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HomeMy WebLinkAbout0658-- ST, LUCIE COUNTr. FLA. under (b) of paragraph 8 preceding shall not be sufDcieat to py- ground rent. taxes and asaeeamenta and insurance premiums, as the case may be, when the same shall beoomc-e due and payable then the mortgagor shall psq to the mortgagee an3- amount necessary to mare up the deficiency, on or before the date when payment o! such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. fuU payment of the entire indebtedness represented thereby, the mortgagee ahall;in com- puting the amount o! such indebtedness, credit to the account of the mortgagor all pa~-menta mane under the provisions of (a) o! paragraph 2 hereof which the n,o has not become obligated to pay to. the Federal housing Oommisaioner and any balance remainin i~funds accumulate3 under the Frcti•tsto^..; of (b) of said paragraph 2. Ii theme shall be a default un~er any of the provisions of this mortgage, re- sulting to a public sale of the premises covered hereby, or i! the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwuie acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin~ aa-a credit against the amount of ~rincipai then remaining unpaid under owiii Lvi~ ,Ilu ~it1311 yrtv~scilj .'..,y'~.:$.~. wv ::s~J~~ -a LFhiC~ isaLwii :;0~8 .,z.:;u .u~,~. ~'u~s°.' ~°~ ^~ ~A1(~ i1AfAgl'1i~h. 4. That he will pay all taY~, aaaeassenta, wAtpr rates, and other governmental or municipal charges, R,-PR. nr imnositiona. for which Drovision has not been made hereinbefore, and in default thereof the mort- gages may pay the same; and that lie will promptly deliver the official receipts therefor to thc mortgagee. b. That he will permit, commit, or suffer no w8ate, impairment, or deterioration of acid property or any part thereof ;and in the event of the failure of the mort~agor to keep the buildings on said premises and those to be erected on said premises, or improvements ereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage, 6. That he will pay all and singular the costs, charges, and espensea, including re~onable lawyer's fees, and costa of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and acid costa, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of Chia mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loan by fire and other hazards, r-,aa::alties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall De held by mortgagee and have attached thereto ices paysoie clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of lose if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortas~ec may, at any ti_*ne pending a suit upon this mortgage. apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (i12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAYS from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal I3ousing'CommissionEr dst.-d subsequent to the ^ ~~ ~ ' ~• time from the date of this u~ort,c+~e, ueia:liu;:i`° w inssrE oa:d no.c s^d *hi~ mor!vAge, -,Qing deemed conclusive proof of ouch in- x y' 3 ti ., ..~.' eligibility), the mortgagee or the holder of the note ma ac iia opiiui-, u~iule a,i a~%i•i secure ~«~ immediately due and payable. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the atipulationa, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed ; then in either or any ouch event, the said aggregate sum mentioned in said note then remaining unpaid with interest accrued to that time, and all moneys secured hereby, shall become due and payable fort~iwith, or thereafter, at the option of acid mortgagee, sa fully and completely as.if all of the said sums of money were originally stipulated to be paid on such day, a thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may foe prosecuted as if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose thin mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costa expenses, and allowances. In case of partial foreclaure of this mortgage, the mortgaged premises shall ~e sold subject to the con- visions of this p i agrap~m y oagain be availed of thereeafter from time to time by the mortgagee. a p~ il. That the mortgagor will give immediate notice by mail to the mortgagee o! any conveyanw, transfer, or change o! ownership of the premises. 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby.