HomeMy WebLinkAbout2747:u•~•uunt tu ~r~y surh .•hu~K.~ ~.h~•n dur ~hall IK~ ~-:ud hy Aiurtga~;ur tu 111ur1~;:~K~v ui~ d~•iu:~n~l. I(, I~v n:~suu ut anv d~•lault
I~Y A1ort~;aKor undi•r :~ny ~~ro~isiun ot thi~ l~lurt~;:~K~•, 11orlKagiY• d~r•I:u~~ :~11 sum. v~•cw~Y) h~•~eby tu IK• due :~nd ~-ay:~Ll~•.
MurIK:~K~r may ih~~n :~pply :~ny funds in ~:~id ai•~•uunt ~~Kainst th~~ ~•ntim indebirdn~•xs w~ivn~) hemby. Thi• iv~tor~•~wb~lity u(
thr ~•w•rnantx ndaUnK to t.ix~•s, ak~u•,su~~•~~ts :~nd insur.~n~r pn~miunu~ henrin ~~therw~se provid~~l shall not IK~ ~~I(Er•l~~l excepl
inu,G~r :~s thuw• ubligation~ h:~~~~• 1~~ n mel by com~,G:~ni•e with thiv ~k~r.~Kr:~~-h. h1o~tKa~;~~ m:~y (rom time to t~mc :~t its
u~-tiun waive, .~nd :-tler any sui•h waivrr rein.t:~l~•. any ur all ~-m~•isions herEV-f reK~uirinR sui•h de~N„its, by nutii•~~ tu
Murtgc~gor in wretinK. ~Yhili~ :u-y xu~•h w•a~ivi•r is in ~•(1~~•t. 111urtgaKor shal) ~-:iy t:~x~~x, ass.•s.vmentx and insur.~n~•~• ~~renuum~
:~v h~~rrin elxwhrm {-ro~idt~l.
4. '1'o prumplly ~r<~y al) I:~xes :u~d :~.tirs..~n~~nlc ;~ss~~.;ud ur I~~vi~vl under :~nd by ~~irtu~~ ~~I ~u~y titat~•, lirl~•r:~l. ur muni~•~p:~l
luw ur n•gulation hereufter ~k15S1'(~, aKain:~l AlurlkaKi~~ u~x,n Ihix A1orlKaKe ~~r the del-t hemlry x~•un~l. ur u~Hin its i~~terest
und~•r Ihis 1~lortgaxe, pro~idrd huwi•~e~, that the tut:d :+nwunt w~ ~r.iiJ lor an>~ su~•h lax.~s {iunuant to this ~-:ira~;r.i~~h tuKeth-
~•r with th~~ inter~•st {~a~•able on v~id inJeLiecln~•u shull not rx~•i~•~i thr high~~st luw•(ul rat~• ot inlen•st in Flunda :u~d ~-ru~~id~~l
further thal i~ the ~•vent o( the p:~ss:~Ke of uny such (aw or r~~Rulatiu~ im~wsinK :~ t.~x or assessm~•nt againsl A1ortK:~kc~• up-
un thiti A1ortK:~Ke ur thr dc•bt u~vnrl h~~rcby, that th~• ~•ntin• i~~di•ht~Y1n~•ss wY•u~~~1 by thi. Mor1K:~Rc~ sh:~ll th~•reu~N,n IK~-
~•o~ne immE~iintely due :~nd ~-ay:ibli~ at the option ~~( MortK~~K~~c•. ~
S. 'Ib kerp the Alurtgagrd Yro~N•rty insunYf a~;ainsl lut~ or d:~n-a~;e by (in•, und all ~~nls tnsumd :~Kaii~st by an ex-
t~~nd~•d co~~i•raKe ~•ndoru•~nrnt, and surh e~ther risks and ~N•rils as \turtgak~~c• in its disi•mtiun map myuim 7'h~• ~x~licy nr
~wli~•ic~ of su~•h insuran~•e shall 1-e in the form in Kener:~l uu (rom tim~ tu lim~ ~n tht• (~x•alily in wh~~•h thc• MorlKaKrc1
