HomeMy WebLinkAbout1259 e~ !o perfo.n+. co~+~~v w~~h ind eb~Je by each a~d e~ery eGpubt~on, sflrtem.ent, condn:on and co~enant m sa~d promntory nol~ snd d~eJ ut fa~h.
7. In ~he wtnr ~M ;~risdiUion oi tM ~U. S. D~sn7ct Cowl ~I+ell be invo\ed by w age~nst ~M Mor~qayor ~nder any oi tM prov~fions of tAa Fedual Bank
r~plty Act, ~uth x~~on, wM~M~ volunh~y w~nvol~nrary oe the pan of the Mortqaqor, ~hall autom~t~c~lly, w~rhout notrc~, xc~le~ste fhe mar~~r~~y ol all wms
ol mooey here+n deunbcd and secur~d, and tM ssme shall ~h~reu~ become dua ~nd payable tonhw~th ss iclly as ~M ?a~d ayqregate w~+s of money were
w~flmally a~~p~lai~d ro b~ pa~d a+ ~uch da~e. ~
B. To deliver ~o ssid Mortq~yee, on ar before Me~ch ISih o( exh yca~, ta¦ rece~pta ev~dencinq the payment of ell ~~wfully ~mposed ta¦es io~ tht D~eced~nq
c~lender year, and to dtl~vei ro aaid Mortqayee, race~pq wid~ncinq the paymsm ol a~l Gens (a p~blic impro~emenes w~thin ninety (90) days af~er ~he same shall
6acome du~ and wYabl~, and to pay or diuharq~ wirhin nineiy (90~ days +(rN dw dat~, any and all govern~nental ~ev~es ~ha~ mav ba macie on eh~ mortqaged
p~ope.ty, on th~s mwtgiqe w noh, or ~n any other way ~esul~~nq from fM Mw1g+w mdtbtednsss fec~red by ~his mptpsys; and ~f tAia cond~~~on be not cu~nn~~~
with and perform~d, said mw~qaqe~ may pay a~ch s~m or suma which-sh~ll bccom~ part of th~ dsbt iecvrcd by M~s mortgage, and ahall bear inic~est a~ tM de/sul~
~at~ povided in taid promisso+y non pay~bb monthly until paid w s~id Mortyaqee m~Y •I~ct ~hat said mortya9e deb~ there~,pon becom~ du~ and Payabl~ fath-
with.
9. N if i~rthr co+~n~m~d and ~qreed bY uid p~~~i~f rMt in ~I~s w~n~ of •~ui~ b~inq inpiwr~d to (a~clos~ thia matp~q~. ~M Mw~wa~ +h~ll M~nti~l~d ~o
+voM MY ti~ p~ndinp ~~ch /u~clww• sui~ ro th~ cowt h~vinp iw~~d~d~on ~Aueof fa ~M appo7na,Kn~ of • r~c~ivN ol ~II and a~nqutu tM mo.~p+9•d aoo.~hr.
~nd oI dl fM r~nb, incom~~. po1iM, iftun and nwewt 1M+~o/. 6an wh~bo~wr sovrc• d~riv~d; a~d tM+~upon i~ if Mr~Dy t,p~s~ly covenamed ~nd prMd
tMt tl» cowt shalt fo.tAwitA appoieu • r~c~iw~ of u7d matq~y~d poperty. ~11 ind s~nqular, ~nd o~ icxh rMt~. ~ncan~~. wof~~a. ~s~ws end rewnw ~Mno1. frwn
wha~~o~v~r ~ourn dNivwl. wi~A tM uswl povwn ~nd d~t:~s of rece+w~s i~ lik~ ut~s: and a~xh ~ppo n~m~n~ ~lull b~ nud~ by ~uch cour~ aa •~nan~. ol »ric~ ~iqAt
w tM Matp~qN. i1s aviceetwn. Itq~l rpr~s~n~aeiv~s a au~pns. ~nd wi~hout ~~f~~~ne~ ~o tM ~d~Quxy a in~d~pu~ey of eAt v~lw of ~M pop~ny I+N~by enortqap~d. i
a to tM wlv~ncY a insohrency ol tM Matq~pw. ~nd tMe s~ch rerd. aofit~. incom~. iuws ~nd nv~nw~ aMll b~ ~ppG~d by ~ucA ~ic~ivK ro tM D~yT~N o/ ~M
inpt~q~ ind~bqdn~~~, cwts u~d cMrqM. ~ccwd~rq a H» adK of auch cowt.
