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HomeMy WebLinkAbout2779 lur in.ur:~nce ~hereun. Thr ~mouni uf wrh taxea, a»ra~nxn~.:tnd p~emiunu, when unl~nuwn. .hall tk r.umatr~l by Mortgagee. Surh Jepusits shall be usrd by Mortgagee to pay such taxes, a~se.~ment~ and preimunu when due. Any in ~ulficiency uf ~urh arcuunt to pa}' ~uch chatge~ when due ~hall t~e n:iid by Murtgagur ta Munga~:er :m ilrm~nJ II , b} _ 'f 1_l...1. L"_ ?I_~__"____ "_.J~_.._'" .,C.?.:.- \1..~-....~.~ ..11 _ _ ! L,_ _l_ ~~.awu u~ au~ ut~awi uy i~~~~i~a~in w~u~~ uny ~~~v~a~~~u u~u inv~i~ub~. ~.~v~~~u~~~ u~~ ~u~~~ a~~ .wui x~w~u u~~a v) to tx due and pa~•~ble, Mong~gec may then apply any funds in said acrount ag:~inst the enure ~ndrbtrJnr., ucurr~ hereby. The enforceability of the covenants relating to taxes, assessments and insurance premiums herein utherwise provided ~hall not be affected except insofar as those obligaUons have been met by compliance with th~s paragraph. Mongagee may from time to time at its option waive, and after any such waiver reinstate, any or all provision~ hereuf reyuiring w.h d~pu+its, by notice tu Mongagor in writing. While any such waiver is in effect, f~1ortgagor ~hall pay taxes, assessments and insurance premiums as herein elsewhere proviJed. -3. Tu promptly pay all taxes :~nd assessments assessed ur levied under and by v~nue of ~ny .tate, Irderal, or muniripal law or regutation hereafter passed, againct Mortgagee upon this Mortgage or the debt hereby secured, ar uP- un it. intere.t under this M11angage, provided fiawever, that the total arm~unt so paid ior any such taxes pursuam tu this paragraph together with the inlerest payable on said indebtedness shall not exceed the highest lawful rate of interest in Fl~~rida :~nd provided funher that in the event of the passage of any such law or regulation imp~ning a tax c~r astiessment ag:~inst Mortgagee upon this Mortgage or the debt secured horeby, that the entire indebtedness secured by this Mongage Shall thereupon hecome immediately due and payable at thc option of Mortgagee. 5. 1'ci keep the Mortgaged Property insured against loss ordamage by fire, and all penls insured against by an c~tended coverge endorsement, and ~uch uther risks and perits as Mortgagee in its discretion may require. The policy ur policies of such insurance shall be in the form in general use from time to time in the locafity in w~hich the Mortgaged Pro~x: rty is ~ituated, shall be in such artwunt as Mo~tgagee may resonably require, shall be issued by a company or com- panies approved by Mortgagee, and shall contain a standard mortgagee clause with loss payable to Mortgagee. Whene- ver reyuired by Murtgagee, such policies, shall be delivered immediately to and held by Mortgagee. Any and all amounts received by Mortgagee under any of such policies may be applied by Mortgagee on the indebtedness secured hereby in tuch manner as Mottgagee may, in its sole discretion, elect or, at the option of Mortgagee, the entire amount su mceived or any pan the~eof may be released. Neither the aPplication nor the release of any such amounts shall cure or waive any default. Upon exercise of the power of sale given in this Mortgage or other acyuisi~ion of the Mortgaged Property or any pan thereof by Mortgagee.such policies shall become the absolute property of Mortgagee. 6. To first obtain ~he written consent of Mortgagee, sunc ~onsent to be granted or withhetd at the sote discre- ~ tion of Mortgagee, before (a) removing or demolishing any building now or hereafter erected on the premises, (b) alter- ; ing the arrangement, design ur structural character thereof, (c) making any repairs which invulve the removal of structu- i ral pans or the exposure of the interior of such building to the elements, (d) cutting or removing or permitting the cutting ~ j and removal of any trees or timber on the Mortgaged Property, (e) removing or exchanging any tangible personal prop- eny which is pan of the Mortgaged Property, or entering into or modifying any leases of the Mortgaged Property. 7. T~~ maintain the Mortgaged Property in gooci condition and repair, 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 w~aste thereof, and Mortgagee shall have the right to inspect the Mortgaged Property on reasonable notice to Mortgagor. ~ 23. To comply with all laws, ordinances, regulations, coven~nts, conditions and restricti~~n~ affecting the Mortgaged Property, and not to cause or permit any violation thereof. ` 9. If hlort~agor 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 Mortgaged Property in repair, or shall commit or permit ~ w~aste, or if there be commenced any action or proceeding affecting the Mortgaged Property or the tide 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 pa~ 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, E and may appear in any such action or proceeding and retain coun~el therein, and take such action there~n as Mortgagee ~ 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 ~f tae legali- ` ty. validity and priority of any such claim, lien, encumbrance, tax, assessment and premium and of the amount neces- sary to be paid in satisfaction thereof. 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 otherwise. ' 10. Morigagor wil! pay to Mortgagee, immediately and without demand, all sums of ~noney advanced by ; Mortgagee to protect the security hereof pursuant to this Mortgage, including all costs, reasonable attorney's fees and ; other items of expense, together with interest on each such advancement at the highest lawful rate of interest per annum ailowed by the law of the State of Ftorida, and all such sums and interest thereon shall be secured hereby. I I. All sums of money secured hereby shall be payable without any relie( whatever from any valuatian or ap- praisement laws. k I 2. If default be made in payment of any instalment of principal or interest of the Note or any part ihereof when ~iue, or in payment, when due, or any other sum secured hereby, or in performance of arsy of Moctgagor's obfiga- tions, covenants ar agreements hereunder, all of the indebtedness secured hereby shall become and be immediately due ~ and payable at the option of Mortgagee, 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 foreclosed with ai! 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 indebtadrress secured hereby,shall bear interest at the highest lawful rate of interest per annum allowai by the law aF the State of Flotida from and after the date of any such default of Mortgagor. If the Note provides for insta!- men? 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. I 3. 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) Mortgagee i~ authorized at an~r time, without notice, in its sole discretion to enter upon and take pos- ~ session of the Mortgaged Property ar any part thereof, to perform any acts Mortgagee deems necessary or pruper to con- serve the security and to collect and receive al! rents, issues and profits thereaf, including those past due as well as those accruis~g 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 Mortgagor, or the adequacy of the Mortgaged Property - ~ ~ B0~!( ~~5 PACE~~7~ ~ - e~. _ ~ - _ - - - _ _ ~ ~ ~:s ~~~~¢~~~~~~~~~~~.~~.~ti"'