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HomeMy WebLinkAbout0992 . ~ _ , for insurance thereon. The amcw~t of such taxes. assessmenis arxi prcmiums. when unknown, sh:~ll be eatinwted by Mortgaga. Such deposits shalt be used by Matgaga to p,ty such taxes. sssessmea~s ~nd prcmiums when due. Any in- sufCciency of such accaunt to pry such charges when du~ shall bt paid by M~xigagcx to Monga~ee un demand. If, by ~ rcsison of any default by MoAgAgor undo~ eny provision of this Matgagc; Mortgagee declarcs all sums securcd hc~cby to be due and pa~+a~le. Mongagee may then apply any funds in said account against the entirc inciebtedness secureJ he~eby. The coforceability of the covenants rcl~ting 1o taxes~ ssseuments and insurance premiums harcin whcrwise pn~vided shall not be affectod except insofar as those obligations luive been met by compliance wi~h this puagraph. ~ Mongagte may from time to time at its option waive, and afte~ any such waive~ reinstate, any or al) provisions hereof requiring such deposits~ by noiico to Mortga~w in writing. Whik any such waiver is in effect. Mortgago~ shall pay taxcs. assessments ~nd insurance premiums as herein ¢Isewhere providcd. 4. To prornptly pay all taxes and asseuments assessed or icvied under and by vinue of any ctate, federal, or " munici~al law or regulation hercafter passed. against Mortgaga upon this Moctgage or the debt hereby ucurcd. or up- on its interest under this Mortgage. provided howeve~, thal the total amrwnt so paid for any such taxes pu~suant to this paragraph together with the interest payabte on said indebttdaess shall not exretd the higt~est lawful rste of interest in Ftorida and provided furthe~ that in the event of the passagt of any such law or r~egulation imposiog a tax or assessment against Mortgagee upon this Mortgage or the debt sccurcd hereby~ lhat the entire indrbtedness secured by this Morigage shall thereupon become immediately du~ and payabk at the option of MoAgagee. S. To keep the Mortgaged Property insured against loss ordamage by fire. and all perils insured against by an exttnded cove~ge endorsemenl. and such other risks and perils as Morigagee in its discrction may require. The poticy or policies of surh insurance shall be in the form in general use from time to timc in the locality in which the Mongaged ~ Propeny is situated. shall be in such arrwunt as Mortgagce may rcsonabty requirc. shaH bc issurd by a company or com- panies approved by Mortgagee, and shall contain a standard mortgaga clause wi~h loss payable to Mortgagee. Whene- ver required by Matgagre. such policies. shall be delivered immediately to and held by Matgagee. Any and all amounts roaival by Mortgagee unde~ any of such policies may be applied by Mortgagee on thc indebtedness securcd hereby i~ such manner as Matgaga may. in its sole discrction. olect or. at the option of Mortgagee. the entire amount so received or any part thercof may be rcleased. Neither the application nor the release of any sucb amounts shall cure or waivc any default. Upan txercise of !he powcr ot sale given in this Mongage or other acqui~ition of the Mortgaged Property or any part thereof by Mwtgagee. such policies shall become the absolute propeny of Mortgagee. To first obtain the written consent ot Mortgagee. such conseat t~ be granted or withheld at the sole discre- tion of Mortgagee. before (a) removing or demolishing any building now or hereafter erccted on the premisos. (b) alter- ing the arrangemen~, design or structural character thercof. (c) making any rcpairs which involve the removal of stnutu- ral parts or the exposurc of the interiot of such building to the elements. (d) cutting ot removing or permitting the cutting . and removal of any trees or timber on the Mortgaged PropeRy, (e) t+emoviag or exchanging any tangible pcrsoria! prup- erty which is part of tlx Matgagod Pr+npeny. or (n enttring into or modifying any leases of tht Mortgaged Pro{xrty. 7. To mainiain thc Mongaged Propetty in good condition and repair. including but not limited to the making of such repaiirs as Mortgagee may from time to time dttennine to be necessary for the preservation oP the Mortgaged Property and to not