HomeMy WebLinkAbout1317 ti. UnW drfault u~ the ~x rf~xmance uf the a~vcu:u~ts und aRr~rn?ents of t~is murtguge, thc nwrtgago~s shall l~c cntitk~ct
t~~ collc~ct the rents, issues :~nd pn~fits from the premises hereiabeforo desc~becl, but in r.ue of a de(ault in any oE tl~e ten~u uf
this nwrtgagr, n~~d the filing of a bil) to fomclcue this or uny other mortgage encumUe~ing the within describod propetty, th~'
.\sa~ciutiou sh:?U imnxtiliatclv and with~ut noticc be cntiticd to iho nppointmcnt of n Rccttivcr of th~ mortgagcd~{~ rty, and _
~~f the rents, issurs aud ixofits themof, H•ith the usual power of li~reivers in such rases, and such Receiver may be contiuueci
,n ~xu.:essn~n of the x:?id pn?~~ectr until the ti~ne ~~f the sale thenY?f und~r such (oreclosurc, and u~~1il the rnnfirma~i~a~ of such ~
..~li• 1~~~ thr Court. '
9. If u convevanc~ shuuld be made 1~y the tnortgagors uf the pr~mis~•s h~min describ~~cl, or anv part thrn~of, ~vithout
~h~• ~~•rittcn an~.x•ut o~ tl?r ~~c~x~i:~tio~i, anil aithcu~t assumptiun in n~ular forn~ of luw bv the qrantce o~ the obligatioi~.s to the
1..~x•iatK?n ~•n:itr~l bt said l~n~misson• notr+ and this nwrtg•~ge, then, •u?d in that e~•rnt, und at the optiun of Il?r As.~~K•iatiui~.
~u~! ~vittwut ~N?ticr, ali s~un.r uf m~nth• sc~c•~~re~l hemby chall immi~iiatelv u~id a?ueurmntlv ~~7th sueh cv~nvevanee becv~ma due aud
Eti?~~at?le a:~d in dcfAUlt, The Associatiun may deal with successurs in intemst ~vith re(ercnce to this m:Ktgage and the elebt hereb~•
~~run~ in lhe s~me munnrr as ~~~ith the m~?rt~;:igon, and may Eorlxar to sue may cxtend tim. (ur ~u~ymcnt of the debt, securcii
I~rrebv, or ~?thenvise act ~~ithoid dischargmg or in an~ ..•z~v atfcrtin~ the liability of d~e murt~;u~u~s hemunder ur a~n the debt
herebv sec~ued. The Association ~n:?y alsO :leal with the~:~lortga~;ors undior ~vith succ~a~s.u?rs in intcrest ~~~i~h referer~ce to this
=nurt~a~c :uzd tho debt herebv sccure~l bv furt~eariu~ to sue, extcndinR the time fo~ payme~~t of the debt, proviJing for different
munthh~ payments and/or n diifennt interest rate, and by othe~ ex~xess m~xlifiattioiu of the contr.~ct, ~~~ithoot k?su~g any ~xiorit~~
th~• ~ss~ciation has aver othe~ martgaFecs or lic~~ors or ho~dcrs of a~~y jw~ior intc~ests in thc pru~xvh scc•un~d hcreb~•.
10. T1?at in the r~rnt the pnKnis~K hi~mbv mortRaQc~cl, or am• part thereoF, shall be :hnde•~nned an~i taken for publie e~se~
~m~lrr d~e ~w~~~er of emuicnt domaiu, ti?e A~uK•iatiun sl~all ~avr the• right to dc~nand that aU d~mages aw-arclecl for the taking of or
~1.?~na~e~s tu s~id pmmises shal) be paic~ to the A~.coeiation, its suecrssors or as.ai~rts, up to the amount unpaid on this m~xtgaRe and
ma.• he :ep,~li.,cl u~wn the ~a~•mcnt or ~sa~•ments last pa~~able thereon.
11. It ~s speeificalh agreed that time is the escencr of this rnntract and tt~at no ~~•ai~•er of anf• ubligatiun hereuncler ur of :
tht~ ubliGation secured hemb~~ shall at am• time thcmafter be held ro he a~~•aiver of the tern?s or of the instrument securecl hercby.
I?. If forecMsure procecvlin~s of any second mortRage or sccond tn~st deed or any junior lien oE any kinJ should be incti-
tutc~, the Acsociation m:~r at its option, immccliately or the"rafter de~clam this martgage and thc indebtc~ciness srcur^d hereby due
.~n~i pa~-ablc.
13. To th~• rxtent of dtie indrbtcclne~s of the ~tortgaqors to thr Assoceition dtscribecl hcr~•in or secured ltcmby, the Asso-
,~.~tion is hereb~• subru~ateti M the lien or liens and to the rightc of the o..-nrrs and holders thercof of each and every mortgage, `
li~~n or othrr e~~cumbr.ince on the land dc~scriUecl herein ~vhich ic paid an~l(orl satisfiecl, in ~vhole or i~i part, out of the proeeeds
the Inau descritxcl hemin or secum.i herch~•, and the res~x~ctiv~' licns of s.1id mortgage~s, liens or othcr encumbrances, shallpass i
r,~ .~~?d t~e held br the Acsociation herein ,~,c sec~~ritv for the indebtednc-ss to the Assxiatxm herein describecl or hemby secured, to
th~~ s,~~ne cxicnt N?at it ~voi~ld have Ixen presen•eci and ~~•ould hav~ heen ~us.«Yl to and been helcl by the Assoc~ation had it heen
i~:~ thc fa t t~hat,th~sam m v1be sar
t
fiecita id rance
led of recourd, it t ng the ntentio
ofathe~~ ies here~to th.
t the same~will
l~ ~iisfied and cancelled of rernrci by the holders thereof at or about the time of the recor~ing of this mortgage.
