HomeMy WebLinkAbout2254._ ~ ~,~. a
ST. LUCIE COUNTr, FLA.
Hader (b) c[ paragraph $ preceding tau not ~ sndkient Lo pay d rents„ taxes and assessnaenb
sad insuranee remi as the cars my, bs, when the same shall beoooae due and ps~rable, then the
mortgagor shall pay to the mo aglr amount necessary tD make up the detfcienq-. on or before the
date when payment o! such groan rents taxes. assessments, or iasuranos premiums shall be dae. If
at any time the mortgagor shall tsndar to the mortgagee in accordance wlt6 the provisions of the note
secured hereby, full pgymant of the entire indebtedness represented thereby. the mortgagee shall, in com-
puting the amount of such indebtedness, credit to the account of the mortgagor aU pa~-menta made under
the provisions of (a) of paragraph 8 hereof which the mo has not become obligated to pay to the
Federal Iiouaing Commissioner and any balance remaining m e funds accumulated under the provisions
of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re-
sulting is a public sale of the premises covered hereby, or if the mortgagee acquires the property other-
wise after default, the mortgagee shall apply, at the time o! the commencement of such proceedings or at
the time the property is otherwu-e acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properly adjust any payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, asaeasmenta, water rates, and other governmental or municipal charges,
flnea, or impositions, for which provision has not been made hereinbefore, and in default thereof the mort-
gagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
6. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or
any part thereof ;and in the event of the failure of the mo r to keep the buildings on said premises
and those to be erected on said premises, or unprovements~ n, in good repair, the mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preaervat~on 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 costa, charges, and expenses, including reasonable lawyer's
fees, and coats 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 coats, charges, and axpenaea shall be immediately due and pay-
able and shall be secured by the lien of this mortgage.
7. That he will keel the improvements now existing or hereafter erected on the mortgaged property,
insured as may be required from time to time by the mortgagee against loss by fire and other hazards,
casualties, 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 be held by mortgagee and have attached thereto loss payable
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 peas to the purchaser or grantee.
8. That the mortgagee may, at any time pending a suit upon thin mortgage, apply to the coy±rt 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 sucfi 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 tl:e 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 (!12) 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 .~Q ~qYG from the date hereof
(written statement of any officer of the Federal Housing Admintstrat~o'h or authorized agent of the
Federal Housing Commissioner dated subsequent to the 30 DAYS time from the date of this
mortgage, declining to insure Said note and this mortgage, being deemed conclusive proof of such in-
eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby
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 stipulat~ona, 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 forthwith,
or thereafter; at the option of said mortgagee, as fully and completely as if all of the said sums of money
were originally stipulated to be paid on such day, anything 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 be prosecuted as if all moneys secured hereby had matured prior to its insti-
tution. The mortgagee may foreclose this mortgage, as to the amount ao declared due and payable, and
the said premises shall be sold to satisfy and pay the acme together with costa, expenace, and allowances.
In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro-
visions o! this paragraph may again be availed of thereafter from time to time by the mortgagee.
11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance,
transfer, or change of 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.
~~~ ~~