HomeMy WebLinkAbout0820 account to pay such ch:?rgcs when due stu?11 I,e p:+id by Mortgagor to Mortgagee on demand. If, by mason of any default
by Mortgagor under any provision of this Mortgage, Mortgagee declares all sums se~e•ured hereby to 1?e due and tmyable,
Mortgagee may then apply any funds in s:+id :+n•ount ugain~ the entire indebtedness secured hemby. The entonrability of
the covenants relating to luxes, :?ssessments and insurance premiums herein otherwise provided shall not be affected except
insofar as those obligations have been met by compliance with this }+aragruph. Mortgagee may from time to time al its
option waive, and after any such waiver reinstate, any or all provisions hereof requiring such deposits, t,y notice to
Mortgagor in writing. While any such waiver is in effect, Mortgagor shall t,ay taxes, aasesaments and insure+nee premiums
as herein elsewhere provided.
4. To promptly pay all taxes and assessments :?sstsse•d or levied under and by virtue of any state, feden?1, or rnunicitx?I
law or regulation hereafter µ?ssed, against Mortgagee u}wn this Morig:+ge or the debt hereby secured, or utwn its interes!
under this Mortgage, provided however, that the total amount so twid for any such taxes pursuant to this p:?ragraph togeth-
er with the interest tx?yable on s:?id indebtedness shall not exe•+•erl the highest lawful r.?te of interest in Florida and provided
further that in the event of the }k?ssage of any such L+w or regul:dion im}casing u is+z or assessment against Mortgagee up-
on this Mortgage or the debt see•ured hemby, that the entirn indebtedness sex•ured by this Morlgare sh:dl thcreutwn be-
c•ome immediately due and tx+yable at the option of Martgugcrr
S. To keep the Mortgaged Prot,eriy insured against loss or damage by fire, and all perils insun•d against by an ex-
tended c•over.+ge endorsement, and such other risks and t,erils :?s Mortgagee in its ditic•retion may require- The twlicy or
twlicies of such insurance shall he in the form in genen+l use from time to time in the 1ex•ality in which the Mortgaged
Property is situated, shall he in such :?mount :+s Mortgagee may reasonably regain, shall he issued by comtwny or
com},:?nies approved by Mortgagee, and shall cuntuin a stand+rd rortgagee clause with loss payable to Mortgagee. When-
eaer required by Mortgagee, such }wlicies, shall be delivered immediately to and held by Mortgagee- Any :+nd all amounts
nerived by Mortgagee under any of such twlicies may he applied by Mortgagee on the indeMednes•~ secured hemby in such
manner as Mortgagee may, in its sole disc•mtion, elect or, at the option of Mortgagee, the entire amount su nc•eived or any
},art thereof may I,e rnleused. Neither the application nor the release of any such amounts shall cure or waive any default.
U}wn exen•ise of the twwer of sale given in this Mortgage or other acquisition of the Alorlgaged Pro}x•rty or any },art there-
of by 1ortgagee, such }wlicies sl+:+ll become the at?,colute property of Mortgagee.
6. Ta first obtain the written consent of Mortgagee, such consent b, Ix• gr.+nted or withheld at the wle discretion of
Mortgagee, before Ia1 removing or demolishing any building now or hema(ter erected on the premises, Ibl altering the
arr.+ngement, design or stn+Murnl character thereof, ic) making any repairs which involve the removal of structural tu?rts
or the ex}xsure of the interior of such building io the elements, (d) cutting or mmoving or permitling the cutting and re-
moval of any trees or timber on the Mortgaged Property, le) removing or exchanging any tangible personal properly which
is taut of the Mortgaged Property, or entering into or mcxlifying :?ny leases of the Mortgaged 1'mtk riy-
7. 'I'o maintain the Mortgaged Property in good rnndition and rep:+ir, including but not limited to the making of such
retu?irs as Mortgagee may from time to time determine to be nec•esgary for the presen•:+tion of the Mortgaged Pro},erty and
to not commit or permit any waste thereof-
ti- To comply with all laws, ordinances, regulations, covenants, conditions and restrictions aftec•ting the Mortgaged
Yrotx•rty, and not to suffer or permit any violation themof.
