HomeMy WebLinkAbout1337 A. UnW dcfault in thc performance oE the covenants saJ agritiynrats of this mortgpge, the r_w~tgagors shaU be rntitled
collect the mr~ts, iss4es 1nd profits [rom the prcmises hereinbcfo~o described, but in r.~se of a default in aay of the terma ot
chis mo.igage, end thc Eiling ui a bill to fore,bse this os any othec ta+~rtga~c enenmberu~g the w7thin drscribed prapeity, the
.\ssociation shaU immediatelv and withcut notice be entitled to the appou~tmeht of a Receiver of the mortgagedpro~e rty, und
uf the rents, issues aod profits themof, with the usual power of Receivers in such rdses, snd such Receiver may be continueci
~n pos.,ession of the said pn>pert~• until the time of the sak the~cof under such foreclosure, and untit the confinnaticx? af cuch ;
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.:~Ic bv thc Couci.
9. If a conveyance should be made by the moztgagors af the premis~~s hemin described, or any part thereof, without
th~• ~vrittcn crnuc~t of the Assoriation, and ~~~thout assumptwn in re~ilar form of law by the grantee of the obligatio~u to the
~..ociation created bv said pr+omissury note and this nwrtgage, thc~~, and in ttk~t event, u~d at the uption af the Asu~cialN,~e.
::n~l ~.~thout notice, all sums of mone~~ sec~irecl hereby shall immediately and aaicurmntly ~~th such rnnveyance become due uncl
~~~able aud in default, The Association may deal with successurs in interest ~vith refemnce to this mortgage and the debt herebv
secured in the same mannrr as N•ith the mortRaguzs, and may forbrar to sue o~ may extend time fur payment of the debt, secureii ;
l~ercby, or othcnvise aM H~thout discharging or in anv ~~.iv aEEecting the liubility of the ~nortgagur~ heseunder or upon the debt
l~ereby seaued. The ~:s~oociation may aL~o d~al with !he Nortgagors an~]/or with succti•ssors in interest N~ith reference ta this _
murtg-agc and tho debt hcrebv securcd b•- "~rbearing to suc, exteoding the time for payment of the debt, providing Eor different ;
monthly ~xi}~nents and/or a differee~t int .rst rate, and by other express nwdifications of the contr.?ct, ..•itLaut bsing anV priorit~• a
the Assoeiation has over other morlgagees ur lienors or holclers of any juuior interesu in ~he pnyEx rty secund heremb~•.
10_ That in the event the pmmises lx~mbv nx~rt~aRed, or anY {~rt thereof, shall be condernned and taken for public usr
~irnlcr the pu~vc~ of emu~rot doni~in, d~e Aiwciatiun sliaU have d?e riRht to demand that all damages aw~arded for the taking of or
cl:?mages to said pmmises shall be paid to the Aswciation, its succrssors or assiGas, up to the amount unpaid on thit mcxtgage and :
m:?v be ap~lied upo~ the pa~Tnent or pa~~meots last p:~yable thereo~a. :
11. It is sixcifically agreed that time is the essencr of this contract and that no ~vaive~ of anv obligatian hereunder or .~f j
tt~e c~blig:.tion secumd hereby shall at anv time thereaEter be held to be a~vaiver of the temu or of the instrument secured hereby. ~
12: If foreclosure procreelings of any second mortgage or second tnist deed or any junior lien of sny lond should bz insti- j
tut~~d, the A$sociation may at its option, immecliately or thereafter declare this mortgaQe and the indebteciness sec~:red hereby due i
:~nd payable. ~
13. To the extent of the indebtedness of the ~tortgagors to the Ass~ciation described herein or sec~ued henb}•, the Assu- ~
~ i.~tion is hereby subrogated to the lien or lie~u and to the rights of the o~vnrrs and holders thereof of each and every mortgage, ~
li~~n or other euc4mbrance on the land described herein Which i~ ~id an~l(or) satisfied, in ~vhole or in part, out of the proceeds ~
~~f the la~n describeci hercin or secured hereb~•, and the respecti~•~ liens of said mortgages, liens or other cncumbrances, shall~ax !
c~~ :md be held b~• the As~ociation }yerein :?s securitv for the uidebtedness to the Assxiation herein described or hemby serured, to 3
th~~ wme ex!ent tLat it ~vould ha~•e bcen presen~ed and ~eould ha~•e been ~sed to and been held by the Association had it been ~
~iuh• and regula~l~~ acsigne~cl, transferrrcl, set over and delivereci unto the Association by separate deed of assignment, noh~~thstand- ~
i~,g the fact that the same mav be satisfied and cancelled of record, it lxin~; the intention of the parties bereto that the same ~~~ill
1~e sa:isfied and rancelled of~record by the holders thereof at or about the time of the recording of this mortgage.
