HomeMy WebLinkAbout1171 hereby. The enforceability 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 compliance with this paragraph. Mortgagee may from t
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 municipal
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 amount so paid
for any such taxes pursuant to this paragraph together 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 tax or assessment against Mortgagee:_upon
this Mortgage or the debt secured hereby, that the entire
indebtedness secured by this Mortgage shall thereupon become
immediately due and payable at the option of Mortgagee.
5. To keep the Mortgaged Property insured against loss
or damage by fire, and all perils insured against by an extended
coverage endorsement, and such 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 such amount as Mortgagee may reasonably
require, shall be issued by a company or canpanies approved
by Mortgagee, and shall contain a standard mortgagee clause ~
with loss payable to Mortgagee. Whenever required by Mortgagee,
such policies, shall be delivered immediately to and held by .t
Mortgagee. Any and all amounts received by Mortgagee under
any of such policies may be applied by Mortgagee on the I
indebtedness secured hereby 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 the release of any such
amounts shall cure or waive any default. Upon exercise of the
power of sale given in this Mortgage or other acquisition of
the Mortgaged Property or any part thereof by Mortgagee, such
~ policies shall become the absolute property of Mortgagee.
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6. To first obtain the written consent of Mortgagee,
such consent to be granted or withheld at the sole discretion ~
E of Mortgagee,- before (a) removing or demolishing any building
~ now or hereafter erected on the premises, (b) altering the
arrangement, design or structural character thereof, (c) making
r 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 removal i
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 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 detenaine to be
necessary for the preservation of the Mortgaged Property and
t to not canmit or permit any waste thereof.
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