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b. Until dctault in the per(onoaoce aI ehe co+riunu and a~reemenb ot th& mort~a~e, tAe mory~a~ars ileili br auitlaf w rolkct tlie
reati, issues and pro[iu (rom the p~emises hcninbefore dacribal. but in cast ot a de(ault in any o[ the u~nn d this vwrtRase. and ebe liliiq~ a)
a biU to foreck~e this or any aher mongagr rncumberi~~ the within described propcnY, thc Auociation ~haU iamaiiaid~ Y~d vichoue notite
be entitk<! To !he appoiatmtnt ot a Raei~~rr o( ~he awrtga~c~i propettY. and o[ ehe ~rnu, iswq and pto(ib lhered. vritA tf~t wwl poret of
Ratiren in such caua, and such Recei~cr may be continucrf in pu~sci+ion o( ~he said propeny umi! ihc iime ot ihe sak thcred Rnder such 1wr
clown. and until the rnntirmaeion o[ such sak br the Court. .
9. I( mortga~on con~~ey ihe mortRaacd Prr~nises ~rithout the written conunt o( the aawciatiou and prior opponunitY ~o pus oa tLe
cndit of thc ~uaeswr in oxnenhip. and tAe aswciaiia? ahcrrrise betie~-es in aoad (aith that the praspect ot pa~ment o~ pe~tormaace o[ ~he
mortgase i+ iherchy imp~irnl: ihe aasaiation, at iu optan. may i~xrcau tbe inttrest suted in tht prowiatiwr aote a ~he ~hen prine nte
charsed by the aswtiation as a conditiw~ o( ai~d in cwuidention (or xccptin~ the tr+~nferee u mortgasnr ur~der tht awna~e w. ~rithout z
noticr, ihc assocutan auY declarc all wms u( mooey securevf hereDy imaned'utely and concurrently rrith iuch com-~ancc due arnf psyable and
in de(sult. Tde aswciation. lwrcver, in any e~~en4 may deal ~rith ~uccesson in intettst ~rith re[erc~ce a this taottaaae and c~e deDt hercbr
secared in the same manuer as wi~h tl~e mo~tgaaon, a~xl cwY [otrbtar to sue or a~ay extcncl tirae (or payment ot t6e detK. sccurcd hereb~. or !
otAerMise act ~cithout dischargina or in aay ~ay a[(aii?g ihe liabilitr of ihe mort6agon hereundc? or upon the drbt hcrc~ secu~ed.
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10. 'Ilnt in the e~Ynt the premises hereAr mo?y~aRed. or any pan thcrcof. ~?all be co~demiud acwi ukrn tor public use under tbe po.ver ~
of eminrnt domain, the Associuion shall havc ihe right to dcmand ttut all damages awarded tar the uking ot or damages co said rxemities shal)
be paid to ~he Association. its suctessors ar auigns, up to the aroount uupaid on this matqage and may be applicd upon the pa~mcnt .u paJmentt ~
fau payable tAerzoa.. f
11. The Mortga~ws bind themsel.es ~wt to errct or pcrmit to bc crected any ncrr buildin~ on thc premises Acrcia mor~aacd or to -
add to or pctmit to be added to any d thc existing impro~~ements thercon without the vrriuen consent ot tAe Association and io ihe r~rnt a[ any
a~alation or attempt w violstt tAis uipulation this mortaap,e and aU wms securcd hercbr shal! immed'utdr bttome due atxf collectibk at thc option ~
o[ the Associatimt.
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lY. Ic is speci[icallX agmd that timr is the essence o[ th's contnct and thac no ~rai~-et ot any obligation hereunder or of the obligatan ~
secured derebp sh~ll at..any time iherea[ier ix heid to be ~ Mtii~er o[ [Ae tmns or of the insuument xcured hereb~~.
13. If [orecbw~r proceecii~qSs o[ anr seco~d mottgage or sccond ttust deed or any junior lien ot any kind shouM be imtiw~cd the Asso
ri~tion may at its optan, immediatcl~ or there~(t!r derta~e this mongage and the indebtect~~ss securcd herebY Jut aod pasaDk.
IS. To tAc accrnt of ~he ieH#ebte~lness ot tlu Matgaxotx to~the Aswiialion dexriixd herein or securcd hereby ~he Association a herebp
subrogated to the lien or ticns and to the rights of the ownen and t~oWen thercot o( each and e~cry mortqage• lien or aher rncumbnnce on ~he
land described hertin ~rhich is paid ami (orj satestied. in wlwk or in par4 out o[ the procteds of the loan describcd httcin or secured lxrrby.
