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HomeMy WebLinkAbout0265 t acY•ount to pay such charges when due atu+ll I+e ix+id by Morigt+gor to Mortgagee on denta+ld!' A~hy reason of any default by Mortgagor under any provision of this Mortgage, Mortgagee declares all sums secured hereby to t?e due and payable, Morig++gee may then apply any funds in said account against the entire indebtedness secured 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 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 , :+s herein elsewhere provided. 4. To promptly pay all taxes and asaessrr+ents assessed or levied under and by virtue of any state, federal, or municipal law or regulation hereafter Ixursed, against Mortgagee upon this Mortgage or the debt hereby secured, of upon its interest under this Mortgage, provided however, that the total amount so Iwid for any such taxes pursuant to this paragraph togeth- er with the interest payable on said indebtedness shall not exceed the highest lawful rt+te 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 up- on this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon be- come immediately due and payable at the option of Mortgagee. 5. To keep the Mortgaged Property insured :+gainst los3 or damage by fire, and all perils insured against by an ex- tended coaemge endorsement, and such other risks and perils as Mortgagee in its discretion may require. The policy or iwlicies pf 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 :+s Mortgagee may reasonably require, shall 6e issued by a rnmpany or companies approved by Mortgagee, and shall contain n standard mortgagee clause with loss lx+yuble to Mortgagee. When- - ever required by Mortg:gee, such policies, shall be deliaered immediately to and held by Mortgagee. Any and all amounts received by Mortgagee under any of such policies may tx~ applied by 11lorigagee 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 received or any part thereof may be rele:+sed. 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 there- of by Mortgagee, such policies shall l+ea-ome the absolute properly of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld :d the sole discretion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (h) altering the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structural Paris or the expos++re of the interior of such (wilding to the elements, Id) cutting or removing or permitting the cutting and re- moaal of any trees or timber on the Mortgaged Property, le) removing or exchanging any tangible personal property which - is Ih+ri of the Mortgaged Property, or lf) entering into or modifying any leases of the Mortgaged Property. To maintain the Mortgaged Property in good condition and repair, including but not limited to the making of such repairs us Mortgagee may from time to time determine to be necess:ry for the preservation of the Mortgaged Property and to not commit or hermit any waste thereof. 8. To comply with all Taws, ordinances, regulations, covenants. +ronditions and restrictions affecting the Mortgaged Property, and not to suffer or permit any violation thereof. 9. if Mortgagor fails to ik+y any claim, lien or encumbrance which is sutmrior to this 11lorigage, or when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair,.or shall commit or f?ermit waste, or if there be commenced any aMion 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 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 :+s it deems advis:+ble to prevent or corn such waste, and may appear in any such action or trrareding and. retain counsel therein, and take such action therein as Mortgagee deems ad- visable, and for•any of such purywses Mortgagee may advance such Qums of money, including all costs, tasonable attorney 5 fees and other items of exl~enae as it deems necessary. 111origagee shall be the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, tax, :+ssessment and premium and of the amount necessary to be paid in satis(aclion thereof. Mortgagee shall not be held anrountahle for any delay in making any such lr.+yment, which delay may result in any additional interest, costs, charges, expenses or otherwise. ~ 111. Mortgagor will f>:+y to Mortgagee. immediately and without demand, all sums of money advanced Icy Morig:+gee ~ to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's tees :+nd 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 therec+n shall be soured hereby- 11. All sums of money secured l2erehy shall tie ixryable without any relief whatever from any aaluafion or .q~pnise- ment laws. - 12. If default he made in lu+yment of any instalment of princitu+l or interest of the Note or any l,ari, thereof when due, or in payment, when due, or any other sum secured hereby, or in terformance of any of Mortgagor's obligations, c-oven- :+nts or :+greements hereunder, :+11 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 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 by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, including a reasonable attorney's tee, including all such costs, expenses and attorney's fees for any retrial, rehearing or appeals. The indebtedness secured hereby shall I?ear 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 proa•ides for instalment Payments, the Mortgagee may, at its option, collect a late . charge not to exceed two cents for each one dollar not ir:+id to the Mortgagee when due, to reimburse the Mortgagee for expenses in c-ollec•ting and servicing such instalment payments. 13. If -default he made in payment, when due, of any indebtedness secured hereby, or in performance of any of Morig:+gor s obligations, covenants or agreement hereunder: t Ia) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take Possession of the Mortgaged Property or any part thereof, to trerform any acts Mortgagee deems necessary or proper to conserve the security and to collect and receive all rents, issues and profit_4 thereof, including those past due as well as those accruing thereafter: and (h) Mortgagee shall tee 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 t<~ke possession of the Mortgaged Property, co11eM 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 th.•~f. The ezpense (including receiver's fees. counsel fees, costa and agent's compensation) incurred pursuant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all coats and expenses incurred) -2- Bf17>t • • 7 Pace 2fi5 t - 3b'-'~s`'~i -