HomeMy WebLinkAbout0608:~iY~unt to ~~y auch churg~ whrn due aFudl I,e ~~:~id by Mo~tgago~ tu Mortgugcti un demund. I(, by m~~~um o( a~ny de(:wlt
I~y 111ortgugo~ unde~ uny proviaion at this Murtguge, Mortgs~gce de~•f~~rea ull suma ~ea•ured hernby to I~e due and ~myuble,
Mortgugce ma~y theo apply nny funds in suid aceou~t uguinst the cntire indebtedn~~xs ~~umd herehy. The en(o~rnubility o(
the cuveounta rel~iting to t:~zes, aiaaessments aod insurunce premiums ha~rin othenariue provided ahull not be u(tected except
inaofur us thoee obligutions ha~•e been met by compliunce with thia pan~graph. Morlgagee may from time to time nt ita
option w~ive, und utter any such wuirer reinat~~te, t~ny or aU provisions hereof requirinR such deposita, by noti~~ to
Mortg:~gor in writing. While any such wui~•e~ is in e(tect, Morlgagor sluill ~wy Is~zes, uesessmenls and inauran~~e {~remiums
as hemin elsewhere pmvided.
4. To p~umptly pny all taxes und ussesxmentx assssc~aed or levicd unde~ sind by virtue o( a~ny stule, I~rlerul, or munici{~.~1
luw or regulation hereatter {uisacd~ ugainat Mor/gugre u~wn this Moriguge or the debt herQby aecured, or upon fls inter~!
undrr this Mortguge, pr»vided however, thal the totul amount xo {wid for nny such tnxes pursunnt to this E~.~r.iKruph togeth-
er with the i~terest payable on said indebtednc~ i:hull not c:~Y~xl the higheal laiwtul rnte ot inlereat in Floridi~ and pruviJed
furlher Ihal in the evcnt ot the p:~asuge of any such la~w or mgulatiun im{wsing a u~x or usarssmrnl against MortR.+gee u{~-
un this MoHgage or the debt secvred he~eby, Ihul the rntim indebtedness ae~•umci hy thia MorlR.iRe shaU thcmu~wn I~e-
conze immediately due und ~H~yable at lhe optiun of MoHR+iR~-
5. To keep lhe Mortguged Pmperty it~sured :~gainst luss or d:inwKe by fi~e, and ull ~~e~ila inxured :~gainsl by sin e:-
tendc~cl eover.~ge endursement, a~d such other riska und ~ierils :ia Morlgagre in ifs discretion muy reyuirn. The ~wliey or
~~olicies of auch insun~ni-e shull be in the form in generul use (rom time to lime in the 1«-ality in whi~•h the Mortguged
Pro{~Ny is situ~ted, ahull he in such amount as Mortgagee mny reusonably require, shall t-e issued by :~ com~~ny or
com~-aniex :~ppro~•ed by MoHgugee, and shall contuin a st:~ndurd mortqagee cluuse wilh losa ~~ayable to Morigagee. When-
ever required by Mortgagee, surh policirs, shall t~e delivered immediately lo and held by Mortgagee. Any and nll amountx
rctirived by Mortgagre under ~ny of such {~oliries may be applied by Mortg:~gee on the indehtrdners securnd hereby in such
manner as Morlgager m:~y, in its sole discretion, elect or, at the option ot 111origngee, the enlirn mm~unl so re~rived or any
~x~rt thereof may he mle:+sed. Neither the a{~pli~•ation nor lhe rele:ige of any sueh amounts atudt curn or waive any detnult.
l)pon e:ercise o( the ~~ower o( s:~le given in this Mortgage or other acquisition c-t the MoriR~Red Pro~~erty or nny part there-
of hy MortR.~gee, such ~wlicie:s shall become the aMiolute pn,perty ot Mortgagee.
6. To (irst obtain the written consent of Mortgagee, sui-h i-onsenl lo tre granled or withheld :it the sole discretion of
Mortgngee, be(ore 1:~) removing or demolishing any building now or herra(ter erecteil on the prnmises, Ib1 alterinR the
arr.~ngement, design or structurnl character thereof, (c) making any re~,airs which involve the removal ot strui~tural ~~:irts
or the ex~ure ot the interior oi such buildinR lo the elements, Id) cutting or mmoving o`r ~~ermitting the cutting and re-
mm•:~1 0( any trees or timbe~r on the, Morigi~ged Pro~x~Hy, (e) removinR or e:changiog any tangible personal propeHy which
is ~k~rl of ihe Mortgaged Pro~~erty, or (f) enlering into or modifyinR :~ny leaaes o( the 111ortg.~R~i Pro~~ny.
?. 'I'o maintain the MoHgaged Property in go«i condition :ind re{w~ir, including but not limited to the rru~kinR ot suc•h
re~kiirs as MortRn~ee may (rom time to time determine to be ne~rss:iry tor the presen•:dion of the MortRaged Property and
to not commit or ~,ermit any waste thereo(.
