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HomeMy WebLinkAbout0944 hrrehy. The ent~orceability of the rc?venants relating tu t~~xes, assessments and insuranre premiums herein otherwise pruvi~cd shall not be .t~I4Cltll CCl'~E)l IIISOI~Sf as those oblibations have been met by cumpliunce with this paragraph. 111ortkagee may from ti~»e to time at it~ opti~m waivc, and aftcr any such waiver reinstat~, aiiy or all provisions hercof reyuiring surh ~leposits, hy noticc tu Mortg~~gcir in writing. While any such waiver is in effcct. Mortbagor shall pay taxcs, assessments and insurance pre~~iiums as herein clsewhere provided. 4. Tu prumptly pay all taxes and assessments asscsseJ or Ievied under and by virtuc. uf any state, federal, or municipal law ur rebulatiem hereafter passed, against Mon~abee uEx~n this Mc~rtgabe or the ~ebt hereby secured, or up- ~m its interest under this Mortga~e, provi~)cd however, that the total amoui~t so pai~l fur any such laxes pursuant to this parubraph t~~gethcr ~vith the intcrest payable on said indebtedness shall no1 exceed thc highest la~vful rate of interest in Flurida an~f provided further that in the evem uf the p~usage of any such law ar regulalion im4x~sing a tax or asscssment against Morlgagee upon this hlortga~e or the debt secured hereby, that the entire indebtedness secured by this Mortgage shall Ihereupcm be:come intrncdiately due and payable at the option of Mortgagee. ~ S. To keep the hlortgaged Property insured against loss or damage by fire, and all perils insu~ed against by an rxtende~t ro~~erge endorsement, and such other risks and perils as Mortgagee in its discretion may reyuire. "The policy or policies of such insurance shall he in the forni in general use from time to time in the locality in which the Mortgaged Pru~x rt}' is ~ituated, shall bc: in such amuunt as hlurtgagee may resonably require, shall be issued by a company or com- panies approved by Mortgagee, and shall contain a standard murtgagee clause with loss payable to Morlgagee. Whene- rer reyuire~l by A4art~agce. such ~licies, shall be drlivered immrdiately to and held by A7artgabee. Any and all ~ amounts recei~~ed byMortgagee under any of such poliries may be applied by Mortgagee on the indebtedness secured - hereby in such ~~~anner a~ Mongagec may, in its se~le discretiun, clect ~jr, at the option of 1~tortgagee, the entire atnount s~~ received or ~ny part thereof may be released. Neither the application nor the release of any st~ch amounts shall cure or ~~~ai~•e ~in}' iiefault. t)pun exercise of the ~«~er of sale given in thi~ Mortgage or ~riher acyuisition uf the Mortgag~d ProEkrty or any p~irt thereof by Mortgagee, such policies shall become the absolute property of 1~tortgagee. 6. "Co tirst obtain the wriUen cunsent of A1ortgagee, such consent to tx: granted or withheld at the sole discre- tion oi Mortgagee, before (a) removing or demolishing any building now o~ hereafter erected on the premises, (b) alter- ing thc arrangemenl, dcsign or structural character thereof, (c) m;~king any repairs which involve the remuval of structu- ra! p.?rts or the ex~wsure of the interior of such building to the elements, (d) cutting or remo~°ing or pern~itting the cutting ancl cemo~~al of any lrees or timbc r on the Mortgagcd Pru~ rty, (r) r~moving orexchanging any tangible pe.rsonal prop- erty which is part of the h1ortgaged Property, or (t j entering into or modifying any leases of the Mortgaged 1'ro~rty. 7. To maintain the 1loitgaged Pn~~rty in gaxl conditi~~n and repair, including bu~ not lirnited tu the ~jiaking of surh repairs as ~1urtgagee may from time to time determine to be necessary for the preservation af the Mortgaged ~ Pro~krt~~ and to not commit or permit any ~caste ttiereof, and 111ortgagee shall h~i~•e the right to inspect the I~tortgaged ' Pro~rt~~ on reasonable natice to ~toitgagor. 