HomeMy WebLinkAbout2612 •
arc•ount to pay sash charges when due shall I?e Ix~id by Mortgagor to Mortgagee on demand. If, by reason of any de(uuh
by Mortgagor under any provision of this Mortgage, Mortgagee decl:~rea all sums secured hereby to t?e due and Ixcyable,
Aloriga+gee may then apply any funds in said account against the entire indebtedness secured hereby. The enforceability of
the covenants relating to taxes, aeeesaments and insurnnce premiums herein otherwise provided shall not be affected except
insofar as 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
Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums
as herein elsewhere provided.
4. To promptly pay all taxes and :assessments assessed or levied under and by virtue of any state, federal, or municilx+l
law or regulation hereafter passed, against Mortgagee upon /his Mortgage or the debt hereby secured, or upon its interest
under this Mortgage, provided however, that the total amount so paid for any such taxes pursuant to this paragraph 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 or regulation imposing a lax or asaes~ment against Mortgagee up•
un this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereut~on he-
rome immediately due and payable at the option of t1lorigagee.
5. To keep the Mortgaged Property insured against loss or damage by fire, and all perils insured against by an ex-
tc•nded coverage endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or
I~olicies 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 hlorigagee, 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 alt amounts
received by Mortgagee under any of such policies may be applied by Mortgagee on the indebtedness secured hereby in such
mrnner as Mortgagee may, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so received or any
Dart thereof may be released. Neither the application nor the release of any such amounts shall cure or waive any default.
11pon exercise 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 at?solute property of Mortgagee:
6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld at the sole discretion of
iViortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, Ih) 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-
moval of any trees or timber on the Mortgaged Property, le) removing or exchanging any tangible personal property which
is fxari of the Mortgaged Property, 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 he necessary (or the preservation of the Mortgaged Property and
to not commit or hermit any waste thereof. ~
8.. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions af(ec-tinq the Mortgaged
Property, and not to suffer or hermit any violation thereof.
9. If Mortgagor fails to Ikcy any claim, lien or encumbrance which is sut~erior 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 interest of
Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then
Alorigagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or precriium, 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
:cl~pear in any such action or proceeding and retain counsel 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 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 he Maid in satisfaction
~~i ~ which dela ma result in
~ thereof. Mortgagee shall not be held accountable for any delay in making any such Ihcyment, y y
any additional interest, costs, charges, expenses or otherwise.
t
~ 10. 11lortgagor will pay to Mortgagee, immediately and without demand. all sums of money advanced by Mortgagee
to protect the security hereof pursuant 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 of interest per annum in the State of
Florida, and all such sums and interest thereon shall he secured hereby_
11. All sums of money secured hereby shall lie p:ryable without any relief whatever from :cny valuation or appraise-
1 mc:nt laws.
12. If default he 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 t~erformance of any of Mortgagor's obligations, coven-
ants or agreements hereunder, all of the indebtedness secured hereby shall become and he 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 :ill rights and remedies, at I:cw or in equity, and this Mortgage may be foreclosed with all rights and remedies afforded by
the laws of Florida and Mortgagor shall pay all cosL4, charges and expenses thereof, including a reasonable attorney's fee,
including all such costs, expenses and attorney's fees for :cny retrial, rehearing or appeals. 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 Mortgagor. If the Nute provides for instalment payments, the Mortgagee may, at its option, collect a late
charge.not to ezc•eed 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, covenants or agreement hereunder.
r (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take lwssession 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 Bast due as well as those accruing
s 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
I 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 same as the court may direct, such receiver to luwe all the rights and powers permitted
under the laws of Florida.
~ In either such case, Mortgagee or the receiver may also take Iwssession of, and (or these purfwses 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 receiver's fees. counsel fees, costa and agent's compensation) incurred pursuant
to the powers herein contained shall he secured hereby. Mortgagee shall (after payment of all costs and expenses incurred)
~~~~32~ ?a~E2~10 -2-