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HomeMy WebLinkAbout0377 a • i account to pay such charges when due shall be paid by Mortgagor to Mortgages on demand. If. by reason of any default by Mortgagor under any provision of this Mortgage, Mortgagee declares all sums serrtred hereby to bs due and payable, Mortgagoo may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of tbs covenants relating to taxes. assessrr?enta and insurance premiums herein oWerwise provided shall aot be affected except inwtar as those obligations have been met by compliance with this p~eragraph. Mortgagee way from time to time at its option waive, and after any such waiver reinstate, any or all provisions hereof requiring wch deposits, by notice to ' Mortgagor in writing. While any such waiver is in effect. Mortgagor obeli pay razes, assessments and insurance premiums ` as herein elsewhere provided t, 4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any state, federal, or municipal law of regulation herea[ter passed, agaitut Mortgagee upon this Mortgage or the debt hereby secured, or upon i4 interest under this Mortgage, provided however. that the total amount so paid for any wch lases purarant to this paragraph togeth- er with the interest payable oa said indebtedness shall not a:coed the highest lawful rate o[ interest in Florida and provided further that in the event of the passage of any such law or regulation imposing a tax or aasessrnent against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured liy this Mortgage shall thereupon be- ~ come immediately due and payable at the option of Mortgagee. S. To keep the Mortgaged Property inwred against lose or damage by fire. and all perib insured against by an ex- tended coverage endorsement, and wch 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 time in the locality in which the Mortgaged • Property is situated, shall be in wch amount as Mortgagee may reasonably require, shall be iswed by a company or companies approved by Mortgagee, and shall rnntain a atandarcl mortgagee clause with loss payable to Mortgagee. When- ever required by Mortgagee, such policies, shall 'vexed immediately to and held by Mortgagee. Any and all amounts received by Mortgagee under aay of wch policies ay b lied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee may, in its sole discretion, leer or, at op Mortgagee, the entire amount so received or any part thereof may be'released. Neither the application nor the release of ny wch amounts shall cure or waive any default. Upon ezercise of the power of sale given in this Mortgage or other acqu' lion of the Mortgaged Property or any pert there- of by Mortgagee, such policies shall become the absolute property o ortgagee. 6. To first obtain the written consent of Mortgagee, such co nt to be granted or withheld at the sole discretion of Mortgagee, before (a) removing or demolishing any building now r hereafter erected on the premises, (b) 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 rs- moval of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal property which is part of the Mortgaged Property. or (f) entering into or modifying any leases othhe Mortgaged Property. To maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such repairs as Mortgagee may from lime to time determine to be necessary for the preaers~tion of the Mortgaged Property and to not commit or permit any waste thereof. - _ 8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Mortgaged Property, and not to sutler or permit any violation thereof. 9. If Mortgagor tails to pay any claim, lien or encumbrance 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 it there be commenced any action or proceeding affecting the Mortgaged Property or the title Wereto, or the interest of S Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or ceorbanization proceedings, ~ then Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment os. 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 retain counsel therein, and take such action therein as Mortgagee deems ad- visable. and [or any of such purposes Mortgagee may advance wch sums of money. including all costs, reasonable attorney a 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, taz, assessment and premium and of the amount necessary to be paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in making 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 thin Mortgage, including all costs, reasonable attorney's lees and other items of expense, together with interest on each such advancement at the highest lawful rate of interest per annum in the State of ' Florida, and all such sums and interest thereon shall be secured hereby. ~ - 11. All sums of money secured hereby shall be payable without any relief whatever from any valuation or appraise- ment laws. 12. It 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- ants or agreements hereunder. all of the indebtedness secured hereby shall 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 may avail itself of all rights and remedies, at law or in equity, and this Mortgage may be foreclosed with all rights and remedies afforded by the lawn of Florida and Mortgagor shall pay all caste, charges and ezpenses thereof, including a reasonable attorney's tee, including all such costs, ezpenses and attorney's tees 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, rnlleM 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 a obligations, wvenanta 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 rnnserve the security and to collect and receive all rents, issues and profile thereof, including those past due as well as those accruing thereafter; and ~ (b) Mortgagee shall be entitled, as a matter of strict right; dvithout notice and a:parts, 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 profile therefrom and apply the same as the court~may direct, such receiver to have all the rights and powers permitted ~ ~ i under the taws of Florida. In either such case, 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 rental or leasing thereof or ~ any part thereof: The expense (including receivers tees, ~ counsel tees, costa 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) pp~~~~p -2- BtfDK~ PdCE