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Home My WebLink About0992 .s. INSURANCE: ~ ' (a) Borrower shall keep the Coliateral inzured for the benefit of Lender against loss or damaye by ti~,~,hazards incluo.d within the term "eatendec: cove~age", and such ottier harards as ~entier may from time to time req~ire, all in am~w~ts approve~ by Len~er not ax- ceeding 10096 of full insurablc value; all such insurance shall be in form and substance a+~d written hy companies approv~ed by Len.~'.~r, whose approval shalt not be unreawnably withhefd. All policies and renev~als thereof shall include a standard mortgage clause in favo~ of and in acceptable form to the Lend::r. If !~y reason of such insu~ance Lender receiv~s any money for loss or damage, it may, at its option, retain and apply the ~noney toward payment of the secured indebtedness. (b1 In the event of a foreclosure of this Mortgage, the purchaser of the Collateral shall succee~ td all rights of Bor~ower, including any right to unearned precniums i~ and to a!I policies of i~surance assigned and delivared to Lencier pursuant to the provisions of this Arti- cle, with -espect to alt property conveyed by this Mortgage. 4. DUTY TO REPAIR: 6orrower shali maintain the Collateral in good condition and repair, shall not commit or sutfe? anv waste to the ~ollateral, ard witl comply with, or cause to be complied with, all restrictive covenants, statutes, ordinances and requirements of any governmental authority relating to the Collateral or its use. Borrower shall promptly repair, restore, replaoe or rebuild any damaged or destroyed portion of the Collateral. Mo part of the Collateral shall be removed, demolished or materially altered without the p~io~ written consent of Lender. - 5. INSPECTION: Lender and any person authorized by Lender will have the right to enter and inspect the Collateral at all reasonable times and access to the Collateral shall be permitted for that purpose. ~ o. CONDEMNATION: The Borrower shall continue to pay p~incipal and interest on the secured indebtedness even if the Collateral is de- creased in vaiue by action of any pubiic or quasi-public a~ihority or corp~ration, or is taken by eminent domain. Any award or payment tor such taking, alteration, injury or decrease in value may, at the Lender's option, be applied toward payment of the secured indabtedness or be paid over, in whole o~ in part, to Borrower to cestore or rebui{d any part of the Collateral affected by such action, or for any other purpose satisfactdry to Lender. 7. TRANSFER Of THE PROPERTY: Borrower acknowfedges a~d agress that both the credii and the i~terest rate extended by Lender on the secured inaebtedness a~e personal commitments between Borrower and Lender and shall not irure to the benefit of or be assumed by any third party without lender's written consent. Borrower specifically agrees that Lender must approve the creditworthiness of any proposed transferee, and of the ability of the proposed transferee to protect and maintain the value of the Collateral before Lender shall give its approval to any sale, transfer or alienation of all or any part of the Collateral, or any interest therein. If Lender gives such approval,~ it is specifically understood and agreed by Borrower that Lender may modify or adjust the interest rate charged in the Note secured by this Mortgage. 8. EVENTS OF DEFAULT: Each of the following events shall constitute an "Event of Default" under this Mortgage: (i) should Borrower fail to pay the secured indebtedness or any other payment required under this Mortgage, whether or not sub- sequently advanced by Lender, when as due and payable; ii~) should Borrower defautt under any dut~es or agreements of this Mortgage or any prior mortgage, or if Borrower extends or other- wise modifies any prior mortgage without the prior written consent of Lender; (iii) should Borrower make any assignment for the benefit of creditors; should a receiver, liquidator or trustee of Borrower or any of Borrower's property be appointed; should any petition for the bankruptcy, reorganization or arrangement of Borrower, pursuant to the federal Bankruptcy Code or any similar statute be filed; should Borrower be adj~dicated a bankrupt or insolvent, or in any procEeding admit insalvency or inability to pay debts as then fall due; should Borrower, if a corporation, be liquidated or dis- solved or its articles of incorporation expire o: be ~evoked; should Borrower, if a partnership or busin?ss association, be dissolved or partitioned; or should Borro:ver, if a trust, be terminated or expire; (iv) should all or any part of the Collateral or any interest therein be sold or transferred without the pr~o~ written approval of Lender, unless the entire secured indebtedness, includi~~g all accrued interest, advances and charges, if any, s:.all be paid in full at the time of sale or transfer. 