HomeMy WebLinkAbout2215ai•i•ount tu i,;~y +u~•h ch:~rK~~ wh~~n du~• ~hali IK• ~~~id by 111uriga~;ur lu h1„r1~;:~K~y un dr~u:ind. If. 1~}• n•:~~un ul nny di•laull
by Ato~tg:~Rur un~l~•~ :ury ~~ruv~s~un ut lhis Aturt~;:~g~~, 1~1ortKag~r d~~•L•~n•~c all ::uu~s ~K•umcl h~•mby to IK• due :u~d ~tiiy:~hl~•.
l11ur1R:~g~ti• may Ih~•n ap~-ly any (unds in x:~id :-~•~•ount aR:unst the entim indebt~•d~x~~~ s~~.•unyl h~•n~by. Th~• ~nlun•~wbility ot
the ~~ovenunta n•lating to taxes, :~sar~mentx and insur.~n~•~~ premiunu hemin otherwiu• p~o~id~rl +h:~ll not IK allcr•teci ~~z~•~~pt
~nsu(ar as thu~• ob1iK:~liun~ hi~~•i• (K~~n me! 1-~ i•om~~li:~nce wilh lhis ~u~r.~Kr.~{-h. l11o~tK.iK~v~ nr.~y (rom time to lime :U ita
uption wuivr, and atte~ anv su~•h waiv~•r min~t:~t~, any ur :dl pruvisiu~~s hen~~( n~c~uirinK ,u~•h de~x,.tiits, b_v nuU~•e lu
1liurtg:~Kor io writinK. ~~'hile a~ny such wui~~~•~ i!~ in ~•tl~Y•1. AtortKaKur +hall ~-:~y h~xes, a++~:+.Kmm~tx :u~d in.ur.~nrr premiun~s
:~~ he~rin elsewhen• pw~~id~~cl.
4. 7'o promptly ~h~y all taz~~ :~nd :~*v~~..m~•nl.:~.,~:.+~vl or 1~•r~i•d und~•r :~nd by :•irlu~• ol any ~4~1i•, I~yl~•r:~l. ur muni~•i~-:d
(uw or n~Kulalion h~~mufte~ ~~:~c~yl, aKain.rl MortKa~;iY• u~N,n thiv 111ortK:~Ke ur thi• drbl hi•mby uvunv1, ur u~H~n its int~•rrst
under this A1~-rtgaKe. ~-ro~~id~v1 huw~~~er. thut th~• tut:~l amount w ~r,-id (ur an~• +uch t:~x~w punuant tu this p:~r.~~;ra~ih toK~•th-
~•r wilh the intemst p:~p:~bl~• un s:~id indebt~~cim_.s .h:~ll nut rxi•~tivi lhe hiKhest lawtul rati• u( ~nt~n•sl ~n Flund:~ :u~d pro~•~dtv1
further ih:U in the evenl o( !he p:~~+:~xe ~it :~ny sui•h I:~N• ur rrKuL•~tiun im~x,xinK :~ t:~x•or :~.s.:+~mc•nt a~;:~ins! 11urt~;:~k~r u~~
un this 11orIKaKi• ur th~• d~~bt K~vn~l hrmb}~. Ihat thi~ ~•nlim indebliYln~~~. ,uy•un~l by ~his A1ortK:i~;i• ~h:~ll th~•mu~N~n iw•.
~•ume imm~~cii:~t~•ly due and ~k~yabli~ :d th~• optiun u( A1ortKaKcY•.
:~. To k~~•~~ tht• Aturt~;aK~d 1'ru{x•rl~• insunvl a~;:~inst I~,c. or d:im:~K~• by (in•, :u~d :JI ~N•nls insuny! :V;ain.l by :~n .•:-
Irnd~~d ~Y-~•eraKe endorw~mi•nt, :~nd su~•h oth~•r risk~ :~nd ~K•riL+ :~s AturlgaR~r in its di.~•n•t~un may n~~uin•. 'I'h~• ~-ulu•y or
~N~li~•i~w ut such i~sur:~m•r sh:~ll !-e in Ihe furm ~n ~;ene•r:d us~ Irom tim~• tu t~m~~ iu the I~K•:~lity in whi~•h Ih~• lUurtK:~K~yl
F'n~~K•rty is ~ihc~aY1. shall IK~ i~ sui•h :~muut~t as A1urtKaKir- myy masunahh• myuin•, +h:~ll Ix• isvuirl Ly n cum~~:u-y ur
~•um~-:~ni~•. :~pprov~vf by 111urtK:~K~y, ancl sh:~ll ~•unt:~in a standard tnnrtK:i~;iY• ~•I:~uw• ~~~~th li~.s ~,a>:~bli• tu A1~~rt~;:~~;~~•. \~'h••n-
i•~•~•r nK~uinY1 by ;11ortKaRi•~•, su~~h ~x~liri~~., sh:Jl 1~• d~~livi~n~i imm~Yli:dely tu and h~~ld by ~1orl~aK~y. :1ny :ind atl amount.
