HomeMy WebLinkAbout2556 3. To place and conti~~ously keep on the bu~ld~ngs now w hsreaiter ~;tuai~ on said land and on all equ7pnent ~nd person~lly covered by this mor
sge, wilh ~II premiumt the~eon pa~d in futl. fire insurance in the usual s?anda~d policy 1~~m, in a sum ~pproved by the MOR(GAGEE, and w~~dsto
~nsurance i+? ths vsual standard pol~cy fo~m, in a ium approved by the MORTGAGEf, in svch company or tompaniea as the MORTGAGEE m
direcr, and all lire and windstorm insurance policies o~ any of said bvildinqs, ~ny interest therein w parl the~eof, in Ihe ~gg~egate sum afo~euid
in exceu ~hereof, shsll contain the usual standard mortgagee claus~ w such other clauss ~s Ihe Matgagee may require, maki~g the loss unde~ sa~d po
cies, each and every, payable to said MORTGAGEE as i1s imerest m~y ~ppear, and each and every such poticy sha~l be p~omptly ass yned and delivercd ~
any heW by uid MORiGAGEE ss funher security to said matgage debt, and, oot less th~n ten (10) days in advance of the expir~tion of esch poficy, to d~
liver to said MORTGAGEE a renewal thercof, togerhe~ with a receipt fo? the pr~mium of such renewal; and fhere shall be ra f'ue or winduo~m insuraoc
placed on ~ny af said buildings, sny interesl 11+crein or pa~t thereof, unless in tAe fo~m a?~d wi~h 1he lou payable at aforesaid; and in the eveM any sun
of money becomei payable under such policy w policies said MORTGAGEE shall h~ve ~he optio~ to receive a~d appty rhe same o~ account of the indebted
ness secured i?ereby w?o permit sa;d MORTGAGORS ro receive and use it or any parl thereof fo~ othe~ purposrs, wE~hou1 thar~of ~vaivi~~g o~ ~mpa~r
ing any equity, lien p right under or by virtue of Ihis mo:tgage; and in the eveal s~id MORTGAGORS shall tw any reason fail to keep the s~id premises w
fnsuied, o~ fail to deliver promptly any oi said pol~cies of ins~~ance to uid MORTGAGEE, or fail promptly to pay fulty any p.e~n~um therefw or in a~y
.espea fail to perfwm, d7scharge, execute, effect, complete, comply wi~h a~d abide by lhis'covenant, a any par~ hrreof, said MORTGAGEE may p~ace and
pay fw such insurance or any par~ the~ewf without waiving w ~ffecting sey option, lie~, sqviry, o~ right u~dev w by virtue of th;i Mo~~gage. and the
full amount of each and every such payment shall be immed'utely due and piyable and shall bea. interest irom the date ~hereof until paid at the rate of
nine per centum per aru~um and together with such interest shalf be secured by fhe lie~ of this mwtgage.
I. To permit, commit a suffer no waste, impairment or deterioration of said property a any part thereof.
5. 1o pay all and singula~ the costs, charges and expe~xs, i~?ciuding a reasonable attwney's fee and costt of absfracts of t~tle, i~curred or paid at
any time by said MORTGAGfE, because a in the event of the failure on the part of the said MORTGAGOR to duly, prompNy snd fully perform, dixharge,
rxecute, etfect, complete, comply with and ab:de by each and every the stipulat~ons, agreements, conditiau, and covenants of said promissory note and this
mortgage any w either, and :a~d cosrs, charges and expenses, esch and every, shall be immediately due and payable; whether p r?ot there be notite da
mand, attempt to cotlect pr svit pe~ding; and the ful) artaunt of each and evay svch payment shall bea~ in~erest irom the date thereof until paid at the
rate of nirse per caNum per anuum; and all wid costs, charges and expenses incurred or paid, together with such interest, shall be secured by the lien oi 1hi~
mwfgage.
6. That (a) in the event of any breach of this Mwtgage w defaull on the part of the MORTGAGOR, w(b) ;n the evenl ~ny of said :ums of money
i,erein referred to be not promptly and fully paid within th~~ty (30) days next after the same severatty become due and payable, wilhou! demand or notite,
or (c) in the event each and every the stipulations, agreements, conditions and covenants of sa:d promissory note and th~s mortgsge any w either are nol
~uly, promptly artd lully performed, d~scharged, executed, cifected, completed, complied with and abided yy, 1F~ in either a any such event the said a¢
gregate sum men?ioned in said promisswy rrote the~ remaining unpaid, with interest attrued, and aIl mo~eys securcd hereby, shall become due and pay-
a~ie fathwith, w therratter, at the opt+on cf said MORIGAGEE, as fully and completely as ii all of the said sums of mooey were wginally st~putated
to be paid on such day, anything in sa:d promiss«y note or in this Mwtgage to the co~trary notwirhstandinq; artd thereupon p the~eafter at the option of
sa~d MORiGAGEE, without notice or demand, suit at law or in equity, therefwe w thereafter begun, may be prosecuted as if all moneys secured hereby
hzd matured ptior to its institution.