10. li atl or any paA of the proparY or an interest thcrein is sold or transferred by mortgsyor w~~Aout morlqagee's p~~u wrinen conseM, eadudinq 1M
creation of ~ lie~ w erxvmbrance subordinate to th~s mortqaqe, [b) the ueation of a pvrchau money secunty interest (w ho~s~lwld appliencsa, (c) a trar.sfa by
dev~se or descenr, or by ope~ar~oe of law upw~ the dea~h oi a io~m tenant, or (di tAe gram o1 any lea~ehotd inrerost ot ~hree yeay o~ tess not contain~nq ~n option
to purchase, ow~~gagee may, at es opnon, declaro all ~he sums i«~red by thi~ monyaqe ro ba ~mmedia~ely due and psY~bte. MoA9sgee shall have w~iv~d such
optfon to acce~e.a~e if, priw to the sale or transfe~, mortQe9ee and the person 1o whom th~ p~opcrty i~ to be sold w Iransle~red rexh aqreemenl io w~itirg
that ~Ae credit of such peraon ~a satiafx~uy to Mor~gayee and ~hat th~ Interest payabla on ~he wms secvred by this morfqaye shall be a? such rats ss Mortpagee
shall repueat.
11. iFy~ in tM event eM p~mis~s Mr~Dy mw~9~p~d. d~ny put tMr~of, sA~ll M condemn~d ~nd ~~k~n fw qrblie w~ under tM DowN o( Nnin~nt danain,
tM Mwfp~ye~ sMll Mw tM riqh~ ~o d~~+d fhu dl d~~qn ~ward~d Ia ~M ~~k~nq oi w da.na~s ~o uid prNn~s~s sh+lt 6~ wid ~o fM Mw~q~y~e „p ro N» ~moum
tMn unp~7d on Mis monp+p~ u~d at ~M optian of tM MonWyN maY ~ Wvli~d upon tM wvm~n4 I~~~ p~yaDl~ tMreon. -
12. iM ~nufp~9w binds Ai~naelf ewt ro~racl a pa~ni~ to b~ erM~d a~y n~w b~ildieqs on fAe W~i~s Mnin mor~yay~d u ~o add fo a permit ro E~ added
ro•ny of 1M ~aiftinp improv~mertb tMr~on w m~k~ ~~y chan~s w slhrNiom in said improvem~nA which nyMriallp ch~nys tM sun~ w?M us~ tMreof. w~thoul
tl~ wrin~n cun~nt of tM Mw~p+yN. and io tM awnt of ~ny viol~tion a~n~mp~ to viol~~~ Mi~ s~~pvl~t~on this mortq~q~ snd ~II au~n~ secwed M.~Mr iMll :n+-
m~di:tdr Mco~w dw ~nd co~IM,bi• a~ tM oprion ot ~M Monp~yN.
1]. It is s~cifc~lly sq~eed ~M~ ~ien~ is of tM ~»au~ of ?his conhx~ snd tMt no w~ive~ of ~nY ob'.~p~tion Mrwnde~ p ol 1M oblipslipe sK~red Mr~bY ahall n ~ny
um~ b~ h•1d ro b~ • w~iwr oI ~M t~rna he~eof a oi tM I/lit(tXnMt tNW1d hfl~DY.
14. It iwalosw~ p~ueedinpa of ~ny a~cond mor~p~y~ a i~cond nua~ dNd o~ any jvniw lis~ of sny k~nd ~Aould b~ instiiu»d. the Nbrtqapee may. at it~ opuoo.
irr~di~qly or fhN~aita d~clu~ tA1s mwty~p~ ~nd tM ~nd~btednsas aecwed Mr~by dw ~nd wwbl~ iwtAwitA, ~nd m~y at in opt~oe proceed to fweclo~~ th~~
mortp~p~.