m~•i•i~•ed F~v ll1ortKak~Y• undi•r any uf w~•h ~H~lii•ies m:~y IK• ap~di~~i by AfurtK:~k~r~ un tht• indi•Lt~K1ni•c. suti•u~wi h~•rrby in such
mannc~r :-s ;~1ortK:~K~r may, in it. suli• dis.•n•tion, PI~~•1 or. :el th~• option u( l~tortKaR~v, 2he ~•nlin• a-nuunt ~~~ n~•i•i~~~l or :~ny
part then~-f may Ix• n•I~:~.«~. N~ithi~r th~~ appli~•ation nor th~• ml~•au~ oI :~n~• ~u~•h :~mountc shnll ~•ur~• or w:~i.•~• any d~(:~ult.
l~~wn i~x~•ri•iu• of the ~N)N'hr o( s:~li~ Ri~•en in this ~1orlRaKe i-r uthi•r :u~~ui.iti~~n ot Ih~• 1~torIK:~K~Y1 1'ra~N•rly ur :~ny part th~•m-
o( by A1ortKaKcti•. such ~M~li~•itw shaU tHr•um~~ tht~ :d~-lute pru~4•~ty ut !UortKaKw•
li. To firsl obtain the w•ritt~•n i•ununt of T1ortK:~K~Y•, such runsi•~it to IK~ y;r.~nt~•d ur ..~thh~~ld :~t th~• ~ul~• d~,u•mUun u(
AtortKaKt~, IK~fore I:~1 remo~~inR or drniolishinK :u~y buildinR nuN ~~r hi•r.•ah~~r ~•n~•t~tii un the~ ~~r.•rn~u•s, Ih- :~II~•rinK th~•
arranRement, desiRn ur stnictur:~l charactt•r lhen~-(, 1~•1 m:~kinK any rep:~ir..vhi~•h in~~oht• thi• n•mu~:~l ut stru~•turul p:~rts
or the PX~~tiUM O~ ~IIP interior o( such build~nR tu the elenu•nta, Id1 ~vtlinR or mmo~•inR or ~Hrm~ttinR the ~•uttinK :~nd rr-
mocal o( a~y tn~y or timtx~r on the 1~lorikaKecl I'm~x~rty. lel n•tno~•inK or ~•x~•h:~~KinR :in}• t:~uRible ~N•rsun:~) pru~K•rly whe~•h
~s ~-:~r! of th~• \1urtK:~KiY1 I'ru~K~rty. or ~f 1 i~ntt•rinti intu nr ~n~NtityinK :uiy 1~•:~u•s o( th~• 111.,rty;aKiti1 Pru~x•rt~~.
7. 'To maintain th~~ MortK.~Ki~c1 Yro{K•rly in R~HNI ~•onditiun :~nd ny~:~ir. in~•IudinK but ~ot I~miteKl to th~• m:ikinK ol surh
n•p:urti as MorlRak~~c~ may trum timF to timr drlrrmin~• to I~e ntN•i•~..:~r}• Ior th~• prt•~~•n:~tion u( the AtortKaKiYI Pm~K•rly :~nd
to not ~•~~mmit or ~x•rmit ~n}• ~~~asle lhc~n~~f.
R'1'u i•um~-ly with :JI IaHV, urdi~ian~•i~~, r~~Rul:~tiuns, ~•~~v~•nanl., ~~~~nditu~n. :~nd rt•.tri~~tiuns :~U~~~•IinK Ih~• \1nr1Ka{;~YI
1'm~~•rty. and nut to sutf.•r or ~x~rmit any viuL•ition th~~n~~f.
