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HomeMy WebLinkAbout0978 ' • ~ . . hereby. Thc enforceabiliry oi thc oovenanta relating w taxea. ataestments and inauranoe prcmiums herein othen~?ise - . providod stwll nd be affoctod excep insofu as tlwse abligstiau turve ban met by complianoe with this panigaph. Mortgaga may from time to time st its option waive. and afte~ any wch waiver roinstue. any or ail prov~lons heroof roquiring such deposits. by notice to Matgagor in writiog. Whik any auch waive~ is in effoct. Mortgagor shall pay taxea. asseumeMs and inaurance premiums ss hec+ein elsewhere provided. ~ 4. To promptlY paY all taxes and assessments assessod or kviod uode~ and by viRue of any state. federal. or municipal law or regulation heroafte~ passed. against Martgagoe upon thia Matgage or the debt hereby securod, or up- . on its interest unde~ this Mortgage. providod however. that the total arrxwnt so psid for any such taxes pursuant to this paragraph togettxr with the interest payabk on said indebtodness shall not excood the highest lawful rate of interest in Florida and provided further that in the event of the passage of any such law a regulat'ion imposing a tax or assessment~ ~ against Mortgagoe upon this Mortgage or the debt secwed hercby, that the entit~e indebtodness secund by thi~ Moct8age shall thereupon become immodiately due and payabie at the option of Mortgaga. S. To kcep the MortBagod PropenY insurod against loss ordamsge by fire. and all perils insured against by an extended coverge endorsement, and such other risks and perils as Mortgagee in its discretion may rcquire. 'Ibe policy or policies of such insurance shall be in the fam in gtnerat use from time to time in the localiry in which the MoRgaged Property is situated. shall be in such amount as Mortgagee may resonably roquire, shali be issuod by a company or com- ~ panies approved by Matgagee. and shall contain a standard mortgagoe ciause with loss payabk to Moctgagoe. Whene- ver r~equir+ed by Morigagee. such policies. shall be deliverod immediately to and held by Mottgagoe. Any and all amounts roaivod byMatgagee under any of such policies may be appliod by Mortgagee on the indebtodnecc secured hercby i~ such manner as Mortgagee may. in its sok discretio~; elect ot. at the option of Mortgagee. the entire amount so rcceived or any par! thereof may be released. Neither the application nor the rekase of any such amounts shall cun or waive any default._ Upon exercise of the power of sak given in this Mortgage or other acquis~tion of the Mortgaged Propeny or any part thereof by Mortgagoe. such policies shall become the absolute pr~operty of Matgagee. 6. To first obtain the written consent of Mortgagoe. such consent to be granted or withheld at the sok discre- tion of Mortgagee. before (a) removing or demolishing any building now or her~eaRer eroctod on the premises. (b) alter- ing the arrangement. design or swctural character ther+oof. (c) making any repairs which involve the rcmoval of swctu- ral parts or the exposure of the interior of such building to the elements. (d) cuning or ~+emoving or pemiitting the cutting and removal of any trees or timber on ttk Mortgagod Property. (e) removing or exchanging any tangible personal prop- erty which is part of the Mortgagod Property, or entering into or modifying any leases of the Moctgaged Pr~operty. 7. To maintain the Mortgaged Property in good condition a~ r~epair, including but rat limitod to the making , of snch repairs as it~ortgaget may irom time to time aettrlnine to ~c n~ssary for tirc prcxrvation o~ titit ~+iartgaged Property and w not commit or permit~any waste tt~ereof, and Mortgsg~ee shap have the right w inspect the Mortgaged Propeny on rra~onabk notioe co Matgagor. 8_ To comply with all laws, ordinances, regulations, covenants. conditions and restrictions affecting the Mortgaged Property. and not to cause or pernut any violation thercof. 9. If Mortgagor fails to pay any claim, lien or encumbrance which is superior to this Mortgage. or when due, any tax or assessment or insurance pr~emium. or to k~ep the Mortgaged Pr+operty in oepair, or shall commit or permit waste, or if there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto. or the interest of Mortgagce therein. including. but not limited to, eminent domain and banlwptcy or reorganization procoed- I ings, then Mortgagee. at its option, may pay said claim. lien, encumbrance, tax, assessment or ~xtmium. with right of I subr+~gation thereunder. may make such repairs and take such steps as it deems advisable to p~event or cur+e such waste, I and may appear in any such action or procceding and rctain counsel therein. and take such action therein as Mortgagce deems advisable. and for any of such purpoxs Mortgagee may advance such sums of money, including all costs, rea- sonable attorney's fees and other items of expense as it doems necessary. Mortgagee shall be the sole judge of the legali- ty. validity and priority of any such claim, lien, encumbranc~. tax, assessment and premium and of the amount neces- sary to be paid in satisfaction thereef. Mortgagce shall not be held accountable for any delay in making any such pay- ment. which delay may result in any additional inurest. eosts. charges. expenses or otherwise. 10. Mortgagor will pay to Mortgagce. immcdiately and without demand. all sums of money advanced by Mortgagee to protect the socurity heroof pursuant to this Mortgage, including all oosu, reasonabk attomey's fets and other items of expense, together with interest on each such advancement at the highest lawful rate of interest per annum allowed by the law of the State of Florida, and all such sums and interest the~on shall be secured hercby. . I 1. All sums of mocey secured hereby shall be payable v~rithout any relief whatever from any valuation or ap- praisement laws. 12. If default be made in payment of any instalment of principaf or inter~est of the Note ot any part thereot when due. or in payment. when due. or any other sum socured hercby. or in performance of any of Mottgagor's obliga- tions, covenants or agreements hercunder. all of the indebtedness sa:ured hereby shall become and be immediately due and payable at the option of Mortgagee. without notice or demand which are hereby expressly waived, in which event Mortgagee may avail itself of all rights and rcmodies, at law or in oquity, and this Mortgage may be foreclosed with all rights and remedies affordod by the laws of Florida and Mortgagor shall pay all costs. charges and expenses thereof. in- cluding a reasonabk attorr~ey's fa, including all such costs. expenses and attaney's fas, for any retrial, retkaring or appeal~. The indebtodness socurod hereby shall bear interest at the highest lawful rate of interest pu annum albwed by the law of the State of Florida from and after the date of any such default of Mortgagor. If the Note provides for instal- ment payments, the Matgagee may, at its option, colkct a tate charge as may be provided for in the Note. to reimburse " the Mortgagee for expenses in collecting and servicing such instalment payments. 13. If default be made in payment, when due, of any indebtedness socured hec+eby. or in performance of any of Mortgagor's obligations. covenants or ageement herounder: (a) Mortgagee is autt~orizod at an~ time, without notice. in its sole discretion to enter upon and take pos- session of the Mortgaged Property or any part thercof, to perform any acts Mortgagce deems necessary or proper to con- serve the security and to collect and rcceive all rents. issues and profits thereof, including those p~st due u well as those accruing thercafter, and (b) Mortgagee shall be entitled, as a matter of sUict right. without notice and exparte, and without rc- gazd to the value or occupancy of the socurity, or the solvency of Matgagor, or the adoquacy of the Mortgagod Propetty ` BOAK PAGE 978 ~ .