HomeMy WebLinkAbout0232the Secured Indebtedness or any interest of Mortgagee in the Premises
or the obligations secured hereby; and (ii) premiums on policies of
fire and other hazard insurance covering the Premises, as required in
Article 3 herein.
Upon notification from Mortgagee, Mortgagor shall pay to Mort-
gagee, together with and in addition to the payments of principal
and interest payable under the terms of the Note, on the dates when
any payment of either principal or interest must be made by the terms
of the Note, until the Note is fully paid or until notification fzom
Mortgagee to the contrary, an amount reasonably sufficient (as esti-
mated by Mortgagee) to provide Mortgagee with funds to pay such taxes,
assessments, insurance premiums and other charges next due so that
Mortgagee will have sufficient funds on hand to pay the same thirty
(30) days before the date on which they become past due, provided,
however, that no such escfow payme~ts shall be required so long as
(i) the lease on mortgaged property between Mortgagor and K mart
Corporation (the "K mart Lease") is in effect, (ii) there is no
default under this Mortgage and Security Agreement, and (iii) Mort-
gagor provides Mortgagee with evidence satisfactory to Mortgagee
that all taxes, assessments, insurance premiums (unless K mart
elects to self-insure as hereinafter provided) and other charges
as set forth above for the current year have been timely paid. In
no event shall Mortgagee be liable for any interest on any amour.t
paid to it as herein required, and the money so received may be
held and commingled with its own funds, pending payment or applica-
tion thereof as herein provided.
Mortgagor shall furnish to Mortgagee upon receipt a copy of the
official statement of the amount of such taxes, assessments, water
rates, sewer rents, insurance premiums and other charges next due,
and Mo'rtgagor~shall pay the same when due. If any of the charges
described in this paragraph remain unpaid thirty (30) days from the
date first due, Mortgagee may, at its option, pay any of these char-
ges, without notice to Mortgagor. The amount advanced for payment
of these charges shall be immediately due and payable to Mortgagee
and shall be-come part of the Secured Indebtednpss and bear interest
from date of advancement at the~rate of interest payable under the
Note.
In the event of the passage after the date of this mortgage of
any law oF the State~of Florida, deducting from the value of real
property for the ourposes of taxation any lien thereon, or changing
in any way the laws for the taxation of mortgages or debts secured
by mortgage for state or local purposes, or the manner of the col-
lection of any such taxes, and imposing a tax, either directly or
indirectly, on this mortgage and security agreement or the Nbte,
the holder of this mortgage and security agreement and the Note
shall have the right to declare the Secured Indebtedness due on a
date to be specified by not less than thirty (30) days written no-
tice to be given to Mortgagor by the Mortgagee; provided, however,
that such election shall be ineffective if Mortgagor is permitted
by law to pay the whole•of such tax in addition to all other pay-
ments required hereunder and if Mortgagor prior to such specified
date does pay such tax and agrees to pay any such tax when thereaf-
ter levied or assessed against the Premises, and such agreement
shall constitute a modification of this mortgage and security
agreement.
3. MortgagOr shall keep the improvements on the Premises and all
personal property located therein in which Mortgagor has any interest
insured for the benefit of Mortgaqee against loss or damage by fire,
lightning, windstorm, hail, explosion, riot, riot attending a strike,
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