HomeMy WebLinkAbout2211:~c.•uun! tu ~-:~y ~u~•h ~•harK~•~ ~vht•n dui~ ~h:~ll iM p:ud b~~ MorlK:i~;ur lu A1urIg:~K~•~• un d~•m:u~~L It. bV n•:~+~~n nl :uiy ~1~•I:~ult
b~~ 111ortg:~gor undi•r any pro~~isian u( thix 11ort~;u~;i•, Aiorl~;~~g~v d~~~•lams :~II s~uu, sw•un~ci h.•~eby tu iK• dur :~nd µ~yahli•.
\turtKaK~ti• m:~v th~•n .~p~~ly an}~ funds in w~id a~•~•ount aK:-inst the t•ntin• indc•bt~~in~:cti ~ccti•unY1 h~•n•hy. Th~• ~~nlon•i•:ib~l~ty uf
Ihi~ ~•o~~~•nu~~ts mlating lu l:~z~~c, a~~:~c+m~•ntx :~nd insur.~ni•e premiunuc h~•rein Mhe~wi,t• ~~rovid~Kl slwll nut 1-e a(fr~•ti~i except
~ns~~f:~r us Ihuu• ubligatiun~ h:~~~i• Ixy~n met hy cumpli:~n~•e with this {-ura~;r.~ph. 111~~rtg:~~;rr m,ry (n,m lime ~o time a_ its
uption w;~ive, .~nd :Jter :~ny su~•h N:~iv~•~ minstuti•. any u~ aU pn-.•isions h~•nof n~yuiring su~•h de~N~vit~:, by outi~•~• tu
A1ortKaxur in wriUnK. N'hile any ~urh w:~i~rr is in ~•U~Y•t. ~torlKaKor xh:~l) ~~:~y laxi~., a+u:~.tim~v~ts antl insur.~n~r ~irem~u~ns
as h~•re~n else~vhen pn-~~id~~l.
4. 7'o prom~-Ily ~r.~}' :~11 lax~~ and .~~u~c.~n~•nl~ a~u~s.~~1 ur 1~•~~i~Yl und~~r .~nd hy .ir1u~• ~~i any stuti•. t~ylrr:d. ~•r muui~•f~r.~l
I:~w u~ mKuL•~tion hen•ulter pas~vl, :~~;:~insl Aturl~;a~;ir u{x~n this A1urtK,~Ke or tht• d~•IN hi•ml~y u~•unrl, ur u~N~n its inten•st
und~•r this !11ort~ag~•, pn,~~id~•d huwever, thul the tul:~l amuunl w ~-aid tur any w~•h tax~•s ~-unuant to thic ~-:~r.~~;r.~~~h tuKi~lh-
i~r with th~• iMrn•st ~-ay:~ble un s:~id indebl~~L~~:.Y .hall nul ~•x~•~~~~1 th~~ h~Kh~•st I:~wlu) r.~1i• u( ~nter~•st ~n Flurid:~ :~net provid~~l
furlher that in Ihe ~~vamt of Ihe p.~c+:~~;~ ol .~ny su~•h law or r~•gulation ~~n{K,.inK :~ tax ur ass~•s,nn•nt :~~;:uust ~1urt~;:~k~~• up-
un this l~lurlK:ig~~ or Ih~~ di~i~t s~r•unvl herel~y, Ih:~t the ~~ntin• indc•bt~~dn~•+v tilN'UlIYI I/y IIII~ MurtK:~~;~• sh:~ll th~•mu~H~n IN•
i•o~ni~ ~mm~~li:~telv Ju~~ :~nd {~:+vabl~~ at lhi• optiun uf MortK:~K~~~-
5. To k~~~p lhe 1~turlgaKed Nro~K•rt~' insunYl aKtinvt lu~~ ur dum:~Ke by fin•, :u~d all ~x•nl~ insure•d a~;ain~l !~y an e•x-
t~•nd.~d ~~~~i•r.~~;e endurs~~m~•nt, :u~d sui•h olh~•r nsk~c :~nd ~N~rils as 1~turiKaK~Y• in ils dis~•mtian may ny~uin•. '1'h~• ~N~li~•y or
~N~li~•ies u( such insur:~n~•~• sh:~ll 1-e in th~ torm in -;eni~r:~l use trom tinm tu timi• in thi• I~x•:~lity ~n ..hi~•h thi• ~1orIK:~R~Y1
Pro~M•rly is +ituati~l. ~h.~U IK~ in su~•h :~mouM as :~1orlKaKir• may reas•.onably mquirE•, tihall !a• itivui~l b~~ a~•on~~-:~ny or
~•u~np:~n~~•, :~p~~rovi~l b>• \1urt~;aK~ti•, :uid sh:~ll ~•o~it:~in a stand:~rd murtK:~};iti• ~•lausr N'1~I1 IO~S ~r.iyahl~• to 1~1ort~;:~K~r•. ~~'h~•n-
i~vi~r myuinY) by ;11ortK:~R~Y•, su~•h {N~li~•ii~s, sh.~ll IK• di•li~~<~nyl imm~yliately to and hi•Id bv ~1oNKaKiK•. Any and all :unuuntv
rivrivi~l hy !11urlK:~~;.•~• und~•r :~ny uf ~u~•h ~N~li~•ir. m:~y IN• :~pplii~l i~y ;11urtK:~k~v un th~• indi~bt~•dni•s. u~cur~r) hc•rc•by in su~ h
iu:~nni•r as \fortK:~K~Y• m:~y, in i1s tiol~• diw•n•tiu~. ~~Icvt or. :~t th~• optiun of 1~1urtK:~K~~•, Ih~~ ~•ntin• amuunt su n•~•~•i~•i~l or an~
part th~nvif m:~y I~e n•I~:~se~i. N~ith~•r the :~ppli~:~lion nor the ml~~as~• nf :iny su~•h amuuniti sh:~ll ~•um or H:~i~i• :~ny detault.
