HomeMy WebLinkAbout1522acti~uunt to ~my sui•h ~•hntge~s wh~n due xhull I~e ~k~id by MorigaKu~ to Mortgs~gee on demAnd. It, fiy ~Msoh uf w~y ~leG~ult
bv Mortgugor under uny proviaion o( this hlortguge, l1lo~tgugee derla~ea tdl suma ~•uted hereliy to I~e due und {xiyable,
MonttaRee muy then apply uny tunds in said nccount ~~ga~nal the entire indebtrdne~xa ~•urrd l~rrrby. Thr ento~ceabiliiy o!
the covenunta teluting to taxes, usseaxments and inaunini~e ptemiums herein otherwise ptovidcd shul) not be u((ected ex~~pl
inso(ar us thoae obligutions have Ixen met by compliun~~e with thia ~wrngraph. Morigagee may trum time to time ad ita
option w•aive, und u(ter uoy suc•h wuiver rninst.~te, u~y or .JI provisions hereuf requiring such de{wsils, by notice to
MoH~ugor in wri/ing, While any such wui~•er is in cffect, Mortgaigor shult pay t:~zea, uasr.~smrnls :~nd insuram^e pmmiums
:~s herein elaewhere provided. .
4. To promplly ~~ay ul! la:es aind a~~vmt~nts e~s.~-c~~~cl or levied under and hy virtue ot :~ny sl:~te, trderul, or muni~•i~x~l
luw or regulution herna(ter ~-:-ssed~ ugainst Muttgugee u{~on ihis I-lortgage or lhe dcbt hereby aeeured, or u~wa its inte~c~l
undcr this Tlortgage, provided howe.•er, that the tot~l amount w{wid tor any such tuxea pursuant to this ~k~r.~Kr.~ph togeth-
cr with the intereat payt-f-le an said indebtedoess shul) not exceid the highest l~wtul rate of interc~xt in F lorid:i and pn~vided
further lh:~t in the event ot the pasg:~ge ut uny such law or rngulutiu~ imposing ~ tax or :-sse~ment :~gAlt1.4~ A~O[~~,':1~,'@f U~)-
on this 1Nortgage or ihe delil ~x~ured hemby, Ihat the entim indebteciness ~•ured by Ihis MorlguKe shall themu~K-n be-
come immediately due and ~xiytiblc at lhe option of Mortgagee.
5. T~ keep the 141ortgaged Pro~~erly insured uguinst luss ur damage by firn, and all {~crits in~un~i a~g~inat by an ez-
tended co~•er~ge endorsement, and such other risks uad ~ierils as Murtgtigee in i!s disi•mtion m:~y requin•. 7'he j~olic~ o~
~~oli~•ies ot such insurnner shall be in the torm in gener.+l uae from time to time in the loc:~lity in which Ihe MortR:~Rrd
Yro~~erty is situ:~tec1, sh:~ll be in such a~mouM :~s MoHg:~Ree m~y re:ison:ibly rnquire, shaD 1-e issued hy a com~~any or
~-om~k~nies approved I~y MorigaRee, ahd sh:~U contain a st.~ndard mortRagee ctaux+e K•ith los-s µ~y:~ble fo MorlRagee. Whrn-
ever required t-y Mortg:~gee, such ~x~licies, sh.el! be delivered immidiately.to and heid by Morigagrr. Any a+nd ull :~mounts
rcti~•ived by Mortg:~gee w~der any of sui•h {~olicies may 1-e applied by rlorlgagee un the indebtednes.-s xecunrl hereby in su~•h
ma~ner as Mortgagee may, in its sole discmtiun, elecl or, at the option of MorlRagce, the enlire amount so mceived or ~ny
~k~rt thereof may be relexsed. 1Veither the apptication nor the rnleuse o( any such ~mounis shall ~urr or wTi~~e s~ny de(:~ult.
U~wn exen•ise ot the ~wwer o( s:ile given in this Mortg~ge or other ncquisition of the MortR~Red Pro~~erty or nny part thcre-
of by Morfgagee, such ~wlicies shall F-ecome the :~I~eolute E~rn~~Ny o~ MonR:~Ree.
G. 'I'o tirst oMain the written consenl of MortRagee, sui•h ~ronsent lo I~e Rr.~nted or withheld at Ihe .r-wle discretion u(
MortgaRee, betore (a) removing or demulishinR any building now or hematter ercr•ted on the prnmiscs, Ib- alterir~R ihe
arr.~ngement, design or structural character ihereof, (c) makinR any cr~~airs which invol~•e the remu~•al of slrurtural µ~rts
or the ex~~ure ot the interior ot aurh buildinR to Ihe elemenls, Id) cutting or removing or ~~ermittinR the cutting und re-
mo~•.il o( :my trees or timher on the Mortgaged PropeHy, 1e) removing or e=c•hanginR .~ny tangible {ietsonal property which
is ~-.~rl of the Mortgag~~f Yro~~rtv, or ~f) enterinR inlo or modifyinR any leases ot the A1oHRaged Pm~~erty.
7. To maintain the Mortg:iged Property i~ gcwd condilion :~nd re{~ir, including but not limited to the ms~king o( such
re~wirs :is Morig:~qee muy trom time to time determine to i~e necc:qg:iry (or the prewervation o( the MortRaged YropeHy .~nd
to not commit or ~~errreit any waste thereof. ~
s. To ~•ompiy wich all law~s. ordin.+nces, n•gul:~teons. ~•oti~en:~nts. ~•~~nditions and reslri~•tions a((e~•tinR the 111or1RaRed
Pm~xriy, :~nd not to suf(er or ~~ermit :~ny violation thereof.
