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HomeMy WebLinkAbout1069 a • I~OM~~ •O~Y Y~\ ~ ~ . 9. It forecbsnre Dwcadiags ot aar secoad mortp~e o~ saoad trwt dad. or sny !ien of aer kind iaferior to this most~a~e deed slwuld be instituted. the ld~rt~stee ms~?. ~t bis optioa unmedistel,~r or thereaftc~ declsre this mo~t~a~e aad tbe indebtedaeu se- cured bereby due sad payaDle. 10. That this mort~sge also secwes t6epc rfornunce of sll a~reeaxnts and coat~acta entered iato between the ~tortga~or aad the Morega~ee ia connectio~n witb the a~alcias, ot the loan evidenced by t6e heniaabovq descnbcd aote aad u an iaduceaieat to tbe ~iortgagee to a~ake said loaa sud aq~? detsult a the periormance of say oi such contncts or sgreuueats. or any mitrepreuntstion ot fact wsde by the l[ort~a~or. or br saroae oa his behalf. to induce the ldortgaga to make said loaa. shall eonstitute a defauit ia the event~ofaa y othe~r defanl~d r the et~rms i e~coi.~ ~~~e. and shsll give the Mort~a~ee the ame ri~hts se he would bs~e ia the 11. Tl~at in csse ot (a) aay default ia the making of aay payment of principal or i~te~est. accordiu~ to the lcaor ot eHat oE saiA note~ or (b) the sctwl or threatened danolition w removal of any buildiag on any part uf the mortgaged property. oc (c) sn actual ot tl~ratee~td datruction of any oE the mort8a8ed prope~ty. or (d) a~y actual or threatened impairmeat of tl~e security benbr ~ranted. or (e) tbe removsl, witlaut Mort~a~ee'a conseat. of aay chattds eacwubered hereb~. froa~ the prsmiser vrhere tbe sa~ne are now located. o~ aq~? defsnlt ia the parinent of the Wca. prem~wns of inswance or aay othe~ snms aQreed to be psid henunder. u tLe eame sLall re~pectively beeome due aadpa~ able. or any breach oE any of the co~•enants he~eia contained. or (h) anr chanQe ia the la~rs of the United States ~ of the State of Florida. either by statutoq? eaactme~n or by judicial decision. whereby tbe paymeat of any of tbe tues. assessmeats. liens or charges hereinaDove desc~ibed maY be imPosed oa the Mortgsgea thea aad ia a~y of snch e~ents. the entire principal sum hereby secured and the interest thereoa. and any pay~ients which may hare been made br t!K Mort- gagee for ~epairs. msu~ance. taxes. sssessaients. coscs. charqes. exoenses. abstnct or other titlc evidence. atturney's fees or otherwite. sha1L at the option of the Mortgagee. beconis imaxdiately dne aad payable without further notice aad this ruortgage may-be foreclostd in the manner and with ~he ume effect u it the said indebtedness hsd othe~wise matuted. The failure ot Mortgagee to take anr ao- eion hereunder subsequent to aay auch detault sdall aot constitnte a wsiver by HortQagee oE auch. or any subsequenb default l2 That in case suit shalf be instituted in a competeat conrt to foreclose this mortgage. the Mongagee _shaU be eatitled. u s matter of right. and veithout re~ud to the ~alue of the mortgaged property. or solvency or insolvency ot the part~es. and v?ittaut notica to the aQpointment oi some sn?table person or corpontion u a receirer ot aad tot all aad singular the mortga~ed property and the income. ~ssues and profits thereoi. such receiver to have the usual powe~s and duties of receiven in such cases. ~ncludu~g the right to enter upon, receive. recover aad take complete possession of. said propen~ and the rents. incoa~e. issues and profits thereof. which shall be applicd by such receiver according to laW and under the d~rection of the court niaking such appointme~t: 13. That in the event the mortgaged property shall be sold in foreclosure proceedings or other proceedin~;s that may be author- ized by law. tl~e proceeds of such sale shall be ayplied as follo~~s: First. to the payment of all expenses iucurcrd hereunder. including a reasonabte attorney's fee for such services as nuy Ix aecessary for the collection oE the secured indebtedaess or any part tl~ereof and the foreclosure of this mort~age; Second. to the payment of wbate~er anm or snms the ~Iortgagee may I~ave paid or become liable to pay in carq?ing out ihe optans. terms and stipulations oI this mortgage; Third. to the paymenC and aatisfaction of said note and the interest thereon. 14_ That ao waiver of any cmeaant herein or of the obligation securcd hereb"y shall at any time thtreafter be held to be a waiver of the terms hercof or of the aote secured l+ereby. 15. That no extensau of the time for. or modif'~cation of the terms of. tbt pa~rments to be made as hereinabove recited and no r~irase of any put or parts of the mortgaged property. or ot other collateral secunaa the abo~e described indebtcdness, even thongh n,ade without the consent of the Mortgagor. shall release. rdie~e or discharge the Mortgagor from the paymeat of any of the sunu berc- by sccurcd. but in such event t6e Mortgagor shall nevertheless be liabk to pay such snms according to the terms of snch exteasioa or modification unless expressly released and discharged in writiag by the ]~ongagce. ~iortgagee shall 6ave the right to release from the liea hereot aay portion or portions of the mortgaged property. or other eollateral held as secu~itr for the above described indebted• ness. inespecti~e of the value of the rdeased portion. w~thont affecting the licn hereof u to the pa~tion or portions not released. not- withstanding the fact tl~at the nnreleased portaa or portions mar theietofore have been sold by Mortgagor aad notwithsqnding tt~at wch rel~asc may be made without the Icnoaledge or conxnt of the gnntee or gnntees of the sold port~on or portioos. 