1-!. To ~xiy all znd singular the costs, charges, and ec~enses includin~ lawyer
s fees, reasonably inc~~rred or paid at an~• r
ticr,r h~• the Acux'i:iti~~n, Imc:u~sr oE thc~ failure uf the ~fortga~ors to perfomi, comply ~~~th and abide by each and every stipala-
r~~ms, a~-ecments, c~mditionc and rn~•e~~ants of s:iid pmmissorv notc and this dced, or Pithcr, and cven such pavmcnt shall tx:ir
,~iterest fmm date at the rate statc~cl in thr note securecl hereb~•.
15. That h~ h•ill~e m~it, commit, or suffer no ~s•aste, impainnent, or deterioration of wid propert~> or anv E~rt thereof; ~
~n~t in the ~~•ent of the f:?ilure of the ~tortga~ors to keep th~ huildin~s ~~n saicl pmmises and thosc~ to be ereetecl a~ s:~id pmmiv~s, s
~ ~r ympro~•ements thereon in goal repair, the Ascc?ciation mav make anci ~~y for such m~irs as in its disrn.~tion it mav deem ~
, n~rescary for the proper presen•ation ihereof, and the full amount of such p:n•ments shall be secured bv the lien of this mcxtgage
~ ,:,;i ~hall at the option of the Association l~e immcciiately due and pa~•able, or pa~•able i~~ surh nx~nthly installments as !he A~.sa.ya-
~ t i~ ~n mav ck t; rmine. and e~•en• such pa~Tncnt shall bear interest from date at the rate stated in the note secured hercM•.
16. ?]~at if the Association and the \lortgagors a~me, the ~fort~a~ors ~vill carrv a policy or ~licies of insurance u~x?n '
i !l:c~ir 1~~•es in an am~~int ec~ual (ram time to ti~ne to the amowit o[ indetsteciness hereb~~ seciued, making said Association benefi- ;
;.in~ t}~ere.inder, and that the said Association ma~~ pay the premiums fur such insurance (in the event thr ~[ortga~ors do not), ~
~nc? add each such p~~-ment to the un~a id balance of the ban, as of the first day of the then curmnt mo~ith, and it shal) txcome ;
c~?~litiunal indebic~clne~s secunti~ liy th'u mortgage pa~•able upen demand_ f
~ 1.-. Th3t in the e~•cnt that this mc~rtgage i~e gi~•en to secure a rn~stnictiun loan, failu~e on the ~rt of the ~tortgsgors or ;
~ ~heir c~ntr.ictars to complete said bt~:ldin~ in accordance ~~•ith C~nstn~ction Loan ARreement, oE e~•en Jate hcre~~•ith, or t~~ huild =
..:icl cumtruction in am~rdance ~~•ith ptans and six~cifications filed ~~•ith the Assnciation, shall constitute a breach oE this mcxtgagc, ;
:~t the option of thc Assoriation, ~mmediateh• mature the entire amoiu~t of princi~al and intrrest hcrcbv serured and the Ass~- #
~~r~un mav immediateh• i?utitute procee~ings ro~Eoreclase this mo~'o~ge. ` }
1's. That the ab~tr.~M i~r abstracts of title eorering the mortfia~~eci prolx~rt~• shall at all times, clurin~ ~he life s~f this murt- ~
rcmain in the possessiun of the Associatiun :?nd in the e~'ent of the forcrlosure of lhis rnort~a~e or other traiufer of 6de to $
m:~rtga~ed prapect~ in extinguishment of the indebteciness sec-~ueYl }:ereb~•, all ri~ht, title•, and intemst oE the \lort~a~ors in
<<1 to an~• siech a~tracts of title shall pass to the purchaser or grantee. ~
19. The Asu~ciation s}~all ha~•e the rioht, in its discretion, to rec~uire th:rt the \iort~agors p.~}• into the ~1c~ociation in addi- ~
,n to thr m~x~tl;h• installments of princiE~l and interest to l~e p.iid b~• the \tortg:~~;ors onder thc notc sec•~~red bv this mortGs~e,
~ smount ec;ual to on~•-h~•el(th of the ~nro~al installments of an~• t:~~~•s ~m tt~~ uiort~:~~ecl premises Ie~ i~Yl or :usesx~cl M• am'
ernmerd._l aufhorih•, and one-taelfth of the :+nnual premiums for E ire and I:~tc•ndeKl Cover~G~ inzur:u~re ~~n the mortGa~eY1
~ rni;~c .~c hrrrir:}x•fr~re re~~uir~•r! h~~ !he• A•~~K iati~n~. .?nd the \furt;;.~~ur~ f.t~l~irc• t~? rnake such p:~~-rn~•nt; sh.~ll c~~nctitote a default
~ .~~•?cr t3~i. tu~»tt;.+,c•.
~ 1\ ~\'IT\EtiS li"H[•:KF:UF, tht• ~.~id \i~~rf *?«nra }u•r~~unhi .ct tl?e•ir }c~n~ls an~l k~a~s t}te~ ~1.~~~ .~nt~ ~r.tr firs~ 1bOtY a~ritten.
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~;~r~~•~l, Sc•al~•d and dcli~~rr~t1 ir~ the prcccurc `I'. J. ASSOCIATES, ~ a_Flo~ciela
x ~ ~ eorpo~iwn
~ By: ~ ~ L - f ~ /G"c- . . . ( SE!1I.1 r
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~ - ~ Ja P. Kelly, Pre ~ _
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~ ~ Attest: `/yr !~r--r, ~~`~sE~l.•,
-3 William F. Kelly, SeerQ~y '
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~ N i T N4 S`.E S• ; MOR TGAGt~tS? ~
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~ ~oa~194 1317
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