HomeMy WebLinkAbout0579 0. Ia Re+form. campiy w+rh snd ~C;W by r.th and •vary t~~p~t~r~an. sy~s~m~n?, contl~~,oa and co~anani in ~aid prom~uory noH ~nd d~td s~t lanh.
7. In Me wcnt rM iur~~d~cnon ot ~M U. S. ~~s~nn Cow~ ~h~tl b~ invo?ed by w•ya~ns~ ~M hbr?9pu ~nd« any o( ~M povhioni of ~M f~d~rd dank-
rvplcY Acl. auch x~~on. wh~M~r volumary a involom~ry on th~ p~n of M~ Mo~ty~yW. aAall aueomauc~lly, wi?hpuf notic~. xalt.~q tM matvrfty o( all aumt
o( money I+Ne~n deur~b~Q and s~cur~d, u~d ~h~ umt ~Mii tlyr~rpon b~com~ dw ~nd pav~b!* !_~thwi~h t~lly y il rht u~d apprp~t~ wms of mon~y w~r~
w~p~nally p]p~,lat~d ro b~ paid on such dar~.
S. To dNivN a wid Mortqaqe~, on o~ b~iw~ Ms~ch IS~A of each yw, ~~a ~Keipy ~vid~ecin9 tM p~ym~nt ol ~11 Iawfully impos~d ta,a fa tM pr~c~d~np ~
c~l~ndsr y~ar. and ~o deGw. a ~a~d Morp•pa~. ~Keipy ~v~d~nurq tM p~Ymen~ o( all lisns iw p~btic imprOv~m~nh wnhi~ nin~ry (9p) dayi af~a tM s~m~ aMll
become dw ~nd pay~bl~. and ro paY w diuhar~ within n~nHy (9p1 d~ya ~ftN dw daq. any ~nd •11 pov~rnm~ntal I~v~~s that mar be made vn ~M moreq~q~d
p~oM~h. ~?his mapp~ a no~~. w~n u~y or1~N w~Y r~tulrirp f~om the Mor~paw indebfsdnqi ucwed py Mia mort9~: and it M~~ condifion b~ nor corn~~~M
wi~h ~nd p~rium~d, s~id matpaqN rrwy pay ivcl~ sum a sums w?~icA sMll bttom~ pa~t of tM d~E~ ~ecvr~d by M~s mortpay~, and ?hail b~u ~n~e+~s~ tM detault
rat~ provid~d in said prom~ssory now paY~bl~ mw,Mly umil paid u iaid Maq~yK m~Y •leu ~Mt saw! mo~tpay~ d~bt tM~wpon becom~ dw ~nd p~yabl~ fwth-
wiM.
9. It Is /wNre cowewnt~d and aprNd by uid pMt~ ~Mt i~ M~ ~v~~ of • svi~ bNnp Iaui~uad tu Iw~cbs~ Mi~ rnptp~q~. Nw INortp~q~ ~lyll b~ ~ntitNd b
apply ~t w~y ~in» p~ndinp avd~ fwuloaur~ ~uit a M~ court Mvhq (wi~diction tA~r~d Iw tM ~ppant~~~ 01 • nc~ivK o1 ~II and sinqul~r th~ mpp~p~d popN~y.
