HomeMy WebLinkAbout1488~pRM ~~ PA[E~~ 4
(State of Florids dociuntntary st~~ ~n,~~ ~1-• . tc~-~auired by law arE affixed to
the original of the foregoing not~C Arid cArice~pursuant to lave.)
And shall duly, promptly and fully perform, discharge, execute, effect,
complete and comply with and abide by eactz and every the stip~,zlations, agreements,
conditions and covenants of said promissory note ana of this mortgage, then this
mortgage and the esta~e hereby created shall cease and be null and void.
And the Mortgagor covenants and agrees to and with the Mortgagee as follows:
1. He will pay the principal and interest and the various and sundry sums
of money payable by virtue of said pz~omissory note and this mortgage promptly on the
days the same become due and he will promptly perform and comply with each and every
other covenant and agreement in said promissory note and mortgage.
2. He will pay the taxes, assessments, levies, liabilities, obligations
an3 incumbrances of every nature and kind nox on said described property, or that
hereafter may be imposed, suffered, placid, levied or assessed thereon, or that here-
after may be levied or assessed upon this mortgage or the indebtedness secured hereby,
when due and payable according to law, before they become delinquent, and before any
interest attaches or an,}~ penalty is incurred; and in so far as any thereof is of
record the same shall be promptly satisfied and discharged of record and the original
official document evidencing such satisfaction and discharge shall be placed in the
hands of said Mortgagee within ten days next after payment.
3. He will keep the improvements now existing or hereafter erected on
the mortgaged property insured against loss by fire and other hazards, casualties
and contingencies in such amount's and for such periods as may be required by Mortgagee.
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 Mortgagde may make proof of loss if
not made promptly by Mortgagor, and each insurance compazZy 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 tc the mortgaged property in extinguishment
of the indebtedness secured hereby, all right, title and interest of the Mortgagor
~n and to any insurance policies then in force shall pass to the purchaser or grantee.
4. He will permit, commit, or suffer no waste, impairment or deterioration
of said property or any part thereof and will keep all. buildings and improvements
now or hereafter on said property in good repair and will make an}r repairs which
Mortgagee in his discretion shall deem necessary for the proper preservation of said
buildings and improvements.
5. He will'pay all and singular the costs, charges and expenses, including
reasonable attorney's fees, cost of abstracts of title and title searches 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 note and t't~is
mortgage, and said costs, charges and expenses shall be immediatzly due and payable--
and shall be secured by the lien of this mortgage, and such expenditures shall drav3
interest at the rate of eight per centum per annum.
6. That (a) in the event of any breach of this mortc~~.ge or default on
the part of the Mortgagor, or (b) in the event any of said sums of money herein
referred to be not promptly and ful.]y paid without demand or notice, or (c) in the
event the stipulations, agreements, conditions and covenants of said note and this
mortgage are not duly, promptily and fully performed, then in either or any such
event, the said aggregate eves mentioned in said note then remaining unpaid, with
interest accrued to that time, and all moneys secured hereby, tshall 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, et the option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as if all moneyR secured hereby
had matured prior to its institution.
7. The Mortgagee may, at any time while a stLit is pending ~..o foreclose
or to reform this mortgage, or to enforce any claims arising hereunder, apply to
the court having jurisdiction thereof for the appoin'i.ment of a receiver, and such
court shall forthwith appoint a receiver of the premises and all other property
covered hereby, including all and singular the income, profits, rents, issues and
SWD Form M-290
(9-12-60) - -- 3 _