ll~„,n exen•isr ot th~• ~H~~~•~~r ot v~l~~ Ki~•en in this M~-rtR:~Ke ~~r oth~•r a~•qui.ition ~~( thi• ~1ortK:~K.v1 1'n~~x~rly ur any ~-:~rt IhEV~•-
ot 1-y 1~1orlKaRir, su~•h lx~lii•i~~s shall IK~•ome thc• alw~lut~ pn~~x•rty ul :~1ort~;:~~~~~~
i;. 'I'o ti~-~t ubt:iin tht> ~criUen c~ittu•nt u( ~1urtK:~Kiy. wi•h cun+i•ut lo IN~ Kr:~nti~tl ur ~'ithht•Id :~l th~• suly diw•n•liun ~~t
l~tortKaRt~•. Ikdum I:U remuvinR or demulishinK any buildinK nuw ur h~•rraf~i•r rn~~•~~yl c3i- th~• pn•miu•s, li~- alt~•nnK Iht•
arr.~nKem~~N, desiRn or stru~•h~r:~l i•han~•ter thenr-(, 1~•1 m:~kinK :iny rep:~irs ..•hi~•h imul.•t• thr mmu~:~l ol structurol ~r.~rts
ur the ~~xposum of the interior uf su~•h buildinR lo thf~ ~•lemi•nls, Idl ~•utlinK ur n•mo~~~nK or ~K~rmittinR the i•uttinK :~nd n•-
mu~•al o( :~ny trc~~s or timix~r ~n th~~ TlotikaKcY1 Ynqx~rty. 1~•1 mmu~~in~ or Px~•h:~nK~nK :~ny l:~nRibli• ~n~rsun:~l ~~ro~x•rly whi~•h
iti p:srt uf thi~ ~1orIKaK~KI Yro~x•rt~•. !-r (f) i•M~rin~ intc: ur m~klil~•inR any b•au•s o( th~• A1urt~;ak~y1 1'ru~x•rty.
7. '1'n maint:~in th~~ ~tortK:~K~Y1 Yr~qK~rty in K~tixi .•,~ndition :~nd n•~-:iir, im•lud~nK but nM hrn~tt~l to !hE• m:~kinK of sui•h
n•p:ur~ :~s ;11ortRaKe~r m:~y from tim~ to timc~ d~~l~~rmirn~ tn Ix• nt~~•i~~v~ry !or th~• pn•u•n:ition o( thi~ ~Z1urlR:~Kfri 1'ro~H•rl~• and
tu not commit or ~~vmit :~n~~ Kaste thi•ny-t.
K "1'0 ~•umph• with :~II I:IN'S, Uf(III1:IIlCC~, f1•~;ulation~. ~•o~i•nant., ~•on~l~Unn. :ind r~•titri~9ions :~Ili•~•lin~; th~• \1n~t~':~kty1
1'm~k~rty, and nut to sutt~v or ~N•rmit :~ny ~iulatiun th~~nti~f.
