HomeMy WebLinkAbout1281 (5tate oP Ftorida da:umentai~}• atamps in the amouni requlreri by law ~ affixed tc the origina] of the foregoing note
and cancellecl pursuant to law.)
And shall di.~ly, prompUy and fiUlv perform, discharge, execute, effcct, compiete and camply tvith anc3 abide by
each and e4•e:r• thc stiputations, agrcementa, con<iltlores and covenania oP suid promisyory note and of thls mortgage, then
this mortgage and the e~taYe hereby created shall cease and be null and void,
And t~he hiortgagor c.n•enar?ts and agrees t~ and with ihe Moi•tgagee as follows:
1. He ~~'ill pay the principal a.nd interest and the ~~a ~~ious and sundiy sums of money payable by ~•irtue ot said
Qromissuiy note and this moi•tga~e prumptly on the days tha ~ame become diie and he tivill promptly pertorm and com-
p?~• •.ti•ith each ~nd every oLher covenunt and agreement in eatd promissary note ~,~d mortgage.
2. He will pa,y the taxea, assesarrients, 2evies, liabili ties, obllgattons and intumbrances o2 every nature and kind
nu•,ti~ on ~aid desc:ribed property, or that hereafter may be imposed, aufferecl, plaeed, levied or as9esseci thereon, or tAat
hereafter may be levied or a.qsessed upon this mortgage or the indebtedness secured hereby, when due and payable accord-
ing to law, betore they become dellnquent, and before any interest attaches or any penalty 1s incurred; and in so far as
any thereof is of t~ecord the ~ame shall be promptly gatLgfted and discharged o? record and the orlginal official docvment
evidencing such satisfaction and dischaige sha12 be placed in the hands ot said Mortg'egee withlxt ten dsya next after pay-
ment. The covenants and agreeinen~9 in this pt~ragraph shall not be applicablr, io the taxes and ass~ssmentg which are
to be paid out of the func~s deposited with the Mortgagee under the ternia nf paragraph 4 of these oovenant~ and agree-
ments.
8. He will keep the imprcvements nuw exinting or herealter erected on the mortgaged property insured against
loss by fIre and other hazards, casuNties a.nd contingeneies in such amounts and for su~h period9 as ma~ be required by
Mortgsgee. All insurance shall be carried in companie~ approvecl by Mortgagee and the policies and renewal$ thereo!
shall be hetd by biortgxgee axxd have attsched thereto lpas payable clausn~ in favor o! and in form acceptable to the
Mortgagee. In ecent of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of loss
1Y not made promptly by hiortgagor, ru?d each Insurance company concerned Is hereby autttorized and direcLEd to make
pa~ snent for such loss directly W Mortgagee instead o! 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 se-
curcd or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or nther transfer
oi title to the mortgaged property in extinguishment of the indebtedriess ~ecured hereby, all right, title and internst o! the
Mortgagor in and to any insurance policies then in force shall pass to the purchaser or $'rantee.
4. In order mare fully to protect the security of this mortga~;e, the Mortgagor, together with and in addition to
the monthiy pay~ment; under the terms of the nate secured hereby, on the ffrst day of each month and until said nate i8
fully paid, shall pay to the Mortgagee an instalment of the taxes and assessments next ta become due against the nzort-
gaged premises, and an instalment of pr~miums next to become due ~n insurance policies required by the Mortgagee.
