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HomeMy WebLinkAbout0992 { ~ . . ~ far insurance thereon. The am~wnt uf such taxes, asussmrnts and ptemiums, when unk~uwn, ~hall t~;~aHmatcd by Mongagee. Such deposits shali be used by Morlgagee to pay such taxes, assessments and premiums when due. A~y j sufPici~ncy of such arcoum to pay such charges when due shatt be p+iJ by Mongagur tu Mon6agec :m demand. If, hy reason of any default by Mortgagor under any provision of this Mortgage. Murtgagee declares all sums ~ecureJ hemby to be due and payable, Mongagee may then apply any funds in said account ageinst ihe entim indebtedne» ,ecureJ hereby. The enforceability of 1he covenants relating to taxos, assessmenls and insurance prcmiums he~ein otherwise p~avided shalf not be affected exrept insofar as those oblig~ions have been met by comptiance with this pa~ag~aph. Mortgagee may f~om time to time at its option waive. and after any surh waiver reinstate, any or all provisions hereuf requiring such depusits, by notice to Mortgagor in writing. iNbile any such waive~ is in effect, Murtgagor shall pay ~axes, assessments and insurance premiums as herein elsewhere providcd. 4. To promp~ly pay all taxes and asscssments assessed o~ tevied under and by vinue of any state, federal, or municipal law or regulation hereafter passed. againct Morigagee upon this Morigage or the Jebt hereby secured, or up- on its intemst under this Morigage, provided however, that the total am~unt so paid far any such taxes pursuant to this paragraph together with thc i~terest payable on said indebtedness shall not exceed the highest law(ul rate of interest in Florida and pravided further that io the event of the passage of any such law or regulation impasing a Iax or assessn~enl against Mortgagee upon this Mortgage or the debt secured hereby, that the entire indebtedness secured by this Morigage shali thereupon become immediately due and payable at the option of Mongagee. 5. To keep the Mo~tgaged Froperty insured against loss or damage by fire, and ail perits insured against by an extended coverge endorsement, and ~uch other risks and perils as Mortgagee in its discretion may require. The policy or poiicies of such insurance shall be i~ the form in ge~eral use from time ta time in the locality in which the Mortgaged Property is ~ituated, shall be in such amount as Mortgagee may resanably require, shall be issued by acompany or com- panies appruved by Mortgagee, and shall contain a standard mongagee clause with loss payable to Mortgagee. Whene- ve~ required by Murtgagee, such policies, shall be delivered immediatety to and held by Mo?tgagee. Any and al) amounts reoeived by Mangagee under any of such policies may be applied by Mortgagee on the indebtedness secured hereby in such manner as Morlgagee may. in its sole discretion, eleA or, at the option of Mortgagee, the entire amount so received or any part thereof may be released_ Neither the application nor the release of any such amounts shall cure ar waive any default. Upon exercise of the power of sale given in thi~ Mortgage or other arquisition of the Mongagcd Property or any pan thereof by Mortgagee, such policies shall become the absolute propeny of Mortgagee. 6. To first obtain the written consent of Mortgagee, such consent to be granted ar withheld at the sole discre- ~ tion of Mortgagee, before (a) removing or demolishing any building now or hereatter erected on the premises. (b) alter- ing the arrangement, design or stnictural character thereof, (c) mak+ng any repairs which involve the removal of structu- ral parts or the exposu~e oi the interior of such building to the elements. (d) cutting or removing or permitting the cutting _ and removal of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal prop- cny which is part of the Mongaged Propeny. or (n entering intu or modiCying any leases of the Mortgaged Pr<~perty. 7. Tu maintain the Mortgaged Properly in goc~d condition and repai~, 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 Properry and to not commit or permit any waste thereof, and Mortgagee shall have the right to inspact the Mortgaged ' Property on reasonable notice to Mortgagor. ~ 8. 'To comply with all laws, urdinances, regulations, coven~nts, cunditions anc~ resirictions affecting the Mongaged Propeny, and not to cause or permit any violation thereof. 9. 1[ Mortgagor fails to pay any ctaim, lien or encumbrance u~hich is superior ro this Mongage, or when due, , any tax or assessment or insurance premium, or to keep the Mortgaged Property in repair, or shall 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, including, but not limited to. eminent domain and bankruptcy or reorganization proceed- ings, then Mortgagee, at its option, may pay said claim, iien, encumbrance, tax, assessment or premium, with right of subrogation thereunder. may maice such repairs and take such steps as i~ deems advisable to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such action therein as Martgagee deems advisable, and for any of such purposes Mortgagee may advance such sums of money, including all costs, rea- ~ sonable attomey's fees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legali- ty, validity and prioriry of any such claim, lien, encumbrance, tax, assessment and premium and of the amount neces- sary to be paid in satisfaction thereot. Mortgagee shall not be held accountable for any delay in making any such pay- ment, which delay may result in any additional interest, costs, charges, expenses or othervvise. 10. Mortgagor will pay to Mortgagee, immediatety and without demand, al! sums of money advanced by : Mortgagee to protect the security hereof pursuant to this Mortgage. including all 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. ~ 1 I. All sums of money secured hereby shall be payable withoot any relief whatever from any valuation or ap- ~ praisement laws. 12. If default be made in payment of any instalment of principal or inrerest 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, ai! of the indebtedness secured hereby shall become and be immediately due and payable at the option of MoRgagee, 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 Mortgage may be forectosed with att _ rights and remedies afforded by the laws of Florida and Mortga~or shatl pay all costs, charges and expenses thereof, in- : eluding a reasonable attornty's fee. including ali such c~sts, expenses and attorney's fces, for any retrial, rehearing ar appeals. Th~ indebtodness secured hereby shaU bear interest at the highest lawful rate of interest per annum allowed by the law of the State oi' Florida from and after the date of any such default of Mortgagor. (f the Note provides for instal- • ment payments, the Mortgagee 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 instalment payments. 13. !f default be made in payment. when due. of any indebtedness secured hereby, or in performance of any of Mortgagor's obligations, covenants or agreemen! hereunder. (a) Mortgagee i~ authorized at anY time. without notice, in its sole discretion to enter upon and take pos- session of the Morlgaged Properly 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 sccruing thereafter, and . ~ (b) Mortgagee shall be entitled, as a matter of strict right: without notice and exparte, and without re- - ' g~ard to the value or occupancy of the security, or the solvency of Mongagor. or the ads~uacy of the Mortgaged Property - ~ ~oox55S ~cc 991 ~ - - . _ _ ~