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HomeMy WebLinkAbout0770 - ':r. LUC:~ COI;~Tr\ FLA. e under (b) of paragraph 2 preceding shall not be sufficient to pay ground rent8, taxes_and asge~menUl a:1d insuran(;e premiums, ll.S the case may be, when the same shall beconle due ~nd (Jayable, then thO' mcrtgag.:Jr shall pay to the mortyagee any amount neceS3&ry to m.ake up the defic~ency, on o~ before the date when payme:1~ of such ground rents, taxes, assessm.ents, or 1Osuran~e premIUms. ~hall De due. If at any time the mortgegor shall ti.'nder to the mortgagee 10 accordance wIth the prOVISIOns of tl.le nok secured hereby, full payment of the entire indebtedness repl'es~nted thereby, the mortgagee shall, 111 com- puting the amount of such indebtedness, credit ~o the account of t~e mortgagor all pa~'merts made ullller the provisions of (a) of paragraph ~ hereof whIch th~ ~lo~gagee has not become obligated to ra:. to. tllt' Federal Housing Commissi0ner and any balance remsm10g 10 the funds accu~u.'ated und~r the pronslOns of (b) of said paragraph 2. If there shall be a default unde.r any of the provlSlo~s of thiS mort~ilgl', re- sulting in a public sale of the premises covered hereby: or If the mortgagee acqUires the prope~ty other- wi3e "lfter defat:lt, the mortgagee shall apply, at tile time of the co.m!nen.cenwnt of such proceedll1gs or at the t:me the property is otherw~se acquired, the balance then remal~m~ III the funds .a~cumulatl:.l under (b) of paragraph 2 preceding as a credit against th~ amount of pnnclpal then remamll1g ~npald undei' said Hote and shall properly adjust any payments which sh"ll have beel. made under (a) 0f s81dparagraph. 4. That he wi!! pay all U\xes, assessments, water rates, and other governmental or municipal charges, fines or imDOsitlOns, for which provision has not Deen made hereinbefore, and in default thereof the mort- gag~e may pay tile same; and that he will promptly deliver the oflicial receipts therefur to the n:ortgagee. 5. That he will permit, commit. or suffer no waste, impairment, or deteriorat.ion of said p:operty or Pony pr.rt thereof; and in the ~...er,t o~ the fai~ure of the mortgagor to. kee!l the bUI~dlTlgs on sal() prenllses and those to be erected on said premises, or 111lprOVements thereon, In Kood repair, the mOI.tgagee mil.\" make such repairs as in ita discretion it may deeru 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 secu:-t.'d by the lien of this mortgage. 6, That he wili pay all and singuiar the costs, charges, and expenses, including reasonable iawyer's fees, and costs 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 agreemen':; and covenants of said prom- issory note and this mortgage, and said costs, charges, and expenses shall be imrr.,:rliately due ann pay- abl-:.! and shaH be secured by the lien of this mortgage. 7. That he will keep the improvements n0W existing or hereafter erected on the mortgaged property, insured as may be required irom time to time by the mortgagee against loss by fire and other hazards, l'..&Sualties, and contingencies in such amount3 and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on su~h insurance for payment of which prO\'ision 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 loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such less directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may ~ applied by mortgagee at its option either to tile 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 ill extinguishment of the indebtenness 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 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. issues, and revenues from wh'ltever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specJt'1cally set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and etfectiw functions and powers in anywise entrusted by a cOUli to a receiver, and such appointment shall be made by such court as an admitted equity and a mat~r 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 mortgagnr 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 (I; 2) of the aggl'egate 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 ior such year not covered by the aforesaid monthly payment.<!. 9, The mortgagor further covenants that shquld this mortgage anu the note secured hel'ebv not be eligible for insurance under the National Housing-Act within 60 days from the dat~ hereof (written statement of any officer of the Federal Housing Administration or authorized ag-ent of the Federal Housing Commissioner dated subsequent to the af oreeald time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of sl.:ch in- eligibility), the mortgagee or the holder of the note may, at its option, declal'e all Sllms secured herebv immsdiately 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 th~t any of sa~d sums of money herein referred to be not pl'omptly and fully paid with- out demand or notJc~, or (c) 10 th.e event that each and every the stipulations, agreements, conditions, and covenants of saId note and thiS 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 in~rest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereaftH, at the option of said mortgagee, as fully and completely as if ali of the said sums of m(mey were originally stipulated to be paid on such uay, 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 o!" in equity, may be prosecutffi as if all moneys secured ~ereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declareJ due and payable, and the said premises shall be golci to satisfy and pay the sam~ to!:{ether with costs, expenses, and allowanc:?A. In cage of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this Ir,ortgage for the amount of th~ debt not then due and unpaid. In such case the J;ro- viakns of this par&.STaph may again be availed of th~reafter from time to time by the rtlOrtgagee. 11. That the mortgagor will give immediate notice by 'llRil to the mortgagee or 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 nOk secured hereby. ...