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HomeMy WebLinkAbout2677 s.- , account to pay aue•h charges when due shall tee s><~id by Mortgagor lu Mortgagee on demand. 1f, by reafu,ri of any default by 11lortgagor under any srrovision of this Mortgage, Mortgagee declares all Bums secured hereby to be due and sayable, Mortgagee may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurance premiums herein otherwise provided shall not be affected except insofar era those obligations have been met by compliance with this paragraph. Mortgagee may from time to time at its option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, by notice to Ziarigagor in sc•riting. 1'l'hjle any such wsjver is in etfect, Mortgagor shat! f>Ay Iaxrar, assessments and insurance premiums :rs 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 upon this Mortgage or the debt hereby secured, or upon its interest under thus Mortgage, provrdett however, that the [Drat amuun~ ecr lrariu iur auy nucir i..aea r,u?~~.,~~::., :La r,.....c,:,.;::. ;~b~:.`. er with the interest payable on sajd indebtedness shall not exceed the highest lawful rnte of interest in Florida and provided further that in the event of the passage of any such law or regulation imposing a tax or assessment against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or damage by [ire, and all perils insured against by an ez- : tended coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or policies of such insurance shall be in the form in general use from time to lime in the locality in which the Mortgaged Property is situated, shall be in such amount as Mortgagee may reasonably require, shall be issued by a company or ' companies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- ever required by Mortgagee, such policies, shall be delivered immediately to and held by Mortgagee. Any and all amounts ( received by Mortgagee under any of such policies may be applied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee may, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or any part thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default. Upon ezerrise of the power of sale given in this Mortgage or other acquisition of the Mortgaged Property or any part there- of by Mortgagee, such policies shall become the absolute property of Mortgagee. 6. To first obtajn the written consent of Mortgagee, such consent to be granted or withheld art the sole discretion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, Ib) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structural parts or the exposure of the interior of such building to the elements, (d? cutting or removing or permitting the cutting and re- r:=v=u; ut any tr~cs or fimlaer on *he Mortgaged Progeny, (e? rer.+~ving ~r Pxch:rngirrq any tan{tihle personal property which is part of the Mortgaged Property, or (t) entering into or modifying any leases of the Mortgaged Property. 7. To maintain the 1Nortgaged Property in good condition and repair, including but not limited to the making of such repairs as Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Property and to not commit or srermit any waste thereof. i 8. To comply with all laws, ordinances, regulations, covenants, conditions :end restrictions affecting the Mortgaged 's Property, and not to suffer or permit any violation thereof. 9. If Mortgagor fails to pay any claim, lien or encumbrance which is sutrerior to this Mortgage, or when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or it there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of tviortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then ; Mortgagee, at its option, rosy pay said claim, lien, encumbrance, taz, assessment or premium, with right of subrogation thereunder, may make such refrarirs and take such steps as it deems advisable to prevent or cure such waste, and may appear in any such action or praeeding and retain counsel therein, and lake such action therein as Mortgagee deems ad- visable, and for any of such purposes Mortgagee may advance such sums of money, including all costs, reasonable attorney's ~ fees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, tax, assessment and premium and of the amount necessary to be paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in marking any such payment, which delay may result in any additional interest, costs, charges, expenses or otherwise. 10. Mortgagor will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee to protect the security hereof pursuant to this 1~lortgage, including all costs, reasonable attorney's fees and other items of expense, together with interest on each such advancement at the highest lawful me of interest per annum in the State of Florida, and all such sums and interest thereon shall be secured hereby. i 11. All sums of money secured herel?v shall be srayable without any relief whatever from any valuation or apprrise- ment laws. ' 12. If default be made in payment of any instalment of principal or interest of the Note or any hart thereof when due, or in payment, when due, or any other sum secured hereby, or in performance of any of Mortgagor's obligations, coven- ants or agreements hereunder, all of the indebtedness secured hereby steal! become and be immediately due and payable at the } option of Mortgagee, without notice or demand which are hereby expressly waived, in which event Mortgagee shay avail itself S of a!! rights srsd rertiedips, 3t !aw or in t~uity, and this Mort¢agp may he foreclosed with all rights and remedies afforded bys the laws of Florida and Mortgagor shall pay all costs, charges and a:per~es thereof, including a reasonable attorney's fee, i including all such costs, expenses amd attorney's fees for any retrial, rehearing or appeals. The indebtedrass secured hereby i shall bear interest at the highest lawful rate of interest per annum in the State of Florida from and after the date of any such default of Mortgagor. If the Note provides for instalment payments, the Mortgagee may, at its option, collect a late charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee for expenses in collecting and servicing such instalment payments. 13. If default be made in payment, when due, of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, crovenants or agreement hereunder (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of the Mortgaged Property or any part thereof, to perform any acts Mortgagee deems necessary or proper to conserve the security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing thereafter: and ; F (h) Mortgagee shall be entitled, as a matter of strict right, without notice and exparte, 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 for the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, collect the rents and i i profits therefrom and apply the same as the court may direct, such receiver to have all the rights and swwers permitted 4 under the laws of Florida. ~ In either such rase, Mortgagee or the receiver may also take possession of, and for these purposes use, any and all personal property which is a part of the Mortgaged Property and used by Mortgagor in the yenta! or leasing thereof or any part thereof The expense (including receiver's fees, counsel fees, costs and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costa and expenses incurred) ~ i -2- i a(?'ox 323 PAGE i , i ' '