HomeMy WebLinkAbout0052 then on the happening -of any one or more of these events, this conveyance
shall become absolute and the whole indebtedness secured hereby shall imme-
diately become due and payable. Thereupon, at the option of the Mortgagee,
this Mortgage may be foreclosed for the whole of said money, interest and
costs, or Mortgagee may foreclose only as to the sum past due, without injury
to this Mortgage or the displacement or impairment of the remainder of the
lien thereof, and at suer. Foreclosure sale the Land shall be sold subject to all
remaining items of indebtedness; and Mortgagee may again foreclose, in the
same manner, as often as there may be any sum past due .
14. Except during such periods as the Mortgagee may from -time to time
designate in writing, the Mortgagor will pay to the Mortgagee on the first day
of each month throughout the existence of this Mortgage, a sum equal to the
Mortgagee's estimate of the taxes and assessments next due on the mortgaged
property and premiums next payable on or for policies of fire and other
hazard ing•irance thereon, less any sums already paid the Mortgagee with
respect the:•eto, divided by the number of months to elapse one month prior
to the date when such taxes, assessments and premiums become due and
payable, such sums to be held ~by the Mortgagee, without interest, to pay
such items. If at any time the estimated sum is insufficient to pay an item
when due, the Mortgagor shall forthwith upon demand pay the deficiency to
the Mortgagee. The arrangement provided for ;n this paragraph is solely for
the added protection of the Mortgagee and entails no responsibility on the
Mortgagee's part beyond the allowing of due credit, without : interest, for
sums actually received by it. Upon the occurrence of -a default under this
Mortgage, the Mortgagee may apply all or any part of the accumulated funds
then held, upon any obligation secured hereby. Upon assignment of this
Mortgage, any funds on hand shall be turned over to the assignee and any
responsibility of the assignor with respect thereto shall terminate.
15. In the event of a default or the happening of any event which
would enable the Mortgagee to declare the whole indebtedness secured hereby
immediately due and payable, the Mortgagee shall be entitled to the appoint-
ment or a receiver of au the rents, issues and proiiis, reyardiess ui 'u`ic
value of the Land- and the solvency or insolvency of the Mortgagor and other
persons liable to pay said indebtedness .
16. The words "Mortgagor" and "Mortgagee" when used herein shall
include the singular and plural number and masculine, feminine or neuter
gender, as the case may be, and shall also include the heirs, administrators,
executors, successors, and assigns of the parties hereto. Each and all of the
terms and provisions hereof shall extend to and be a part of any renewal or
extension of this Mortgage.
` 17. The Mortgagor hereby assigns and transfers to Mortgagee the
abstract of title to the Land .
18. This Mortgage and the Note shall be construed according to the
® laws of the State of Florida .
19. To the extent that the Land, or any part thereof , shall be deemed
to be personal property, this Mortgage shall serve as a "Security Agreement"
within the meaning of the Uniform Commercial Code as adopted in the State of
Florida. Mortgagor hereby grants to Mortgagee a security interest in -and-to- -
all of those portions of the Land and the improvements which may ultimately
be held to be personal property. With respect to such personal property,
Mortgagee shall have all rights afforded secured parties by the Uniform Com-
mercial Code, as adopted in the State of Florida, and as may hereafter be
modified or amended, in addition to, but not in .limitation of, the other rights
afforded the. Mortgagee hereunder. Mortgagor agrees to make, execute and
deliver to the Mortgagee, in form satisfactory to the Mortgagee, such finan-
cing statements and further assurances as Mortgagee may from time to time
consider reasonably necessary to create, protect and preserve the Mortgagee's
~ security interest.
20. It is the intention of the parties to comply strictly with all appli-
cable usu: y laws, and, accordingly, in no event shall the Mortgagee be
entitled to receive, collect, or apply as interest, any interest, fees, charges
or other payments equivalent to interest in excess of the maximum amount
which may be charged from time to time under applicable law; and, in the
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e~~~ 323 Pa~E 52