Pm{K~r1y ~s .ituateYl. shall Ix• in su~•h anwunt a~ A1orlKaK~~• may ma+on:ibty rt~yuirn, shall 1-r iuu~ri by :~ i•nmpany or
~•um~-:~nies :~pprov~Y1 by 111urtkag~Y•, and shall i•unlc~in :~ shuid:-n1 morlKak~r ~•lau.r wilh Ic~.s p:~>•:~ble to Alort~;:~gi~:. ~Vhi•n-
r~t•r nK~uin~cl by Alortti:~Ki~~•, su~•h ~wli~•i~~s, shall IN~ dc•li~~~nsl imnuYliately .to und h~~ld hy 111ort~;aR~r. Am• and all :~mounts
rc•~riv~Y1 by A1ortKaKiY~ und~~r :~n~• of su~•h ~x,li~•i~~ may IK :~~~pli~~1 by tllortxaK~~• un tht• ind~•btc~i~~~~ti. ,~~~~~.Yi t~~•reby in sw~h
maoner as ;11ortKaKcr• mny, in its sol~• diu•n•tiun, ~•Iri•t or. at thi• uption o[ ~1urtK:~K.y, Ihe~ enlim amount so re~•~•i~•c~c1 or any
~-art there~( m:~v Ix• mlc:~se~c1. Neither the :~ppli~•ati~-~ nor the r~lc:-.ur of any su~•h amuunts sh.~ll ~~um or w:+ive any de•fault.
11~x~n exen•i~~ of !he ~ww•e•r of s:~li~ Kici•n in thi, \1ortKaKe ur oth~•r ai~quisition o[ th~• MnrlRaKav1 !'ro~k•rt~• or am• part there-
o( hy \9ortRaKcr, su~•h ~~li~•ic~s sh.~U fu•.•ome the ahs~-lute pm~~rty ot :11urtR:~Ket~.
fi. To fint obtain !ht• writt~•n ~•onscnt u! A1ortKa~~v~, su~•h .•onu~nl tu ik• Knnt~Yl or withh~•1~f :-t fh~• .uly dis~•ndiun ut
~1ortKaR~~e, tx•fore 1:~1 remo~•inK or demolishinK :~n~• I~uildiny; nuw ur h~•rc•:~(ter rnrt~~1 on the pn•mi,~~s, Ibl :~It~~rinK thi•
arranKemenl. desiRn ur stru~•tural ~•har:i~•ter themo(. (~•) mnkinK any mpairs ahi~•h in~•ol~•e the mmu~~al ot stru~•tur:~l p:~rts
or the exposure of th~ interior o( su~•h buildinR tu thr t~lemt~nt., Idl i•ultinR or n•mo~•inK or ~~ermittinR the ~•uttinR and re-
mo~al of :~ny tnr, or timt~ r on the 1~toriKaKrd Pm~-erly. li•) remo~•inK or exch:~nKinR any t:~nQible ~-c~r~~nal pro~x•rty w•hic•h
~s ~~art ot Ih~~ ~1ortKaKed Yro~x~rty, or (f) ~~nterin~ into or m~NlifyinR any h.~ses o( th~~ ~1ur1KaK~r1 1'ru~x•rty-
7. 7~o m:iintain the A1orIK:~Kcd I'm~x,rty in ~~r-d rondition and m~~:~ir, im•IudinR but not limit~~ci !o the makinK ut su~•h
n•pairs as \1ortKaK~~ may frum timr t~~ lime dt~trrminr to Ix• n~c~~c~:uy for the pn~•n~atic~n of th~ 11o~tKaK~~cl Ym~-~~rh• and
lo nut i-ommit or ~~rmit anv N•aste th~•n~(.
R. 'f'u ~•umply with all law•s, urdin:in~•~~~, n•xuLetiuns. ~~u~rn:~nls, ~•nnditiurr. :md n~.tri~•liom :~(fr~•tink th~• \fortRa~t~i
Ym~~•rty. and not to suffc•r or {x~rmit anp ~iol:~tiun th~•ntid.