~nd of ~11 ~M r~nb, incany~, profiM. iuua and rwMw~ tMr~ol. fron~ wMbo~vw sowc~ dn~v~d: ~nd IM«upon i~ is Mr~py ~,pM~M cowr~an~~d ~nd pr~d
~Mt tM eourl ~MII fa~hwi~A ~p~wim • r~iwr of wid ~nort~y~d pop~rty. all ~nd ~iequl~r. ~nd o! ~ueh ~~nt~. ineo~s; pofit~. i~suh eed ~~wew~ ~Mrwf. Irpw
wMbe~wr wurw dNivrA. wi~A fM wwl vow~~ ud dain oI rawvers in Lk~ u+~V ~nd s~cA appo nre+en~ aMll b~ m~d~ Sy ~uch ca,rf as • eutt~. of ~e.:ct ripAt
b M~ Mertq~pN. ih ~uee~saw~. My~l +pns~nutivw a~utyu. u~d witAaA r~f~r~ne~ b M~ ~dpwcy w in~d~quaey o1 N» v~lw of eh~ wopa~y Mr~by ~nw~qp~d,
a a aN wlwwey a insolwney oI N» Mortp~qor. ~nd tM~ s,reA r~n~, wol~b, ineonw. iuw~ ~nd r~wrwa ~MII b~ appli~d p~r sud~ e~e~iv~. ~o ~M wr~+~ of ~M
~t9+9~ cwb ~nd c1wYa. ~ccordwq a rM udu of ~ud+ carrt.
10. If elt a any part of rhe p~opNry a an int~?esf thcrein is wld a transfared bY ~+aq+yw withouf morty~q~a's prio~ wrinen ca+ti~n~, s=cludirq (a) tM
craarion of s lien w enc~m~anc~ s~badinate ~o th~a matp~pe, (b) eM crcarion of s pwchau mw~er s~cwify in~ere?r fw Iw~selwld ~ppl~urcp, (c) a tr~nsfe~ by
devise w descen~, w by op~rot~on of Isw upon the deaM oi ~ joi~l tenant, or (d) tlk qran~ of any kasehold ~nroresl ol thrN Years w Itss ewt cont~ininq an op~ion
ro purchas~. mwt9age~ maY. ~t ~ts aprion, declar~ aU tM wms aecwed bY th:s matyaye ~o b~ im~nedistely dve ~nd pay~bl~. Ma~q~gar sMll Mve waiwd auch
ope~on to xce!erafe ~f, p~ior ro rhe sale or tr~nsie., mo.fqayee and ~M person ~o whom ~he prop~rry ia to be sold a~ransfcrr~d reuh p+temem in w~irinp
rhat the credit of sucA p~+so~ ~s ut~slxtav ~o Mwtyaqee and that ehe ~ntercst payable on tM swns ~ec~red by th~s mwtq~ge sMll De a~ such rau as Mortq~~ee
iMll rpuest.
11. ihN in tM went tM prwniay I~eby mwtp~y~d, M NIY p1f1 tI1MW/, ~hatl M condemned ~nd t~k~n fw pubtic uM und~r M~ pow~? 01 ~min~nt donuin,
rh~ Mwrqp~~ sMll Aav~ M~ riqN b d~+tind tMt ~11 d~upn ~ward~d Ia NN r•kinp ot a d.~na~ a a.~d p~s.. ~11 b~ pa~d a N» Mw~p.~. vp ro~M ~mt
H+.n unv+id on Niia nwny~p~ ~nd ~t M. option ol d» Mor~q.q~. rwr p• apoli~d upon dr a•Y~na tat p~ya~M Hw~on.
14. Tlr mwty~qa binda Ainudf nW b~rM a qrmit ro M ~r~ct~d ~ny Mw Evildnqa on tM p~nisa Mr~in awty~q~d a w add ro w wnnit ~o D~ add~d
a anr ot ~M ~~istinp iwio+w~en~ob ~~on a w~sb airy eMnqw w~her~tia+s in uid imqw~~nA wh:eA ~.~qri~lly ehr~p~ t!r i~en~ a ~M us~ ~Mrwl, w~~Ao~+t
tM writt~n cons~nt of tM Morlp~qN. and in /M tvanf o/ ~nY violalion w~nen~pt ~o v+ol~n thif ~~ipv4fian fAis ~worlp~p~ and NI sums s~cw~d MnEy sMll in?
n~d~tely b~coar dw ad coll~ct:pN N tM optien o! tM Mortp~pN.
