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HomeMy WebLinkAbout0309 2. PAYMENT OF PRINCIPAL. INTEREST. AND OTHER SUMS OWED That BORROWER will pay, with interest, said note and anv extensions or renewals thereof, in whole ur in part, and all other indebtedness or liability hereby secured, however created or evidenced, promptly when the same respectively becomes due and will pay and discharge any other amounts, indebtedness and/or liability that may in the future become due, owing or outstanding from BORROWER to !.ENDER, however the same may be or may have been contracted, evidenced or accnred, including sums advanced to protect security, and costs of collection including any disbursements made for the payment of taxes, assessmems and insurance nn the above described property, with interest on such disbursements; and to pay all costs and expenses incurred or paid by LF.N- DER in collecting the monies hereby secured or in enforcing or protecting the rights and security of LENDER hereunder, inc:ud- ing rcau?nahle attorney's fees, in the event said mortgage and n?He or other evidence of liability be placed in the hands of an attor- ney fur collection; provided huwrver, that in the event this mortgage encumbers the residence of RORROWE:R this murtcaEe shall not secure any future loans to BORROWER other than advances for the pmlection of l.ElhDl?R'S ucurity, and loam specifically made pursuant to the future advances provision hereof. 3. LATE CHARGE That LENDER may collect a late charge o[ 4 cents for each dollar more than IS da}'s in arrears in order to cover Ihr extra expense involved in processing delinquent payments. 4. FUTURE ADVANCES "that "rpun request by BORROWER, LENDER, at LENDER'S option, may make future advances to BORROWER. Such future advances shall be evidenced by promi*x?ry nwe, and BOKKOWEK hereby agrees that this mortgage shall alw secure :dl future advances made by i_ENDER to BORROWER or its successors in title as may be made during the time authorized by law for such advances, provided that the maximum amount securtd hereby shall nut at any one time exceed the principal sum of s _3,000,000,00_- plus interest thereon, and disbursements made for the payment of taxes, levies, or imurance on the above described property with interest un such disbursements. In the event of such future advances, the amount thereof shall be added to the mortgage debt. 5. PAYMENT OF TAXES That BORROWER will pay all and singular the taxes, assessments, levies and encumbrances of every nature on the above de- scribecl property and upon this mortgage and note, or the more}• secured hereby before the same I+ecotne delinquent, and will provide LENDEK with copies of receipts therefor arnl in no event permit said property or any part. thereof to be sold for non- payment of taxes or assessments. 6. HAZARD INSURANCE That BORROWER will keep the building, structures and other improvements now or hereafter erecaod or placed on the premises and sll perwnal propert}• and fixtures constituting a part of the mortgaged security constantly insured against all loss by fire, wind- storm, hazards included within the term "extended coverage', and such other hazards as LENDER may require imurance against, in such amounts and .for such periods as LENDER may rryuire, and at the expense of BORROWER in a good ated responsible insurance company or companies, licensed to do business in the State of Florida, and acceptable to LENDER, for the benefit of said LENDER Ibut l.f?NDER shall nw be liable for the inwlvency or irresponsibility of any such companies, and-the original of sail policy or policies and all the renewals thereof shall tie deposited with and held by LENDER, anJ said polic}• cx policies and all renewals thereof steal! contain Gloss-payable ur standard mortgagee clause (at the option of LENDER) in favor of LENDER, without contribution by 1_EVDER. In the event any such incur,+nce policy shall be due to expire durine the life hereof- BORROW- ER agrees to prcxure and pay for renewal thereof, with the above requirements, replacing such expiring policy and deposit the original of same with LENDC-K, together with receipts showinu payment in full of premiums therefor IS days prior to the expira- tion date of such policy. lr? the case of loss, LENDER is authorized to collect and receipt far any such insurance money and. at LENDEK'S option, to app!}• the same in the reduction of the indebtedness hereby secured, whether due or not- or to allow BOR- ROWER to use such insurance money, or any part thereof, in repairing the damage or restoring the improvements or other prop- erty, without affecting the lien hereof for the full amount secured hereby. BORROWER hereby irrevocably appoints LENDER as attorney-in-fact to receive. endorse and collect any draft for proceeds of any insurance settlement. T. