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HomeMy WebLinkAbout1502 9. The Mort~ ~tee msr. at its optioe, ~nd . tAout waivina its right to accekrate the u~debtedr~ess hereb7 serured aod to fonrlose the same, rithe~ brfore o~ dtet idili~quency ay 1 d those certaio obli ations rcqui~ed by ~he tern~s heteof to be paid by the Mo~1Aa ~o~ (or the protect~on of the moAg~Re• securily ~[~tl~ie collectan o( the in~btedneu he~eby secvrcd. AU sums so advanced or pa~d by the MoAgagce shal) be charGed ioto the mortgage account aod become an inteRnl pa~t thereof aub~ect in aU tespects to the tern~s. cond~tions, and covenants oI the aloresaid p~omiuory note, and this ~no~tgage, as IuUy and to the same e:tmt as though a paR of the original indebtedness ev~dencrd by said note snd secured by this mo~~tgage, eacepting, howeve~, that ~aid sums shaq be repaid to the 1?lo~tgagee (ortAwitA upa? its demand and be in addition to the rcgula~ monthly installmrnts provided by the mortRage note. 10. That the abstract ot abst~acts o( title cove~inR lhe mwtRaRed prope~ty shall at all limes, durioR the life d this mo~tRaAe, remain in the possession ot the MortgaRee and i~ event ot the forecbsure af th~~ matgaRe 6~ othe~ transfer of titk to the mo~tgaged prope~ty to the 111uNgagee all right, lilk and inte~eat of the Mongago~ in and to any such abstricts of titk shall pass. to the putchaser ot gn~tee. I l. That no waiver ot any covenant herein w of the obligation .ecurcd hereby ~hall at any time herea(te~ be held to be a waiver of the tem?s bereof or d the nde secured he~eby. 1~. That io atde~ to accelente the maturity of the indeMctilnecs hereby secvted because of the (ailurc of the 1?1ortRagor to pay any ta: ~ssessment, lubility, obl~gatan or encumbrance upoo said property as h~~e~n p~oviiled, it shall not be neressary not requisite that Ihe Mortgagee shall 6rst pay the same. ~ 13. To the extent d the iodeMednes~ of the Mort~ago~ to the 1?1ortQaRee described herein or securcd he~eby, the MortgaRee is hereby ,ubr~ated lo the lien or liens and to the riRhts of the ~owoea anJ holdet~ the~eof o( each and every mo~tgaRe, lien or othe~ incumbnnce o0 th~• I.~nd desrnhed herein whKh ic paid and/o~ satis6ed, in whole ot in pan, out of the proreecis o( the ban described hetei~ or xruted heteby and Ihr re~pectivc liens of said motiRages, liens or other. incumbrances, ahal) be anJ the same anJ each of them hereby ic prrxrved and ahal~ p1~a to and 1?e hrld by the 1~tonRa~re herein as security for the inckMcYlness to the.MortgaRee herein deacrilxd or he~eb~r xcured, to Ihe samr cxtent th~t it would have Mv~n prcservcd and would have txen p~~.ed to anJ been held by t1~e MatRa~ee had it beeo July and teRula~ly _ a~,iKnrJ, tra~.krrcJ, seC over, and Jclivered uMo the I?toN~;aRee hy ~ep:+nte dred of aaaignmrnt, notv?~ith.tandinR the (aci lhat the ume may be ~atu6eJ And cancelkd of reCOrd, and Aotwrthstand~ng that the part~e~ herrto contemplate that the ~ame w~ll be aatufied anJ cancelled o[ record by the holJers the~eof at n~ about the time d the recordinR d this mqdgage. 14. If any of Ihr ~urtu o( money herein referred to tx not promptly and fully paid within thirty (30) days nett after the ~ame xverally come duc afiU payahle, or i( each and every the stipulationc, agreements, conditions and eovrnants of said promissory rwte and this mortgaRe o~ e~ther, a~e rn~t duly performed, complied with aqd abided by, the ayq~~ate swn tnentioned in said p~omi~sory note ot otherwise se.rured hereby ~I~ell t~ea~nme due and payable forthwith or theteaftet at 1he optioo of the Mortgagee, u fully and compktely u if said a~re gate sum nf money wa. oriRinally stipulatec~to be paid ~ such day, anythinR in said promissory note or herein to the eontary notwithstanding. 15_ In the event of the accekration d this mortgage and the note secured hereby by reawn of any defauh therein, sny prepaid aod unearned inte[est, in e:cess of fhe legal rate of interest to the date of enforcement orpa ymmt, shall lhereupon be tefunded to the ~nortgagor ~ automatically by the creditinR of same ag3inst lhe sums then dVe, but such credit shall not cure or waive the default oecasioniag aoeekntioo. I6. ( a) ln order to more fully protect the sravrity of Ihe MottaaRe, and to a~ure the MoKRaRor's complianre with cuvenants 3 md 8 hereo(, the MortRagee ~nay at any time rcquue that the Mwtgagor, toRether with, and in additioc~ to, the moothly paynrents under the terms of the note secureJ hereby, until the caiJ note ic (ully paiJ, will pay to the MortRaAee the followinR .umx: A.um