!1. I( \lortkakur i:~ils to {-:iy :~n~• ~~l:~im, lit•n ur ~•n~•umhran~•e• Mh~~-h ~s ~u~x~riur tu th~s ~iortRaK~~, nr Hht•n dui•, :~np tax
or :~:~u:,..mimt or insuran~•i• pn•m~um, ur to ket•p lhi~ ~1orlKaKeY1 Yro~x•rty in rtq-air, or shaU i~ommit or ~n•rtnit ~:~ste, or i[
thern IK• commen~•ed .~np a~•tion or pnx-i4~ct~uR alftti-tir~~ Ihe \lortkaKf~c1 Yro{~rty or the tifle thercto, or the inlerest ot
11[ortR:~K~ there•in, in~•IudinK. Iwt not iimiti~cl to. t~minent doma~n and h:~nkruptcy or nwr};aniz:~tion pr~x•~rdinKs. then
MorlKaRcx, .~t its opti~-n, m.~y pay .:~id claim. li~•n. en~•umbran~•~•. tax, us.u~ti,m~•nt ur premium, w~ith riKht o( suhroK:ition
thert~under, may make tiu~•h mpairs :~nd t:~ke su~•h .te~ps as ii d~~c•ms :~d~icibl~• to pm~•ent ur i•un~ su~•h N:~stP, and may
ap{Kar in :~ny such a~•tion ur pnN•cxYlinK ~nd retaio ruunse! tfirn•in, :~nd take su~•h a~•tion thrrt~in :~s A1ort~iR~~c• d~rms ad-
~ is:il:le, and tor :~ny o( sv~•h pur~x~k•s 11ort~:~Kc•e tn:~y ad~:~n~•i• sui•h sun-s ut munry, im•IudinR all costs, rrasun:~blc attorney's
fEY~ .+nd other ite~ns o( t•xp~•ns~• a~ it deems nci•~•x+:~n•. \1nrt~:~R~~c• shall t~• the ~ole judRe o[ the kK:~lity, ~•:~lidit~• c~nd priority
of an~• su~•h ~•I:~im. I~en, eni•umhranci~, t:~x. :is_.cv.vm~•nt :~nd ~~remium :uid uf thP amount nir•ess:iry to IK paid in satislacti~~n
thrmoL AturtKakri~ shaU nol IK• hi~ld :~ci•uuntaiil~• fur :u~y d~•lay in m:~k~nK :~ny .ui•h ~r.~cm~•nl. whi~-h delay may rt~sult in
:~ny :~ddition.~l inten•st, c•usts. ~•hark~~s, ~~x~-a•nu•s ur uthc~rHi.~~.
10. !1lorty:a~~~r ~~ill ~r.~~~ to 11ort~aKi~•, imm~•diati~h• and withuut d~•m.+~d. all xums u( mnney ad~an~•cxl by A1ortK:iRE'E'
to pmt~r•t the u~vrity hen~~( pursu:~nt In this ltortKaKi~, iri~•Iud~nR all ~~ocfs, n:~conahl~• aU~~rn~~~~~s fees:ind other items of
i•s~x~nsc~, toK~•th~r with inti•mst on ~~a~•h vue•h ad~:in~•~~m~~nt at th~• hiRh~~st I:~~fu) ratN of intf~re•st ~K~r annum in the ~tat~ ot
F'larid:~. :~nd :~II su~•h sums and intrmst th~•rt•on shall IH~ ~•un•d hc~n•hv.
11. All sum~ nt moni•y ~~•~•urt•d ht~r~~l~~• sh:~ll iw• ~r.~}•:~Llr ~aith~~ut any n•li~•I wh:~tr~rr trv~m :~r-y ~:~luati~m ~~r :~~~pr:~iv~~-
m~•nt la~s.
12 It drfault IH~ m~~de in ~~ay-mi~nt o( :~ny in,t:~lm~~m of ~~nnr~p:~l ur ~nt~•rc•til o( the Nul~• ur an~ E~art thF~ny~l whi•n
duf•, ur ~n payment, v~h~~n du~, ur any r~ther sum w~~•urcYl hc~r~•fr~•, nr in ~-crform:in~•e of any nf 11ortR:~~or's ohlikations, ~•o~~en-
:~nts or akr~~e•ments h~rt•und~~r, all of thc• inde~hti~dn~~s. s~~-ur~yi hc•n•hy shall ix~~~ume and !K• immevlu+t~ly due :u~d payable• at the
option o( ~1ortK:~K~~c•, ~vithout noti~c~ or d~~m~nd ~~hi~•h :ire hereby .•xpn•titily vv:~i~•e~ci, in which t•~~ent 11ortKaR.r m:iy aa:iil its~~l(
nf all riRhls vid remedic~, at law• ~~r in i~c~uity. and this ilortK:~K~~ may 1~• lorer•l~~seY! with all riKhts and mm~~dic~ af(orded bY
tht~ 1:~H•s ot Florid:~ :ind A1ortKaKor shall ;r.+y all cost., ~•harKi•~ and ex~~e~nsrs th~•rcv~(, in~•IudinK a rf:~~~nairle attornry's 1~•.