16. T6at the Mortgagor hereb~ waives all right of homestead or other constitntional e:emptioa in the bereinabove described property and agrees that this mortgagc and the note above deacn'bed shall_ be•construed according to the laws of the State of Fbtida. ~ 17. That tht mailing of a written aotice or demand addressed to the owner of record of the mortgaged promixs. or directed to the said owna at the last address actnaUy fnrnished to the Mortgagea or directed to said owner at said mortgaged premises. and ms~- ed by tlu United Sutes mails. shall be snfEicient notice and demand in aay use arising nader this instrnment and required by the provisions her~of or by law. 18. T6at each and everp the covenants. ternu. coaditions and agreements herein contained on the part of the ]?iortgagor to be performed znd kepO shall e~ctend to and bind each and every the Mortgagors if t6erc are more t6an one. and each and every thcv heira i legal representatives and assigns. and that the same shall innre to the benefit of the Mortgagee. aad/or heirs. administntors, legal ~ representatives, snccessors aad assigns t6ereof. ' ~ 19. That if the Mortgagee so reqnirea. the Mortgagor will. toBether vrith. and in addition to the puiodic payments provided ` under the terms of the nofe secured hereby. on t6e firat day oi each period until the uid note is inlly paid. pay to the Mo~tgagee the fol- lowing sums: (a) A sum eqnal to the gronad renta. if any. next due. plus the preminms that wilt n~xt become due aad payable on policies of fire and other huard ins~uance co~ering the mortgaged property. plns tuca nnd assusments next due on the mortgaged pro- pertp (all as estimated by the Mortgagee and of which the Mortgagor is notified) less all sums already paid thbrefor divided by the nnmber of periods to elapse before one period prior to the date whea suc6 gtound reats. premiums. taxes and assess= ments will become delinqnent. such sums to be held by Mortgagee in trust to pay uid grouad reuts. premiun~s. taxes and special assessmeats. (b) The aggregate of the amounts payable purtnant to Snb-pangnph (a) hereof and those payable on the note secured hereby. paid in a single payment each period, snch payment to be appl~ed to the fotlowing items in the order suted: (1) Gronnd nnts. tues. assessmeats. fire. and otl~er hazud insnnnce premiums; (II) Iaterest on the note secured hereby; and (III) Amortization of tbe principal of said note. ~ Any deficiencp in the amonnt of snch aggregate periodic payment shall. nnless made good by the Mortgagor prior to the due date of ~ the next snch paprnenL constitnte an eveat of default nnder this mortgaga The Mortgagee may wllect a` late charge" not to eueed an amonnt eqnal to foar per centnm (496) of anr instaUmeat which is not paid within fifteen (15) days from the due date thereoE to cocer the e:tn expense involved in handling delinquent payments. Z0. If the total of the paymeats made by tbe Mortgagor nnder Subparagraph (a) of Paragrap6 19 prtceding. shall eacceed the amopnt of payments actually made br the Mortgagee for ground rents. tues aad assesame~ts. aad wsnnnce premmms. as the tase may be. snch access shall be uedited on snbseqnent payments.to be made b~ the Mortqagor for sne6 items. If. tawever. snch periodie payments sF~all aot be anfficient to pay snch ~tems when the same shaq become dne and payable. thea the 1[ortgagor shall psy to the ??iortgagee aay amonnt nece.s:ary to make np the def'icieocp. Snch papment shall be made within thirtp (30) dars after writtea notice from the ~4iortgagee stat~ng the amonnt of the deliciency. v?hich notice mar be given by msil. If at anr time the Mortgsgor shall tender to the MortEtagee. in accordance v?ith the provisions of the note secnred hereby. full payment oE the entire indebtedaas represented thereby. tl~e Mortgagee shall. in computing the amount of such indebtedness. credit to the acconnt of the M~tga gor an]? balance remaining in the funds sccmm~lated nnder the provis'ans of Subparagnph (a) of said Paragrap6 19. If tLere shall be a de- fautt nndu any of the provisions of tUis mortgage resnlt~ag in a public sale of t1~e premises covered hereby. or if t6e MortgaQee ac- quires tl~e property otlxrwise after defanlt. the Mortgagee shall ipply. at the time of the commencemeat of snch proceediags or at tbe (31 BooK165 PACE1G66 r: - - . .,l-. - ~Y - _ ~z~:~-~-~. _ "~e~~ _ ~