equal to the atimated annual tases and assessrt~ents ne~t due on the mort~aRed property, plus the premiumc t~at will neat become due anJ payabk ~ policies of 6re and other haa~rd in?unnce covering tF~e mon~a~ed property ( all a, rstimited dy the Mod~agee, and of which the MortKaKor n notified less all sums already paid thercfM, payabk monthly, in equivaknt pm po~tion~ Jividecl by the number of mooth~ to rlapae before one month prior to the date whrn such p~emiums, tues and i~x~sments will becrxne delinqurnt, .uch .um. to br heW by Mort~aKre in tnut to pay ~aid premiums, taia and a~xssments. . ( b) The a~regate of the amounts payable punuant M auFrpan~aph ( a), ancl tFwse payabk oo the note secured hereby, shal) be paid in a sinqk paya~ent each month, to bt applied to the (dlowinR item~ in the order atated: 1. Tues, assessments, 6re and other han~d in.urance p~emiums; - II. Interest on the nate secure<l hereby: and lll. Amortizalion of the prirkipal of said notr. (c) Any de6cienry in the amount oI ~id ay,y~rr{~atr m~~ntldy p:~ymrnt ~hall, unle» made good by the Mortgagot within 30 `days folbwin~ its due date, comtitute an event af ekfault under thi. mn~t~agc. • • 17. lf the total of the payment~ ma~k by the Mort~;a~.r under ( a) oI ~ra~;raph l8 preceding shall eaceed the amount of payments actually made by the MortQa~ee for taxec and acx~cme~t., ~od imuranir premiums, a~ the rase may be xuch tacess shall be c~edited on sub- .equrnt payments to be made by the I?1oriRaRor for surh item~. I(, hrn.•evrr, .uch mnnthly paymenh ~hall not be sufricient to pay such iterns wh~n the came shall become due anel payabk, then the MortKry;nr ~hall pay to the Mo~tga~;er any amount necessary to make up the dr6cien~y. Such payment shall be made w~ithin 30 days a(ter w~tten notice from thr A1ortRaRee. +UtinR thr amount of the de6ciency, which notice maq be ai.eo by mail. If, at any hme the I?1ortRa~or shaU tender Ihe I?1oNKay~ee, in aiYOrJa~ce with the provi~ions d the note sec~ered hereby, full payment of the entire indebedne~~ rcpreaented thrreby, the A1ortRa~;re .hall, in a~mpuUok the amrwnt of +uch indebtednns, cred~t to the account of the Mortga~or any credit h.ilance rema~n~n~ undrr Ihr pmvi.icu~. of ( a 1 of .aid r>araKnph 16. If thetr ~hall be a Jefault under ~ny of Ihe proviciom of this morfKa~t r~aultin~; in a juJKial ..Je of thr prem~.cy covered herrcby_ or it the Mort~aRee acY~uires Ihe property ~therwi.e after default, the Ntortga~ee shall apply at the time of thr commer?crment o( ~uch proa~eedmRx, or at the time lhe property is otherwise scquired, the amount then remaininA to rredit of l~tottgaKor undrr ( a) of paragraph 16 precedinQ, aa a rmlit on the intemt - accn~ed and unpaid and the balance of the principal then rem~inin~ unpaK) on said note. , 18. That in the event the ownerchip of ~aiJ propert or any p:ut therenf Fxcnmes vested in a peraoo other than the Mort~agor, the a Mort~;a~ee may, without notice to the Mortga~or, dea) wit .uch weYec.nr nr .ucceswn in intereat with ~eferrnce to thi, moAKaAe and the ~ ' drbt hereby xcvred in the same manner as with ehe'1?lorty;a~;o~, and may (orlxar to we or may e:trnd timr fot payment d the debt, secured ~ thereby, witMut discharginR or in any way aHecti~g the liabil~ty of the Mortbagar hereunder or upoo the drbt hercby xcvrcd. ; 19. 'll~at thia mortgage alw xrures thepa yment o( and include. aU (uture, or further advanees ac shal) be made by the mortgagee ~ hrrein or its surce~soa or assigns, to ot for the bene6t of the morty~a~on, or their heir~, peronal repre~entativrs, or asai~ro, within trn years f fr~m the date hereof, to the same extrnt as if auch future advancra were made on the date o( the e~ecutan oE tF?i~ mort~ay~r. The total amount f of mdebtednes. tbat may be .ecured by this mort~a~e may decrea+e or increax (rom t~me to time, but the total unpaid balance ~o securcJ at ( any one time shall not excced the ma:imum principal .um .et (orth in Mra~raph 25 txlow, to~ether with interest thrn.~on anJ. any and all di,bursements made by tNr ~nortRaAee for the payment of tasea, levie~ or ~murance oo the property covercd by the lien of tfii~ mo~t~aRe with interest on ~ucfi dubursements at the nte speciGed in the note re(errru to in th~c mortQaRe, and for rcasonabk attorney's (ees and eou~t cost+ incurre.~ in the collection of any or all of such ~ums of money. Such (urther or (uture advance. shall be wholly opional wilh the mortRagee, and the same shall bear interest at the same rate u sprci&d ~n the note referred to herein, unless said interest rate shall be modiGed by subsequent aRreement. 