15. To tM eatM~ of th~ ind~b~edeN» of the Mwtp~pw to tM Mw~W9~e Msu~bed herein w secur~d Mrtby tM Mw~p~pe~ is hereby aubroy~~ed to ehe I~en w
lisns ~nd to 1M riyAts of tM owne`~ u~d holden thercof of e~cA •nd ~ve~y mutqage lien or other incumbrsnc~ on tM I~nd d~uribed herein which ia paid ~nd/w
sNisfisd in whol~ w in p~rt out of tM prxeeds of th~ lo~n describ~d her~in w a~c~red hereby, and tht respectiw tiens of said Tortgaq~s, l~enf or other ~ncumbra~tes
aMll b~ ind tM. uR~ and ~xh ot ~M~n hercby ia peurved and s1~a11 pass to •nd D~ M1d by ~he Mw~ysye~ her~~n as sec~ri+y fw ~M ~ndebi~dness to M~ Mw~q~qee
lur~in describ~d u Atreby s~tvr~d, to tAa ssms eat?nt tha? it woutd h~ve btcn preserv~d and wo~Id hare been p~a~e~ to ~nd been h~ld by ~he Mo~tq~yee htd ~t been
duly and requluly ~aiqntd, h~nsftrred, s~~ over and d~Lver~d ~nro th~ M«tg~qee by separa~~ deed of ~ssiqnmeM notw~thstsndup ~M fsa ~h~t M~ s~m~ may be
anisfied ~nd unc~tl~d o~ r~cad, i? beinq rM imentlon of iM p~rlies herelo ~h~f the s~rrw wJl b~ saflsfied ~nd c~ncelled of recwd Dy the holders t1+~reof ~t u sbout
rh~ tient of tM recud~nq of th~s mo.tp~pe.
16. To paY all snd siogolar Ihe costs, charges and e¦penses, incloding lawyer's fees, reasonably incor~~d w pa~d at sny time by the Mortgagee, beca~se of
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the failure of the IlRwtgagor to perform, comply with and abide by each and evtry the atipulations, agreemertts, conditions, and covenants of said promi:say
note and this deed, o~ either, and every such paYme^f shall bear intereat from dar~ the defauit rate provided in said promissory note.
17. Wh~n ~ny ~ino~nt of mon~y ro b~ p~id by tM Nlwtq~qw to tM Moreysqe~ ~nder rhe ferms Mreo( sMll be in de/~uN, w aha,ld ~M Mwtq~Oa det~~lt ~n
ar+y of ?M a1Kr ~erma, povisions w co.~dluons oi rhi~ Mor~yap~. ~hen and m thsr us~ rhe Mwtq~9ea shall h~w the riqht, w~~ho„~ no~;ce ~o rM Mw~y+yw. ~o
coL•ect ~nd ~ec~iw irom ~ny ten~nt w I~f.e~ of aaid mor~W9ed Wemists tM renrs, iuues and pof~ts o( tM rwl ear~t~ hereby mortpsfled ~nd tM ~rnprovements
i rhereon, and to y~w proper receipts ~nd Kpuitl~Mff th~r~for. ~nd after p~v~~9 •II c«nm~ssiona of ~ny ~~m~l ~pem colkctinq ?M same. and any reaionable ~norney'~
' f~es and aMr necesairy •=p~ns~i irtv~red in collMiny s~m~, to spply M~ proceeds of such collecNons upon any indebt~docss, ob6getion or li~billty, of ~be
i
j Mortqapu htrevede~_ TM riqht q~ane~d the MortqaqN ~ndu this p~qyraph sMll b~ in add~tioe to, snd shall not Gmit a rtstnct, •ny orher ri9ht or nqAfs p~iNed
i rh~ Mortp~yee in thi~ Monp~Q~.
i
E I8. tf the Mortq~yws at tht tirrw of mtkirp thia Mw~9+9~ w substqwnf thcreto tak• out fi(e inw~anc~ desiqnN~n9 Ib~ Ma19+9ee herein u beneticisry w~th a
4 mmp~ny ~pproved ~y fM Morfyiq~ a ~~s~p~s Po~~u~s to tM Mongaqe~ for ths pwpose of securinq ~h~ mort~qe lo~n h~r~by secured, thm ~M Mortyaqe• ~Mtl
~ have ~h~ nph~ to wr +~Y w~~vm ~caviny under uid poGcin, ~nd all soms so e+pended sh~ll b~ add~d to ~rtd becom~ • par~ of rM w~~,c~w~ ~~~btcdness saured
~ by rAis Mortyay~ snd shall be paid by th~ INwty~9w ro tM Mor~qapce ie twe!w e4u~1 consecutive mooMfy insbtlm~nfs, tl» fin~ monfhly insUllmsnt fo M Paid as ~
~ part of end in add~~ion to tM moethly peyen~nt dw onder this Mortqaye ~n the fint ulendar month to{low~nq ~M eapend~ny of u~d sum. SucA svms so e¦pended
io 6esr mrereat ~f tb~ ra~e at wAich mferes~ ia paY~a~ ~P«+ s~id princfDal indebtedness ~~d tM 6co of this Mwtq~ye ahall e.ttnd 1o and secvre the auma so c.pended
~ roqcther w~th ~Merqt tMrew~ as heranbefa~ provid~d.