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER That all rents, issues. income and profits from said property are hereby specifically assigned and pledged to LENDER as addi- tional security for the payment of the debt herein referred to, and BORROWER'S performance of all its covenants and agreements herein contained: provided. however. BORROWER shall be entitled to collect the rents due under any leans affecting the mort- gaged premises or any portions thereof, but not more than two (2) installments in advance. In the event of any default under tha note secured hereby or under this mortgage ur under any related agreement or security instrument, I_f=.NDER ma}• immediately collect such rents as they become due and apply the same, less the cost. and expense of collection thereof, toward the payment of any of the indebtedness secured by this mortgage then remaininc unpaid.: demand on any tenant by LENDER for the payment of ! rent to LENDER shall be sufCcient warrant to such tenant to make future payments of rent to LENDER withcwt the necessity of further specific consent by BORROWER, and any tenant of BORROWER. who makes payments to LENDER pursuant to such a ~ demand is hereby released from liability to BORROWER to the extent of such payments made to LENDER. If at any time, in the j opinion of LENDER, a receivership is necessary to protect the mortgaged property. or its rents, issues, profits, crops or prcxluce, I whether before or after maturity of the indebtedness hereby secured, or at the time of or after the institution ~f suit to collect such indehtrdnecs. or to enforce this mortgage, LENDER shall, as a matter of strict right and regardless of the value of the mortgaged security for the amounts due hereunder or secured hereby, or of the solvency of any party twund fur the payment of such indebted- ness, have the right to the appointment upon ex parse application, and without notice to anyone, by any court having jurisdiction, of a reccicer to take charge of, manage, preserve, protect and operate said property, to collect the rents, issues, profits and income thereof, to sell and deliver all crops aril produce growing or grown and produced on said premises, to fertilize and care for any groves on said land, to make all necessary and needed repairs, and to pay all taxes and assessments against said property and insur- ance premiums for insurance thereon, and after the payment of the expenses of the receivership and the management of the prop- erty, to apply the net proceeds in reduction of the indebtedness hereby secured, or in such manner as the court shall direct. Such receivership shall, at the option of LENDER, continue until full payment of all sums hereby secured, or until title to said property shall have passed by sale under this mortgage. 8. PRESERVATION AND MAINTENANCE OF PROPERTY; LEASEHOLD; CONDOMINIUMS; CROPS That BORROWER wilt keep and maintain the property, including all mechanical ant! electrical components, in good repair and condition, and adequately painted and weathertigbt where appropriate, and shall not permit or commit waste, impairment or deter- ioration of the property and shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgace is on a condominium unit, BORROWER shall perform all of BORROWER'S obligations under the Declaration of Condominium or Afaster Deed, the By-Laws and regulations of the condominium project and constituent documents. if this mortgage • encumbers property utilized for agricultural purposes, BORROWER shall care for, fertilize, water and protect growing crops in a manner con- s ststent with prevailing practices in the State of Florida. 9. CONDEMNATION a This mortgage extends to and shall encumber any judgments, awards, damages and seWements hereafter rendered or paid and rewlting from condemnation proceedings with respect to the mortgaged property or any portion thereof, or the taking of the mort- gaged property or any portion thereof under the power of eminent domain or the threat of .such condemnation proceedings, and LENDER in its sole discretion may require that any sums payable to BORROWER and arising out o[ the exercise or threatened exercise of the power of eminent domain with respect to the property or any portion thereof shall be applied to the indebtedness secured hereby. Any such application of proceeds to the indebtedness shall not extend or alter the terms of the notes secured ~ hereby. BORROWER hereby irrevocably appoints LENDER attorney-in-fact to receive, endorse, and collect any drafts for proceeds of a condemnation award or settlement. 10. MECHANICS' LIENS ' That BORROWER will permit no mechanics' or other liens arising either by contract or by law, which might be prior in lien hereto, to be created or rest upon all or any part of aforesaid premises or property without the same being paid, released and discharged or transferred from the mortgaged premises. 11. REMOVAL OF PROPERTY That BORROWER will not remove any property subjcet to. rho lien of this mortgage from the mortgaged premises without the prior written consent of LENDER. a«~~ 343 F•M~E ~