8. "I'o ~otnply ~ti•ith all la~~~s. ~ir~inances, rcgulationl, ce~~•enants, runciitie?ns and retitrictionti .iffectin~ the 1lortgaged Yro~rty, and not to c~iuse or pc rmit any violation thereof. If \toitgagor f~ils to pa}~ any claim, lien ur encumhranre ~~~hich is su~rior to this Mortgage, ur ~~~hen due, a?~y tax ar assessme:it or insurance premium, or to keep the ~~1ortgaged Property in repair, or shall commit or permit ~ea~te, ur iF there be cummenred an~- action or prcr•erding affecting the ~tortgaged Property or the title therew, or the I interest of ~lortgagee therein, including, but not limited to, eminent domain and bankruptcy or reorganization proceed- ings, then Mortgagee, at its uption, may pay said claim, lien, cncumbran~e, ta?c, assessment or premium, «~ith right of subrogation thereunder, may make such repairs and take such steps as it deen~s advisable to preve~~t or cure such waste, and may ap(x::tr in an~~ such action or pn~ceeding and retain counsel therein, and take such action therein as Mortg~gec de~ ms a~ivisable, and for any of such pur~ses Mortgagee ma}' advance such sums of money, including all costs, rea- sociable att~~rney's fees and ather items of expe~se ati it deems necessar}~. Mortg~gee ~hall be the sole jtiJge of the legali- t~~, ~•alidit}~ and priorit}• of any such claim, Gen, encumbrance, tax, assessment and premium and of the amount neces- sary to be paid in satisfaction thereof. ~fiirtgagee shall not be: tteld accountable for an~~ drla~~ in making any such pa~~- mrni, «~hirh delay ma}~ result in any additiona) interest, costs, charges, expenses or othen~~itie. I 10. hto~tg;~gor ~~~ill pa}~ to t~tortgagee. immediatell' ~nd ~~ithout demand, all ti~~ms of monc)~ advanced by. Mortgagee to protect the security hereof pursuant to this 41ortgage, including all costs, reasonable attorney's fe~s and other items of expc:nse, together ~ti~ith interest on each such advanrement at the highest lawful rate of interest per annum . allo~ti~ed by the la~~~ of the State of Florida, anJ all such sums and interest thereon shall be secured hereby. I I. All sums of money tiecured hereby shall tx pay~able ~~~ithout an~~ relief whate~•cr from an}' ~'aluation or ap- praisement la«~s. 12. If default be made in p~yment of any instalment uf principal cir interest of the Note or any part lherrof when due, or in payment, when due, or any other sum secured hereby, or in perfonnance of any of Mortgagor's obliga- tions, covenants or agreements hereunder, all af the indebtednes~ secured herehy shall beconie and be immediately due and payable at the option of b1ortgagee, without notice or demand which are hereby expressly waived, in which event Ntortgagce may avail i~self of all rights and remedies, at law~ or in eyuity, and this Mortgage may be foreclosed with all rights and remedies afforded by the laws of Florida and Mortgagor shall pay all costs, charges and expenses thereof, in- cluding a reasonable attorney's fee, including all such costs, expenses and attorney's fees, for any retrial, rehearing or appeals. The indebtedness secured hereby shall bear interest at the highest lawful rate of interest per annum allowed by the la~v of the State of Florida from and after the date of any such default of Mortgagor. If the Note pro~~ides 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 i~tortgagee For ex~nses in collecting and servicing such instalment payments. 13. If default be made in payment, when due, of any indebtedness secured hereby, or in performance of any of - Mortgagor's obligations, covenants or agreement hereunder: ~ ' (a) 1~4ortgagee is authorized at any time, without notice, in its sole discretion to enter upon and take pos- ~ session of the Mortgaged Property or any part thereof, to perforrn any acts hlortgagee deems necessary or pruper to can- serve the security and to collect and receive all rents, issues and profits therenf, including those past due as well as those ~ accruing thereafter, and (b) Mortgagee shall 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 solvency of ~i-tortgagor, or the adeyuacy of the Me~rtgaged Property S 8~1nK~g~ ~~t~F ~~4~ ~ ~ - .