`~ If 11urtKak~~r tails Io pa>• :u-y ~•laun. li~•n ur ~~~~~•umbranr.• whi~~h is ,u{N•riur tu th~. ~turt~;a~;~•, ~~r ..h~•n ~fu~•, an~ t:~x
ur ass~~+tim~•nt or in,urani•~• pmm~um, or tu k~r•p th~~ ~1urtKaK~•d Y~u~x•rh• ~n rr~r.~ir. ur ~hall ~•~~mm~t ur {N~rmrt ~~:~~t~•, nr ~f
the•m Ik• rumm~•ni•~~d ,u-~ arlion or pr«•c~Y1inK :~tfiv•tinK th~• \1or~K:~K~~d I'rolK•rh• ~~r thi~ titl~• thc~mto, ur tht~ interewl uf
\IortkaKc~c• themin, ~n~•IudinK. hut nut Iimit~Y1 lo. ~~mini•nt dnmain :~nd banksupti•t ~~r rc~~rkanization pnN•~~•dinKs. th~•n
~1orlKa~cY~. at its uptiun. m:ry pay s:ud ~•laim, li~•n. c•n~•umhrani•~~. t:~x, a~.u•c~m~•nt ~~r pmmu~m, with ri~M u( suhroK:~tiun
th~•n•under, map m:iki~ su~•h r~~pairs and tak~• vu~•h .ti~~n :~ti it d~~~~ms :~d~iw~bl~• 1~~ pn•~c•nt ur ~•ur~~ su~•h wasti•, :~nd m:ry
ap~K•ar in an>• su~•h :i~•t~~~n nr prnc~~~YlinK and reta~n ~•ounsel tfierv•~n, :u~d L~kf• sui•h :u•teun thrn•in :~s A1ortKaK~Y~ d~r•m~ ad-
cis:~bli•, and (or :~ny u( surh ~~ur~N~;i•s ~turlk:~K~~• m:~y :~d~nn~•~• su~•h sums u( mont~y, ini•IudinR al! ~•osts, re:~u,n:~hle atlorne~•~c
t~ti~s and othi•r items o( rxEx•r~~a• as it dcr~ms ne+•~•sa~n~. 11urtKaKi~• .h:JI IK• thi• sule judKe uf th+~ (~•Kalih. ~:~lidity :~nd priority
ot arn• such ~•laim, lii•n, i•n~•umhr.~n~•t~, taz, nti,c•ssmt~nt and premium :u~d uf th~• amount niy•~~~.w+ry to IM paid in s:itisfai•tion
the~reoL \1urtKaKi•i• .h:Jl nut IK~ h~•ld :~~•cuuntaLit= fur any del:~y ~n m:~kinK :~m ~urh ~r.+~•nx•n1. wh~rh dela~ may nwull in
any :,~i~i~~~~,~~al infi•n•~t, costs. ~•har~;r., i~%~MIiSI~s ur ~~th~~ru'iu•
10. \lort-;ak~~r ~aill p:n• to ;11ortKaK~~~•, imm~~di:N~l~ and withoul d~•~n:+nd. :~II su~ns of rnuni•y a:lvanciKl Iry ~1ortK:~R~~t•
to ~uot~r•t the~ se~vnty~ hi•re~uf ~n~rsuaM to this ~1urtKak~•, ini•ludink all ~~~~sls, n:~~~~nahl~• attnrn~•}•~s fe•~•s and uthPr items o~
i•x{k~nK~, t~~~t~thrr ~vilh iMi•rt~st ~~n c:~~•h ~u~•h ad~:~n~•~~mc•nt :d th~ hiKht~st law(ul r.~tF• uf int~~n•st EK•r annum in the St:~t~~ ol
Flnrid:~. and all su~•h sum. an~i int~•f~'.S~ Ih~•rw~n ~h:~ll Ix~ ~i~~•umd ht•mh~ .
11. All sum. nf munrv ~~~~~unY1 h~•n~h~~ .h:~ll Iw• ~r.~~~aldc~ ~.~thuut :~nv n•lu~f .~h:~tr~~~r trom an>• ~:~lu:itiun ~~r a~~pr:~~w•
m~•nt laws.
1''. U df•I:~uit IK~ made• in ~r.~~•m~•nt ~~f :~n~~ ~nsl:~l~ni•nt ~~f pren~~~~r.~l ur inte•n-st uf the Nutt• or :+ny p:~rt Ihe•nr~1 whi•n
due, or in payment, w•hen due, or any uthe~r ~um w~~•urEV1 hi~re•b~~, or in ~x•r(orman~•i• ul any of ~1ortKaKur~s ~~bli~:+tions_ ~•o~•~~n-
ants or aKrc~•ments hen•undE•r, all of thc• ~ndt~bti•dnr:s s~~~•urfYi hen•h~• ~hal) ikY'OIIIY and IK• tmmMlc~t~•!c dur :ind pa~•abl~• at thc•
option of I~tnrtK:~~cr, M~ithout n~~U~•~• ur di~nr~nd ~vhi~•h am herrh~• i•xpre•.~ly Kan~•d. in ~vhich ~•ri•nt• MnrtKa~;~r• may a~:~il its~~lf
o( all riKhts and re•mi~dies, at lau• ~rr in rK~uit~• and ~hec ~iurtK:~Rr ma~• tK~ (ure~~•Inu•d w~~t6 :+11 riRhts and n•~nc•dir. aftor~l~Y1 b~-
th~• I:~~vs o( Florid:~ :~nd ~turtKaRur sh:dl p:~~• :JI,~•osh; ~•h:~rKf•s :+nd ex~x•nuK tht•re•ol, ~nrlud~nR :+ rt•:~con:~ble :+tturney's I~~~.