1~. It is w~ci(~eally ~y.»d dyf tiw~ i~ of H» ~as~nc~ ol N+i~ contr~cf and tlwt no w~:ver of ~ ob:iqation MrwndN er o! ~M obl~p~tion s~cwed A~.~by shall a~ u~y
tirrr b~ AeW to b~ ~ w~iver of tM w~ns h~wf a of Nw inshvment s~cvr~d Mr~by.
11. N fa~closw~ pocMd.nq~ of ~ny s~cond ~nwtp~q~ w s~cond trust d~~d o~ ~ny jwwor G~n ol aey ki~d ahould E~ in~tih,nd. fM Mortp~see nwy. at ih opuon.
ir.uMdiaatp er Uw~affer d~clar~ this mo.tp~p~ and d+~ ~nd~W~drwas a~cwed hN~bY dw ~nd wwEt~ (a~Awi~A, and ~y a~ it~ eo~an 6roce~A ro(«eclos~ tA;a
ewr~p~p~.
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! 13. To tM ~zt~ 01 ~M tnd~MeMaa of ~he Mortg~qor w tA~ lMor~p~p~~ dncr~b~d Ae.e~n a a~cur~d A~reby th~ Mp~p~qct is hereby subop~r~d a rhe I~en a
liau w~ b M~ ~iyAb of tM ownMt ~nd holdees Merwf ol each ~nd ~wry ~nwrq~y~ I~en or aMr incwnbrurc~ on dr Ir~d dqcr~b~d Mr~in which is p~id andla
aatisfi~d in wAol~ w in p~rf ow of th~ proceeds of ~M ban descr~b~d herein a s~c~rcd hweby, and ~Ae respect:ve liNn of said nwnq~qn, I;~ns w oMs~ ~ncumbr~ei
J+all b~ and th~. sasrw and ~ach o~ ~M~n heieby is peaerv~d ~~d shall p~ss to ~nd b~ MW bp rM Nbny~pe~ her~in p s~cwify for ~M ind~badnesa to tM JNor~qp~e
herein dex?il~d a her~by ~~cw~d, to tM u~ e,ant ehar it wo~ld haw be~n p.~se.wd snd wouid Asw been p~ss~~ a~nd bee~ Mld Ey ~M Nbnp~~e Aad been
duh and r•w+~.rM us~p+ed, n~nsfNnd, wt over ~nd del~wr~d unto tia MortqaqM Ey sp+ran dr~d oI assi~m~nt naw~ehs~u~d~np ~M ixt ~hn ~M ~un~ en~r be
satisfied ~nd c~++tdled o1 rKad. it bsiny M» intan~ian of 1A~ puties htrNO tM~ M~ s~m~ w~ll b~ s~t~~/ied and c~ntell~d of r~cad by 'M iwtd~r~ thtrtof ~t a~'~wt
tM ~im~ of tM recadiny o~ ~his matpaqe.
16. To pay all and singu4r tM cosri, ch~rqes and espenses, including Isw~rn i f~es, reasonably incvrred w pa~d ~t any t~m~ by the Mortps~e, b~cwse of
, the failvre of th~ Mottyaqor to perfwm, co~~ply with and sbide Dy esch and every the atipulatims, ayretments, to~tlitions, and covensnri of uid promiupy
noro and rF+is deed, w either, and rvary such psyment shall Aear inrnest from dah ~t the default rate provided in said pomosery nob.
