by the State of Florida, deducting from the value of land for the purpose of taxation any lirn thereon or changing in any way the existing laws for tht taxation of mortgages or debts secured by mort- gage for state or local purposes, or the manner of the collection of any such taxes, so as to affect this mortgage, the holder of this mortgage and of tfre debt which it secures, shall have the right to give six (6) months' written notice to the owner of said land regwring the pavmrnt of the rntirr indebtedness xcured hereby, and it is hereby agreed that if such notice be given the said indebtedness shall become due, and collectible at the expiration of uid six (6) months. THIRD: That the mortgagor agrees to pay all other debts that arc now or may become liens upon or charges against said premises, and not to permit any lien of and kind to accrue and remain on said premises, or the impro~•ements th~rnn, ~ which might take precedence over the lien of this mortgage- The mortgagor further agrees not to create any lien oirui8 y premises junior hereto unless the person entitled to the benefits thereof shall have agreed that the time for the paymt~t of the indebtedness hereby secured and the manner and amount of ppayment thereof and the brnefits of the security aflakded hereby may, without consrnt of such person and without any obligation to give notice of any kind thereto, be extetSded, reextrnded, ucelerated, susprnded and refunded on any terms whatsoever without in any manner affecting the priority of the Grn hereby created u security for the payment of the indebtedness secured hereby or any obligation substi4uf~d therefor or issued to refund same. ~ FOURTH: That the mortgagor agrees to keep uid premises and improvements thereon m good condition ana 'pair and not to commit or suffer route thereof; to operate all lands, whether improved pastures, orchards, grazing, timb~ or crop lands, in a good and husbandmanlike manner in accordance with accepted principles of sound agricultural and fo~es4ry practices; to take all reasonable precautions to control wind and water erosion: to fertilize improved pastures, if any, ;Inhere necesury to maintain a good stand of desirable grasses; to protect orchards and timber, if any, by reasonable preca ions against loss or damage by Ere including the maintenance of appropriate fire breaks; and neither to remove nor per • the removal of any timber, buildings, oil, gu, mineral, stone, rock, clay, fertilizer, gravel or top soil without the prior ttrn i consrnt of the mortgagee. 'The mortgagee shall have the right to inspect the mortgaged property at such reasonable i and intervals u the mortgagee may desire, to determine the mortgagor's compliance with the covenants contained clause of this mortgage. * .,4 FIFTH: That the mortgagor agrees to procure, maintain and deliver, premiums paid, to the mortgagee policiees f insurance against such hazards on the buildings now or hereafter located on said premises as the mortgagee may from time to time require, in such companies and in such amount and form and with such loss payable clauses u shall be satisfac- tory to the mortgagee. The mortgagee is authorized to assign and deliver said policies to any purchaser of this mortgage or to the purchaser of uid premises at any foreclosure sale. in event of loss the mortgagee is expressly authorized and em- powered to settle or compromise claims under said policies, and the proceeds from said policies as well as any other policies procured by the mortgagor shall be id to the mortgagee who at its sole discretion may apply same or any part thereof on account of the indebtedness secured hereby whether or not then due and payable, or may apply the ume or any part thereof towards the alicratioa, reconstruction or repair of said buildingc, either to the portion dama¢ed or any other portion thereof, or release same to the mortgagor. Such application or release shall not cure or wai.•e any default or notice of default here- under or invalidate any act done pursuant to such notice. SIXTH: That in the event the mortgagor shall fail to procure, maintain and deliver the insurance policies, premiums prepaid, or to pay, u the same become due and payable, any tax or assessment imposed by law upon said premises or any part thereof, or the note, or indebtedness secured hereby, or to pay any lien, claim or charge against such premises which might take precedence over the litn of this mortgage or to comply with the provisions of paragraph Fourth hermf, the mortgagee may, without notice or demand, insure any of the buildings and pay the cost of such insurance and pay any of uid taxes, usessments, liens, claims and charges. or any part thereof, or redeem from the sale of said premises for any taxes or assessments (irregularities in the levy or imposition of any tax or assessment being. expressly waived), or redeem from the ule of uid premises resulting From the enforcement of ant• such lien. claim or charge, or expend such sums as may be necesurv to correct the failure of the mortgagor to comply with the provisions of said paragraph Fourth. and the mortgagor hereby agrees immediately to repay to the mortgagee. without notice or demand, any sums so maid with interest thereon at the same rate u specified in the note secured hereby on the principal thereof after default and maturity, and all sums paid by the mortgagee with interest shalt become a part of the indebtedness secured hereby, and in default of immediate repaymrnt thereof by the mortgagor the whole indebtedness secured hereby shall at the option of the mortgagee become due and payable forthwith without notice. SEVENTH: That in the evrnt the mortgagor sells or conveys uid premises, or any portion thereof, or, if the mortgagor is a corporation, sells, trades or disposes of more than ................~fo of its corporate stock to persons other than the present owners, their heirs and qualified directors prior to the time the indebtedness secured hereby shall have been reduced to ~...0.. 00.........., at the option of the mortgagee, the entire said indebtedness shall become due and payable. EIGHTH: That the mortgagor agrees to pay on demand all expenses and attorneys' fees incurred by the mortgagee by reason of litigation or legal proceedings in which the mortgagee is made a party to protect the lien of this mortgage and all moneys so paid by the mortgagee, including any expense incurred in procuring or continuing abstracts of title and tick policies and searching the records for the purposes of such litigation, shall bear interest at the same rate u sped ed ' the ~nR x'14 ~ ~~~1?