commit or permit any waste thercof. and Mortgagee shall have the right to inspact the Mortgaged Proptrty on reasonabk notia to Mortgagor. • 8. To comply vvith all laws, ordinances. regulations. covenants, conditions and restrictions affecting the Mortgaged PropeRy. and not to cause or pennit 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 Mottgaged PropeKy in repair, or shali~commit or permit waste, or if lhere be commenced any action or procteding affecting the Mortgaged Property or the title lhereto. or 1he intercst of Mortgaga therein. including, bui r~ot limited to, eminent domain and bankruptcy or rcarganization proceed- ings, then Mottgagee, at its option, may pay said claim, lien, encumbrance. tax. assessment or premium, with right of subrogation thereunder, may make such repairs and take such steps as it deems advisable to prevent or cure such waste. ~ and may appear in any such action or procetding aod retain counset therein, and take such action therein as Mortgagee deems advisable, and for any of such purposes Mortgagee may advance such sums of money. including aU costs, na- sonable attomey's fees ar+d other items of expense as it deems necessary. Mortgagu shall be the sole judge of the legali- ty, validity and priority of any such claim. lien, encumbrance, tau. assessment and premium and of the amount neces- sary to be paid in satisfaction thereof. Matgagee shall not be held accountabte for any delay in making any such pay- . ment, which delay may result in any additional intercst. costs. charges, expenses or otherwise. !0. Mortgagor will pay to Mortgagee. immediately and without demand. all sums of money advanced by Mortgaget to protect the security hereof pursuant to this-Mortgage, including all costs. reasonable attomey's fees and other items of expense, together with intercst on each such advancement at the highest lawfal rate of interast per annum Ij allowed b the law of tlx State of Ftarida. and all such sums and interest thercon shall be sccurcd hereby. r I 11. All sums of money secured hereby shall be payab{e without any reliet whatever from any valuation or ap- praisement laws. - 12. If default be made ir~ payment of any instalment of principal o~ inttrest of the Note or any part thereof ~ when due. or in payment. when diee, or any other sum secured hereby. w in perfortnance of any of Matgagor's obliga- tions. covenants or agraments hercunder. all af the indebtedness securcd hercby shall become and be immediatety dur and payabk at the option ot Mortgagee. witlwut notice or demand which are hercby expc~easty waived. in which event Mortg,aga may avail itself of afl rights and rcmodies. si !aw or in oquity. and this Mottgage may be fo~+eclosed with all rights arK! r~emedies afforded by the laws of Flaida and Moctgagor s~hall pay all costs. charges and expenses thercof. in- cluding a reasonabk attorney': fee, including all such ooata, expenaes and attarney's foa. fa any ntrial~ ref~aring or ~ " appe~ls. The indebtednas securod heteby shaU bear interost at the hi~t~eat tawfut rate of intenat pu aruum aibwed by the law of tht State of Fiorida trom and aRcr the date of sny.such detault of Mcxtgagor. lf the Note provides for instal-. ment paymcnsa~ the Matgaga may. at its option. colkct a late charge as may be provided [or in the Nae. to reimburse the Matgaga for expenses in cotlecting and servicing sucfi instalment payments. 13. If defnult be made in p~yment~ wixn due, of any indebtodness socured hercby. or in performance of any of Mortgagor's obligations. covenants a agraement t~erounckr. (a) Mongaga i; authoriud at an~ time ~ witl~out notice. in its sole dixrction to enter upon a~d take pos- session of the MoAgaged Praperty ot any part thercof. to psrform any acts Mortgagee doems nccessary or pr~oper to con- urve the security a~d to coltect and receive alt rents, issues and profits thercof. including tbose past due u well as those sccruing thertafter; and ~ (b) MoRgaga shall be entitkd, u a matter of strict right, without notice and exparte, and witfaut t~- gard to the value or occupancy of the aecurity. or the solvency of Mortgagor, or the sdequacy af the Matgagod Pro{xnY . ~ ~ . - - ~ ~ ~ _ - - _