HomeMy WebLinkAbout1301 3. To placs and continuously keep on 1M buildinp~ now or heresfte~ utwt~ on iaid land and on all equipmen~ and perwnally cove~ed by thii mort~-
y~, with all premiums thereo~ paid in fuil, fire insurance in tM usuat standard poficy form, ie~ a sum approved by the MORTvAGEE, ind wind~tum
i~s~~ance io the u~u~i ~tandard policy iwm, in a aum ~pp~oved by the AAORTGAGEE, t~ such company or compan~ei as ths MORTGAGEE may
d'ueftj and sU (ire and wi~dsrorm inwrance poiicis~ on ~ny of taid buildirqs, a~y tntere~~ therein or part ~hereof, in fhO aggrcga~e wm afprtsaid p?
1~ eacau 1he~eof, shatl contain tM ususl srandard mortg~es d~uss or such other clsvse as tht INortgages may requ'ue, making ths loss u~de~ said poli~
cies, each snd every, payable ro said MORTGAGEE as its inte~eit may +ppear, a~d esch and every i~ch pol~cy shall be promp~ly ass:9ncd and deiivered to
•ny heW by said MORTGAGEE as fuhhar ucv~iry fo i+id mortgage debt, and, not lesa ehsn ten (10) days 3n advance of the txpiration of each polity, to dr
liver fo asid MORTGAGEE a renewal thereof, topether with a receipt iw tF?e premium of such renewal; and there shall be r?o fire or windsto~m inwranc~ '
placsd ot~ ~ny of said bui~dings, any interett therein or pa~t thereof, unless in tM form and with the lou payable as aforeuid; and In ths evsnt any tum 'y
of mo~ey becon?es payable voder such policy o? polic}es sa;d MORTGAGEE shail have the option ro receive and apply the same on atcounl 01 the indebted~ i,
neu secured hereby or to permit said MORT('iAGORS to roceive and us~ it or +ny part fhereof for oiher pu~E,oses, .vlrhout th_~eb~ waiving o~ Impair- ~
inp u?y equity, lien or rig?~t unde~ w by virtus of this morsgagr, snd in tAe ~vent said MORTGAGORS shall fw any reason fail to keep the said p.emisrs so ~
Fns~~ed, or fai) to deliver promptly any of ssid policies of insurance to said MORTGAGEE, a iai! promptly to pay fully any,premium therefor w in any
respect fail ro pariwm, diuharge, execute, effect, complete, comply with ~nd abide by thit eovenant, w any part hareof, wid MORTGAGEE may pl~n +nd
p~y for such Ins~rance or any part tFu~eof w;thout w~ivinD w ~ffectiny any option, lien, equity, w right under or by virtue of ~his Mortgage, and the
full ~movnt of each a~d every iuch payment sh~ll be immedi~tely dw and payable and shall besr interest from the date tnereof u~til p~id at the rah of
nine per ccv?tum per a~num and topether with such interest shall be setured by the lien of tbis mortgage.
To perm(f, commit o~ suffer no waste, impairmenf or deteriotatio~ of said property or any paH thcreof. ~
5. To pay cll and tingvla? ths coats, ti?arges and expenses, incl~?ding a reasooable atto~ney i fee and costs of abstracts of title, incvrred or psid ~t
any time by said MORTGAGfE, b~cause or in th~ ~v~++t of the failure on the pa~t of the said MORTGAGOR to duty, pranptly end fully perform, d~scha~ge,
execute, effect, comptets, compty with and abide by esch and every the stlpvlar;ons, agreements, condi~ions, snd covensnts of said promissory ~ot~ and this
matgaye any o~ either, and iaid costs, charge~ ~nd expenses, each and every, shall be immediately due a~d payable; whether w not there be notice d~
mand, attcmpt to collect p suit pe~ding; snd the ful) arnount of each a~ avery svch payment shal! besr interesl from the date thereof until psid ~t 1F~e
rate of nine per centwn per annum; and all said coats, charges a~d expenus incurred o? paid, togNher with auch iMerest, shall be satured by tM lien of thii
mort9aQs-
6. Thst (s) in the event of any breach of this Mortgaye w defautt on the part of the MORTGAGOR, or (b) in the even~ any of said sums of money
herein referred fo be not prar+ptly and fully paid within thhry (30) da~n next after the same teveratly become due and payabk, without demand w notice,
or (cJ in the event each and every the stipulations, agrecments, conditions and covcnants of sa~d {xomiuory note and th~s mortgage sny w eitAer a?e ~rot
~uly, p?omptly and~fut~y perfwmed, d~uharged, axetuted, effected, completed, comalied with and abided by, then in eitFKr o~ any such evsnt 1M said ap~
gregste sum nxntioned in said promisswy rtote then remaining vnpaid, with interesl accrued, aod all moneys sec~red hereby, shall become due and pay-
able forthwith, or thereafter, at the option of said MORTGAGEE, as fully ard comptetety as if aN of the said sums of money were originally stipulated
to be paid oie svch day, anylhing in said promiuory note or in this 1Nortgage to the contrsry notwithstanding: and Ihereupon or therea(ter ~t the option of
said MORTGAGEE, wirhout ~oYKS or demand, tvit at Iaw or in eqviry, iherefore or ~hereafter begun, may be prosec~ted as if all moneys secured hereby
f~ad matured pNOr to its institWion.