inrludinK nll sui•h ~•usts, ex~H•nM~s :ind atforney~s (E~E:S (ur am• rc•fri.il, rf•hearinR or ap~K~als. "1'h~ indi~btcYfnc.s u~•ured hPreh~•
shall i~c~ar interest at thi~ hiKhest IaN(ul r:~te uf intrrr~t ~Mr :~nnum in thc• St:~te o( Florida from and aiter the datE~ of any
su~•h de(ault ot MartK:~Ror. If Ihi• Not~ pruvid~~s (ur ~ntitalmt•nt pa}•m~~nt~, the :11ortK:~~C~~c may'. at ils uption. collei•t a late
~•har~e not to ex~•eecl two i•ents tor c:u•h onF doll:~r nol paid to ihe ~1ortR:~~ee ~+•hv~ due, tn rc•imhurse the 111ortQ~Rtyr for
c•xFxnx~s in ~•ullr~•tinK and sE~n•i~•inK tiui•h inst:~lment ~r.~ymt~nt.
l3. If dtdault IN• made~ in ~~:iymrll~. HFlk~n due. nf nny inde~ht~Yin~:cc vty•urrd he•reb~•, or in ~x~rl~~rman~•e of any ~~(
~lurtk:iYor s obli~;utiuns, ~•o~~rn:~nts or aKre~~•m~nt hF~ri~un~lt~c
(al ~1ortK:~{;e~e is authoriac~l af any t~me, withuul nutii•t~, in its sule disi•retion tu entc•r u~K~n :~nd take ~N~~u~s.siun nf
thi~ ~1ortK:~Ke~1 1'ro~~erty or .iny p:+rt thFn•of, tn ~-c~r(orm am• :frts 11ort};:~K~r~ deems necesv~ry or pm~~r to ~•onsen~i~ tht~
scvvrity :ind to ~•ollert and rtti•~•ic~ all mnts, is.u~~s and protitv tht•reuF, in~•h~dinR thuse~ past du~ as w•ell as tho~~ a~-cruinR
th~•rF~aftc•r. :~nd
Ib- ;11ortRaKi•~ shall IK~ t~niitl~d_ as a matle~r ~rf .Iri~•t riRht, ..ithout nofi~•e and exparte, and without re~ard to thc•
~alu~~ or ~•~•upan~•y n( thF~ u~•urity, or the rol~•e~n~•y ~-I liortR:~Ror, or the adi~yu:uw of fhe MortKaRed Pm~~erty as se~•urity (or
th~ ;1~'ote, to ha~~t~ a n•~•ei~~r .~p{winted to ~~ntc~r u~N~n and take• ~x~ssc~titiion o( the ~tort~aKc~d Pm~x~rty, i•ollecf the rents :ind
proiits therc•imm :~nd apph~ the s:~me :~s th~ c-ourt may ~iire~•t, tiui~h recFivPr to have all the riQhts and ~K~wers ~x•rmitteci
under thc~ 1:~w~~ ~r r•i„~~~ia.
ln Nither sw•h ~:~u~, 11ort~aKee~ or the rect•:.er m:iy alu~ t:~kr ~N~~se~ssion o(. :~nd (or these pur~wus use•, any :ind all
~~en~~nal pru~~ert}• whi~•h is :i part o( the MortQaK~Y1 Yro~x~rty and usc~ hy 1~1ortRaRor in the rental or IeasinR thereof or
:~m• part therro(. '1'hc~ ex~-c•nse Iinclud~nQ receiver's fcrs. ~•oun~l tc~~, c•osts and ag~rnt's com~~ensation) incurrt>d pnrsuant
to the ~x-w•rrs herein containe•d shal) F~e secured hereby. ~1ortRaQfx shaii iaiter paynif~nt o( all costs and expenses incurr~il
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