~ 19. At mwtgaflee's option, together with and in addirion to the monthty payment of principal and interest payabk under the terms of the note secured
~ Fereby, Mortgagor shall pay to Mongagee exh month ~ntil said nore is fully paid, dx-fwelfth (IiIZ~ of a sum equal to the snnual premium dve fw tire, e.tended
coveraye, snd other hazard insw~nce irxluding flood ins~rance, covenng ihe moreqaged property, plus taaes and aasessments neat d~e ori fhe mortg~ged property
!all as estimated by Nbrtgages) ~tss all sums alrcady paid therefor, and to be divided by the n~mber of rt~w~ths to elapse pnor to the date when s~ch taxes and
~ assessments sha11 become dalinq~ent. Said suma shall be held by Mortgayee ~n trvst or credited to the p~inupal of the Ioan, to pay said insurance, ta:es, and
~ essessments and shall be applied o~ the payment thereof when due. Any e¦cess held in trust by Mwtgagee when sa~d loan is psid in fvli shall be paid to
~ Mutgayor, w h~s assgm, w personsl rep~esmtarives. In the r~ent of a default a ioreclosure, sa~d sums held. in trvst may be applied on sny costs of d.smages
suatained in connect~on with the collection of the note sec~red t~ereby whether by au~t, forec~osure, or orherwise. Mortgagee may f~om t~me to time at its op-
e rion wa~ve, and after ~ny such waiver, re:nstate any or all prov~s~ons hereof repwring such de~,s~Ra, ~y, notite to Morty~gor {n writing. While any s~ch warver
is in effKt, Morl9agor shall pay taxes, assessments and iro~rance p~cmiums +s berein e~sewhere provided.
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~ 20. M.ortgsgo~ shall comply w~th the provisions of any !ease, ~f th~s mortgaqe is on a Iease~old. If ~hfs mortqage ~s on a coodom:nlum ~nl~, mo~tg:qor cha::
~ perform aU of mortgayoi s obGqanons u~de. the declaration of coadom~m~m or master deed, the by~laws and regulaf~ons of the condomin~~m p.ojeq •nd con-
sntuent doc~ments. Morrgagor furiher covenarts that he and the assxiation resp«+s~b~e fo• the operat~on of the condominium will observe al! of the prov~s~ona
,
~ of the said declaration, and a~y amendments thereto, and of the Condom~ni~m law of rhe state, and w~ll perlorm all obligat~ons thereunde~; a~d a fa~lure ~o do
so wh~ch is oot cvred w~rhin ~0 days efter not~ce g~ven by the mortgagee to the mortgagor and the sa~d assouat~on shall co~stltute a default onder this mort9~ge.
y;
Mortgagor furthe~ spec~fically covenants, b~r not by way of fmirat~on, thaf he and the assx~anon witl observe an o( the provisions of sa~d declsrar~on of condo-
m~ni~m relatinq to im~rance coverage.
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21. Mortgagor f~rther covenants an! agrees that at the reqvest of Mort9agee ro fumish a srandard termrte bood ~nsunrg aga~nst damage by i~fes4tion on
the bui}d~ngs now or hereafter located on the mortgaged property, ~n svch amoums and terms, and w~th such company as approved and required by Mortga9te;
aa.
~t and ~n the event Mortgagor does nor comply w~th th~s covenant Mortgaqee shall have the same rigMs ro obtar same as +nwrance coveraqe unde. covenant
~ .;3 hereof.
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Y2, Thar in the event tha~ th~s morr iven to secure a constrvct~o~ toan, failure on the pa~r of the Morrgago~ or the Mortgagor's corarador, arch~tect,
9d9~ 's 4 .
~ enqineers, or sub-confractors to comply w[th the terms of the Censtrvction loan Agreemenf of even date herewith, whlch i~ by reference ~ntwporafed herein, shall,
at the option of the Mortgagee, const~!ute a defa~ll hcrevnde~. -
F4
R~'~ 23. If the mwtgaged premises ia orhr thsn a one to fa~r family dwelling, the Mortqagor covenants and agrees fhat F~e will, not later than thirty (30) days
after the end of the fiual year, furn~sh ~nto the Assxiat~on a comptere and eccurate balance sheet and proiit and toss statement rcflecting ~he Mortgagor's lia-
~ bil~ries as well as profit end loss fw the fiual year, ~nd svch balance sheet and profit and loss statrmenr shall be prepand by s certified p~blic accow~taM li-
~ censed in the State of Flwida, and shall be certified as being cwrect by such certified p~blic ~ccountant.
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~ooK2~38 Pa~E1~58
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