9- It Mortgagor fails to p:?y any claiu?, lien or enc•umbr.+nce which is superior to this Mortg:ge, or when due, any tax
or assessment or insur.?n+r premium, or to keep the Mortgaged Property in nqu?ir, or shall commit or permit waste, or if
there t,e commenced any :?ction or prac•eeding :?tfecting the 141ortg:+ged Property or the title thereto, or the interest of
Mortgagee therein, including, but not limited to, e+ninent domain and Ir?nkruptcy or reorganization proceedings, then
Mortgagee, at its option, may },:?y s:+id claim, lien, em•umbran,r, tax, :>ssesasmenl or premium, with right of subrogation
thereunder, may make such repairs and take such steps as it deems :+dviw+hle to prevent or earn such waste, and may
appear in any such action or proceeding and retain course) therein, and take such action therein as Mortgagee deems ad-
visable, and for any of such purtxses Mortgagee m:+y advance such sums of money, including all costs, reasonable attorney's
fees and other items of expense as it deems necessary- Mortgagee sl+:+ll be the sole judge of the legality, validity and priority
of any such claim, lien, encumbrance, tax, assessment and premium and of the amount nee•ess:+ry to I,e tu+id in satisfaction
thereof. Mortgagee shall not I,e held accountable for any delay in making :my such p:+yment, which delay may result in
any additional interest, c•c?sts, clwrgees, expenses or otherwise.
10- Mortgagor will {,:+y to Mortgagee, immediately and without d+•mand, all sums of money advan,•ed by Mortgagee
E to protect the security hereof pursuant to this Mortgage, including all costs, mau,nable attorney's fees and other items of
expense, together with interest on each such adv:mcemenl at the highest lawful rate of interest per annum in the State of
Florida, and all such sums and interest thereon shall I,e sec•ured hemby.
11- All sums of money scrurncl hereby shall 1?c• p:rvahle without any n•lirf whatever (mm any valuation or :q,pr.,ise•-
e
ment laws.
I2 If default t,e made in payment of any instalment of princitr:+I or interest of the Nole or any twit therec?f when
due, or in tx+yment, when due, or any other sum src•ured hemby, or in performance of any of Mortgagor's obligations, coven-
ants or aKreements hereunder, all of the indebledne•s_s se'.•ured hen•by shall become and be immediately due and }?:+yable at the
ot?tion of Mortgagee, without notice or demand which are hereby expressly w•aiaed, 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 re<•+sonahle attorney's tee,
including all such costs, ex},enses and attorney's tees 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 MOftg:+gor- If the Note provides for insl:+Iment payments, the htorigagee may, at its option, collect a lace
charge not to exceed two cents for each one dollar not paid to the Mortgagee when due, to reimburse the Mortgagee for
expenses in collecting and servicing such instalment payments.
13. If default he made in {x?yment, when due, of any indebtedness secured hereby, or in },erformance of any of
Mortgagor's obligation,, coven:+nts or agmement hereunder:
la) Mortgagee is~authorized at any time, without notice, in its sole discretion to enter u}wn and take {w.cse lion of
the 14lortgaged Prot,erty or any part therec?f, to },erform any acts Mortgagee deems necess:ry or proper to c•onser.•e the
security and to crollert and receive all rents, iss,:es and profits thereof, including those past due as well :+s those, accruing
thereafter: and -
Ih) Mortgagee shall be entitled, as a matter of strict right, without notice and exparte, and without regard to the
v:due or cx•cu},:,ncy of the security, or the w,lvenc•y of Mortgagor, or the adequacy of the Mortgaged Property as security for
the Note, to have a receiver appointed to enter u},on and take twssession of the Mortgaged Property, collect the rents and •
profits therefrom and apply the same as the court may direct, such receiver to haae all the rights and }rowers permitted
under the laws of Florida-
In either such case, Mortgagee or the receiver may also t:?ke }wsscssion of, and for these pur}xses use, any and all
personal pro},erty which is a part of the Mortgaged Pro},eriy and used by Mortgagor in the rental or leasing thereof or
any part thereof. The expense (including receiver's fees, 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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