Loading...
HomeMy WebLinkAbout1080 ' ~f + t • ~ ~ account to pay such charges when due shall be paid by Mortgagor to Mortgagee oa demart~. If. by reaeoo of any default by Mortgagor under arty provision ~f this Mortgage, Mortgagee duclarea all sua.s secured hereby to be due and payable, Mortgagee may than apply any funds in said account against the entire indebtedness secured hereby. The enton:eability of ' the rnvenanta relating to taxes. a~meuts and insurance premiums herein otherwise provided shah not be affected except ' insofar as thorie obligations have been met by compliance with this paragraph. Mortgagee may [ram time to time at its option waive, and =titer any wch waiver reinstate. any ar all provisions hereof requiring such deposits, by notice w Mortgagor in writing. While any such waiver is in effeM, Mortgagor shall pay taxes. asseastnents and insurance premiums as herein elsewhere provided. ~ 't 4. To promptly pay eA taxes and assessments assessed or levied under and by virtue o[ any state, federal. or municipal ~ law or regulation hereafter l passed, against Mortgagee upon this Mortgrge or the debt hereby secured, or upon its interest under this Mortgage, provided bovvever, that the total amount so paid for any such taxes pursuant to this paragn,ph togeth- er with the interest payable on said indebtedness shall not exceed the highest lawful rate of interest in Florida and provided further that in fire event of the passage of any such law or regulation imposing a tax or assBasmEnt against Mortgagee up- on this Mortgage or the de5t secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- rnme immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or damage by fire, and al! perils insured against by an ea- tended rnverage eraiotaement, and such other risks and perils as Mortgagee i., :ta ci+:e~.-~:.a~ may require. Tare policy or. policies of such insurance shall be iu the form in geneeal use from time to time in the locality in which -the Mortgaged -Property is situated, shalt be in such amount as Mortgagee may reasonably require, shall be issued by a company or ; companies approved by ylortgagee, and shall rnntain 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 4 received by Mortgagee under any et such policies may be applied by Mortgagee on the indebtcdrrese secured herby 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 We release of any such ~imounts shall cure or waive any default. r Upon exercise of the power of gale given in this Mortgage or other acquisition of the Mortgaged Property or any part there- . ~ of by Mortgagee, sntch policies shall become the absolute property of Mortgagee. 6. To first obtain the written rnnsent of Mc+rigagee, such consent to be granted or withheld at the sole discretion of Mortgagee, be[ore (a) removing or demolishing any building now or hereafter erected on the premises, (b) altering the - arrangement, %7esign or structural character thereof, (c) making any repairs which involve the removal oI structural parts or the a:p~+sure o[ the interior of such building to the elements, (d) cutting or removing or permitting the cutting and re- moval of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which is part of the Mortgaged Froperty, or (f) entering into or modifying any leases of the Mortgaged Property. 7. To maintain the Mortgaged 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 rnmmit or permit any waste thereof. ' 8. To comply with all laws, ordinances, regulations, cvvenants, conditions and restrictions, affecting the Mortgaged Property, and not to suffer or permit any violation thereof. 9. If Mortgagor (ails to pay any claim, lien or encumbrane which is superior 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 if there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto. or the interrat of ~ Mortgagee therein, including, but not limited to; eminent domain and bankruptcy or reorganization proceedings, then Mortgagee, at its option,. may pay said claim, lien, encumbrance, taz, assessment or premium, with right of'subrogation thereunder, may make such repairs and take such steps as it deems advisable to prevent or cure such waste, and may ' "appear~in any such action or. proceeding and ttitain rnunsel therein. and take such action therein as Mortgagee deems ad- visable, and for any of such purposes Mortgagee may, advance such sums of money, including aU costa, reasonable attorney's tees and other items of expense as it deems necessary. ~ Mortgagee shall be the style judge of the legality, validity and priority o[ any ouch claim, ben, encumbrance, tax; assessment and premium and of the amount necessary to be paid in satisfaction thereof. Mortgagee shall not t~e held accountable for any delay in making any such payment, which delay may result in any additional interest, costs, charges, ezpenses or otherwise. Y0. lvlortgasor. will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee to proteM the security heteoi ounntant to this Mortgage, including all costs, reasonable attorney's fees and other items of ~ expense, together with interest on each such advancement at the highest lawful rate o[ interest per annum in the State of ~ Florida, and all such sums and interest thereon shall lre secured hereby_ Il. All sums of money secured hereby shall be payable without any relief whatever from any valuation or appraise- ment taws. 12. If default be made in payment of any instalment of principal or interest of the Note or any part thereof when _ due, or in payment, when due, or any other sum secured hereby, or in~performance of any of Mortgagor's obligations, coven- g ants or agreements hereunder, all of the indebtedness secured hereby steal; become and 6e immediately due and payable at the - option of Mortgagee, without notice or demand which are hereby expressly waived, in which-event Aortgagee may avail itself of all rights -and remedies, at law or in equity, and this Mortgage may be [oteclosed wiih all rights and remedies afforded by the taws of Florida and Mortgagor shall pay all coals, charges and expenses thereof, including a reasonable attorney's fee, includin all such costs, ex { g penses and attorney's fees for any retrial, rehearing or appeals. The indebtedness secured hereby 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, co11eM a late charge not to a:teed two cents for each one dollar not paid to the Mortgagee when due, to reimbutse_the Mortgagee for expenses in rnUecting and s~erv:cing such instalment payments. 13. If default be made in payment, when due, of any indebtedness secured hereby, or in performance of any o[ Mortgagor's obligations, covenants or agreemxnt hereunder:. _ (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take possession of the i4lortgaged Property or any part thereof, to perform any acts Mortgagee deems necessary or proper to conserve the security and to rnllect and receive ell rents, issues and profits thereof, including those past due as wet! as three accruing thereafter; acrd 3 (b) Mortgagee shall be entitled. as a matter of strict right, without notice and expar[e, and v~ithout 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 profits therefrom and apply the name as the court may direct, larch receiver to have ail llte rights and powers permitted under the laws of Florida. ~ In either such case, Mortgagee or the receiver may also take possession of, and for these purposes use, any and all persona! pro~+erty which is a part of the Mortgaged Property and usAd by Mortgagor in the rental or leasing thereof or any part thercef. The expense (including receiver's fees, rnunsel fees, costs and agent's rnmpensation)-incurred pursuant to the powers threin contained shalt be secured hereby. Mortgagee shall (after payment of all costs and expenses incurred) -2- ~ t c . e(,° 324 ~~~Q~g - ~