en~•IudinK all su~•h ~•~~sts. ~x~n•n.iw and :itforn~•y's 1~•.•. (or :+m~ rMnal, rf•h~~annR or :~p{x.~ls Thc• ind~~httK)n~~s urvmd hereb>•
shaU iMar intemst at th~• hikht•st lawful rat~• u( inte•rrst ~K•r annum ~n th~• Sf:~te• of Nlorida ~rum and aft~~r th~ d:~tr of am•
su~•h del:iult ot :~iortK:~Kor. It th.~ f\ote proeidt~s lor mst:ilmt~nt ~~acmi•nts, th~~ !UortK:~K~' m:~y. :it its uption. ~•oUc~~•t a I:itf~
~~harKe not tu ~•x~•~•t~cl two ~•i•nt~ for ~:u•h one dnUar not paid to Ihe~ 11urtK:~ktr ~ht•n du~. to :~•~mhurv~ th~~ \1ortKaK~~t~ tor
~~xEK•nsew in ~•ull~~~•tinK :~nd tier~•ii•inR surh inst:~lme~nt ~-:~ymi•nts
13. i( df•(ault Fw madc~ in paym~•nt, wht•n du~•, of :~~~• indehtz•dn~~~s W~•unK1 ht~rrhy, or in ~-ertorm:~n~•~• of anc u(
~turtRa{;urs ubliKations, ~•ncenanls ur :~KnY~mi~nf hi~re•undf•r.
lal \1~~rtK:+{;c~~'iv :mlhnriz~Kl at :~nt time, withuut nuti~•t~, in its u-li~ diw•mtion t~~ eni~r u{xin and L~ke ~N~~u•ss~un u(
th~• 11~~rtKaRcY1 YruEx~rty or any ~-art th~•muf. to ~N~r(orm :iny ai•ts ~lurtkaKer dec•ms nt•i•~•~.vsry or pm~~r to ~•onser~•~• fhr
~curitp and in culle~•t :~nd r<<ri~•~• all mnt.r•, ivsu~~s :md pmtit~ thenN~(, in~•IudinQ th~~~ ~c+st due :is N'f'll :~s th~~w~ :~~rruinR
thi•n•after. :~nd
Itr1 114ortKaKt~e~ shall I~ ~•ntitlfYl, as :~ matt~r ~~t sirirt riRht, w•ithuut nntice and expart~, and w~ithout reRard to thf•
v:dur nr ~~~~upam~Y of the• se~•urity. or th~• w~h•i•n~•y ~-( ~1nrtRaQor, or thE~ ad~•quacc of the Atort~aRed Fm~x~rty as se~~ority for
thP Nme. to hm•~ :i r~•ei~~r ap~H~inttvl to c~nt~r u~-on and tak~• ~w~~e~.tiion of the 11tortR:~FtKi Yro~x~rty, ~•oile~•t th~ rFnts and
profits there(mm :~nd apply the ~:~mP ax th~ ~~ourt man~ dire~•t, au~h rcr~~i~~er to ha~•e all th~ riRhts and Ex~N•~rs ~wrmitted
undt~r thc• I:~ws of Florid:i. ~
In ~~ith~r ~u~•h ~:+K~, ~1ortKaKi~r or Ih~• re~~•t•icf•r may :ilw~ lake~ ~H~~.x~ssion ot, and (or thc~sc punwst•s u~. :~ny and all
~x•r.w~nal ~~ro~~erty .,•hi~•h is a part ot Ihe 11ort~a~eY1 I'r~~x•rty and uscYf by ;11ort~aKor in th~~ r~ntal or 1t~:isioR therc~( or
any p:~rt Ih~~n~-L Thr ~•xi~nse (includinR rE~•ei~•er s ft~es, counsel (ers, costs and aRent's compen.sation) incurrc~l pursuant
t~- the ~x~w•ers herf~in ~•ont:~inc~cf shaU t-e securPd hereby. ~tortRaRec~ shall la(ter ~k-~yment oi aU c~,sts and expenc~ incurrc~l-
.., ~
-2- ~~K 2~10
~S~r,X • ~ F'~aE