17. MRrn ~nY +marnt of moMy b Ee p~id ~y tlr INorrp~qor ro tM Mw~p~qe~ w~d~r tl+~ tenns Mr~of sh~ll b~ in d~fwh, a sAould ~M Morty~yw defwlt ir. '
any of tM oeMr It~ms, provisiom a conditiorq of Mis Mortq~p~, tMn and in th~e uu the Mortq~yea sh~ll Mw 1h~ riyht. witlw~l not~ce to tht Morrqaqor. to
colkcf ~nd ~eceiw fran ~nY Ien~nt w InsM of iaid ~nwtyped pre~sea th~ renb, i~~ws and prohts of th~ rwl est~t~ her~by a~wtyaped and tM irnprovemenn ~
tMeep~. ~ed 1o qiw prope~ ~ec~ipes wd xp~itt~ncp ther~fw, and aEter payinp atl commissioe~s of ~ny renul pent collea~nq tM sam~. u+d any ~e~sonabl~ ~~twney's r
fNS aed otlw neceuary ~~p~nsq incwred in colhctinq sa~. to ~pply fh~ proceeds of such colkctia~s upon any indeM~dness. obhyatian w liabil~ty. of tM
Mortyayw henvnd~r. Th~ riyht qr~med rM Morl~Qtt under ~his pa~syr+ph sAall be in ~dd~hon w. and shall no~ li~it p rptrict, ~ny ottwr ~~yht ot riqAts 9rsMed f
rh~ Morfp~q~~ in this Monp~q~. .
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18. If ~M Mwtq~gw~ st the tirn~ oI mekinq ~Ais Mwtpy~ a soDs~qu~nt th~r~ro bk• ouf Li~ imw~nc~ defi ~ri ~M Mort
. qn nq qaQe~ Atrein ~s benefici~ry w~th s
~oRw+~Y aowwed by tM MorrWyN a asai9na pol~uts to tM Moreqaqe~ iw th• pwpose of sefw'u~y th~ 1nOftpi~ IO~n I~Ntby fKV~lA, then tM 1Nort~qe~ sAalt j
Mvr tM riyAt ro paq aery pemiwn Kcnrinq vndu s~id pol:ciea. and ~II surro so e,pended ~hall b~ add~d ro~nd Mconr • p~r~ 01 eM p~ncip~l indebredne~a secu~ed {
6y ehis Nlwt~~ u~d slull b~ paid by eM Mw~q~qo? to Nw Mortpa9ee in rwelw epwl cons«u~~ve monMly ins411rmnts. ~M fint momAhr :nstdln~r ~o M paid p• ;
par~ ot tnd in sddition ~o th~ ,~w~rtiN wY,,,..,~ tAis Mortqaq~ in th~ 1:nt ule~dar ~no•arh }olbw.np eM ~~pen~Gnp of uid sum. 3uch suins so eapended ~
ro be~r int~rat ~t th~ r~t~ at wAicA inrKest is par~bl~ ~pw~ s~id pincipal indeb~sdnets ~~d tM lien of th:s k1w~q~q~ a1w11 ~atend ro arcd sec~'the sums so eapended ~
~oq~~Aer wieh ~nterqt ~Mrwn ~s Mr~~nAefor~ pr~v;d,td. ~
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i 19. At morty~yee's oprion, toyether with u+d in ~ddition to ?he monMly payment of principst and interest p~Yabb under the terms of the note s~cvred ~
hereby, Mwtpayw shafl pay ro Mutyayee exh mo~th ~nril said note is tully wid, anttwdith (1/12) of • sum pwl to the ~nnwl pnmium due for fir~, a¦tended ~
i coverape. ~nd aPie'r ha:ard inswsnce inclvdiny flood inw~ance, covering the morqaqed woperty, plu~ ta:es and assessrnenri m:t dw o~ the mwt9sped property ;
I ,all n estirtnted by Mor~yagee) less sll s~rms already paid tlxr~fw, ai+t! to be divided by tht number of months ro elapse prio~ ro the date when such tsaes ~nd 3
asxssmcnts shall become delinq~xnt. $aid s~ms shall ba MW by Mortys9ee im m~r w credited to the wincipal of M~e loan, w paY said inswance, ta~ca, u~d ~
; asseaunmfs snd shall be applied af1 1F1! piYmMt thereof when dua Any e:caa held in tnnt by Mutqspes when s~id loan i~ paid in fuil shall b~ paid to
~ Mutp~qw, or his au7gns, w persa+al repreuntarives. In the event of ~ d~;wlf w fw~cbswe, sa~d suma hald in trvst m~y b~ ~pplied o~ ~ny costs of damayes
sustsin~d in connMion w~th the collection of ~he note sccwed her~by wl~etMr by s~it, fweclos~», or otherwise. Mortqapse erwy from tirrw to time at iri op-
j tion waive, and after a~y suth waiver, reinstate any or ~tl p?ovisions hNeof raquiring sv[h deposiri, by nofics ro Mwtya9or in writinq. VYhile any wch ws"rvN
~s in ~Hact. Mweg~yor shall psy q,~es, assessmenes and irnwx~ce w~i~ms ~s herein dsewh~~e providad.