Such Instalments sha11 be equai respectively to such taxes and a.qsessments and insurance premiums, all as estimated by
tha htortgagee, less all sum.q already paid thereon, divided by the number of monthg that are to elapse before one month
prior to the date when such taxe5 and assessments and inaurance premiums will become due. Said instalments shall be
held by the Mortgagee in trust to pay such taxes and a~essments and insurance premiumg. All payrnents made under the
terms of this paragraph and under the note aecured hereby shall be added together and the aggregate amount thereot
shall be paid by the Mortgager in a single payment each month to be applled by the Mortgagee in payment o! the itemg
and in the order following: (a) taxes and agsessments, and insurance preinium9; (b) interest on the note ~ecured hereby;
and (c) amortization of the principal of sa'td note, Any deficf~ncy In the amount of such ag'gregate monthl~r payment ahall
constitute a dePault under this mortgage_ V~'hen such ta.xes, avse~nent9 and inqurance premiums fall due, i! the amounts
deposited by the rSortgagor !or such purposes arp not aufficient to pay dai8 taxes, assessments and insurance prem}uma~
as Lhe case may be, then due, the Mortgagor will pay to the Mortgagee such deficiency imrnediately. When such taxes,
assessrn°nts and insurance premiwns fall due, if the amounts deposited by the Mortgagor for such purpoae,y exceed the
smounte due for such taxes, asse~nents and insurance prean,tums, the esccess may, in the discretion of the Mortgagee, be
appiied on gubsequent monthly payments to be made by the Mortgagor. In the event ot default under thL9 mortgage
any unexpended fu~ds in the hands of 'the Mortgagee depositect by the Mortgagor to meet the obli,gations ot taxea, a9seas-
ments and insurance premiums shall be applied by the Mortgagee upon the indebteiiness hereby secured, in the following
order: (a) interest or. advances made by the MortgagPe; (b) advances made by the Mortgagee; (c) interest on the prin-
cipat; and (d) the prineipal debt hereby secured. When any ~uch taxes, assessments or insurance premiums fall due the
Mortgagar t~;ill promptly obtain and deliver to the rtortgagee statements with respeet thereto, 1'he Mortgagee may col-
lect a"latQ chaxge" equai to 4g'c on any monthly in,ytaiment pafd more than 15 dsys ttfter th~ due date thereon,
5. He w~ill permit, commit, or ~uffer no waste, impa.irment or deterioration of said property or any part thereof.
In the event of the failure of tha Mortgagor to keep the buildings on said premises and thoae to be erected on said prem-
fses, or improvements thereon, in good repair, the Mortgagee may make such repairs aa in his discretlon he may deem
nece~ary for the prcper preservation thereof.
He will pay all and singular the costs, charges and expenses, including reasonable attorney's fees, cost o! a~
stracts of title and title searches incurred or paid at any time by the Mortgagee becAUSe of the failure on the part o4 the
lfortgagor prornptiy and fuily to perform thz agreements and conenants of said note and this martgage, and eaid c~sts,
charges ar!d expenses shall be immediately due and payable and shali be s~cured by the lten of this mortgage, and such
e~cgenditures shall dra~v interest at the rate of eight per centum per annum.
7. 'Th~t (a) in the event of any brnach aP thi~ mortgage or default on the part o.* the Mortgagor, or (b) in the
event any cf said sums of money herein referred to be not prompLPy and fu12y paid withouE demand or notice, or (c) in
Lhe event the sLipulatiors, agre?ments, conditions a.~d covenants of said note and this mortgage are not duly, promptly
and fully performed, then in either or any such event, the said aggregate s~.un mentioned in said nota then remaining un-
paid, with interest accrued to that time, and ell moneys securPd hereby, shall become due and payable forthw~ith, or there-
after, at thP~option of sa.id Mortgagee, as fully and complet.ely as i: all of the said sums of money tvere originally stipu-
1<ite;9 to be oaict on sueh cisy, anything in said note or in f.his mortgage to the eontrary notK-ithst,2nding; and thereupon
or Lhereafter, at the option of said biortgagee, ~-ithout no±ice or demand, suit at la~v or in equity, may be prosecuted as
if ail r.1e^?ys serurec; hereby had matured prior to its institution.
S. The lfortgagee mat•, at any time while a suit Ls per.ding to fore~lose or to reform this mortgage, ~r *.o enforce
an~: ctait:~; ari.;in~; hereur.der, app:~~ to the court ha~~ing jurisdiction thereof for tt:e appointment of a receiver, and stich
co~irL shal2 fo~ thcvith appoint a receiver of Lhe premises ttnd all other property c~r•ered hereby, utcludir.g all and singular
the income, profits, rents, issues and revenues from whatever source derived, and such receiver shail have a11 the broad
and effective f~inctions a.nd pow•ers in any~rLse entrusted by a caurt ta a receiver, and such appointznent shall be made
by s-nch c~urt as an admitted equity and a matter of absolute right'o said Mortgagee, and without reference to the ade-
quary or ir.adequacy of the value oi the pmperty mortgaged or to the solvency or insolvency of said Ntortgagor ar the
defendants, and such income, profiYs, rents, issues and reve~ues shall be appliec] by s-ach recei~~er atcording to tha lien of
this mortgag~ and the pra~tice of such court,
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