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HomeMy WebLinkAbout0425 account to {u+y such charges when due shall l:e {,;+id by Mortgagor to Mortgagee: un demand. ~ If, by~reaw,n of any~de(ault 6y Mortgagor under any provision of this Mortgage, Mortgagee dec•Itues all sums secured hereby to I,e due and payable, Mortgagee n+ay then apply any funds in s:+id uce•ounl against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, :+srcrxments and insurance premiums herein otherwise provided shall not be affected except insot:u as those obligations have keen met by compliance with this paragraph. Mortgagee may from time to time at its option waive, and after any such waiver reinstate, any or alt provisions hereof requiring such deposits, by notice to 11lortgagor in writing. While any such waiver is in effect, Mortgagor shall {ury taxes, assessments and insun:ne•e premiums as herein elsewhere provided. a. To promptly {,uy all taxer and assessments assessed or levied under and by virtue of any st:Ue, teder:d, or munici{x+l I;+w or regulation hereafter parsed, against 1\lortgagere u{wn this Mortgage or the debt hereby ser•ured, or upon its interest under this Mortgage, provided however, that the total amount so paid for any such taxes pursuant to this {,aragr.+ph togeth- er with the interest payable on said indebtedness shall not exceed the highest lawful nUe of interest in Florid:? and provided further tl+;+t in the event of the {,;tsv;+ge of any such law or regulation imposing a tax or assessment against Mortgagee up- on this Mortgage or the debt secured hereby, that the entire indebtedness see•ured by this Mortgage shall thereu{wn be- rme immediately due and {,ayable at thA option of Mortgagee. 5. To keep the Mortgaged Property insured against loss or damage by tire, and all perils insured against by an ex- tended eoe•emge endorsement, and such other rislus and {,erils :+s Mortgagee in its discretion m:+y require. The policy or {,olie•ies of such insurance sh:+ll be in the Corm in general use from time to time in the locality in which the Morig:+ged Pro{,erty is situated, shall be in such amount as Mortgagee may reasonably require, shall be issued by a e•ompany or com{,:+nies approved by Mortgagee, and shall e•ontain a standard mortgagee clause with loss payable to Mortgagee. When- ever required by Morig:+gee, such {wlicies, shall be delivered immediately to and held by Mortgagee. Any and all amounts received by Mortgagee under any of such policies may t,e applied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee may, in its sole discretion, elect or, at the option of Mortgagee, the entire amount so re•eeived or any {,art thereof may be released. Neither the a{,plication nor the rele.•+se of any such :+mounts shall cure or waive any det:+ult. Upon exercise of the {rower of sale given in this Mortgage or other ae•quisition of the Mortgaged Property or any part there- of by Mortgagee, such {wlicies shall become the al,solute property of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld ;+l the sole discretion of Mortgagee, before lal 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 pans or the exposure of the interior of such building to the elements, Id) cutting or removing or permitting the cutting and re- moval of any trees or timber on the Mortgaged Pro{,eriy, le? removing of exchanging any tangible personal property which is {,art of the lortgaged Properly, or (f) entering into or modifying any leases of the Mortgaged Pro{,eriy- 9. To maintain the Mortg:+ged Property in good condition and rep:+ir, including but not limited to the making of such re{wirs ;+s Mortgagee may from time to time determine to t?e necess:+ry for the preservation of the Mortgaged Property and to not commit or {,ermit any waste thereof- N- To comply with all laws, ordinances, regulations, covenants, e•onditions and restrictions attee•ting the Mortgaged Pro{,erty, and not to sutler or {,er•mit any violation thereof. 9. It Mortgagor fails to {,ay any claim, lien or encumbrance which is su{,erior to this Mortgage, or when due, :,ny tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall commit or permit waste, or i! there be commenced any :+ction or proceeding affecting the Dortgaged Property or the title thereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceedings, then Mortgagee, at its option, may pay said claim, lien, encumbrance, ta:, assessment or 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 erounsel 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 ex{,ense 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 l,e paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in making anY such {,:+yment, which delay may result in any additional interest, costs, charge's, expenses or otherwise- 10. Mortgagor will {i:+y 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 be secured hereby. 11- All sums of money secured hereby shall t,e payable without any relief whatever from any valuation or apprnise- ment taws. 12. If default be made in payment of any instalment of principal or interest of the Note or any hart thereof when due, or in payment, when due, or any other sum secured hereby, or in {,erformance of any of 141origagor's obligations, coven- ants oragreements hereunder, all of the indebtedness secured hereby shall become and be immediately due and {,ayable at the o{,lion 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 F,y the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney's fee, including all such costs, expenses and attorney's fees 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 fmm and after the date of any such default of 111origagor. If the Note provides for instalment payments, the Mortgagee may, at its option, collec•1 a late charge not to exceed two cents for each one dollar not {,aid to the Mortgagee when due, to reimburse the Mortgagee for expenses in collecting and servicing such instalment {,ayments. 13. It default be made in payment, when due, of any indeMedness secured hereby, or in performance of any of Mortgagor's obligations, covenants or agreement hereunder: la) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and t:+ke {,ossess+on of the 1~Iorigaged Properly or any part thereof, to perform any acts Mortgagee deems necessary or proper to consen~e the security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing thereafter: and Ih) 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 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 have all the rights and powers permitted under the laws of Florida. In either such case, Mortgagee or the receiver may also take possession ot, and for these purposes use, any and all {,ersonal property which is a part of the Mortgaged Property and used by Mortgagor in the metal or leasing thereof or any part thereof. The expense (including receiver's fees, counsel tees, costs and agent's compensation) incurred pursuant to the po•.vers herein contained shall be secured hereby. Mortgagee shalt (after payment of all costs and ezpenses incurred) -2- aan ~ ~~cE ~4 F 6r~- 1-s