7, Thar in the event that at the beginnirg of.or st any tims pending any suit upon this Mortgage, or to foreclose it, w to reform it, w to enforce
payment of any claims he?eunder, said MORTGAGEE shall apply to the Court having jurisdiction therno~ for the sppo~ntment of • Receiver, such Court shall
falhwith appoinf a receiver of said mor/gaged ptoperty all and sirgular, indvd~ng all and singular the income, p~o(its, issues and revenues from whateve?
source de?ived, each and every of which, it being expreuly unders~ood, is hereby mortgaged as if speuiically set fath and dewibed in the gr~nting and
habendum clauxs hereof, and :uch Receiver shall Rave all the brosd and effective tuncnons and powers in anywise ent~usted by a Court to a Receiver, and
such appoinrment shall be made by such Coun as an admitted equiry and s matter of abwlute rigM to said MORTGAGEE, and without reference to the
adequacy or inadeqvacy of the value of the property mwtgaged or to the sowency or inwtvency of iaid MORTGAGOR w the defendants, and that s~ch
rents, profits, income, issves and revenuts shail be applied by such Receiver according to the lien a equity of said MORIGAGEE and the practice o( such ~
CouR.
8. To duly, prompHy ae+d fully perfwm, discharge, execute, effect, complNe, comply with and ab'~de by each and every fhe stipu{ations, agreements, ~
conditiora and covenams in said promitsory ~ote and this mortgage ~et fath.
9. TFat in the event the ownenhip of 1he mortgaged premises, a any psrt thereof, becomes vested in a persw~ other than the MORTGAGOR, ths ~
MORTGAGEE, its successors and auigns, may, without no~ice to the MORTGAOR, deal wifh such successor a succcssor in interest with reierence fo 16is ~
mortgage and the debl hereby secured in the same manner as with Mwtgagor wilfW~iT-it~iny way vitisting es t?eschuging.ihe_Mprlyaaors•_ Hability he?e-
unde? or upon the debt hereby secured_ No sale of the premises hereSy mortgsged snd no forbearance on the pan of the MORTGAGEE or in wttessois
w assig~ and no exrension of the time for the payment of the debt hereby secured given by the MORTGAGEE or its successors or auiyns, shal) operate .
ro retease, distharge, n+odity change a affM the origir~al liability of the MORTGAGOR herein, Eithe? in whok or i~ part.
10. !t Fs specifically agreed that time is of the essence of this contrad and that no ~vaiver of any obtigation hereunder or of the obligaYan sr
cvred hereby shall at. any time thereafter be held to be a waiver of the terms hereof w of the instrumeM secvred herby.
11. In add~tion to the forego:~g monthly payments of princ'pal and interesf required by the promissory note secured hereby, mortgagor corenants
snd agrees to pay to mortgagee with eacb monrhly payment an addfrional sum est~mated by mortgagee to be equal to 1/12 oi the annual cost of the fo{!ow-
ing:
I
A-All ~eat property taxes levied or assessed against the above deuribed real estate. ~
B-Premiumz on fire and windstorm inwrance as herein requ~red fo be carried on the improveme~ts aTwate on 1F~e above described premises. }
C-Premiums on svch mortgage guaranty insurorce as mortgagce shall from t~me to time deem fit to carry on the loan secured here6y.
Mortgagee sfiall from time to time notify mortgagor in writing of the amount dve and payable hereurxier and such sum shall thereupon be due and
payable on the due date of the next monthly payment and each successive month thereafter urtit mortgagee shall notify mortgagor ot a change in such
amount. Such sums sFail be applied by mortgagee toward the paymeM of real property taxes, insurance prem;ums, and mortgage guaranfy insurance
premiums. •
IN WITNE55 WHEREOF, the said NIORTGAGOR has hereur.to set his hand and seal the day and yea~ fi?st afwesaid.
' ned. Seafed and liver i pr f: _
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eq
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~ ~ oria . ar ~ ~
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STATE OF MICHIGAN ~
couNrr of _ ~ ~
~ ~7 Gc'_C ~~''~I.L}~ -
Befwe me personally appearcd Daniel B. Ward
snd
Gloria l• 1A1aYd his wife, to me well known and known ro me to be
the individwls described in a~d who executed the foregoirg instrument, and acknowledged before me that, ~eY e:ecuted the same for the purposes
'?tK.~M ex~.~d. n~a rtb .~~a Gloria l. Ward
, wiie of the ss;d Daniel B. Ward ~pon a separafe ar~d pirvNt
exam~nation by me taken sepais:e and apart from her said husband, ~dcnowledged to and befwe me that she executed sa+d instrument freely s~ wl~rr ~
~ tarily and without any compvlsion, constraint, apprehension, or fear of or from her said husb~nd.
WITNESS my hand and official seal this ~r~ day of A. 19 7O
• Notary Public in fw the f j, iqaz
My Gommiuion exp es:
Return Ta. R11CI01 ~'1 J Zabel ~~'r
Fint federat Savings d~ loan Associatwn P •
Of fort P~erce.
Fort Pierce, Ftorida
e
This Instrument Prepared By J. D. Chastain ~
First Federal Savings E~ Loan Association
of Fort Pierce~ F loY ida ~
~
, Checked 8y . '
~ ~oaK PaCE 13G0
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