R. To iromply with all laws, ordinan~•es, reguL•~tions, i~oven:~ntti, ~•onditior-x :~nd restrirtions a(fcvting Ihe MortRagcrl
Pro~-erty, and nol to suf(er or {~ermit any violatiun then~of. . • "
9. 1! Atorlgagor (ails to ~-:~y any ~•laim, lien or en~•umbram•e whirh is su~-eri~~r to lhis I~1ortRage, or when due, any tax
or .~~cwsmrnt or insuranrn premium, or to keep th~ Mortgagc~l Pmperty in re~~ir, or shull comrr~il or ~~ermit, waste, or it
them be commenced any action or prr,ceeding a(fecting the' Morigaged Pro~~erty or the tide lhereto, or ihe interest of
Mortqagee therein, includinR, but not (imited to, eminen! dom:iin and h:~nkruptcy or reorganisation pro~•ee~3ings, lhen
Mortgagee, at its option, may pay s~id claim, lien, en~•umbrani-e, tax„asvesament or premium, with right of subrogation
thereunder, may tnake sui•h repairs and take sw•h ste~~s as it deems .+d~•isible to pre~•ent or ~-ure such w~ste, and may
apprar in any such action or procecrdinK and retain counsel tfirrein, and l:~ke auch aclion therein as Mortgagee deems :~d-
vi~ble, :md (or .iny ot such pur~wsc~ lblortgagcr may advance su~•h xums ot money including all costs, reasonahle attorney's
feea and other items ot ex{~ense as it deems necesb:~ry. MurtRagee shall be the sole judge of !he legality,, validity and priority
of any such ~•laim, lien, encumbrance, tax, as_~xa;sment and premium and of the amount nec•essary to be paid in satisfaction
thereof. Mortgagee shall not I~e held accountat~le (or any de•lay in mak~nK any +uch {~:+yment, whii•h delay m.~y result in
any additional inten~t, custs, i•harRes, ex~~enscs or utherv-•iu•.
10. MortgaRor Kill ~wy to MortRaRcr. immedialely and without dPmand, all xums ot money advanc~ by Morigagee
to protcr•t the security hereot pursuant to this-MortRaRF, ini•IudinR all ~•osts, reasonable attorney's fees and olher items of
ex~~ense, toRether w•ith interest on each such advanrement ~t the hiqhest lawtul rate of inlerrst ~x~r ~nnum in Ihe State o(
F lorida, and all sui•h sums and interest therc~n sh:~ll t~c~ se~•ured hereb~•.
11. All sums o( mon~y kY•urcvl hereby sh:dl IK~ ~-:~~:~ble w•ithout any mlie( wh:~tev~•r (rom any ~•alu:~tion or :~ppr.~ise-
ment laws.
12. It det.~ult t~ made in ~-:~yment oi any msl:ilmrnt o( prini•i~-:~1 or intere~t of.the Note or any parf thereo( when
due, or in payment, when due, or any other sum securcYl hemhy, or in periomiance ot any of Mortgagor's oblig~tions, coven-
ants or agreements hemunder, all of ihe indebtecfnea~ se~•ured hereby shall hecome and be immediately due and ~-ayable at ihe
option ot MortKagee, without notice or denu~nd whi~•h are herehy e:pressly waived, in which event Mortgaqee tnay a~•ail itselt
of all rights and remedies, at law or in equity, and this Mortgage may he fonY•~ascd with all riqhts and mmediea afforded by
the laws o( M lorid:~ :~nd Mortgagur sh:iU pay all cos4~, i•harges and rxpenses ihereuf, inrluding a reasonable atlor~ey's (ee,
in~•luding all ~uch costs, expenses and atlorney's tees for any retFial, rehearing or appeals. The indebtedness secured hereby
shal~ t-ear interest at the highest law(ul rate o( inlerest ~~er annum in the State of Florida from and after the date of any
such detault of Mc-rtgagor. If the Note providrs fur instalment ~k~yments, the Mortga~ee may, at its option, collect a late
charge not to ezcee~ two ~•ents tor t.~~•h ~~ne dollar not paid tu the MortRaReP when due, to rnimbarse the MortRaRee for
rx~~en~ in ~ollecting and servicinR surh instalment ~~:~yments
13. It default he made in payment, when due, ot any indebteclness secured hereby, or in ~~er(ormanc~ of any of
MortRaQor's ubliRations, ~oveuants or aRreement hrrNUnder:
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lal MortqaRee is authorized at any time, without notic•e, in its sole discretion to enter u{wn and t:ike ~-cw,srssion o(
the fllortg:~ged Yroperty or any part thereot, to ~~er(orm any acts Mortgagee deems necessary or proper to ~-onsen•e the
secvrity and to rollect and re~•eive all mnts, issues and pro(it~4 thereo(, including those past due as well as tho.vc~ arcruinK
therea(ter: and -
Ib) htortgaRee shall be entitled, as A matter'o( strict right, without notice and e:parte, and without regard to the
value or «ru{~anc-y o( the ge+•urity, or the solven~•y o( 1liortgagor, or the adequacy of the Mortgnged Property as sec-urity tor
the Note, to have a re~~eiver ap~~inted to enter u~~on and tnke ~ws.ses.aion nf /he~ Mortgnqed Property, collect the renta and
pro(its therefrom and apply the same as the court may direot, su~h recei~er to ha~•e all the righta and powera permitted
under the I:+ws ot Florida.
In either such case, Mortgagee or the receiver may also take Fwssession o(, and tor these pur(wsea uae, any and all
~~ersonal property whic•h is a E~art of the Mortgaged Property s~nd used by Mortgagor in the rental or leasing thereof or
any part thereof. The expense (including receiver's fees, counse) fees, coats and agent's compensation) incurred pursuant
to the powers herein contained shal) be secured herebv. ~tortqaqee ahall (after payment ot all co~ta and e:pensea incurrnd)
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