4. It ~1ortKaKur I:~ils tu {~:~~• :~m• ~•L•~im. li~~n or ~•ni•umbr:~n~•i• whu•h ~s su~x•riur to th~s ~1urtK:~K~~. ~~r vch~~n dui•. :~ny t:,~
~~r acw•ssm~•nt or ~nsurani•e prrmium, ur !o k~n~p th~~ \turtK:~Kiyl Pro~H•rt}• u- mp:~ir. ~~r sh:~U ~~~,~nmit ur ~K•nnit Kast~•, ur ii
theve lK• ~~ommen~•c~t1 ant~ a~•lion or prM•i~Ylink a(f~ti~tin-; Iht~ ~1ortKaR~•d Yro~K•rt~~ or th~• tiUt~ th~n~to, or the int~•n~.t ut
!11or1KaRtr thrmin. ~nc•IudinK. but n~ft limitecl to. c•~nine•nt dnmain and I~:~nkroptry r~r n~~r~;aniz-~ti~,n pnN•MKIinRs. fh~•ri
11ortR:i~cr, at its +~ption_ m:~~ ~-:~y s:~id i•I:~im. li~•n. ~~n~•umhr:~nce. tax, :~s.u•titim~~nt ~r prt~mium, w•ith riRht u( subroKation
tht•rrunder, m:ry mak~~ su~•h m~r.~in :~nd take su~•h ~t~ps as i1 dM•ms :~d~~is:ihli~ tu pn•v~•m or ~•um su~•h wa.t~~. and m:n
a~i~Kar in any su~•h ai•tion ~ir ~~nN•c~~~nK and ret:+in ~•uw~sid thi~re~n, :~nd takc• su~•h ai•tiun IhFrein as ~1urt~aK~~e• deti•~m ad-
~ is:~ble. and tur any o( su~•h pur~H~s~~ti llluriRaK~Y• m:ry a~l~:~n~•i• su~•h sums ot muncy. ~n~•IudinK :ill ~•usts, ••.;•~•.•e~•~•!•. ~,•~••~•,••°':
fres:~nd other item~ ot ~•x~H~nx• as it deen-s nri•t_tis:~n-. ~tu-tK:~QE~• ~h:~ll tK~ thr sule judKe of the IeK:~lit~•. v:~lid~t~• :~nd ~iriority
o( an~' sui~h ~•laim. lien, en~•wnhr.ince, l:~x. ac~cti~mi•nt and pre•miuni and ut thi• amuunt nw•i~c,:~r~• tu FK~ ~r.~id in s:~tis(actiun
then~L~ 11urIK:~K~K• xh:iH nut IK• hi~ld a~•~-uuntat~lF• fur :u~~~ di~lay in m:~kink an~~ .u~•h ~r.~~m~•nt. whi~-h drlay mac resuh in
any addrtional interesf, i•usts, ~•I~ark~~, i•x~-~•nst~s ~~r uthi•n~iw•-
lO. :11ort~;akor ~vill p:~y fo !11orIRaK~'~•. imm~•di:dE~ly :~nd H•ithuut de•m:~nd. :~II su~ns uf mun~~y ad~:~n~•~~d h~~ ~11urIK:~~c•~•
fo prute~-t th~~ uY•unty hrrcti~( ~~unuan! lu th~s ~turtk:~K~•, i~u•Iud~nK all ~-u~ts, mas~~nahlc• att~~rn~•y'v ft~s~ :~nd oth~r it~•m. u(
ex~N~nK•, toKeth~r ~~•ith int~•re~st on ~•:~rh su~•h adcan~•~~ment ~+t th~• hiKht•,t lawful ral~~ of iMf~r~~st ~wv a~~num in tht~ titat~• ot
Plnrida. :ind all cu~~h sumti and intf•nKt th~•rw~n sh:ill la• sc•~•umd hrr~•hy
11. All sumti ~~f mun~•~• u•~•un•d h~•r~•h~• sh:~ll IH~ ~r.~~:~blt• ~~~th~~ut any r~•lu~l wh:~tr<<•r Ir~~m :~ny ~:~luatiun ur a~qmuw•-
m<~nt I:+«+.
1'l. 1( dcl:~ult tN• madr ~n ~r.~vmi~nt ~~f :u~~• ~rti:t:~l:n~~nt ~~f pnn~•i~r.~l ur ~nt~~re•st of thc• Nut~• or :u-~• p:~rt thc~nN~l wh~•u
due, nr in ~-:~yment, when due, or any ufh~r tium .~•~-ured hi~n•h~•, ur ~n ~n•rfurm:~m-~• o( anY of \lortk:-~;or's ub1iQ:~tiuns, ~•o~•i•n-
:~nts or:~Krc~~ments herrunder, :~II of fh~~ ind~•frti•dn~~:s uti•urfKi hen•h~• .h:ill IK•~•om~ :~nd tK• immcYli:~te~h• iu~ and !-:~~•ahli• :it the~
option of MortKa~re, without noti~•e or dem.ind whi~•h an• hen•by~ i~x~irrs~l~ wai~•e•d. in K~hi~~h c•a•t•nt \tortKa~~Y~ m:~p :+~ail itvi•If
of :~II riKht~ :~nd remcYlies, at la~~' or in ~Y~uity, ar.d thix ~fortK:iK~ may I~e for~•clr~M~d vrith all riRhts and rf•m~•dit~ a(tun1~K! hy
tfi~~ I:~N~s ~r r~~~~~i.~ :~nd AtortK:~Kor sh:~ll pay :~11 i•ost., i•h.+rR~~ :~nd i•x~~•nu~s thc~nY~(, in~•IudinR :i n•asonahlF• attorn~~• s tir.
