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Home My WebLink About1325 8. Until defaalt in the ~er[urmancc of the covenu~its u~d ~greemcnts of this mortguge, the mutigagors shall be entitlecl : rnllect the r~~ts, issues aod profits from the (xemises hereinbefora describec~, but in rase of a clefault in aay of the term~ of ch~s mortgage, and the filing of a biU to foreclose this or any other mo~fgage encumbering the within described property, the .~ssociation s}w1~ '-nmctli:itel~• and without notice be entidctil to the appointment of a Recei~•er of the mortg~gedpro~~ rty, and ~~f d~e rents, issues and profits thereof, with the ~sual power of Receivers in such cases, snd such Receiver rnay be continued ~n ~OS.:cssion of the ssid pn~pe~t~' unti~ the time of the sale thereof under such foreckuiue, a~d until the confirmati~ai of such ,.~le b~• the Court. 9. lf a con~~evance shuuld tx~ made by the mortgagors of the premu~~s hemin dcscrihed, or any part thereof, without rh~• ~vritten cvt?s~nt of the !lssociation, anci ~~itF?o~~t assamptiun in mg~~L~r form of law by the grantee of th~ obligatio~u to the ~..~K~u~tion crrated bv wid pn>misscxy note and this murtgage, thcn, anc: in that event, and at the option of tl~e Asu~ci.?ti~~n. .~rnl .~~dn~ut ~wtice, all sums of mone~• sec~ae~c1 hereby shall immediately and cYa~curmntlv with such rnnve~•ance become due aud ~r.~~~ablc and in default, The Association may deal with successurs in intemst ~vith reEerence to this mortgage ar.d the debt heiebv ,ecurcd in the same mannrr as with the mortgagon, :?nd may forbear to sur or may extend time (ur ~~.1~~meot uf the debt, se~~uml }:ereb~•, or c~thcr~~ise act ~i•ithout discharging or in anv ~~:iv afEectir~g the li:?bility oi the ~nortgagurs hereunder ur upon the debt , Le~reb~• securecl. The Association may also deal w•ith the~ Aiortg:~gon aadlor N1~}t succrssors ~n interest ~~•ith reference to this ~nurt~,age a~icl tho debt here~bv sccun~cl by forbeariag to suc, extending the time for payment of the debt, pmviding for differcnt ' ~nouthlv pa~~r?ents and/or a cliffemnt interest rate, and by other eapress m~xlifications of the co~etrtct, ~vithout losing an~~ Ixiorih- + the :?ssociation has over other morig3gees ur lienors or holclers of any junior interests in the pw~x•rtv sec~~red he~eb~•. 10. That in the c~•ent thc premises hembv ~nortgagecl, or uny part thereof, shaU be condeenned uud taj:en for public ? uu~lcr t6e [x~~+•rr of eminent domau~, the Asc~xiation s}~all have thc right tc demund that all damages awarded for the taking of or ; ~IamaGcs to said pmmises shall be paid to the Association, its succcssors or acci~ns, up to the amount unpaid on this mortgage and _ ma.• be ap~lied upon the payTnent or payments last pa~•able thcreon. ; 11. lt is specifically agreed th~t time is the essence oE this ccHUract and that no waiver of anY obligation here~nder or of • tl~e obligation secured hereby shall at a~v time thc~reafter be held to be a~+~aiver of the ternu or of the instrument secured hereb~. s 1?. If foreclosure proeFC~clings of any second mort~age or seeond tnut deed or any junio~ lien of any kind should be insti- ; tut~Yi, the Association may ~t its aption, immecli:~tely or thereafter declare this mortgage and the indebtedness sPCUred hereby due ; ! .~nd ~~~able. ' 13. To thr. exter~t of the indebteciness of the ~to~tgagors tc~ the Atsoccition desrribed her~•in or securecl licnby, the Asso- ; ~ i.~tion is hereby sub~ogated to the lieo or liens and to ihe rights of the o~vnrrs and holders thereof of each and every mortgage, _ lic~u or othrr encumbrance on the land described herein which is paid an~l(or) satitficd, in ~vhole or in part, out of the proce~is ,~f the la~n described herrin or secared hemM•, and the respect~~'~• liens of said mortgaRes, liens or othcr eneumbrances, shallpass : r„ :~nd be held b~ the Association herein :u securitv for the indebtedness to the Assxiation herein described or hereby ~ecured, to 3 th~• wme cr!ent that it ~~•ould ha~•e bcen preserved and ~~~ould have been passecl to and been held by the Association had it been - cluh• and re~~darl~~ assigneci, transEerrcd, set o~•er and delivered unto the Asscx•iation by separate daed of assignment, nohvithstand- : ~n~ the fact that the same mav be satisEied and cancelied of reci,rd, it ix-;~~g iiie intention of the ~rties hereto that the xame ~vill l~c~ s:~5sfied 3nd cancelle.l of~record by the holders thereof at or about the time of the recording of this mortgage. ` 14. To p.