20. That if at any time while this mortRage is in drfault N~c mort~;wKrJ pruprrty shall br abandoned, vacated or left unattended the~ VurtgaAce, if in it~ discretion such step~ are neces~ary~for the proteti~two o( Ihe property, shall have the right, power and autMrity at its opt~nn to enter upon the property and to se~vrc camr by chanfiin~ locka thrreon, to p~~nt anJ.repait wch prcmues, and to place signs thercon notdy~~nA that it has taken posxssion of the premi~es and it may also place ~i~r. thereon oFfering to xll the prrmises subject to its acquisition ~f title thercto by forecbsure proceedings or otherw~se, and any cuch artinn by the Mortaa~ee a~ de.cribed above shal) rat be deemed to be a tre~p.~ss or tre~pa~rs or unlawful detainer up?n .uch prem~xs. All iLm~ paiJ or adv~nced by Ihr Alortgakee in the protectian d the mortRaRed premises as herein provided shall be charRed inro the murt~a~e xrount ~nd breome an inte~ra) paR theteaf. ~ubject in all respecis to the terms, conJdqns anJ covenaots of the aloresaid promissory note, and th~~ mortRaAe, u fully and to the same eatent as though a part of the onRina) indehtedness evidenced by said nute and ~ecured by this nxxtRaQe, ex~eat~ng, however. Ihat uid sums shall be repaid to the ' ~lortgaQee fudhv?ith upon its demand and be in addition to the r~gular monthly installments provided by the moRgage note. 21. That in ~he event tT"ie premises hercby mortR~QrJ, or any part thereof, ahall be condemned and takrn fo~pu blic use u~der the ~x~..~er o( eminent domain, the MortRaRee shall have the right to requirc that all damaRes aw~arded (or tht taking of or damaqt to said premises ~hall be paid to .he Mortgagce, not to excYed the then unpaid balance a( this rtartgage and the note xcured hereby and at the c~pt~on of the MorttLaRee may be applied upon lhe payment or paymentc last payabk herea~. ~ 22. To further xcurc payment of the indebtedne» of thr ~tort.~aQor to the MortQaget, the A1ortRagor does hereby sell, usiQn, tnnsfer and ~et m•cr unto the Mnrtga~ee all of the rrnts, iuue~ ancl profitc of the mortFa~ed premises, and this usignment shall become operative upon any default ~xinQ made by the l?tortRagor under the term~ of this mo.ty[aRe or the ~wte stcured hereby, and shall remain in full force and eHect so IonR as any defauk continuea to e:ist in the ma{cing o( any o( 1he payments or the periormance d any of the covenants o( this mort- ~ ~a~e or the note sec:ured hereby, and the Mortgagee shall have ihe riRht to enter upoo tht prem~ses and eollect same directly (rom persons in _ possession. That if this ~tortgage secums a commercial loan, the rlortgagor agrees to furnish to the ~iorigagee .w~thin thirty days ~~f the end of each fiscal year a statement of operating income and expenses reflect~ng the operation of the faciLty encumbered by ~aid ~iortgage for the past fiscal year, such operating statement to be prepared in form and manner as is customarily employed by ~ E'lorida accountants for such purposes. ~ 23. If th~. mortgaRe be for the purpo~e o( Rnancing construction or improvements upon the proprRy described in paraRraph 27 below• the Constructu~n Loan AArcement between the partiea of e~~en date herewith i~ hrreby made a part of this mortgage by ref~rrace as though fully set forth hercm. 24. Should 1?tortgagor, or any oiher person acquiring title to the real estate encumbered hereby. transter said title, or should same be transferred by operation of law, thcn at the time of any such transfer or tnnsfers btortgagee at its option and ~ in its sole discretion, shall have the right to increase the rate of interest prescribed in said promissory note to the rate which ~ 1ltortgagee shall then be charging on new morigage loans secured by real estate similar to that encumbered hereby. Any such increase ~n ~nterest rate shall be eifect~ve as of the first day of lhe month next following the date of any such transfer oi title. Such increased rate shall be binding upon the successor in t~tle and upon all subsequent transterees, and upon Mortgagor. ~tortgagee shall have the right to ef(ect such rate increases upon each such transfer ot title, and waiver of this right in any one instance shall not constitute a waiver of such right in any other or subseguent instance. Nothing contained herein shall bc.' construed as imposing upon ~tortgagee any obligation w•hatsoever to reduce the interest rate, either below the original rate pre- , scribed in said note or below any increased rate. ~ ~~~r ~5 FArf p~cF r~~o - ~ _ ' ~ ~