HomeMy WebLinkAbout1333 ti. Until default in the perfomia~ice of the coven:u?ts and aR~~rn,r„ts oE this mortgagr, the nwctgagors shall be entitlc.l
colicct the rents, issucs and p~oEits from the premises hereinbeEoro drscritxd, but in rase ~~f ~ deta~dt in any of the terms uf ~
this mortga~e, and the filin~ nf a biU to Eumclcue this or any other mortgAge encumbering the within describod }uoperty, the
tssociation sh:~ll immcYliate v and w•itheut notim be entitleci to the a~ointmcnt of a Receivrr af the ~nortgaged~~e rt,y, and
~~E the tents, issues and profits thermf, with the u~ual ~w~ver af Reccivers in such rases, snd such Receiver may be rnntinuecl
~n ~x~s.:ession of the said pn?pertv unti! thc timr of the salt then•of undPr such toreclosure, and unti) the conlimtatiai of s~x•b ~
..~ic bt• the Cottrt. ,
9, lf a eun~~vanc~ should be made by the mortgagors of tl~e premiu~s herein described, or any part therrof, wit}wut
rh~• ~~Titten cu~icent o~ the Associ:?tio~, and .vitMwt ;usumptiun in n~ular forni of l~w bv the qrantee of th~ obligations to the
~•~K~iatN~n rrratecl b~• caid promisso~y note and this mortgag~, then, und in that r~•ent, ~ and at the unticui uf t1u As~~ei;?tiur~.
~u~t ~.•ithuut nuticr, all sums uE mone~• se~~~rrci hemby shal) immeYliat~lv :UlO CYqlCIUfMi~JY ~~'l~~1 euch rnn~~eyance becume clue ancl
t~.~~:~blr aud in default. The Association may deu! with successors in inteiest with reference to this murtgAge and the debt herebv
.~rured in the s:une mannr~ as w•ith the mortgagois, and may forlx•ar to suc ur maY rxtend time [or ~xiyment of the dei~t, secun~i ~
hrrrb~•, ar othena•ice act ~~~thuut ciiscl~a u?g ur in any ~~•av affcclin~ the li:~bitity of t}~e martg,~gurs hem:?rider or upon the debt
hen•by .ucurecl. The Association may a desl with the~ I?lortgagoss :?nd/or with sucrrstors in interect with reference to this
~~~~~rga~e ;u~d tho debt herrhr securc~l bv fort~earing to sue•, extendinR the time for paym~nt of the debt, providing Eor differrnt
,nunthly pa~~ments nnd/or a differe~~t intcrest r:.te, and by other express nxxlifications of the contr:~ct, ~~•ithuut bsing anp prioril~•
the• ~ssociation has over other mortgagecs or licnors or ho~cZers of any junior interests in the p~o~k~rtv sec•ored }xreb~•. -
l0. That in the cvcnt the pn•miscs he•reb~~ rnortgagc~cl, or ;~nv ~art thereof, shall be conde~nnccl and takrn fu~ public usr :
~u,J~~r the ~x~~~•+~r of emumnt domaa~, the A~i:~tion s}wU h;ive tl?e right t~~ dcmand that alI damages awarded for the taking of or `
~l.imag~~s to said pmmises shall be paid b the Association, its sncces.u~rs or assi~ns, up to the amount unpaid on thu mortgaRe ancl
b~; a~~nlied upon the pa}-ment or ~ayments last ~xi~•:~ble thcreon.
11. It is speciEieaUy agreeci th;d tir~ie is the escenm of this eaitraM and that no w:?iver of a~~y obligatiun hereunder or of '
th~~ obli~Gation seeured herebt• sha1) at am• time themafter be held to be a~~~aiver of the terms or of the instcument seeumcl hereby. ;
1?. lf fnreclosure proccc~clinqs of anv second morigage or second tn~st deed or any junior lien of :.ny kind should be insti- i
t~~trci, the As~sociation may :~t its option, immediately or thereafter declare this mortgaQe and the indebteclnesc srcured hereby due ~
~nd pa~•a~le. a
I'3. To thr extent of th: indebte~iness of the ~tortgaKors to the A~a~eiation d~ccribecl herein or securecl lien•by, the Asso- ~
~ ~.~tion is hereb~• sabrogate;3 to the licn or liens ared to the righ~c of the u~vnc~rs and holders thereoE of each and ~very mortgage, ;
li~~n or other eucumbrancr on the l~nd drscritseci hemin Hhich ic ~k1id an~l(or) satisfieci, in ~~•hole or in rart, oet of the proceeds ~
~~f the Man descri6ed hemin nr secure~i hcreb~•, :ind the res~xrti~•~• !iens of s. id mort~ages~ liens or other ~ncumbraoces, shaU~ass F
s~~ .,r.d I~e held bt• the Association herein :u security for the indebte~dncss to the Assxu,tion herein describecl or hereby secured, to Y
t1u• wine cx~cnt that i? ~~vu1d ha~•e bcen presen•ed and ~roidd havc been Pa,ccc~l to und been helcl by the Association k..d it becn ~
~l~ik and m~ularlv assi~ned, transfemecl, set over and delivered unto thc Asux•iation by separate decci of assignment, noh~•ithstand- ~
~n,~the fact that the same mav be satisfied and cancelled of record, it bci~~g the intentiai of the pariies hereto that the same tivi1) ~
i~c~ s:~5sfied und r.incel~eci of~record b~• the holders thereof at or about ihe time of the recording of this mortgagc, ~
14. ?o all ~nd siogular the costs, charges, and expenses inclucling lawyer
s fces, reasonablv incurred or paid at am•
e~~n«~ M• the Associatian. hec;wsr of the failure oF the ~iort~ag~?rs to perfonn, comply ~vith and abide by r.~ch and every stipula- ~
1~~~~~:. ,i~reements, conditiun~ and c~o~•~nants oE said pmmissory notc and ihi~ deeci, or either, and everv such pavment chall l~ar s
:~~te•rest fmm date at the rate slatc~l in thc note securecl hereb~•. ~ ~
15. 'Ihat he ati11 permit, commit, or suffer no ~vzste, impairmeni, or detrrioration of said pmperty or an~~ Part thereof; ~
~n~1 in the c~•ent of the failure of the \tortga~on to keep the buildings on said premises and those to be crected on xiid premises, ~
! ~r impro~-ements thereon in goocl repair, the Association ma~• make and ir,~y for such mpairs as in its discrc~tinn it mav ~i~m i~
n~ressarv for the proper presenation thercof, and the full amount of such pa~•menis shall be secured by the lien of this mortgage ~
shall at the option of the 4ssociation ~ immecliatel~ due and pay:~ble, or payable in such monthly installmer,ts as the Associa- t
r i„n ma~• de;: miine. and e~•en• such pa«ncnt shall bear interest from date at the rrie staieci in ine noic~ secured hereb~•, ~
16. Tliat if the ~ssoci;ition and the ~tortgagora agree, the itort~agors ~vill carry a policy or ~licies of insursnce upon ?
