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HomeMy WebLinkAbout2131 • t ~t '!'his mortgage is trade, however, subject to the following covrnants, conditions and agreements: FIRST: That the mortgagor hereby agrees and covrnants to ptiy the interest and principal hereby secured promptly when due and if default be made in any part thereof, or in the payment of any other monies hereby secured, then the same shall, without demand if mortgagee shall elect, become due and payable at once and the mortgage may be foreclosed in the manner provided by law. SECOND: That the mortgagor agrees to pay u the same become due and papabk all taxes, assesunents, and other ~ charttes imposed by law (including ditch, canal, reservoir. or other water charges, taxes, or assessments) upon said i pranises of anq put thetcof including the mortgagee's interest therein and upon this mortgage or the note or inaeorenne3s s secured hereby, provided that should the ~tnounts paid for the mortgagee under this ~aragaph for such taxes, assessments and other charges together with the interest on the indebtedness exceed the highest interest rate fitted by law on the indebtedness thrn owing, mortgagor shall not be liabk to pay any of such excess over the highest awful rate. In the event of the passage, after the date hereof, of any law by the State of Florida, deducting from the value of land for the purpox of taxation any lirn thereon or thangmg in any way the existing ,~~{~t~~n Q~~ by mort' gage for state or local purposes, or the manner of the collection of any such taxes, so ~~_~~i!'~hitortgage. the holder of this mortgage and of the debt which it secures, shall have the right to give six (6 notice to the owner of said land regwnng the pavmrnt of the rntirr indebtedness secured herebrc~'~td lt`as_h~iis} 3BnY~tty~?~I~~ce be givrn the said indebtedness shall become due, and collectible at the expiration of said. six (6) tgRgt$s,;na ~ THIRD: That the mortgagor aggrees to pay all other debts that zee now or may become~lirns u~ or charges against said premises, and not to permit any lirn of any kind to accrue and remain on uid premises, dr Zhe improdemrnts thereon, which mi~lit take precedence over the lirn of this mortgage. 'The mortgagor further agrees not to create any lien on uid premises junior hereto unless the person rntitled to the benefits thereof shall have agreed that the time for the payment of the indebtrdneiss hereby secured and the manner and amount of paymrnt thereof and the brnefits of the secvnty afforded hereby tray, without consrnt of such person and without any obligation to give notice of any kind thereto. be extended, reextrnded, ucelented, susprnded and refunded on any terms whatsoever without in any manner affecting the priority of the lirn hereby created u security for the paymrnt of the indebtedness secured hereby or any obligation substituted therefor or issued to refund same. FOURTH: That the mortgagor agrees to keep said premixs and improvemrnts thereon in good condition and repair and not to cotrimit or wffer waste thereof; to operate all lands, whether improved putures, orchards, grazing, timber, or crop lands, in a good and husbandmanlike manner in ucordance with accepted principles of sound agricultural and forestry practices; to take all reasonable precautions to control wind and water erosion: to fertilize improved pastures, if any, where necessary to maintain a good stand of desirable grasxs; to protect orchards and timber, if any, by reasonable precautions against loss of damage by fire including the maintenance of appropriate Ere breaks; and neither to remove nor permit the removal of any timber, buildings, oil, gu. mineral, stone, rock, clay, fertilizer, gravel or top soil without the prior writtrn conxnt of the mortgagee. The mortgagee shall have the right to inspect the mortgaged property at wch reasonable times and intervals u the mortgagee may desire, to determine the mortgagor's compliance with the covrnants contained in any claux of this mortgage. FIFTH: That the mortgagor agrees to procure, maintain and deliver, premiums paid, to the mortgagee policies of 6 insurance against such hazuds on the buildings now or hereafter located on said premixs u the mortgagee may from time. to time require, in such companies and in such amount and form and with wch loss payable clauxs u shall be satisfac- tory to the mortgagee. The mortgagee is authorized to assign and deliver uid policies to any purchaxr of this mortgage or to the purchaser of said ptrniixs at any foreclowre sale. In event of loss the mortgagee is expressly authorized and em- powered to settle of compromise claims under said policies, and the proceeds from said policies u well u any other policies r procured by the mortgagor shall be id to the mortgagee who at its sole discretion may apply same or any part thereof on ucount of the indebtedness secured hereby whether or not thrn due and payable, or may apply the same or any part thereof towards the alteration, reconstruction or repair of said buildings, either to the portion damaged or any other rortion thereof, or release same to the mortgagor. Such application or releax shall not cure or waive any default or notice ~f default here- under or invalidate any act done pursuant to wch notice. - STKTH: That in the evrnt the mortgagor shall fail to procure, maintain and deliver the insurance policies, premiums prepaid, or to pay, u the same become due and payable, any tax or assessment imposed by law upon said premixs or any part thereof, or the note, or indebtedness secured hereby, or to pay any lien, claim or charge against such premixs which might take precedence over the lien of this mortgage or to comply with the provisions of paragraph Fourth hereof, the mortgagee may, without notice or demand, insure any of the buildings and pay the cost of such insurance and pay any of said taxes, usessments, liens, claims and charges. or any part thereof, or redeem from the sale of said premises for any ! taxes or assessmrnts (irregularities in the levy or imposition of any tax or assessment being expressly waived), or redeem from the sale of said premises rewlting from the enforcement of any such lien. claim or charge, or expend such sums as tray be necessary to correct the failure of the mortgagor to comply with the provisions of uid paragraph Fourth. and the . mortgagor hereby agrees immediately to repay to the mortgagee, without notice or demand, any sums so laid with interest thereon at the same rate u specified in the note secured hereby on the principal thereof after default and maturity, and all sums paid by the mortgagee with interest slut) become a part of the indebtedness secured hereby, and in default of immediate repaymrnt thereof by the mortgagor the whole indebtedness secured hereby shall at the option of the mortgagee ~ become due and payable forthwith without notice. SEVENTH: That in the event the mortgagor ills or conveys said premises, or any portion thereof, or, if the mortgagor is a corporation, ills, trades or disposes of more than of its corporate stock to persons other than the prcsrnt owners, their heirs and qualified directors prior to the time the indebtedness secured hereby shall have been rtduced to 5~~~...........-•, then, at the option of the mortgagee, the rntire said indebtedness shall become due and payable. ,,,o EIGHTH: That the mortgagor agrees to pay on demand all expenxs and attorneys' fees incurred by the mortgagee by reason of litigation or legal proceedings iri which the mortgagee is made a party to protect the lien of this mortgage and all moneys so paid by the mortgagee, including any exprnx incurred in procuring or continuing abstracts of title and titk policies and searching the records for the purpoxs of such litigation, shall bear interest at the same rate u specified in the . ,*Combined ownership interest of Danforth K. Richardson. and Marjorie H. Richardson Spot to be reduced below Slo without consent of Equitable.