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HomeMy WebLinkAbout0962 t ~ t~C ~ I r:• account to i,ay such charges when due shall t?e Ix+id by Mortgagor to Mortgagee on demand. If, by reason of any default i?y Mortgagor under any i,roviaion of this Mortg:+ge, Mortgagee declares all sums secured heret?y to I,e due and payat,le, 111ortg:+gee may then apply any funds in said account against the entire indebtedness aec•ured hereby. The enforceability of the covenants relating to ti+xea, assessments and insurance premiums herein otherwise provided shall not be attested except insofar as those obligations have been met by compliance with this paragraph. Mortgagee may tram 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, asaesamenta and insurnnce premiums :+s herein elsewhere provided. 4. To promptly pay all tuxes :+nd assessments assessed or levied under and by virtue of any state, feden+l, 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 G+xea pursuant to this par:+gruph togeth, er with the interest payable on said indebtedness shall not exceed the highest lawful me of interest-in Florida and provided [urther tl+:+t in the event of the p:u:sage of any such law or regulation imposing a taz or assessment against Mortgagee up• on this Mortgage or the debt secured hereby, that the entire indeMedness secured by this Mortgage shall thereuf?on i+e- come 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 ex- tended 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 1?e in such amount as Mortgagee may reasonably require, shall be issued by a company or com{conies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. When- ever requirrd by Mortg:+gee, such 1?olic•ies, shall be delivered immediately to and held by Mortgagee. Any and all amounts received by Mortgagee under any of such policies may 1?e applied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee m:+~r, in its sole discretion, elect or, :+t the option of Mortgagee, the entire amount ao received or any Ik~rt 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 Prof~erty or any part there- of by Mortgagee, such policies shall become the absolute property of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to t?e gn+nted or withheld :+t the sole discretion 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 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 timl?er on the Mortgaged Property, (e) removing or exchanging any tangible personal Iroperty which is Ik~rt of the Mortgaged Property, or (f) entering into or modifying any leases of the Mortgaged Pro{,erty. T. 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 !o be necessary for 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 affecting the Mortgaged Property, and not to suffer or permit any violation thereof. 9. If Mortgagor fails to 1>:+y any claim, lien or encumbrance which is superior 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 it there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, 1?ut not limited to, eminent domain and bankruptcy or reorganisation proceedings, then ; Mortgagee, at its option, may pay said claim, lien, encumbrance, tax, 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 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 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 l 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 anwum in the State of Florida, and all such sums and interest thereon shall i?e secured hereby. 11. All sums of money secured heret?y shall be p:+yable without any relief whatever from any valuation or appraise- r ment laws. 12. I( default be made in payment of any instalment of principal or interest of the Note.or aqy part thereof when ~ due, or in payment, when due, or any other sum secured hereby, or in performance of any of 1Nortgagdr s obligations, coven- ants oragreements 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 a:pressly 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 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 from and after the date of any such default of Mortgagor. If the Note provides for instalment payments, the Mortgagee may, at its option, collect a late ~ charge not to exceed two cents for each one dollar not f,aid 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: } la) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take pos-session of ~ the Mortgaged Property or any part thereof, to perform any acts Mortgagee deems necessary or proper to consene the security and to collect and receive all rents, issues and profits thereof, including those past due as well as those accruing thereafter; and (b) Mortgagee shall t?e entitled, as a matter of strict right, without notice and e:parte, 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 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 receiver's tees, counsel tees, coats and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costa and a:penses incurred) -2- 8(i0K o1GE - - _ _ - y - _ - ~ ;:3:'vs 3-