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HomeMy WebLinkAbout0575 t the Mortgagee may. at its option, make such repairs as it deems necessary and effectuate the required insurance, all at the expense o[ the Mortgagor. Any amount paid by the Mortgagee on account of such taxes, assessments, insurance premiums, liens, charges or repairs, with interest thereon from the date of payment thereof by the - Mortgagee at the rate of 12°Jo per annum. shall be a lien upon the property hereby mortgaged and shall be a debt secured by this mortgage, repayable by the Mortgagor forthwith upon demand. 7. To pay to the Mortgagee when due and pa3•able the amount o[ all taxes, including State of Florida income taxes, assessments, public dues or charges levied or to be levied by law within the State of Florida on this mortgage or on the note or debt or interest secured hereby, or on the Mortgagee by reason of the ownership of this mort- gage or the note or debt secured hereby, or on account of interest derived therefrom; but if the amount of such taxes. assessments, public dues or charges mentioned in this paragraQh, together with interest on the debt secured hereby. shall exceed the maximum amount permitted by law to be pard for the use of money in the State of Florida. then the Mortgagor shall not be required to pay any such excess; provided, however, that if the aggregate in any one year o[ such interest and such taxes assessed against the Mortgagee shall exceed such maximum amount permitted by law to be paid for the use of money in Florida. the Mortgagee may, at its option, declare the entire indebtedness secured hereby due and payable upon 60 days' notice. If such option is exercised and notice given, then upon the expiration of such 60 days' notice, the entire indebtedness secured hereby shall be due and payable, and nonpayment thereof shall rnnstitute a default under this mortgage. entitling the Mortgagee to the exercise of all nghts arising by reason of the happening of any other event of default hereunder. Upon the ge by the State of Florida of any law imposing payment upon the Mortgagee o[ the whole or any portion o any taxes, assessments or other charges assessed agarnst this mortgage or the note or other indebt- edness hereby secured, or upon the rendering by any court of rnmpetent jurisdiction of a decision that an under- taking by the Mortgagor, as herein provided, to pay any such taxes, assessments or other charges is legally in- operative, then and in any such event the debt hereby secured, without deduction, shall, at the option of the 114ortgagee, become immediately due and payable, notwithstanding anything contained in this mortgage or in any law heretofore or hereafter enacted. 8. To noti[y the l~iortgagee at once of the rnmmencement of condemnation proceedings of any character affect- . ing the mortgaged property, or any part thereof. In the event that the mortgaged property is wholly condemned, the Mortgagee shall receive from the -Mortgagor and/or the proceeds of such condemnation proceedings, the balance of principal remaining unpaid on said promissory note, with interest thereon to the date payment is received in Hartford. Connecticut. and all other indebtedness secured by this mortgage, and with attorney's fees, court costs and all other expenses incurred by the Mortgagee in connection with such condemnation. lf, however, the mortgaged property is partly condemned, the Mortgagee shall have the right and option to deter- mine the amount of such condemnation proceeds as it will require toward the reduction of the mortgage debt, with interest thereon to the date of payment and, in addition thereto, the Mortgagor shall pay to the Mortgagee all attorney's fees, court costs and other expenses incurred by the Mortgagee in connection with such condem- nation. The Mortgagee shall have a lien on any money judgment or award given or made to, or in favor of, the Mortgagor as a result of any such condemnation proceedings or as a result of any exercise of the right of eminent domain, whether or not the same is made the subject of court proceedings, affecting the property hereby mort- gaged, or arty part thereof. Nothing herein shall be considered as a waiver of the right of the Aortgagee to be made a party to such condemnation proceedings, or any proceedings affecting the title to said property, or any part thereof, and shall not obviate the necessaty of making the Dortgagee party thereto. 9. In the event all or any portion of the property hereby mortgaged is included in any drainage or other improve- ment district formed or authorized subsequent to the date hereof, or in the event said property, or any part thereof, is in a drainage or other improvement district as of the date hereof and subsequent to the date hereof the bonded indebtedness of such district is increased or the district is authorized to make additional assess- menu for improvements in excess of 15% of the assessment in force and effect as of the date hereof, then in any of such events, the Mortgagee may, at its option, declare the entire indebtedness hereby secured due and payable upon six months' notice. If such option is exercised and notice given, then upon the expiration of such six months' notice, the entire indebtedness hereby secured shall be due and payable and nonpayment thereof shall constitute ~ a default under this mortgage and the same may be collected by foreclosure or in any other manner provided by law. However, i[ the ii~iortgagor pays the said additional assessment in cash within said six months' period. then the right of the Mortgagee to accelerate the debt secured hereby, for said specific nonpayment, shall ter- minate as to such default, without in any manner affecting the rights of the Mortgagee under any other existing l or subsequent default under this mortgage or the note secured hereb}•. If said assessment may be paid in in- stalments, then, at the option of the Mortgagee, the it'Iortgagor may avail himself of such privilege, and thereafter no right of acceleration shall be available to the Mortgagee unless a default occurs under said instal- ment payments and said default is not cured in thirty days after its due date, in N•hich event, the :Mortgagee may, at its option, elect to accelerate the mortgage debt and proceed with the collection and 'or foreclosure thereof. 10. To pay promptly all instalments due others upon agreements of lease or rnnditional sale contracts of all fixtures, ,r furnishings and equipment located on said property. Should the Mortgagor fail to make any such payment. the Mortgagee ma}•, Without demand or notice, pay or satisfy the same and the amount so expended shall bear interest at the rate of 12%G per annum and shall be payable by the Aortgagor to the Mortgagee upon demand -~,(.l.C~ and shall, with the interest thereon, he secured by this mortgage. All windmills, pumps, pumping plants and imgation or drainage equipment used for the irrigation or drainage of said property, or for stock watering or domestic purposes thereon, all motors, engines and devices for the operation of said windmills, dumps, pumping plants and irrigation or drainage equipment, all re[rigerator systems, fire prevention and extinguishing apparatus, all lighting, heating and ventilating fixtures and equipment, and all motors, engines, dynamos and boilers, now 9 or hereafter installed in, on or about said property, irrespective of the manner of installation. are and/or immediately upon the installation thereof, shall become and be fixtures and a part of the realty and shall not be removed from said property without the written consent of the Mortgagee. 11. To pay to the rortgagee promptly upon demand all costs, expenses and attorney's tees, including the cost of any title examination, supplemental abstract of title or title insurance, that may be incurred by the Mortgagee in any proceedings, legal or otherwise, affecting the mortgaged property, or an}• part thereof, or the title thereto, ~j, or the validity or priority of this mortgage, or that may be incurred by the Mortgagee by reason of the failure Jf I'„ ~ of the ~tortt;agor to keep and perform any of the covenants or agreements contained herein or in said promis- j,Ci(,L.rj sort' note. All such costs, expenses and attorney's fees paid by the Mortgagee shall bear interest from the date ~ of payment thereof at the rate of 12 Jn per annum until repaid by the Mortgagor and shall, with such interest, be a part of the debt secured by this mortgage. 3 - - 12. In the event of default in the pa}~ment of the promissory note hereby secured, or any part thereof, or any renewal or extension thereof, or i( the Mortgagor shall be adjudged bankrupt or shall make an assignment for- the benefit of creditors, or if any proceedings shall be taken agarnst the Aortgagor looking to the appointment 1