~h~~~r li~~es in an arribunt eq~t~~l from time to time to the amount of u~debtedness hereby sec~ued, making said Association benefi-
i.~r~~ ,hereunder, and that die saic~ Association may pay the premeums for suc}, insurancc (in the event the \lortga~ors do notl,
anr3 acld each such parment to the un~a id balance of the loan, as oE th~ fim day of the then curmnt month, and it shall becomc
..c',ditinnal indebteclness secured b~~ th'u mortgage payable upon demand.
1.-. That in the e~•c~nt that this mortgage be given to sccure a constn~clion loan, failure on the part of the ~tortgaQors nr ;
•E,rir c~ntracton to complete s~id bu~lding in accordanee «•ith Constn~ction I.oan Agreement, of es-en cl.tte here~cith, or to build
cvnstruction in aeeordanee ~~•ith plans and sjx~eificatHms filecl ~~•ith the Association, shall eonstihd~ a brrach oF this mcxt~aQe.
r~~.1. :,t the option of thc Associatinn, immediately mahuc the entire amount of princi~wl and interest hcrcb}~ secureci and the Asso- _
;:tion ma~• immecliatch• insticutc proceedings ta foreclose thu mor.eage. ~
19. That the abstraM ur ab~tracts of titie ro~•erin~ the mortga~c~ci pro~~eriti~ sh:?tl at all times, cl~ring the life of this mvrt-
rem~:n in the posses~sion nF the :~ssociati~?n and in th~ event of the f~ucclosure of this mort~at;e or othcr transfer of titlc to
m:irt~a~rd prnperty in exti~iguishmcnt of the indchtedness seeurc~l }~.creb~~. all ri~ht, title, and intemst of the ~1ort~a~i~n in F
r.:~l to am• such abstracts of title shall pass to the purchaser or grantee. ~
19. The Asu?ciatinn shall ha~e the right, in its discretion, to rcx~ui~c that the S1ortRa~~-~ t~• into the Association in addi-
•r~ to th~ mnnthi~• installmrnh c~f ~rinripal ancl inte~rest to Fx paid hv the \1c~rt~aGors cmder the t~ote seeured b~~ this mort~a~e,
,rnou~it r~ua1 to ane-h~•e11th of the ~nnual installments of an~• t:~xt~s ~n the mortfia~~ti) pmmiscs le~•iecl or asse•ssr~cl bv anv
;:~.c•n~mrnt.J authcirih•, and one-h~•c•Ifth of the :~nnua) premiums (ur Fire and F.ctrndcYl Co~-er~~r i~isuraner on tlse murtgag~til
'~I~~(t115!'S nS i,~•re~in}xdr~re rcti~uinv! h~- thc A~•.~K~i.~tiun, :u~cl the \iort~.~~or~' fa~l~n-e• t~~ m;~k~ ~~~ch pa~•rm•nt; s?r~ll c~mstitute a default
..,-'~~r tl~is tourt~:~~•c•.
1\ 1ti7"l~F.SS N'!1!:);F.~~F, thr ~.sitl 11nrt~:i~~nrc hr~r~ur:tu si•t th~•ir h,~n~Is :ind u•:?Is the d.~t• .incl ~•e~ar fitst aboa~e w~ritten.
~:~nr~l. tr..l~ d:~nd cl~•I~crrr~l in the in~cr~cr n(: <
1 T.J. ASSOCIA.TES, INC.; a F'lori~_ ~
/ ~ ~ * ~orporation
F-y-~ .~-E~ ~
- t Ay: , _t , csE,~.~
~ -~3 ne P. Kelly,~Pr t e~~ ;
~ -
~i ~ _ Acc~: c: + f ~ r~ "
- ~ ~ !.r r..:;5~ AL)
- ~ William F. Kelly, Se~rre~y
f
_ ~ til~:.~t.?
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iNU?If ::f :NIOR!(~4GOY5~
F OOr ~ y4 13e~
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