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a. Until detault io the perfo~mance ot the co~enanu aud a6reemenu d thia mwtqa~e. the moi[gago~s shall be ratieled to ~olkn ~he ~
reatt, iawa and pro(iu (rom ehe premisn hercinbefore descriixd. but i~ case ot a de(ault in any o[ the temns d thu morypRe. a~xf ihe (ili~g oI ~
a bill to forcclae ~his or anY othrr maigaEe cncu~nberi~~ the rrithin dexritxd property. thr Assocutioa shall immniia~ely and witl~oui racice f
be entidcd to the appointment o( a Recei~er of ~he mon6+gcd Property. and ot the renu, is?uts and proliu ~hereo(. with ihe uswl poKer o(
Receiren io wch cases. and wch Recei~a may be ca~tinutd in pusse~sion ot ihe said propertY unlil iht time o( the ule therco( undc~ such lorr
daurc, and until the oontirnuiion o( wch uk by the (:ourt.
9. mwtgagors convcq the morcgaxcct Prrmises withou[ the ~rrittrn consent o( the aswcu~iou and prior opporwni~y to pa.s on the
cndit ot tAe succeswr in orrnenhip. and the associuia~ aAenrise 6ciiera in good taith ~hat ihe proepect d~nYmeni or pertormaace oi tM #
mor~aae » thercby impained: the uwciation. at ib option. may increase the inuteu uucd in the promi?+or7 ~wte to ~he thtn prime rate •
chage+l b~r the auociation u a conditan d and in cmuidm~ion tor xceptiaa the tnnsfcrec u mor[gaxor undcr [he ~aae or. wri~hout }
notice. the association mar declare all wms o( mui~e~ xaureal hercby immedutely arn1 concurrently rith wch con~epance due and paYabk aad ~
in de(aul~ 7~e auocution. 1?orever. in anY e.rnt. may deal vrith iuccesson in interest rith rete~tnce [o this monga6e aad thc 3ebt hertbY
aecured in tl?e samt manner u vrith the mort6agon, uxl may torebcar to sue or maY cztend ume tw paywent o[ tM dcb1, secured hcvrbr, or '
otherwise act without discha~i~~ or in ~~~r .~r a[tati~6 the liability ot the mor~on Aeteunder or upon tt~e dcDt hereb. aecured. ~
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!0. 'I~at in the erent the premises dereb~r mo~tgaRed, or any part tlxrtoi, ~hall be cnndemned at?d uken (or pubtic use undcr ihe poiver
o[ eminent domain. the Auociatiw~ shatl hare ehe right 1o deaund that aU damages aw~anled (or ~he uting of or damages to uid p~anixs ahall
be paid to 1ht Associatiot~. iu successots or assigns, up ta the amount unpaid oo tAis mwtgaqe and maJ be applied upon the pa~ment or pa}~uruts
last papble thereo~. .
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I1. '1'6e 1ClortgaRon bind ihemxh•a not to erect eryermit-w-be erated anY neM buiWings on the pmnises herein mory~aqat or to
add to or permit to 6e added to any o[ the e~ciuina impro~~emenu therew+ wit~out tbe tcritten conxnt ot tht ~uociuia? and in t}ie t~c~~i oi ~o~ -
riolatioa or atttmpt to violate this uipulation tAis mortqage a~x1 all wms secured l~ercby shall immediately betume due arn1 collntiLk at thr option'
o[ the Associatioa.
lY. It is specitically agreed tlut iime is ~he rssence ot thn contna and tlut no wniver o[ any obli6ation hereunder or o( the o6ligarion
secured hereby shall at anY ~ime therea(ter be held to 6e a M-aiver o[ the trnas or r~t the insuument secured hereb~~.
13. I[ [oreclaure proceedings oI any second mortgage or second ttuu dted or any junior lien of any tind should be inuituted the .~1s~o-
ciation may at iu option. immediatdy or ehereatter de~larc ~his u~ong~e and the indebtnlness securtd herehy due a~n1 pa~abk.
14. To the r.etrnt of the indebtedness o( thc ~fortqaqors to the Association deuribed herrin or sccured hcrtbr tht Aswciation is herebg
subrogated to the !irn or liens and to the riRhu ot ~he o~rncn and hoklen thereo( o[ exh and e~ery mongage. lien or other aKUmbra~xe on ihe
land described herein ~rhich u paid a~d (or) satis(ieJ. in vrhole or in part. out oi ~he proceeds ot the loaa eiesaibed hercin or xcured henby~.
