HomeMy WebLinkAbout149360~K ~~ PAt=~~~
(State of Florida documentary stamps ~~ t~na'~gp~ ~ i-gcjll~~ed by law are affixed to
the original of the foregoing note and cancele pursuant to law.)
And shall duly, promptly and fully perform, discharge, execute, effect,
complete and comply wl.th and abide by each and every the stipulations, agreements,
conditions and covenants of said promissory note and of this mortgage, then this
mortgage and the estate 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 promissory 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 tuxes, assessments, levies, liabilities, obligations
and incumbrances of every nature and kind now on said described property, or that
hereafter may be imposed, suffered, placed, levied or assessed thereon, or that heFe=~-
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 any 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 amounts and for such periods as may be required by Mortgagee.
All insurance shall be carried in companies approved by Mortgagee and the policies
a_nd 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 u,ay 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 loss directly to Mortgagee instead of to Mortgagor
and Mortgagee jointly, a:-~d the insurance proceeds, or at~y part thereof,may be applied
by Mortgagee at its option either to the reduction of the indebtedness hereby secured
or to the restcration or repair of the property damsged. In event of foreclosure of
this mortgage 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 ary insurance policies then i_n 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 any 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 this
mortgage, and said casts, charges and expenses shall be immediately due and payable
and shall be secured by the lien of this mortgage, and such expenditures shall draw
interest at the rate of eight per century per annum.
6. That (a) in the event of any breach of this mortgage or defsult un
the part of the Mortgagor, or (b) in the event any of said sums of money herein
referred tc be not promptly and fully paid without demand or notice, or (c) in the
evert the stipulations, agreements, conditions and covenants of said note and this
mortgage are not du:~,y, promptly and fully performed, then in either or any such
event, the said aggregate sum mentioned in said note then remaining unpaid, with
interest accrued to that time, aad all moneys secured hereby, shall 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
en such day, anything in said note or ,h this mortgage to the contrary notwithstanding;
and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit at l.aw or in equity, may be prosecuted as if all moneys secured hereby
had matured rrior to its institution.
7. The Mortgagee may, at any time while a suit is pending to foreclose
or to reform this mortgage, or to enforce any claims arisj.ng hereunder, apply to
the court having jurisdiction thereof for the appointment of a receiver, and such
court shall forthwith eppoint a receiver of the premises and a.l.l. other property
covered hereby, including all and singular the income, profits, rents, issues and
SwD Form M-2go6
(9-12-60) - 3 -