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HomeMy WebLinkAbout0421 Obi: 8 01 $T. LUCIE COUNTY, FL~, IlDder (b) of par-.raph 2 preeedina ahaU not be "~ent~ pay ~nd renta, taxea and asaeurnenta . and inaurancepremiUlD8y as the cue may be. when the laDle aball become due and payable, then the mortgqor shall pay to the mortcaree any &moud necd8aI'Y to lIl;&ke up the deftciency, on or before the date when payment of such l(rOund renta, taxea, &lI8eUmenta, or maurance premiUlM shall be. due. If at any time the mortpcor shall tender. to ~ mortcqee in accordance with the proviaiona of the note aec:ured hereby, full ~~t of thf! entire 1Od.ebtedneaa repreeented thereby, the mortaaaee shalt. in com- puting the amount of such 1Odebtedneea, cre<bt ~ the account of the mortgagor all paymenta made under the proviaion~ OJ,.(4) o~ ~qraph 2 hereof wh1ch th!! ~o~ baa not become oblipted to pay to the Federal HOua1ng CommlU1oner and any balance ro..m&lnm, 10 the funda accumulated under the pro,.isions of (b) of said paragraph 2. If the1~ aliall be a default unde.r any of the provisions of thia mortgage, re- lultin, in a public 6ale of the prermsee covered hereby ~ or 1f the mortgagee acquires the property other- wise after default. the mort,a~ee ahall. apply, at the time of the commencement ofsuch proceedings or at the time the property is o~erwl8e acqUl~, ~e balance then remaining in the funda accumulated under (b) of paragraph 2 preced1Og.u a cred1t agamst ~ amount of principal then remaining unpaid under aaid note and shall properly adJuat.&DY paymenta wh1eh shall have been made under (4) of said paragraph. 4, That he will pay ali ~es, ~~enta, water rates, and ~ther governmental or municipal charges, fines or impositions, for wh1ch provls1on baa not been made herembefore, and in default thereof the m(\rt- ~ may pay the same; and that he will promptly deliver the official :receipts therefor to the Jr.ortgagee. 5. That he will permit, commit, or suffe~ no waste, impaimlent, or deterioration of said property or any part thereof; and in the ~vent of. the fa1~ure of the mortgagor to. keep the buildings. on saici pnmises and those to be erected on sa1d prenuses, or Improvements thereon. 10 good repair, the mortgagee Olav make such repairs as in its discretion it may deem necessary for the proper preservation ther-rof, and th"c full amou~t of each and every suchpaymel1t shall be immediately due and payable, and shall be secured by the licn of this mortgage. 6. Th;t he will pay all and. sin~lar the cOsta,. charges, a~d expenses, ~ncluding reasonable law~.er's fees, and C()lIts of abstracts of title, Incurred or paid. at any hme by the mortgagee because of the failure on the part of the mortgagor promptl~ and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and said costs, charies, 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 impr~vemen~ now existing or hereafter erected on th!.' mortgaged property, i"'l8ured as may be required from t1me to hme by the mortgagee against loss by fire and other hQzards, casualties, and contingencies in such amou~ts and for su~h periods. ~ may be required by mortgagee, and will pay promp~ly, when due, ~ny premIUms on such !nsu~ance for ~ayment of which provision has not been made i,ere1Obefore. All msurance shall be carried 10 companies approved by mortgagl'c 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 ~i\'e 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 ailthorized and directed to makc payment for such ioss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proc('('ds, 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 e~'ent of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness st>cured hereby, aU right, title, and interest of the mortgagor in and to any insurance policies then in force &hall ~ 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 whatever source derived, each and every of which, it being expressly UndCI"- stood, is hereby mortgaged &8 if specifically set forth and described in the granting and habendum dausl's hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receivi:r, 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 01" inad- equacy of the value of the property inortgaged or to the solvency or insolvency (,f said mortl(agor or the defendants, and'that such rents, profits, income, issues, and revenues shall be applied by such n>ct'iver according to the lien of this mortgage and the practice of such court. In the event of any default un the part of the mortgagor hereuOlier, the mortgagor agrees to pay to the mortgagee on demand as a reasun- abie monthly rental for the premises an amount at least equivalent to one-twelfth (1,12) of the aggregate of the twelve mOl1thly installments payable in the then current year plus the actual amount of the annual taxes, a.ssessmen~, water rates, and insurance premiums for such year not covered by the aforesaid montnly payments. 9. The mortgagor further covenants that should this mo rtgage alill the note secured hereby not be eligible for insurance under the National Housing Act within 30 Ct. ..~ from the date hereof (written statement' of any officer of the Federal Housing Administration or authorizce:l agl'nt of the Federal Housing Commissioner dated subsequent to the ;:l. L. time from th(' date of this mortgage, declining to insure said note and this mortgage, being dE'emed condusiw proof of such in- eligibility). the mortgagee or the holder of the note inay, at its option, dedare 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 eveht that each a'hd every the stipulations, agreements, conditions, and covenants of !Said note and this mortgage, are not duly, p~mptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note thl'n remaining unpaid, with interest acCl'ued to that time, and aU moneys secured hereby, shall become due and payahle forthwith, or thereafter, at the option of said mortgagee, &8 fully and completely as if all of the said Slims 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 inati- tution, The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the s&id premises shall be sold to satisfy and pay the 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. tinuini lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- visions of this paragraph may alPin be availed of thereafter from time to time by the mortgagee 11, That the mortgager 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 he~n or .of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms h~reof or of the note secured hereby. (. 13 PACE'421 ;) r-