14. 1'o p.1~• all and singular the costs, charges, and expenses including lawyer's fees, reasonably incnrred or paid at an~•
!~~nc bv the Association, ixrause of the failure of the \1ortRagors to perfunn, comply ~vith and abide by each and every stipula- ~
tic~ns, s~recments, conditions a-~d rn~•enants of s-?id promissory notc and this dcrd, or eithcr, and everv s~~ch ~ravment sh~ll bear ~
interest from date at the rate stated in thc note secured hereb~•.
IS. Th:d he ~~~1) permit, commit, or sufEer no ~•aste, impairment, ~tir deterioration of said propertv or am• part thereof;
~ncl in the c~~ent of the hilure of the \iort~agors ~o keep the huitdin~s on s~id pmmises and those to be ercrted ai said pmmices,
~ ~~r impro~•ements thereon in good repair, the Association m•r~~ make and pay for such repairs as in its diu~retion it ~nav deem
j r~ccc~ssary for the proper presen•ation thereof, and the full amount of such pa~•ments shall be secured by the lien of thic mortgage
~ ~r~~l shall at ihP nlitis?n of the Asv~ciatio~ immcYiiateiy due and payable, ar payable in such monthly iiutallments as the ~ssoc.ya-
ti~~n may detecmine, and e~ery such payment shal) bear interest from date at the rate stated in the note secured hereby. ~
16. That iE the Association and the \tortgagors agree, ihe ~tortgagon ~vill carry a policy or policies of insurance upon
thi•ir lives in an arr~unt equal from time to time to the amount of indebtedness hereby seciued, ma3:ing said Assxiatan benefi- z
` , ian- thereancier, and that d~e said Association may pay the premiums for such insurance (in the event the ~tortgagors do not), ~
~ ~nc1 add each such jn~~ment to the unpaid balance of the loan, as of the fim day of the then current month, and it shall becomr ~
.~~klitional indebtcciness sc~~reci by this mortgage payable upon demand.
17. 'fhat in the evcnt that this mortgage be given to secure a rnnstniclion la1n, failure on the part of the ~tortga~on or ~
;iu•ir contr.utors to co:nplete said buildin~ in aeeordanee ~sith C~nstnicticx~ La:m A~reement, of ~~•en date here~~-ith, or !o build ~
~.~icl construrtion in accordance ~vith plans and speeifieations filecl ~~•ith the As~sociation, shall constituee a breaeh of this mort~aQe. '
,~~~t. at the option of thc Association, immediatelv mature the entire amount of princi~l and intcrest hercby secured and the Asso- ~
.:.:tion mav immediateh• irutiiute proceeciings to~foreclose this mar!oage. ~ -
18. That thr abstraM or ab;tracts of tide~ co~•erinQ the mortga~eci propert~~ shall at all times, during the life of this mort- ~
,.~~~a~, remain in the posscssion of tFe Ass~ciation and in the e~ent of the foreclnsure of this mortgage or uther transfer of title to ~
?h~• mortgaged proj?erty in eztinguishment of the indebEcdness securcYl I~creL~•, all ri~ht, title, and intemst of the ~~ort~aaors in
~ ~nd to any suc4~ abstracts of tide shall pass to the purchasc•r or grantee_ #
~ 19. The Association shall have the right, in its disemtion, to rcY~uire th.~t the \fortR:igon ~x?~ into the Asux~iation in addi- ~
t ~n to th~ monthlv installments of principal and interest to be paid b~• the ~ic~rt~agors under the note secored b~• this mortgage, f
,n .~mount equal to one-h~~elfth of the annual installments of am• t:ixe•s on th~ mort~a~ed premises Ie~•ied or :usesse~cl bt• am• ~
~~~emmrnt:il authotit~•, and one-hrelfth of the annual premiums fo~ Fire and Eztended Co~•era~e ensura~ticr on the mortgagt•ci
~ ~~rrmis~ as h~~reinhefnre rcY~uirc~l bv the A.aK•iati~m. and the ~fort~.~~or.s' fa~lurc to m:ikc such pa~•mc~ntc sh:ill c~enstitute a default
;:n~lcr this tnurt~z~e. _
I\ ~1"!T\ESS ~1'IIF RE(1F, t6e said ~tort~a~nrs hcrcunt~~ u~t thrir h:~nds :inci seals the da~• and ~•car first abovq ati~ritten. t
>a ' ~ S
a F'lorida '
~ tiian~Yl, ~alcYl and dcli~•crcd in the prescncc of: T..l. AS~~.~Z`ES~ IN~:. ~ ~
~ CO Pe'L~iLOII
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3 - By: (~~-Le _ . ~ - - -tSE/~L) f
~ • ~ - ~ _ . Kelly, Presid .i ~
~ --~-r,~~ ~ - Attest: ~~~~ll~,rr.r.~•C ~G< EAL) ~
~ William F. Kelly, Secret
~ ~ ~ t SEAI.I ~
~
~ ~ ~
~ ` (SEAL)
~ ~ w ~ TNE SSE 5! ;NIORiGAGORS)
~ ~~19
~ 4 1337
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