HomeMy WebLinkAbout0395 account to Wcy Such charges when due shall t?e Ixrid by Mortgagor to Mortgagee un demand. 1f, by neasun of any default
t?y Mortgagor under tiny Irrorision of this Mortgage, Mortgagee declares all sums secured herel?y to t?e due and {xryal~le,
Mortgagee may then apply any funds in said account against the entire indebtedness secured hereby. The en(orccubility of
the covenants relating to taxes, assessments and insurance premiums herein otherwise provided shall not be affected except
insofar as those obligations have been met by rnmpliance 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
Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums
us herein elsewhere provided.
4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any state, federal, or municil>:+)
law or regulation hereafter passed, against Mortgagee upon this Mortgage or the debt hereby secured. or upon its interest
under this Mortgage, provided however, that the total amour/ so paid for any such taxes pursuant to this lxtragraph 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 the event of the passage of any such law ur regulation imposing a tax or assessment against Mortgagee up-
on this Mortgage or the debt secured hereby, that the entire indebtednesv secured by this Mortgage shall thereul?on (~e-
c•ome immediately due and payable at the option of Mortgagee. -
5. To keep the Mortgaged Properly insured against logs or damage by fire, and all perils insured against by an ex-
tended coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or
twlic•ies of such insurance shall be in the form in general use from time to time 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 hlortgugee. 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
m:,nner as Mortgagee may, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or any
hart thereof may be released. Neither the application nor the release of any such amounts sh:+ll cure or waive any default. ,
Upon exercise of the power of sale given in this Mortgage or other acquisition of the 1liorigaged Property or any part there-
of by Mortgagee, such policies shall become the absolute property of Mortgagee.
6. To first obtain the written rnnsent of Mortgagee, such consent to he granted or withheld at the sole discretion of
Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (h) altering the
arrnngement, design or structural character thereof, (c) making any relwirs which involve the removal of structural I><~rts
or the exposure of the interior of such building to the elements, (d) cutting or removing or permitting the cutting ar?d re-
mov:rl of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which
is lx+rt o[ the Mortgaged Property, or entering into or modifying any leases of the Mortgaged Property. F
7. To maintain the Mortgaged Property in good condition and rel><~ir, including but not limited to the making of such
relxrirs us Mortgagee may from time to time determine to be necessary for the presenmtion of the Mortgaged Property and
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to not rnmmit or trermit any waste thereof.
8. To comply with all laws, ordinances, mgul:?tions, covenants, conditions and restrictions affecting the Mortgaged
Property, and not to suffer or hermit any violation thereof-
9. If Mortgagor fails to 1>iry any claim, lien or encumbrance which is sutrerior to this Mortgage, or when due, any lax
or assessment or insurance pmmium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or if
there he commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of
Mortgagee therein, including, but not limited to, eminent domain :+nd bankruptcy or reorganization proceedings, there
Mortgagee, at its option, may p:ry said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation
thereunder, may make such repairs and take such ste1~ as it deems advisable to prevent or cure such waste, and may
appear in any such action or proceeding and retain counsel therein, and take such action therein as Mortgagee deems ad-
visable, :+nd for any of such pury~oses 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 o[ 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 he held accountable for any delay in making any such payment, which delay may result in
it 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
j to protect the security hereof pursuant to this ?Mortgage, including all costs, reasonable attorney's fees and other items of
ext~ense, together with interest on each such advancement at the highest lawful rate of interest her annum in the State of
k Florida, and all such sums and interest thereon shati be secured hereby.
~k ~ _ whStc:i~r fr:.a: :rid :;2IL'::::^.^. n •u,~~raicp-
f l 1. Ail sums of money s~,•urt-d hrreiw siu,ii iw• tr.,y:,uir ..~iti:vut :,uy re :r.
me•nt laws. ,
l 12. If default he made in t,uyment of any instalment of .principal or interest otr•1~e,.~'Vot.e,~~
~r any part thereof when
3 due, or in payment, when due, ur any other ~un? ~ urrrl hereby, or in l~erfarmance of any oT !11o~fgagoi s obligations, coven-
unts or agreements hereunder, all of the indebtedness secured hereby shall t?ecbme and•be iititlediately due and payable at the
option of Mortgagee, without notice or demand which are hereby expressly waived, in which eveot•1?f,°~ ee may avail itself
of all rights and remedies, at law or in equity, and this Mortgage may be foreclosed with all rights and [~edies afforded by
the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasona~fe attorney a fee,
including all such costs, expenses and attorney's tees for any retrial, rehearing or apf~eals. The indebtedness secured hereby
shall hear 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 Aortgagor. If the 1`iote provides7or instalment lu,yments, the Mortgagee may. at its option, collect a late
charge not to exceed two cents for each one dollar not paid to the 14tortg:rgee when due, to reimburse the Mortgagee for
expenses in rn11eK•ting 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
~4ortgagor's obligations, covenants ur agreement hereunder:
ta) 1Mortgagee 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 consen•e the
security and to rnllec•t and receive all rents. issues and profits thereof, including those 1><•+st due as well as those accruing
thereafter: and
(h) Mortgagee shall be entitled, as a matter of strict right, without notice and exparie, and without regard to the
value or Deco fk•+ncy of the security, or the solvency of 1ltortgagor, or the adequacy of the Mortgaged Property as security for
the Note, to have a receiver appointed to enter ufron and take possession of the I~lorigaged Property, collect the rents and
profits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers permitted
under the laws of Florida.
In either such ease, Mortgagee or the receiver may also take possession ot, and for these purposes use, any and all
personal property which is a part of the Atorigaged Property and used by Mortgagor in the rental 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 lafter payment of all costs and expenses incurred)
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