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HomeMy WebLinkAbout2609 sale hereof under such foreclosure and until the confirmation of such sale by the Court. 8. If a conveyance should be made by the mortgagor of the premises herein described, or any part thereof, without the written consent of the Association, or without assumption in regular form of law by the grantee af the obligation to the Association created by said promissory note and this mortgage, then, and in that event~, and at the option of the Association, and without notice, all sums of money secured hereby shall immediately and concurrently with such conveyance b~come due and payable and in default. 9. In the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Association shall have the right to demand that all damages awarded for the taking of, or damages to, said premises shall be paid to the Association, its successors or assigns, up to the amount then unpaid on this mortgage and may be applied upon the payment or payments last pavable thereon. 10. The mortgagor binds itself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add or to permit to be added to any of the existing improvements thereon. or to demolish, alter or destroy any material part of the improvement, without the written consent of the Association and in the event of any violation or attempt to violate this stipulation this mortgage and all sums secured hereby shall immediately become due and collect- ible at the option of the Association. - 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obli- gation secured hereby shall at any time thereafter be held to be a waiver of~-the terms hereof or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Association may_ at its option immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 'i 13. To the extent of the indebtedness of the mortgagor to the ' Association described herein or secured hereby the Association is j ~ hereby subrogated to the lien or liens and to the rights of the owners ~ and holders thereof of each and every mortgage, lien or other encum- brance on the land described herein which is ~~id and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances shall be and the same and each of them hereby is ~ preserved and shall pass to and be held by the Association herein as ~ security for the indebtedness to the Association herein described or } hereby secured, to the same extent that it would have been preserved = and would have been passed to and been held by the Association had it " been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed or assignment, notwithstanding ~ that the same may be satisfied and cancelled of record, it being the ~ intention of the parties hereto that the same will be satisf ied and W cancelled of record by the holders thereof at or about the time of ~ the recording of this mortgage. ~ 14. To pay all and singular the costs, charges and expenses, n= including lawyer's fees, incurred or paid at any time by the Associa- ~ tion because of the failure of the mortgagor to perform, comply with ~ and abide by each and every the stipulations, agreements, conditions ~ and covenants of said promissory note and this deed, or either, and ~ every such payment shall bear interest from date at the rate of ~ ~ ~ ~ nine per cent (9$) per annum. ~ . ~ -4- FEE, PARKER & FEE. P. A. ~ ATTORNEYS AT LAW _ POST OFFICE BOX f000 FORT PIERCE. FLORIDA 3343G e TELEPHON i: 130b1 461-~5020 s 's-. ~ _ - - . . ~ ~ - - . _R . _ _ f~'~ - - ~ ~ ~`r_. . ~.v - - _ e . . ~ . _r,W~~~~~ ~ _ .