7. That in the event that at the beginning of w at any time pending any suif upon tRis Mwtgage, or to foreclose if, pr fo refwm it, o? fo enface
paymeM of any claims t~ereunder, said MORIGAGEE shall apply to the Court having jur~sd~ctio~ thereof for the appointment of a Receiver, such ~ourt shall
Fcrthwith appoint a receiver of :aid mortgaged p?operty all and singvlar, includmg all and singutar the income, p?ofits, issues and revenues from whatever
source derived, each and eve~y of wh~ch, it being expressly understood, is hereby mo.tgaged as if speu(ically set forth and desuibed in the granting and
habendum clauses hereof, and such Receiver shall have all the broad and effective funcnons and powers in anywise entrusted by a Court to a Receiver, and
s~ch appointment shall be made by such Court as an admitted equity and a ma~ter of absotute right to said NIORTGAGEE, and withovt reference to the
adeq~acy w inadequacy of the value of .the property mortgaged w to the sowency or insolver~cy of said MORTGAGOR a fhe defendants, and ihat s~ch
ren~s, profits, incane, issues and revenues shall be applied by such Receiver according to the lien w equity of said MORTGAGEE and the practice of such
CouA.
8. To dvty, prompt:y and fully pcr(orm, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements,
conditions and covenants ~n sa~d promis:wy note and this mortgage set fath.
9. That io the event the ownership of the mortgaged premises, or any part thereof, becomes vested in s person other than the MORTGAGOQ, the
h!ORTGAGEE, irs successws and ass~gns, may, without notice to tF~e MORTGAOR, deai w;fh such succcuor or successw in interesf with reference to this
mortgage ar.d the deof hereby secured in the same manner as with Mortgagor without in a~y way vitialing or dixharging 1he Mortgagors' liability herr
under or upon the debt hereby secured. No sate of the premises hereby mortgaged and no fwbearance on ~F~e part of the MORTGAGEE or its successon
or ass~gns and no extens~on of the time fa the payment of the debt hereby secured yiven by the MORT(',AGEE or its successus or auigns, ahall operate
to release, d~scharge, modify thange or affect the orig~nal liability of the MORTGAGOR herein, either in whole or in part.
10. It is spec;fically ag.eed that time is of the esunce of this contract and that no waiver of any obtigat~on hereunder or of the obligation se-
cured hereby shali at any time thereafter be held to be a waiver of the terms hereof w of the instrument setured F~erby.
11_ In add~tio~ to the fo~ego'ng mo~thly paymants of princpal and interest required by the promissory note secured hereby, mortgagor covenants
and agrees to pay to mortgagee with each monthly pay~nent an addirional sum estimated by mortgagee to be equat to 1 j 12 of tiie a~nuat cost of fRe follow-
inq:
A-All real property taxes levied o~ assessed agai~st the above dexribed real estate.
8-Premiums on fire and windstorm ensvrar.ce as here~n requ~red to be carried on the Jmproveme~ts s~tuate on the above described premises.
C-Premiums on such mortgage guaranty insurance as mortgagee shall from time to ti~ne deem fit to carry on the ioan secured hereby.
Mortgagee sha!( from rime to time notify mortgagor in writing of ihe amount due and payable he~eunde~ and suth surn shall thereupon be due and
~ayable on the due date of the next month:y payment and each successive month thereafter ur.til mortgagee shall notify mortgagor of a change in such
a~~•,ounf. Such sums sHail be apptied by mwtgagee toward the payment of real property taxes, insvrance prem;ums, and mortgage guaranty insurance
p~emiums. ~
IN WITNESS WHERfOF, the said MORTGAGOR has hereunto set his hand and seal the day and year first afwesaid.
Si ned, Se ed an~ deI' r d' the presence of:
~ ~T,~
6 ~Cf~- ~ ~ w
WITNESS: ' Homer D. Rut, erford~~^~a~
.
aq ~
WIT~~~ Marie Ruth ford ~s~an t
STATE OF ~ Michigan ~ ,
/ S5.
COUNTY OF ~L. Q
d~s I'
Before~me personally appeared Ha~er D. Rutherford a~
Marie Rutherford his wife, to me well known and known to me to be
the individuats desuibed in ~nd who executed tha fore9oing insfrvment, and ackrawledged befora me that they executed the same for the purpoaes
rherein expressed_ /4nd the sa~ ~ rie Rutherford
~,;re os ~tb ~;d Homer D.Rutherford ~~~j~~~~ ~•~ate
examinat~on by me taken xparate and apart from her said husband, acknowledged to and befo~e me that she exetuted said i }
ra~il and without an com tsan, const?aint, a ~~~'f~~~
Y Y Pu pprehenslon, or fear of or from hei said Fnrtbarrd, •
WITIVESS my hand and officfal sea! this ,~p~ day of ;a
.
otsry Public in a fo? t ~tate -0 lu -
My Commiuion expira: : ~ga~°i = _ ~ ~
a~r~.~ ro: - :
'o . ~ .
First Fede~al Savirgs 6 Loan Association LYLE F. STEW},~ .
Of Fort P~erte. AO~tafy PUb11C. Lapee? (q~j~,°: ~
Fort Pierce, Florida My Comm. Expires Marc 4; I9/3
d
~ ~h9 ~u~~y
f~~
This Instrument Prepared By Richard K. Kayes ~ f~~~~G~~-, ~a+~s a~ j
First Federal Savings 8 Loan Associatio~ 5~' pq"vi ~~Z ~a~
of Fort Pierce ~ Florida CcR^~VF~•iF~E~ ~
~E ~1Z
Checked By 1 59 ~
o R ~ 3 3p4'74
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