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HomeMy WebLinkAbout0382 CD e ~b~l: 5 3S2 'T. LUCIE COUNTY. FLA. unde-r (b) of paragraph 2 pr~cdjng silton r,ot be Ilufficient tA:> pay ground rents, taxes and asap.8Sment~ and imurllnce ~,remium8, u the CMe me}' be, when the a.a.'lie ahaa become due and payablE, then the nortgagor shall pay t.:> the mortgag, c eny l'.ffiount nece4SAJ'Y to make up the deficiency, on or bef.)!"e the date when payment of such ground rents, taxes, 8.Sap..ssmepta, or insurance preaiums sh&li be due, If at Pony time the mortgagor shall tender to the mortgagee in acccrdance with the provision3 of the Iwte secured hel'eby, full payment oi t}e entire indebtedness repre8ented thereby, the mortgagee shall, in com- puting the a!nount of such indebtedness, credit to the account of the mortgagor all payments made llllder the provisions of (a) of paragraph 2 hereof which the mortgagee hM not bec<,me obligated to pay to the Federal HOUl~ing Commi88ioner and liny balance remaining in the funds accumulated under the pro\-isions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of th3 premise.s covered hereby, or if the mortgagee ~cquire~ the property otht'r- wi~e after default, the mortgagee shall apply. at the time of the commencement of such proct'e<l i I:gs i'r at the time the property is otherwise acquired, the balan-:e then remaining i.n the funds accumula~~.d unler (b) of paragraph 2 preceding 88 a credit against the amouat of principal then remaining unpaid lInlkr said note and shall properly adjU3t any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, k88essments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not b >en made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he wi!! promptly deliver the official receipts therefor to the n:ortgagee. 5. Tl.at he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event af the failure of the mortgagor to keep O-.e buildings on saici premise:; and thos~ to be erected on said premises, or improvements thereon, in good repair, the mortgagt'e may make such repairs 88 in its discretion it may deem necessary for the proper preservation ther~of. and the f~ll amount of each and every fluch payment shall be immediately due and payable, pnd shall be secured by the lien of this mortgage. 6. That he wil~ pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagtoe because of the failure on the part of the mortgagor promrtly and fully to perform the agreements and ~ovenants of Shiel prom- '-- issory note and this mortgage, and said costs, charges, and expenses shall be immediateiy Jue and pay- able and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, inaured as may be required from time to time 1-y the mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts ahd for such periods 88 may be required by mortgagee, and will pay promptl~., when due, any premiums on such 1nsurance for payment of which provision has not been made hereinbefo"'C. All insurance shaH be carried in c~mpanies approved by mortgagee and the policies and renewals thereof shall be held b). mortgagee and have attached thereto loss payable '-- claUSell in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mort&,l\gee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance CO!I:?any concerned is hereby author~zed and directed to make payment for such 10!8 directly tA:> mortga~ee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option eitha to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortga.ge 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 purch~er or grantee. 8. That the mortgagee may, at any time 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, isaues, and revenues from whatever source derive-i, each and every of which, it being expressly under- stood, is hereby mortgaged 88 if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shr.ll have all the broa d and effe~ti...e 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 Ii 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 :nortgagor 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 arnc.unt at least equivalent to on~-twelfth (1/12) 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 jear not covered by the aforesnid monthly pa~7!lent8. 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 60 days from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to ths aforesaid time from the date of this mortgage, declining to insure said note and this II10c-tglig~, being deemed conclusive proof of such in- eligibility), the mortga.gee 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 SumB of rnone~.. herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenant. of said note and thia mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with int.ereat accrued to that time, and all money. secured hereby, shaH become due and payab;e forthwith, or thereafter, at the option of said mortgagee, as fully and completely 88 if a!l of the said sums of money ware .original!y stipul&W to be paid on such day, anythin~ in !aid !1ote 0r in this ~ortgage to the contrary notwlthatandml; and thereupon or thereafter, at the optIOn of &Iud mortgagee, wlthollt notice or demand, Buit at law or in equity, Hlay be proloecutcd &:J if .dl moneys &~ureO hereby had matured prior to itg insti- tution. The mortpgee may fo~~ thia mortga.!, aa to the ~ount 80 decl~red due and payable, and the uid premises shaH be 501d to satisfy and pay the l!I\l:\e together with costa, expenses, and allowances. In ease of partial forcc!oaure of th!J mortgsgt!, the mortgaged premises lIhaHhe Rold subject to the con- tinuir..~ lien of this mortgage f~r the amount of the df:bt n(Jt ther. due and unpaid. In auc~ taP.e the pro- viaiona of thil paragraph may again be availed of thereafter from tirn" to time by the mortgagee. 11. That the mortgagor will give immooilLte notice by mail to the mortgagt..>e of any conveYlUlce, transfer, or change or uwnership of the pl'emiaes. 12. That no waiver of any oovenant here:n or of the obligation secured hereby shan At any time thereaftei.'" be held t.J ~ a waiv~ of the tennl hereof or of the note aecured hereby. r