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HomeMy WebLinkAbout0934 ~ender, but without any duty to do so, at any time after defauit hereunder to demand and receive and~~PP Ix the same upon the mortgage +ndebtedness, and such appointment shall be without notice to any Obligo~ here~foAii~l? 25. Costs and Attorneys' Fees. In the event the Property or any part thereof becomes the subject of or invofved in any action or court proceeding (including any bankruptcy case or proceeding), the Borrower shall pay artd reimburse the Lender for all costs, cha~ges and expenses, including reasonable attorneys' fees, and iurther including those on appeal, incurred by the Lender in connection with or growing out of such action or proceeding and all such costs, charges, expenses and attorneys' fees shall be sacured by the lien of this Mortgage. The Bo~rower agrees to pay all such costs, charges, expensss and attorneys' fees to the Lender promptly. The Borrower will pay all costs, charges and expenses including reasonable attorneys' fees, costs of abstracts of title, title searches and appraisals, incurred or paid at any time by the Lender because of the failure of the Borrower to promptfy and fully perform the agresments and covenants of the Note or this Mortgage or of any other instrument securing the Note or executed by the Borrower in connection with the loan evidenced by the Note. Said costs, charges and expenses shall be immediately due and payabfe and secured by ihe lien of this Mortgage. Said reasonable attorneys' fees shatl include any such iRCUr~ed or expended at any time by the Lender aft~r any default by the Borrower as specifisd above even if incurred prio?~ to the commencement of any action or otherwise, in the foreclosure of this Mortgage ar the collection of the amount secured hereby. The obligation to pay Lender's costs. expenses and attorneys' fees shall include those costs, expenses and fees incurred by Lender in seeking to collect or enforce any judgment entries on the Note, this Mortgage or any other instrument of security, and such obligations shall survive the entry of any judgment upon the Note or this Mortgage and such obligation shall not merge in such judgment or judgments but shall survive and continue until all debts and obligations evidenced by the Note, this Mortgage or any . other instruments of securiiy, and any judgment or judgments entered thereon or foreclosures thereof are enforced, paid and satisfied in full. 26. Late Cherges. Installments, payable ~nder the terms hereof and the Note secured hereby, not paid when due shall be subject to "tate charges" as provided in the Note, and such "late charges" are secured by the lien hereof. 27. Transfer of Property. If all or any part of the Property or any interest therein is sold or transferred by Borrower {or any subsequent owner of the Property) without Lender's prior written consent, Lender may, at Lender's option, and without notice to Borrower, dectare all sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, p~iar to the sale or transfer, Lender and ihe person or entity to whom the Propertv is to be sold or transferred reach agreement in writing that the credit and other factors required by Lender (including, without limitation, experience, principte location of persan and past credit performance) is satisfactory to Lender in its sole discretion and that the interest payable on the sum secured by this Mortgage shall be at such rate as Lender shall request in its sole discretion, and ai closing such person shall assume in writing the indebtedness secured hereby and ihe obligations set forth herein, and execute such other documents that Lender may reasonably require. 28. Other Limitations. In addition to the limitation set forth in paragraph 27 hereof, Borrower agrees that the following ~vents shall not occur on ar after the day and year first above written without the prior written consent of Lender: (a) transfer of beneficial interests in Borrower or any subsequent owner of the property (if Borrower, or such subsequent owner, is not a natural person or persons but is a corporation, partnership, trust or other legal entity) by Borrower (or any subsequent owner of the Property); (b) encumbering of all or any part of the Property except in favor of Lender; (c) conversion of the Property into a congregate form of ownership; (d) sales or leases of interva! ownership or time sha~ing of all or any part of the Property; (e) conversion of the Property into condominium form of ownership; the Bo~rower is disqualified to co business in the State of Florida; or (g) the use or operation of the Property in existence on the date of this Mortgage, or the business engaged in by Borrower on the Property on the date of this t~lfortgage, is changed, discontinued or terminated. If any of such events do occur, such shall be deemed a default under this Mortgage, and the Lender or holder shall have the right to accelerate the maturity of this Mortgage as though it were due and payable on the day of such default and to demand payment in full of the said Note or any unpaid balance thereof, and to exercise all rights and remedies herein or by law reserved :o the Lender the same as in any event of default hereunder, anything contained in the Note secured hereby or herein to the contrary notwithstanding. There shall be no requirement of any curative periori, and the provisions of paragraph 23 hereof as to curat+ve periods are inapplicable, !or curing such event of default under this paragraph 28 or under paragraph 27 hereof. The Borrower acknowledges that the loan secured hereby is a commercial loan and that ~ender is making such loan to Borrower not only on the basis of the collateral secured by this Mortgage but likewise on the basis of the Borrower owning all of the Property during the term of said loan. Accordingly, Bo~rower agrees that limitations contained in this paragraph 28, and in paragraph 27 hereof shall be strictly construed against the Borrower and in favor of Lender. Any default under any oi such limitations shall be non-rebuttable and conclusively presumed to jeopardize the security and collateral of Lender for its loan, as same is defined and construed under Ftorida appeltate decisions as may exist from time to time (but without any expressed or implied consent or waiver that state law rather than federal ~aw sF~all be applicabie in the construction and application of the foregoing provisions). At the opiion and in ihe sole discretion of Lender, Federal ~egulatory or statutory law as af~ects "due on sale" or "due on encumbrance" clauses when a federal savings and loan associaiion is !he lender shall apply and controf, rather than Florida law, irrespective of any other provision coniained in this Morigage to the contrary. 29. Proceeds of Claims, Awardg, Rents and Sales. All monies, other than proceeds of foreclosure sale or other transfer of title to the Property in extinguishment of the indebtedness secured by this Mortgage, which are paid to, collected or received by Lender in connection with or as the proceeds of insurance loss claims, condemnation awards, rents, teases, or sales as provided under the terms of this Mortgage, shall be applied by Lender as foltows: first, to payment of Lender's costs inc;uding any advances made by Lender and ali expenses, real estate commissions and attorneys' iees incurred therewith; second, to payment to Lender of interest, at the highest legal rate permiited by law to be charged by Lender, on said costs from the date of such expenditures; and third, at option of Lender to (a) restoration or repair of the Property, if applicable, or (b) to payment of interest due on the principal indebtedness, and the remainder, if any, to the principal indebtedness secured by this Mortgage. Unless Borrower and Lender othervvise agree in writing, any such application of proceeds to principal shatl not extend or postpone the due date of the installment payments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. Nothing in this paragraph shall in any way affect the lien of this Mortgage or the liability of the Sorrower for payment of the entire balance of the indebtedness secured hereby. 30. Proceeds ofi Foteclosure Sale. If this Mortgage is foreclased by a proper suit and the Property is sold to satisfy . ~.}J5 ?2-8? ~A~F 5 C~ 9 ~s~ Y~~,E 93O ~ ~ ~ . ~ ~ ~ ~-~~a~.~~y.~.ax.,?~,<~~'-w•a t•us....w~l?.j-~,..-».F.