and the rapective liem o[ said mortgages: liem or other encumbnnces, stull paa ~o and 6e held bY the .~ssociatia? herein u s~curity [or the ~
i~debtedeess to the :?iwtia~ion herein desctibed or hertby secured. to the same extcnt that it xould hare becn pitserred and vrould haar becn ~
passcd to and betn hcld by the tssociation had it been duly and reRularl) anq~ned. tnm[erred. set orer and delivcred unw the Association by
separaee deed o( assisnment. notwithsuneiing the (xt lhat the samt may be satis(ied and cancelled o( recortl. it bring tht m~e~tion of the parties ~
hemo ehat the same ~rill bt utistied and nncelted ot rocord by the holders thereof at or aboui the tim~ ot tA~ rccadirys ot this mortgaEe-
r
(3. To pay all atx! si~~Rular the cmu. charRes, and ezpenses incluJing laveytr's fees. ressonably incuired or Naid at any time b~ dx ~lsso
ciation, 6ecause o( the failurc o[ the 11ort~aRon to perform. com},1y with and abide b? e~ch and earry the uipuluions. ~Rrecmcnts, conditions
and co~~enana ot said promissory note and this dred, or either, and evcrr such pa~mcnt sFull bear intenst (rom date u the maximum kXal raa 1
permitted in Florida in lieu o[ the rate hereinbe[ore speciticd.
t6. 'fhat he ~rill ~rrmit, commit, or su(fer no w~aste, impairmrnt, or deteriontion ot said propetty~ or anr pan thtreof: and in the e~'ent
o( the tailurc o[ the Afongagon to keep the buitdings on said prcmiscs and thase to bc emtcri oo said prtmises, or impro~emeius therca~ in good
repair, the :lssociation ma~ make and pay tor such rrpai~s u in its dixretion it wy dcem naessary [or the proper prasen•aeiw~ thereot. and thc
full amount of wch pa~~nents shall be secureai by the lien o[ this mortRage and shall at the option o[ tlx Association be immediaat~ due and
paqable. or p~yible in wch monthly insallmenu u ihe Auociaeion may dctermire~.
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17. That i( the Association and the \lortq:gon aRrte. the ~lortgagpn will.cam a polic~ or policia o( insurance upon their lises in an
amount eqwl [rom time to time to the amaint o( indebtedneu herrby secured. making said :~ssociatau bene(ici~ry thercundtr. and tlut the said
Auodaeiore m.ay pay the premiums for wch insunnce (in the e~•rnt the Mortgagors do rwt), and add each such p~~ment ~o the unpaid balaixr
of the laan. u ot the [int da~ ot tht thtn cumnt month. and it sha116emme additional indebtedneu secund br thu mongaRe parible upon denund.
1$.. at in the e+•ent that this mottqage be gi~rn to se+curc a conuroction loan, failure on the part o( the \fortRagon or th~ir contnctors
to complete said buildi~g vriihin lY0 dayiTiom
daT~ oi [o Auitd nid-conrtenc~iow-iA-xcosa,~« .r;~h and spccificuans tikd ~rith the .tsso-
ciation. shall comtitute a brcxh ot this mortgage, and. at the optia~ o[ the associatan. immediatdr m~wrc the entire acnoun'[ o-T prin~ipSi imt--
intemt herrb~ secvred :rrd ehe Association may immediitelr institute proceedin6s to toteclose this mortq~r,
!9. In order to prw~ide [or the pa~ment of taxes, asxsstn~nts. inwtance premiums, and othcr charEes upon the property securins ehis
indebtedness. ~(ortgagon promise to pay monthly to tlx said Associaeion. in addicao to the sbove pa?menu, a wm estitnatcd to 4e equi.afcnt
to one-twrlfth o( wch items which p~ymrnts may. at the optiou o[ said Association (1) be heM br it and comminEled with od~c-r wch funds
or its o~+n funds [or the pa~mrnt o( such items: (2) be carried in a aham account and rrithdn~rn by it [or moaey to pay such items; or (3) be
credited to tl~e unpaid balance o[ said indebeedness as received, pro~fded that said Association advanca upon this obli~ation suem w!(icient w
paY said iteun u ehe aame accrue and 6ecome pa~abk. t[ the amoun~ esiiw~ed tq be su((icient to pay said items is not w((icien~. 1longagon
pmmise to pay the difference upon demaad. I( wch sums are held or cattied in a sharr attount, ihe same are hereby pledged to (urihtr secure
this indebtedness_ Said Associatior, is authori:ed to pay said items u clurged or billcd w~ithout (unher inyuiry.
IN ~VITNESS `1?HEREOF, the said ~fortgagors tiereunto set their hands and seals this the day
and year first abo~~e t~ritten.
Signed, sealed and deli~~ered
in the presence of: ::y f;
HALLSTROM QONSTRUCTION~•
A Flor da Corpor io~t ~
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_ru-c~.~~ ~'k~c,~ _C.sf"L~ _ test: X ~;r7~ - ~ -
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Wilda Dailey
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t~SEA ) :
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~~K 218 P~2545
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