HomeMy WebLinkAbout0816 ac-c•uunt to lacy such charges when due sh::ll Ire {arid 1?y Mortgagor lu Mortgagee on demand. It, by re:rsun of any default
by I~lortguqur under any provision of this 111ortquge, Mortgagee dec•lures all sums s~ec•ured hereby to I,e due and payable,
Mortgagee may then apply any funds in acid ucvouM against the entire indehtedmss sec•und hereby. The entorcrability of
the c•ovenunts eluting to !:aces, u+rscssments and insurnce premiums herein otherwise provided shall not ire +rf(ec•ted except
irrso(ur as !hose obligations have been met 1?y c•ompliuncr with this lwnrgraph. Mortq+rgee may !rom time to lime ut its
option waive, and alter 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 lwy tuxes, assessments and insurnce premiums
as herein elsewhere provided.
4. To promptly lkry all taxes and :r.~c-c~?nents ussi:,.~uvl or levied under and Ly virtue of any slate, t~•rleral, ur munic•ifr:rl
law or egulution hereafter {>i?sscd, against Mortgagee ulwn this Mortgage or the debt hereby secured, or ulxrn its interest
under this Mortgage, provided however, that the total amount so lurid for any such taxes pursuant to this p:rr.rKruph togeth-
er with the interest lhryable on said indel?tedncss shall not exceed the highest (awful rde• of interest in Florida and provided
further tl?:rl in the event of the l>irss:rge of any such law or rcgulaliun imlxrsing u tax or assessment :rgaiust fNortqugre up-
on this Mortgage or the Debt sec•und hereby, lh:rt the entire indel?lednesc secured by this Mortgage shall therculxrn ire-
c•ome immediately due and luryable at the option of Mortgagee.
5. To keep the Mortgaged Prolerty insured against loss or damage by fire, and all lrerils insured against by an ex-
tended c•overrge endorsement, and such other risks and perils :rs Mortgagee in its discretion may require. The lrolicy or
lxrlicies of such insurnnce shall be in the form in general use tram time to time in the locality in which the Mortgaged
Property is situ:dcd, shall Ire in such amount :rs Mortgagee may reasonably require, shall ire issued by a cumlurny or
comlxrnies :ggrroved by Mortgagee, and shall contain a standard mortgagee clause with loss lmyable to Mortgagee. When-
ever required by 1\Iortg:rgee, such lxrlicie•s, shall tee delivered immediately to and held by Mortgagee,. Any and all amount
reerivcd by Mortgagee under :rny of such lwlicies may Ire 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 scr received or any
!exert thereof may tee released. Neither the application nor the release of any such amounts shall cure or waive any default.
Upon exen•ise of the lwwer of sale given in this Mortgage or other acquisition of the Mortgaged Prolxrrty or any part there-
of by Mortgagee, such lrolicies shall trecome the atrsolute property of 1\1ortg:rgee.
6. To first obtain the written consent of Mortgagee, such eronsent to be grrnled or withheld at the sole discretion of
Mortgagee, before la) removing or demolishing any building now or hereafter erected on the premises, Ib? altering the
arrangement, design or structurnl character thereof, (c) making any relmirs which im•olve the removal of structural lmrts
or the ez{rosure 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 Property, le? removing or exchanging any tangible lersonal property which
is !exert of the Mortgaged Pmlrerly, or If? entering into or modifying any leases of the Mortgaged Prolx•rty.
T. To maintain the Mortgaged Prolerty in good condition and relrair, including but not limited to the making of such
relurirs as Mortgagee may from time to time determine to Ire necessary for the presen•ation of the Mortgaged Pmlrerty and
to not commit or lrermil any waste thereof.
8. To c•crmply with all law's, ordinances, mgulations, e•ovenants, c•crnditions and restrictions atfec•ting the Mortgaged
Property, and not to softer or hermit any violation thereof.
9. If 11lortgagor tails io lr:ry any claim, lien or encumbrance which is sulrerior to this Mortgage, or when due, :my tax
or a.RSessmenl or insurnrn premium, or to keep the Mortgaged Property in rel>irir, or shall commit or hermit waste, or it
there be commemed any action or proceeding atfec•ting the Mortgaged Property or the title thereto, or the interest of
Mortgagee therein, including, but not limited to, eminent domain and trankruptcy or reorganization proceedings, then
Mortgagee, at its option, may lrary said claim, lien, encumbrance, tax, assessment or premium, with right of subrogation
thereunder, may make such relxrirs and take such steles 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 :ray of such purposes 1ortgagee may advance such sums of money, including all c•crsts, reasonable attorney's
fees and other items of exlrense as it deems necessary. Mortgagee shall tee 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 tee lwid in satisfaction
thereof. Mortgagee shall not tee held accountable for any delay in making any such lr:ryment, which delay may result in
any additional interest, costs, charges, expenses or otherwise.
10. lltortgagor will tray to Mortgagee, immediately and without demand, :dl sums of money advanced by Mortgagee
to protect the security hereof pursuant to this Mortgage, including all e•osts, reasonable attorney's fees and other items of
expense, together with interest on each such advancement at the highest lawful rate of interest leer annum in the State of
Florida, and all such sums and interest thereon shall tw sec•ured hereby.
11. All sums of money secured hereby shall Ire payable without any meet whatever (mm any valuation or apprrise-
ment laws-
12. If default trc made in lr:ryment of any instalment of princil,al or interest of the Note or any l>:rrt thereof when
due, or in payment, when due, or any other sum secured hereby. or in lrerformanc•e of any of Mortgagor's obligations, coven-
ants or agreements hereunder, all of the indeMednc~s secured hereby shall Irerome and fx immediately due and lraryahle at the -
option of Mortgagee, without notice or demand which are hereby expressly waited, in which event Mortgagee may avail itself
of all rights and remedies, at law or in equity, and this Mortgage may tee foreclosed with :dl rights and remedies zfforded 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 tees for any retrial, rehearing or appeals. The indebtedness secured hereby
shall hear interest at the highest lawful rate of interest fret annum in the State of Florida from and after the date of :+ny
such default of Mortgagor. It 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 lurid to the Mortgagee when due, to reimburse the Mortgagee for
expenses in collecting and servicing such instalment payment-4.
13. If default tee made in lrayment, when due, of any indebtedness secured hereby, or in lrerformance of any of
Mortgagor's obligations, covenants or agreement hereunder:
(a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take lossession ut
the Mortgaged Property or any part thereof, to lrertorm any acts Mortgagee deems necessary or proper to rnnsene the
security and to collect and receive all rents, issues and profits thereof, including those past due as well :rs those accruing
thereafter: and
Ih? Mortgagee shall tee entitled, as a matter of strict right, without notice and exl><•rrte, and without regard to the
value or a•cul><'rncy of the security, or the solvency of 11lorlgagor, or the adequacy of the Mortgaged Property as security for
the Note, to have a receiver appointed to enter ulwn and take possession of the Mortgaged Property, rnllect the rents and
profits therefrom and apply the same as the court may direct, such receiver to have all the rights and !rowers 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
personal property which is a hart 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 fees, costs and agent's compensation) incurred pursuant
to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costs and expenses incurred)
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