~m•IudinK all .u~•h ~•~~sts, i~x~N•nuK :~nd :iUorne~•'s t~ti•s (ur :~ny r~iri:il, reht•:~rinR or :~p~x~:~ls. "1'he indchtcYlnccti ~•unKl h~~r~t~}•
shall I~c~:~r inferest at th~~ hiKht~st I:~w(ul rati~ of iMi•rf•+1 ~x•r annum in tht• State u( Florid:~ from :~nd :~t1er tht• d:+tE~ of :~n~
.u~•h d~•f:iult o( 1'IortKaQor. It tht~ Note prn~•ide~s 1or ~nst:d~nent paym~•ntti. ihe 1~1orfRal;~'~~ m:iy. :~t ils option. ~•ollc~~•t a I:~te~
ch:~rRr not to ~x~•~~cy1 tw•u i•c~ntti tur ~:i~•h on~ d~~ll:~r not paid to thF~ ~turtK:~K~~c~ ~+•ht~n du~, to rc~imhurse lhc~ ~1~rtraRi•f~ tor
~•xEK•nscw in ~-oU~~~•tiaR :~nd srr~~i~~inK sui•h instalm~•nt p:~ymc~ntv
13. It deiault 'IH• m:~de ~n payinrnt. when due, ~d :~m~ ind~•ht~vln~~.s s:•~•unYi hrrt•hy,.or in performan~v• ~d any ui
\1ortRaRor's ublikation:c, i•n~en:~nts ur aKn~•me•nt h~•reundt•r.
la) ;41ort~a~;~r is authorizNd :it :iny,limt•, w~ith~~ut noti~•~•. ~n ~t. sole d~s~•rc•ti~~n to ~•nt~•r uE~n :~nd I:~k~• ~Hr.sc•s~iun uf
thi~ MortRaKeK1 Yro~~rty or any p_~rt th~~mof. ~o ~x•rform any actti 11ort~;:~Kt•e d~ms ne~•c~s:~ry or pm~~er to ~•onwr•e the
scti•urity and to i•olle~•t and re~•ei~•c~ :~II mnts, i~.tiue~s :md pr~~tit. fh~~reut, im•IudinQ thou~ ~>ast duc~ as ~+~ell as tho~~ a~vruinR
thereafter. and
Ibl AfortKaKc~~ shall Ix entitle~l, as :~ m:~lti~r ul 4tri~•t riRht, withouf notire :~nd ex~-arte. :u~d without re•Rard to the
~:Juf~ or ~•~•upan~w o( the u~•urity, or the u-I~~em~~y o( !~1ort~aRor, or the :~deyua~w of th~ 111ortRaRed Yro~x~rty as se~~urity for
th~ Notc•, to h:~~•c~ :~ r~~•ei~~•r :ip~x~inf~vl to i•nter ~qx-n :~nd I:~ke Exr.~u~ssion of the A1or1K:iRe•d ProE~erty, colle~t thP rents and
~-mfits thern(mm :ind ~pply the c~me as the ~•ourt may dim~•t, su~-h receiver to ha~-e nll the riRhts and ~~we~ ~~ermittc~i
under Iht~ laws of Mlorida.
In either su~•h ~:i~, l~torlRaREr or th~ rNC•ri~•er may al~- take ENrn.u~xYion o(. and tor the~e pur~H-ses use. any and all
~K•rs~~nal pm~N~rty w~hi~•h ic :~ ~-art o( the A1or1RaK~d Pro~-ert~ :~nd used hy MortKaRor in the rental or IcasinR lherc~f or
am p:~rt Ih~~nK~L Th~• ~•x~~ense IincludinR recei~•er's fcrs. coun~l fc~es, costs and aAent's com~mnsation) inrurnYl pursuant
to the {~v~•ers hert•in ~•untainc~ ~hall M~ secured h~mhy. 1TortRaR~ shall iatter pa4~ment of al! ro•,ts and expenses incurre~l-
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