and tht respecti~e liens a( said mortgaRes; litns or other encumbnntes, shall pa~s to ar~d be heki by tt~e Assocu[ion hercin as securitr [or the
indebtedness to tM .\ssociation hcrein dcsnibed on c~rcby secuml. to the same aetent th~t it wrouW 6a~•e bcen preserved ~id ~rould hare becn
pused to and bcen held by the Associa~ion had ii bccn dulY and regularly assigncd. cn~femed. set ovet ared delirend unw tbe Association by
separate dtev! o( assignmem, notxithstanding the f~t ihat ihe samt auy be satistied and c~ncdkd o( record. it bci!~ ~he intentia~ of the panies
hrteto ~hat the same vrill be satis(ied and nncella .d ~aord by ihe hoklen thereo( at or about the time o[ the recording of this mortgagr-
15. To pay al) and singular thc coats, charKrs. arn1 ezpe~ua indudi~p, lanycrs (ees. reasonablY incurred or paid at any time 6y the Asso-
ciation, because of the failurc o( d~e ~tort~aRors to Fxrtorm, comply with and abide by each and t~~ery the stipulation:, :~;reements, condi~ions
and m~enants ot said pmmissory no[c at„1 this dea1. or either. a~xl ever~• such payment stull bear interest (mm J~te at the maximum legal nte
permitted in Florida in lieu of the nte hereinbc[ore specificd.
!6. 'fhat he xil{ permit, commit, or sut(er no wu::, impairmrnt, or deteriontion o( said pmpeny or anY E.ut tl:crtot: and in the r~ent
o[ the failure o[ ihe ~tortgagon io tcrp ehe buiWinRs ou said prcmixs and ihose io t,r rrected on said premixs. or impro~emcna thcreon in qood
rrp~ir, the Associuion may rtuke ancl ~y tor such repain n i~ i~s dixretion it ma~ drem nrccssary tor the proper prcxnation thereof. and thc
[ull ama~nt ot such paymtuts ahall bc securetl by the lirn o( thu mortgage and sluU at the option ot the ~uociuion be immediatelY due and
pa~~able, or pa7able in such monthly insullments as the As•ocu[ion may dctcrminc.
17. That it the Association and the \fortRagon agrec, the \longagors xill c~ny a policy or policip of irounnce upon their tiaes ia an
amount equal (~~xn .time to time co ehe amount o( irxlebteriness herebY secured. making said :lssociatiou bene(iciary therewider. and that the saiet
Associuion may pay the prcmiums For such imunnce (in the e~-ent the !~lortgagon do na) , and add each such payment a the unpaid bal~nce
of tht 1oan, as o( the tirst day ot the then current month, and it shall become additional indebtedness secured br this monq~Re payable upon demand.
18_ 7'hat in the rrent ~hat this mortg~ge bc qicen to xcure a comtnution loan. (ailure on tLe put o[ the ~longagors or their contncton
to complete said b~ilding wi~hin 120 days irom daee or eo Auitd saict constraction in xcorduxr with plan: and specific~tions (iled writh the .~uo-
Zi3ti6n.-straH-comtitnee-a bn-xh ot ~hie mosy{age. aud..at_the.option of the Association. immediately mawre the entire amount o( principal and
interest hcreby secund and the Association map immcdiatctY institute procetdiags to?omlosc ¢Tiis martgagc. - -
19. In order to provide (or the paymtnt of wces. ~ssessmenb. inwnnct premiums, and aMr charges upon the properq securing this
ind~txedncss. \tortgagon promise to pay mod~hi~ to ~he said .4ssociacion, irt addition to the abw•e pa~menb, a wm estimated to Ix equi~alent
to one-txelfth o[ such items which pa~mrnu may, at the option of aid ~saociation (1) be held b~ it a~x1 commi~~gled ~+ith othn wch (unds
or its o~m Iunds for the paymrnt o( sucfi ite~: (2) be cartiaf in a share account and ~rithdr~vrn by it for moaey to paY such iteats: or (3) be
csedited to the unpaid bahncc o( uid indebtedness as meiced, pro~ided that said Association advanca upon this oblisa~ion wuu sutticient to
pay said ittms u the same accrue and become payable. it the amount atimated to b~ w(ticient to par said items is not su[ticient. :l(ongagon
promise to pay the di(terrnce upon deaund. I[ sucb sums are held or nrtied in a share xcouat, the same are hereby pkdged to funher secure
this indeMedness. Said Association is authorized [o paY said items as chatqed or billtd without (urthet inquiry.
11~ WITNESS ~UHEREOF, the k~id :~fortgagors hereunto set their hands and seals this the day
and year first aUo~-e written.
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Signed, sealed and delivered
in the presencc of: HALISTROM CONSTRUCTIOi1~~C'~~PA~'~;~~.~_
A Florida Corporat~on~`.;•~~:t.~~' ~ -,r -
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--,s:.~~-L14~.. __u.c~ _ - .c'~-~~c_c?To- - By: X--~ - - `'t~ - - .
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e~a ~Halls om ' ~!r~;'s,i~len~`; =
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c ~~z.../ ~~G Attest : X c~~~.~~.t'"-~_ ' :~,l1 • ' ~
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Wilda Dailey, re~~~~~~''~
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BOOK ~18 PA6k 25~9
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