Loading...
HomeMy WebLinkAbout0951 . i he~eby. The enforceability of the covenants relating to taxes. assessments and insurance premiums her~ein otherwiu provided shaQ not be affected except insofar as those obligations have bcen met by compliance with this paragraph. Mortgaga may fmm time to time at its option waive. and aRer any such waive~ reinstate, any or all provisior~s hereof roquiring such deposits. by notice to Mortgagor in writing. While any such waiver is in effect, Mortgagor shall pay taxes. assessments and insurance premiums as herein elsewhere provided. 4. To promptly pay all taxes and assessments assessed or levied under and by vinue of any state. federal, or municipal law or oegulation hereafter passed, against Mortgagce upon this Matgage or the debt hereby secured. or up- ; on its interest under this Mortgage. provided however. that the total amcwnt so paid for any such taxes pursuant to this ~ paragraph together with the interest payable on said indebtedness shall not exceed the highest lawful rate of interest in Florida and provided funher that in the event of the passage of any such law or regulation imposing a tax or assessment : against Mortgagce upon this Mortgage or the debt securcd hereby, that the entire indebtedness secured by this Mortgage shall thereupon become immediately due and payable at the option of Mortgagee. S. To keep the Moctgaged Propeny insurod agaiast loss or damage by fire. and all perils insured against by an extended coverge endorsement. and such other risks and perils as Mortgagee in its discretion may require. The policy or policies of such insurance shali be in the form in general use from time to time in the locality in which the Mortgaged Property is situated, shall be in such amount as Mongagee may resonably require. sfiall be issued by a company or com- ~ panies approved by Mortgagee. and shall conWin a standard mortgagee clause with loss payable to Mortgagee. Whene- - ver required by Mortgagee, such policies, shall be delive~ed immediately to and held by Mortgagee. Any and all amounts rooeived by Mortgagee under any o:' such policies may be appiied by Mortgagee on the indebtedness secured hereby in such manner as Mortgagee may, in its sole disccetion. elect or. at the option of Mortgagee. the entire amount so received or any part thereof may be c+eleased. Neither the application nor the release of any such amounts shall cure or waive any default. Upon er.ercise of the power of sale given in this Mortgage or uther acquisition of the Mortgaged Property or any part thereof by Mortgagee. such policies shali become the absolute property of Mortgagee. . j 6. To first obtain the written consent of Mortgagee, such consent to be granted or withheld at the sole discre- [ tion of Mortgagee, before (a) removing or demolishing any building now or hereaftererected on the premises, (b) alter- ~ ing the arrangement, design or structural character thereof, (c) making any repairs which involve the removal of structu- ral parts or ti~e exposure of the interior of such building to the elements, (d) cutting or removing or pertnitting the cutting and nemoval of any trees or timber on the Mortgaged Property. (e) removing or exchanging any tangible personal prop- ~ erty which is part of the Mortgaged Property. or entering into or modifying any leases of the Mortgaged Prope~ty. 7. To maintain the Mortgaged Property in good condition and repair. including but not limited to the making ~ of such repairs as Mortgagee may from time to time determine to be necessary for the preservation of the Mortgaged Property and to not oommit or permit any waste thereof, and Mortgagee shall have the right to inspact the Mortgagod Property on reasonable notice to Ma tgagor. - ~ 8_ To comply with all laws. ordinances. regulations, covenants, conditions and restrictions affecting the - Mortgaged Property. and nM to cause or permit any violation thereof. 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 premium, or to keep the Mortgaged PnopeRy in repair. or shall commit or pecmit waste, or if there be commenced any action or proceeding affecting the Mortgaged Property or the title thereto, or the interest of Mortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceed- ings, then Mortgagee, at its option. may pay said claim, lien. encumbrance. tax, assessment or premium, with right o~ subrogation thereunder, may make such repairs ar~d take such steps as it deems advisable to pr~event or cu~+e such waste, and may appear in any such action or proceeding and retain counsei therein, and take such action therein as Mortgagee deems advisable. and for any of such purposes Mortgagee may advance such sums of money. including all costs. rea- ! sonable attorney's fees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legali- 'f ty, validity and priority of any such claim. lien, encumbrance, tax, assessment and premium and of the amount neces- ; sary to be paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in making any such pay- i ment. which delay may result in any additional interest. costs, charges, expenses or otherwise. ' 10. Mortgagor will pay to Mortgagee. immediately and without demand, all sums of money advanced by ~ Mortgagee to protect the security hereof pursuant to this Mortgage, including all costs. reasonable attorney's fees 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 thereon shall be secured hereby. , I 1. All sums of money secured hereby shall be payable without any relief whatever from any valuation or ap- ~ praisement laws. ~ 12. If default be made in payment of any instalment of principal or interest of the Note or any part thereof when due, or in payment, when due, or any other sum secured hereby, or in performance of any of Mortgagor's obliga- $ tions, covenants or agreements hereunder. all of the indebtedness secured hereby shall become and be immediately due ~ and payable at the option of Mortgagee, without notice or demand which ar+e hereby expr~essly waived, in which event ~ Mortgagee may avail i?self of all rights and remedies, at law or in equity, and this Mortgage may be foreclosed with all ~ rights and remedies afforded by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, in- cluding a reasonable attorney's fce, including all such oosts, expenses and attorney's fces, for any rotrial} rehearing or ~ appeals. The indebtedness securod hereby shall bear interest at the higt~est lawfui rate d interost per annum allowed 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 Mortgagoe may, at its option, collect a late charge as may be provided for in the Note, to reimburse a the Mortgagee for expenses in collecting and servicing such instalment payments. 13. If default be made in payment, when due. of any indebtedness secured hereby. or in performance of any of Mortgagor's obligations, covenants or agreement hereunder: ~ (a) Mortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take pos- E session of the Mortgaged Property or any part thereof. to perform any acts Mortgagee deems necessary or proper to con- ~ serve the security and to collect and receive all rents, issues and profits thereof, including those past due as well as those ~ accruing thereafter; and n ~ (b) Mortgagee shall be entitled, as a matter of strict right. without notice and exparte, and without re- ~ gard to the value or occupancy of the security, or the solvency of Mortgagoc, or the adequacy of the Morigaged Property 1~I - $6DK ~ P~6E ~ s ~ ~ - . . ,4-: ~ ~ ~ _ ~.x ~ _ ~ ~ ~