HomeMy WebLinkAbout0924 by Mortgagee. The amounts so paid shall be security for the
premiums and other items and shall be used in payment thereof if
Mortgagor is not otherwise in default hereunder. No amount so
paid shall be deemed to be trust funds but may be commingled with
general funds of Mortgagee, and no interest shall be payable -
thereon. If, pursuant to any provision of this Mortgage, the
whole amount of the unpaid principal debt becomes due and pay-
able, Mortgagee shall have the right, at its election, to apply
any amount so held against the entire indebtedness secured
hereby. At Mortgagee's option, Mortgagee from time to time may
waive, and after any such waiver may reinstate, the provisions of
this Paragraph requiring monthly payments.
7. Internal Revenue Stamps: If at any time the United
States or any departmenc or bureau thereof shall require Internal
Revenue stamps on the Note secured hereby, Mortgagor on demand
shall pay for them with any interest or penalties payable there-
on.
8. Future Taxes: If hereafter any law or ordinance shall ~
be adopte impasing a tax directly or indirectly on Mortgagee
with respect to the Mortgaged Property, the value of Mortgagor's
equity therein, or the indebtedness evidenced by the Note and
secured by this Mortgage, Mortgagee, at its election, shall have
the right at any time to give Mortgagor written notice declaring
that the principal debt, with interest and other appropriate
charges, shall be due on a specified date not iess than sixty
(60) days thereafter; provided, however, that such election shall
be ineffective if, prior to the specified date, Mortgagor law-
fully pays the tax (in addition to all other payments required
hereunder) and agrees to pay the tax whenever it becomes due and
payable thereafter, which agreement shall then constitute a part
of this Mortgage. - ~
9. Security Agreement: This Mortgage constitutes a
security agreement under the Uniform Commercial Code as adopted
in Flori~a and creates a security interest in the "personal
property" included in the Mortgaged Property. Mortgagor shall
execute, deliver, file and refile any financing statements or
II other security agreements Mortgagee may require from time to time
! to confirm the lien of this Mortgage with respect to such proper-
ty.
Ij 10. No Other Liens: Without the prior written consent of
4 Mortgagee, which consent Mortgagee will not unreasonably withhold
Mor~gagor shall not create or cause or permit to exist any lien
~ on, or security interest in the Mortgaged Property or any portion
• thereof, whether junior or senior to the lien of this Mortgage,
~ except any permitted encumbrances. Any violation of the
~ faregoing limitation shall, except as otherwise provided in this
~ Paragraph, at the option of Mortgagee be deemed an event of
~ default hereunder. If any mechanics' lien or claim of inechanics'
~ lien shall be filed against the Mortgaged Property or any portion
~ thereof or any interest therein by reason of work, labor,
~ serviees, or materials supplied or claimed to have been supplied,
~ and if such mechanics' lien or claim of inechanics' l.ien is not
~ fully and finally discharged as a lien against the Mortgaged
~ Property or fully and finally transferred in accordance with all
~ applicable requirements of the Florida Mechanic's Lien~Law, from
~ a].ien against the Mortgaged Property to a lien against other
; security posted by Mortgagor within fifteen (15) days after such
mechanics' lien or claim of lien shall have been filed, then
k Mortgagee, at its option, may (a) pay and discharge the lien, in
which case the sum which Mortgagee shall have so advanced shall
_`be due immediately from Mortgagor to Mortgagee, shall be secured -
hereby, and shall bear interest at the Default Rate specified in
the Note from the date of payment by Mortgagee until the date of
~ repayment, and Mortgagee shall be subrogated to any rights,
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