9. REMEDIES ON DEFAULT: If an Event of Default occurs and remains uncure~+, Lender may do •,~iy one or more of tne following and shatl not be required to elect between remedies: (i) enter upon and take possession of the Collateral without the appointment of a receiver or an application therzfor, employ a man- ag+ng agent of the Collateral and let the same, either in its uwn name, or in the name of Bvrrower, and rece:ve the renu, incomes, ~ ~ssues and profits uf the Collateral ~nd apply the same, after payment of all ne;,essary charges and expenses, on account of the ~ secured indebtedness. Borrower will transfer and assign to Lender, in ~orm satisfaciory to lender, Borrower's interest in any lease ' noRV or hereaiter affecting the v:hole or an;~ nart ~f the Collateral; (ii) pay any sums in any form or manner deemed reasonable, expedient or desirable by Lender to protect the security of this instru- ment or to cure any event cf default other than payment of interest or principal on the secured indebtedness. Any amounts dis- i bursed by Lender pursuant to this section, with interest thereor~ at the Note rate, shall become additional indebtedness of Bor- rowe~ secured by this Mortyage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable ' upon notice from Lender to Borrower requesting payment thereof. Nothing contair~d in this section shall require Lender ta incur ~ any such expense or take any such action, and Lerxler's disbursement of any amounu pursuant to this section shall not affect Lender's right of acceleration and foreclosure as provided belov~. ~ (iii? declare tha entire indebtedness immediately due, payable and co~lectible without notice to Borrower regardle~s of maturity; ~ L.ender may then institute I2gal proceedings to foreclose this Mortgage in accordance with Florida law. Lender, or its assigns, ~ shall be entitled to receive at such foreclos~,re all unpaid secured indebtedness with accrued interest thereon including any and all amounts advanced by Lender for taxes, assessments, fire insurance premiums and other charges with interest at the Note rate from ~ date of payment, togethe~ with all cosu of such foreclosure and sale of the Collateral, including reasonable attomey fees whether or not suit is instituted and for all stages of any legal proceedings, including any award of fees by an appellate court. Borrower ~ agrees that upon such foreclosure sale, Sorrower st~all then be a tenant holding over, and shall forthwith deliver Fossession to the purchaser at such sale, or be summarily dispossessed in accordance with the provisions of law applicabie to tenants holding over. Lender in any action to foreclose this Mortgage, or upon any errsnt of default, shal! be at liberty to apply for the appointment of a receiver of the Collateral or of the rents and profits of the Collateral, or both, witho~t notice, and shall be entitled to the appointment of sur.h a receiver as a matter of right, without consideration of the value of the Col'ateral as security for the amounts ~ due Lender or the solvency of any pers~n or corpc•:ation liable for the payment of such amounts. In any judicial pr~ding under this Mortgage, the Collater3l or any part thereof may be sold in one pa:cel or in such parcels, manner or order as Lender in ~ iu sole disc~etion may elect. (iv) es a non-excfusive cc;,~it~or, ot allowang Borrower to cure a default after acceleration of maturity and prior to forec{osure sa~e, ~ both as provided above, Lender may modify or adjust the interest r2te set forth in the Note :ecured by ihis Mortgage. ~ i~. RER'IEDIES hON•PREJUDICIAL: Lende~ shaii have *_he right from time to time to sue for any sums, whether interest, principal, cr any r i~staiment of e:t~Rr or both, taxes, penalties, or any other sums ~eq~ired to be paid under ths terms of this Mortgage, as ihe same become F d~e, without regard to whether all of the secured indebtedneu shall be du~ on demand, and without prejudice to the right of Lender ` thEreaher to enforce appropriate r~medy against Borrower, including an action of fareclosure, or any ether action for any default ~ of Borrower existing at the time such earlier action was commenced. # f i 1. REMEDIES CUMUWTIVE: The rights of Lender contained ~n this hlortgage and in the Note shall be separate, distinct and cumulative ~ ~ of ~ther powers and rights which Ler.~er may `~ave in law or equity, and no act of Lender shall be construed as an election t~ proceed • ~ under any ~ne provision to the exclusian of any other remedy allowed at law or in equity. ~ 2. FOREBEARANCE: Any indulgence or ~eparture at anv time by Lender from any c~f the provisions of this Mortgage or any obligation it secures shall not modify that prc~vision or waive its future compl~ance by Borrower. 13. MiSCE~LANEOUS~ The words "Borrower" and "Lender" whenever used herein shall include all individuals, corporations (and if a cor- poration, its officers, employees, or agenui and any and all other persons or entit~es, and the respective heirs, legal represec~tatives, suc- ~ cessors and assigns of the parties hereto, all•tho~e.holding und~r any of them, and when appropriate, both singular ond plural; theword ~ "Note" shall also include one ~r more notes and the arammatical construction of sentenoes shail confo~m thereto. !n the event that an~/ provision or clause of this Mortgage or the Note conflic~s with appiicable law, such co~flict shall not affect other provisi~ns ot this Mort- gage or tt~e Note which can be given effect without tF?e conflicting provision, and to this ertd the provisions of this Mortgage :.nd the Note are cieclared to be severable. y:'r` C r 1i,~[ ~ t71~r ~ - ------s -