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~ 20. AAortypw shall comply with the provisions of sny lease, i} this mortqaye is on • leauhold. If th~s mo+tqaye is o~ a condom~n~um un~r, mo.rqsgor sh~ll
ptr(wr~ all of mortyagor's oblpations ~nder tAe decl~ration of condomini~m a master deed, th~ by-laws and reyulat~ons of tAe condominium project ~nd ca+-
~ s!itvent docvments. Nbrtqsflq fvrrher covenanb thst he snd t1~e asaociatan respons~ble fw the oper~t~on of the condomin~um wi11 observe sH of the ptovis~oe+s
of the said declaration, and sny amer~dments thereto, and oI tiro Cw+domin~~m law of tMe stste, ~nd will per(wm sll obligenons thereunder; and a fsil~re to do
so which ia not c~~ed witAin 3p days aftsr notrce yiven by the mutgagee to tlx mwr9agw and ~he sa~d assoc~at~on shall ca+s~~tute • defauh onder this mutq~pe.
Mwtyagor farther specifically coven~nts, b~t nor by way of limitation, tha~ he and the aasociat~on wiil observe atl of rhe prov~i~a~s of ssid declaration of condo-
mi~i~xn relstin9 to inswance cove~aqe_
21. Ntorrqaqor furfher covenants and sgrees that st the ~equest of Nbrtqaqee to f~m~sh a:t5ndsrd tcrmite bond ~~wriny sgti~at dsma~pe by infest~tion on
rh~ build~ngs now w hereaite~ located on the mortqsqed property, in s~ch amounts and terms, and with s~ch company as approved snd rpuired by Nbrfyayee;
and in the event Mortyagor does nor comply with this cwenant Mortgagee sAall h~ve rhe sarne rights ~o obtain same as inswance cove~~ge vnder cwensnt
#3 hereof.
, 22. lhar in tiu evem thar tAis mwtqaqe ~s q~ve~ to secwe a constr~ction loan, hilwe on the part of rhe Morryag« or the Monyagpr i contractw, srch~rcct,
en9~neers, w wb-contrxtws to comply with the terms of the Constrvction toan A9reement of even date herewith, which is by rcfaence Encorporsted herein, sF:sll,
a~ t!» oprion of the Murp~qee, constitufe a defsult Ae.evnder.
23. If the rtartq~qed premises is other thsn ~ one ro fax hmily dw~llinq, the Mortqsyw cweoanb ~nd agrees that M will, not bter than thirty (3p) drys
after tM end of 1M fiscal ysx, f~rnish unto the Assaciation • con+ptete snd ~cc~r~te balanc~ sheet u~d profit ~nd lou st~tert~ent reflectirq the Mortqsqw's lia-
bilcti~s ~s well u pofit and loss fw t1~e fiscal yrx, ~nd such bslwue aheet and profit snd los~ sranrrient shall b~ pr~pared by • catifi~d public accouoqnt li-
cenud in tM SbM of Florid~, and shsll b~ cMified u beiny tornct by such cenified prblit aocountant.
600K244 PA~E 579 ~
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