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HomeMy WebLinkAbout1983 - e ST. LUCIE CCUiHT, Fl~. under (b) of paragraph 2 preced~llhall not be sufficient to pay ~und rents. tax-es and uaeumenUl and insurance p~emiums, as the case ,nay be, when the 8&I11e .hell become due and payable, then the rnor~gagor shall pay to the mortgagee any amount necessary to make l;p the deficiency. on or before the date when payment of 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 provisiond of the Iwte- secured hereby, full payment of the entire indebtedne~ represented thereby, the mortgaiee shall, in com- puting the amount of such indebtedness, credit to the account f\f the mortgager all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee haa not become obligated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the prO\'isions of (b) of said paragraph 2. If ther~ ahall be a default under allY of the provisions of this mortgage, re- sulting in 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 bme of the ~ommencement of such proc(,("(!ings ur at the time the property is other-,vise acquired, the balance th~n 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 t.aXf-S. assessments, water raten, and other governmental or mUI';cjpal charges, fines. or impositions, fur which provision has not been made hereinbefore, and in default thereof the mort- gai'ee may pay the same; and that he will promptly deliver the official receipts therefor to the rr..ortgagee, 5, That he will permit. cummit, or suffe~ no waste, impainnent, or deterioration of said property or any p~I't tiwreof; and in the event of the faIlure vf the mortgagor to keep the buildings on sai(i pl'l'n~ises and those to he eredt'{l 011 said premises. or improvements thereon, in good repair, the mortga~ee may make SIH.:h repairs a.<> in it.s dis'.:ret ion it may deem necessary for the proper preservation thereof, and the full w..()\l:.t ,~f pach al\(l 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 expenses, including reasonable lawyer's fees, an(ll'ost.~ of abstracts Gf title, incurred or paid at any time by.the mortgagee because of the failure on thp part of th.. mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage. and said costs. charges. and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage, 7. That he will keep the imprOVenH:'I'ts now existing or hereafter erected on the mortgaged property, insured a.<> may be required from time to time by the mortgagee against loss by fire and other nazards, 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 pro\'ision has not been made hereinlwio'". All insuran<:e shall be carried in companips approved by mortgagee and the policies ,lnd rellt'wals thereof shall be heid by mortgagee and have attached thereto loss payable clauses in fa\'or of alld in form a<:ceptable to the mOi.tgagee, In event of loss he will give immediate notice by mail to mortgagep, and mortgagee may make !1roof of loss if not made promptly by mortgagor. and each insurance company COl\cerned is hereby authorized and directed to make payment for such loss directly to mortgagee in~',tl'ad of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part then'Of, may be applied by Dlort~agee at its option either to the reduction of the indebtedne~s hereby secured or to the n'storation or n'pair of the property damagecl. In event of foreclosure of this mortgage or other transfPr of title to the mortgaged ~rooerty in extinguishment of the inclebtedness secured nereby, all right, title. and interest of the mortgagor in and to any insurancl' policies then in force shall pass to the purchaser or grantee, ~. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the ccur-t hav- ing jurisdiction thl'reof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co\'ered hpn'by all and singular. including all and singular the income, profits. issues, and ren'nues from whatever source derived, each and every of which, it being expressly under- stond. is hereby mortgagecl as if specifically set forth and described in the grantin~ and habendum clauses hf'rpof, ancl ~uch recein'r shall have all th ~ broad and effective functions and powers in anywise l'nlrush'fi by a court to a receiver, and such appointment shall be made by such court as an admitted eqUIty and a matter I)f absolute ri~ht to said mortgagee. and without reference to the adequacy or inad- equacy of the value of the pnqll'rty mortgaged or to the solvency or insolvency of said mortgagor or the deft'noants, and that such !"l'nts. protlfs. income. issues, and revenues shall be applied by such receiver accnrding to the li.'n of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor Iwrl'undl'L the mortgagor agrees to pay to the mortgagee on demand as a reason- abit' 1I10nthly rental for t1H' prt.mises all amount at least equivalent to one-twelfth (112) of the aggl'egate of the twel\'(' monthly installnwnts payablp in the then current year plus the actual amount of the annual taXt's. asspssmeilt:;. 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 ~ational Housing Act within ?N d.a:,s from tlH' date he:-eof (written statement uf any oftlcer of the Fecleral Housing Administration or authorized agent of the Feol'ral Housing Cummissioner dated sub3equent to t.he said time from t.he clate of this mOl-tgage. lIPclining to insu:-e sa:d note ancl 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 stipulations. agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in ei:her or any such event, the sain aggregate sum mentiolled in said note then remaining unpaid. with int.erest accrued to that time, and 2.!! moneys secured hereby. shall becume due and pc.yable forthwith, or thereafter. at the option of said mortgagee, as fu lIy 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 notwith3tanding; and thereupon or thereaftt'r. at the option of said mortg"gee, without notice or demand, Buit 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 so declared due and pa~'able, and the said premises shall be ,;olJ to satisfy and pay th~ same together with costs, expenses. and allowances, In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the con- tinJing lien of this mortgage for the amount of the debt not then clue and unpaid, In such case the pro- visions of this paragraph may again be availed of there?fter 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 ot any covenant herein or of the obligation secured hereby shall at any time thereJlft~r be held to be a waiver of the tenns hereof or of the note secured hereby, ( . ,..