9. 1( Mortgagor fnils to ~x~y an~ i•I.iim, lien or en~•umbran~•e whi~•h is su~-erior to this ;~tortRaKe, or when due, any tax
or axscssment or insur.~nce premium, or to keep th~ MortRaqPd Properly in repair, or sh~ll ~•ommit ur E~ermit waste, or t(
there 1-e commenced any action or pnx~ecriing a(fectinR lhe 1~lortgaged Aro~-erty or the tiQe thereto, or the interest o(
blortgaRee themin, in~•IudinR, bu! not limitcd to, eminent domain and tuinkruptcy or reorganization proceedings, then
MorigaRee, al ils option, may ~~:~y said claim, lieh, eni•umt-ranm, tax, asses.sment or premium, with right ot subru~ation
thernunder, may make such ret~.~irx and take such ste~~s as it deems advis:~ble to prevent ~or cum surh waste, and may
appe:~r in any surh action or proceeding and retain counsel therein, :+nd take such action therein as Mortgagee deems ad-
vi.sable, and (or ~iey of such purposes 111artgaqee may ad~•ance such sums ot money, includinq all costs, reasonable attorney's
fees and other items ot ex~~nse as it deems neces+ary. M~rtgaRee shall be the sole judge of ihe legality, validity and priority
of any 4uch claim, lien, encumbrance, tax, aaw•ssment :~nd premium :~nd of the amount nc~•estary to t~e ~n-+id in satis(arti~n
thereof. Mortgagee shail not t-e held ae•counlable for 7lly (~hJJy in m:~kinK any sui•h ~~:~yment, which delay may result in
any :~dditional interesl, cosls. ~•harKes, ex~~enses or utherwitie. -
t0. Mort~aRor well {kty to MortR»R~~e, immed~ately :~nd without demand, all sums of money ad~•anrnd by MorigaRee
to protect the se~vrily hereo( pursuant to lhi~ MortRaRe. includinR aD e~osts, reau~nabte attorney's (ees :+nd other items of
ex{~ensc, foRether with interest on earh such .idvan~ement nt thc hiRhest law~(ul rntP of intPrNSt ~x~r r~nnum in fhe State of
Flnrida, and ~Il such gumg and interest thereon shall 1~ secvred herebv.
11. All sums of muncy ur•ured hcmhy sh:~ll f~r ~-:~y.~ble v~•ithout any rE~lic•f v~•h:~tea•er fmm :~ny valu:ition or ap~-r:~iu~-
mt~nt law-s.
12. tf default he mude in ~-:~yment nf any instalmenl ot ~~rin~•i~~.-~I or interest o( the Nvte or any ~~:~rt fhereot v-hen
due, or in j~ayment, when due, or any other sum ~vred hereby, or in ~xrtormance o( any of 1~1ortRagor's obligalions, coven-
ants or agreements herrunder, all of the indebtednNSS u~~umd herrby shal) I~ec-c~me and be immediately duc and ~~:iyable at the
oplion ot Mortgagee, without noti~~e or demand which are heret~y exprexsty wai~•ecl, in which even! 141ortRag~~e m:+y a~~ail itselt
of al! rights and mmedies, at !aw or in equity, and this Mortgage may be toreclosed with all rights and remedies aftordecf by
the laws ot Florida and MoHgagor shall ~iy all costs, char~;es and expenses thereo(, including a reasonable atlorney's tee,
including :~II such costs, expensc~ and ,ittorney's fee~s (or any retrial, rehearing or appeals_ The indebtedness sec•uted hereby
shall bear interest at the highest lawful rate of interest ~~er :-nnum in thc~ State of Florida Irom and atter the dale oi any
such default of Morfgagor_ It the Note provides far instalment ~~ayments, the MorlqaRee may, at its option, rollei-t a late
charqe not to exreed tv-o cents for each one dollar not ~~:iid to Ihe liortgaRee when due, to reimburse lhe 1liorf~tagee for
ex~~en.~ in collerting and servicing such instalment payments.
13. [f detault be made in payment, when due, ot any indehtedness sec-ured hereby, or in ~~erformanc-r n( any o(
Mort~aRor's obliRations, covenants or aKreement hereunder:
(a) MorlgaRer is authorized at any time, without notice, in ifs sole discretion to enfer u~wn and lake ;x~session o(
!he Morfgaqcv~ Yro~~erty or any ~-art thereof, to perform any acts Mortgagee deems neces.sary or proper to consen•e the
see•urity :ind to cotle~•t and rec~eive all rents, i~.suc~s and pro(its thereof, inc•luding those past due as well as lhc~e ac~•ruing
iherea(ter: and
Ib) MortRaRee shall t-e entitled, as a m:itter o( stri~t riRht, without notice and exparte, and without regard to the
value or occa~k~ncy o( fhe security, or the solveni•y of lllortKaRor, or the adequacy of the Mortgaqed Properiy as security fot
the Note, to have a receicet appointed lo entes u~wn .ind fake ~x~sses.vion of the MortgaRed Property, collect the rents atxl
profita there(rom and apply the s:~me as the court may dircrt, su~h receiver to ha~•e :~11 the righta and powers permitted
under the laws ot Florida.
In either such case. Mortgagee or the receiver may also take pos.gession o(, and (or these purposes use, any and all
personal pm~~erty which ia a{~art of the Atortgaged Property and uacd by MortgaRor in the rental or leasing thereo( or
any part thereoL The Pxpenge (including rereiver's feex, counsel fees, costa and agent's compensation) incurred pursuant
to the powers herein contained shall be secured hereby. MortgaRee ahall (atter payment ot all costa and expenses incurred)
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