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HomeMy WebLinkAbout0970 3 f t ( ~ her~by. The enforceabitity of the covenants relating to ~axes, assessmenis and insurance premiums he~ein oihenvise provided shal! not be affccted except insofar as Ihose obligations have been met by compliance with ~his paragraph. Mertgagee may from ~ime to time at its option waivc, and aftc~ any such waivcr r~,instate, any or all provisions hereuf requiring such deposits, by notice to Mortgagor in writing. While any such waive~ is in effcct, Mortgagor shall pay taxes, assessments and insurance premiums as hercin elsewhere provided. 4. To promptly pay all taxes and assessments assessed or levied under and by virtue of any state, fede~al, or municipal law or regulation hereafter passed, againct Mortgagee upon this Mcrtgage or the clebt hereby secured, or up- on its interest under this Mongage, provided however, that the t4tat am~unt so paid fo~ any such taxes pursuant to this parag~aph together with thc interest payable on said indebtedness shall not exceed the highest lawful rate of inte~est ir~ Florida and provided further that in the event of the passage of any such law or regulatinn imposing a tax or assessment ~ against Mongagee upon this Mortgage or 1he debt secured hereby, that the entire indebtedness secured by this Mortgage shall thereupon become immediately due and payabie at the option of Mortg~ge~. ~ 5. To keep the Mortgaged Property insured against loss or damage by fire, and all perils insured against by an extended coverge endorsement, anci such other risks and perils as Mortgagee in its discretion may require. The policy or policies of such insurance shall be in the form in general use f~am time to time in the tocatity in which the Mortgaged Propeny is situated. shalt be in such amount as Mortgagee may resonably require, shall be issued by a com}~any or com- panies approved by Mortgagee, and shall contain a standard mongagee clause with loss payable tv Mortgagee. Whene- ver required by Mortgagee, such policies. shal! be delivered immediately to and held by Mortgagce. Any and all amounts received byMortgagee under any of such policies may be applied by Mortgagee an the indebtedness secured hereby in such manner a~ Morigagee may, in its sote discr~tion, elect or, at the oplion of Mortgagee, the entire amount sa received or any part Ihereof may be released. Neither the application nor the release of any such amounts shall cure or waive any defsult. Upon ex~ercise of the power of sale given in thi~ Mortgage or other acquisition of the Mortgaged 1'ropeny or any part thereof by Mortgagee, such policies sf~all become the absolute property af MortgAgee. 6. To lirst obtain the written consent of Morigagee, such consent to be granted or withheld at the sole discre- ~ tion of Mortgagee, before (a) removing or demolishing any building now or hereafter e~ected on the premises, (b) alte~- ing the arrangement, design or stnietural character thereof, (c) making any repairs ~v6ich invotve the removal of structt?- ral parts or the exposure of the interior of such buiiding to the e~ements, (d) cutting or removing or pemiitting the cutting and removal of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible persanal prop- eKy which is part of the Mortgaged Property, or (n entering into or modifying any leases of the Mortgaged Property. 7. To maintain !he Mortgaged Property in good condition and repair, including but noi 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 commi! or permit any wastc thereof, and Mortgagee shall have the right to inspect the Mortgaged ; Property on reasonable notice to Mortgagor. E 8. To comply with att laws, ordinances, regulations. covenants, conditions and restrictions af(ecting the Mortgaged Property. anc! not to cause or permit any violation thereof. 9. If Mort~agor ~ails to pay any claim, lien or encumbrance which is superior to tl~is Mortgage, or when due, any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shal) 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 Mortgagee therein, in~luding. 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 nf subrogation thereunder, may make such repairs and take such steps as it deems advisable to preveni or cure such waste, and may appear in any such action or ptoceeding and retairt counsel therein, and take such action therein as P~fortgagee 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 tegali- ty, validity and priority of any such claim, lien, encumbrance, tax, assessment and prerrium and of the amount neres- sary to be paid in satisfactio~ lhereof. Mortgagee shall not be held accountable for any delay in making any such pay- ment, which delay may resu;t in any additional interest, costs, charges, expenses or otherwise. 10. Mortgagor will pay to Mongagee, immediately and without demand, ati sums of money advanced by tvlortgagee to protect the security hereof pursuant to this Mortgage, including a!I costs, reasonable attomey'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 I. All sums of money secured hereby shalt be payable without any relief whatever from any valuation or ap- praisement laws. 12, lf 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 MoRgagor's abliga- tions, c4venants or agreements hereunder, all of the indebtedness secured hereby shal) become and be immediately due and payable at the option of Morigagee, without notice or demand which are hereby expressly waived. in which event Mortgagee may avail itself of all rights and remedies, at law or in equity, and this Morigage may be foreclosed with all rights and remedies aftorded by the laws of Florida and Mortgagor shall pay all costs. charges and expenses thereof, in- cluding a reasonable attorney's fce, inciuding alI such oosts, expens~s and attQrney's fces, for any reirial, rehearing or appeals. The indebtalness secured hereby st~all bear interest at the highest lawful rate of interest per annum ailowed by th~ law of the State of Florida from and 2fter the date of any such default of Mortgagoc. if the Note pravides for instal- ment payments, the Mongagee may, at its option, collect a late charge as may be provided for in the Note, to reimburse the Mortgagee for expenses in collecting and servicing such instatment payments. 13. If default be made in payrr~nt, s~++hen due. of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, covenanis or agreement hereunder: - (a) Mortgagee i~ authorized at an}r time, without notice, in its sote discretion to enter upon and take pos- session of the Mortgaged i'roperty or any part thereof, to perform any acts Mortgagee deems necessary or proper to con- serve the security and to collect an~ receive al! rents, issu~s and profits thereof, including those past due as well as those accruing thereafter, and ' (b) Morigagee shafl 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 solve~cy of Mortgagor, or the adequa~y of the Mortgaged Properly e~o 5 i s p~~~o s s s