-~~• all and singular the costs, charges, and expenses including law~•er's fees, reasonably incurred or paid at ao~- tirite bv the A~coriatian, I~ec:uur of the failure of the \tort~ag~~rs to perfonn, comply ~aith and abide by each and every stipula- , r u~n` a~recrnenls, conditions and c~~~-cnants of s:iid promissory notc and this deeci, or either, and every such payment shall be:u mtF,-est from aate ai the rate stated in the note secumd hereb~•. li. That he .~-ill permit, commit, or suffer no ~~aste, impainnrnt, ~u ~lrteri~x:ation of said properi~• or am• part thereof; u:cl in the c~•ent of the f.?ilure of the \1ort~a~ors to keep the hoildingc c?n c~id premices and those to be erected on s:?id premises, ~I ~~r improvements thereon in gooci rep.lir, the Association m~y make and pay for such re~in as ui its discre.Kion it ma~ deem ~ ncYrscary for the proper presen•ation thereof, and the full amount of such pa~Tnents shall l~ secured by the lien of this matgage ~ .n<l shall at the option of the Associatio:? be immediatcly due and pay~ble, or pa~able in such monthh installments as thc 1s~a- ~ !i:~n mav detem»ne. and e~•en• such pa~Tnent shall bear interest frum date at the rate stateci in the note secured hembv. ~ 16. 17~at if the Assaciation and the ~tortga~ors agree, ihe itort~a~ors ~~iil carry a policy or ~licies of insurance upon t'i~•ir !i~•es in an arrl~unt ~Yliwal from time to time to the amount of u~debtednc~ss herebv sectued, making said Association bene(i- j :.~rc ih~reuncler, and that t6e said Associ:?tion may pay the pmmiums for suc}~ iiu~rance (in the e~~ent the !ltort~aRors do not), ~ ~~~~1 a:ld each su~h pa~-ment to the un[~a id balance of the loan, as of th~ first day of the then curmnt month, and it shall becomr .~~?~1iti~~na1 indebteciness sccurcd b~• th'~s morlgage pa~•able ujwn dcmand. 1~. That in the event that this mortgage be~ gi~en to secure a constn~ction la~n, failu~e on the part of the ~fort~,a~ors or . ~h~•ir c~ntr.ictors to eomplete said buildin~ in aceorclanee w•ith Constn~ctiun I.o:?n Agreement, of cven date here~~•ith, or to build ..ii~l cti?restn~ction in acrordance ~~~ith plans and sFxcifications {ilecl w•ith the As~ociation, sl~all constit?de a breach of this mcxtgaQr. ::~~1_ :~t the option of thc Association, immediatelv mature the entim amoi~nt of princi~l and intcse~t hercby secured and the Asso- ;.~tiun ma~• immecli:tteh• i~utiti~te pmceeclings to~foreclose thu moi`~agc. ~ 1'~. That the :~bstr:~ct ~~r alntracts of titl~ rn~'erin~ the mort~a~e~ci pm~~•rh• shall at all times, during the life of this mort- ,+~,r. remain in the pos.,cssion af the Ass~xiati~in and in thc c~ent of th~• fe?rc~losure nf this mart~;age or other transfer of title to 'l;r m;~rtga~ed ~ro[~crty in ~xtin~uishmcnt of the indebteclness secure~ l;crcb~•, all ri~ht, title, and interest of the Atort~:laAIS in ~nel to an~• such abstracis of tide sh:~ll p.us to the p~:rchaser or grantee. 19. The Association ~hall have the right, in its discretion, to rcti~uire th:d the \1ort~:igors pa~• into the Association in addi- ~ tr.,n to th~ monthh• installmrnts of principal and intc~rc~st to be p.+id b~• the \1nrt~a~ors under the note secureci b~• this mortg:~ge, .unou~?t e~ual to on~~-h~•elfth of the annual installments of am• t:~x~•s on the n:ortg:e~~rl ~~remises le~•ied or :L~St55C(~ M• am• ,~~~~~mmc•ntal authoritv, and one-h~-elfth c?f the annual premiums for Fire and I~:ete•ndcil Covera~e ins~~~.uur ~n~ the mort~aged :~~~~mi,e•e :i, h~~r~iol~cforc rey~uire~~l bc thc Aca~ i.~tu.~~. ••id thc \1urt~.?~ors' f:ulnm t~? rnake• cuch p:i~~nehits sh_~II ~Ymstitutc a dc[ault .:~,~!~•r thi~ ~nort~a~e. 1\ ~l'IT\ESS ~l'HERt:(1N, th~ +.eici ~Mrt~~:~,~~rs h~•r~!intn ~et Ihi~ir h:~mis ar.d x•.ils the da~• .md ~-e•ar first abo~~e w~ritten. ~ - ~i~n~•d, .c:?1~•~l .~nd d~li~~crcd in thc prcu•ncc ~f~ T. ~T. ASSOCIATES~ INC. ~ a`Flo~ida~ ~ ~ - ~ a,rporati~n ; ~ By: ~ ~...E , 'J ` (SEAL) ~ , - - > ~ - Ja~i~IF P. Kelly, Presi 1.- 0 _ ~ ~ ` ' / ~ ~~.t--\=- - Attest: i~-I~CLrtr,~~~ EAI.1 ~ ~ ~ William F. Kelly, Sec~c ~ i ( ~ SE ai.) ~ ~ ~ ~ i SEAI.1 ~ ;'N I i7~/E SSE S} , NOR iGA^vOQS; - ~UJ~ 194 1325 ~ ~ : ~ . . - - , -