HomeMy WebLinkAbout0921 6. lo FCff,tT, [~T~ ~y w~th i~d ~b de by ea<h and c.ery st~O~I~Gon. aqrt~mZnt, c~ntl.t~o~ and co.ene-~ m~a~d p~an~~ecry no~t ~nd dted ut fo~~h. s
• 7. In ~h~ w~m rM ;un~d~ulon of the U. S. O~~tn~~ Cowt ~hall be inrok~d Cy o~ ~y~ nl tM Mortpsgor und~r eny ot ~h~ prov+aion~ oi ~h~ fcda~l B~nk~ 3
ruptcY Acl. i~ch ~u~on. whtrher voi~muy or ~~v~lun~~~y on th~ pan c! Me hbnyayo~. ~hsll autum~uullr. w~~hout nu+~u. acc~l~r~f~ th~ marurny ol ~11 wms i
o{ money ter~m deu..hcd ~rxl ~~cw~d. anJ tM ~al~~ ?b~)! ~Mrwpan bacom~ d~.v ~nd p~yabl~ (o~~hMrnh as I~tly as ~t iM u~d •yqrp~te wma ol mon~y w~n i
w~atnally ~~~pulared ~o b~ paid on «,ch da~~.
8. To d~liwr ~o said Mwryape~, on w be(ere N4rrA 15~h ei ~uh year, ~a¦ receiph w;danc;ny iM paym~n~ o( ~II law(u11y ~mpased t~,e? io~ fM precd,ng
c.l~ndar year. ~nd to d~lrver ro ~aid Nbrtya~ee. ~ece~prs w~d~r~c~oq ~M Payment ol NI ~i~nt for p~hf•c improveme„b vvu?,.m m~a~r 1~) days d~tr iM a:m~ ahall
~KORM dw ~nd pivabfe. and ro pav u discl~arqf wilhin n.rtetv l~i d+ri ahN dw dOr~, sny ~nd •N ypre.nmsntal levies ~haf mav b~ mad! pn th~ mprrq~r~
Woptrty, on M~s marQap~ a no~~, w~n any oMer way res~l~~nq frwn ~h~ Mw~qicw ,n~Grednea ucv~ed Dy Ih+s mortya~; ~nd ~i rnis cond~~~on be nof c~me~~M '
with ~nd per(wR~d, uid mon4+9N m+Y WY sucl~ sum a wms which sAa~t Aecom~ part ol tA~ d~bt securtd by MIs morrqeye. ~nd shal! be~~ inre~pt at tht drfault {
ra~s prwid~d in sa~d.prom~~swY not~ p~Y~bM mon~Afy until paid w f~id µwtyapM may el~ct ~Mt sa~d morr~ap~ ~b~ therwpon b~com~ ou~ anA payabt~ fa~h-
with. ~
9. If is fw~her co~m~d ~nd ~qHd by stid wri~p th~f in U~ w~n~ ol •+uit buny ~nu;w~ed ~o iw~clo~~ rAi~ a.ortp~p~. ~M Morfp~pN sMll b~ ~n~~N~d ~o
~YYM H any t~nr W~~Y auoA fw~cloaur~ wie ro tM eowt Aavino {w;sdief:on M~rwf Iw ?h~ ~ppo~n~m~n~ ol ~ i~e~iwr oF ~II ~nd unp„IM N» rnon9~~d DroW~b.
~t~d ef ~11 IM ~MM. i~can~~. pofit~. i~sutt and ~~v~nw~ 1kN~of, fraw wluno~v~+ ~o~.e• dNivd: u~d ~hN~upen i~ is AKeby •,a„tN eo.t~+m~d and ~qr«d
~M~ tM ewn d+all faMwiM ~ppoin~ • ne~iv« of s~id ~na~p~q~d popaty. di ~nd •~nq.~ta~, snd o/ auc1~ r~nM. ~n~~~. p.ofib. iuun end r~wnv~ MN~oI, froen t
w!w~w+w sarra dwived, wiiA 1M uswl pow~n ~nd dvti„ pt r~c~~vn~ in I+t~ ufe~: ~nd ~uch appo nt~m dull E~ enad~ Ey ~~rci, cour~ • nun~. of ~hKt r~pl~~
b Mr Mlorty~~. ib wcca~a~. tp~~ ~wr~s~nq~iw~ a ~»~9M, w+d witho~A r~hrenc~ to N» ~dpwcy w in~d~pwcy of +M v~tw o1 ~M
a b Nw wlw~cr a iraetv~ncr oi ~M /Morfp~qo?, snd ~hu u,ch reM, profif~, i~co~. issws ~nd r~vanw~ dwll b~ ,~d p~I ~~w~•
~tW9~ ~~d~bqdn~u. cab w~d ch+~q~. KcpdMq t0 1M pdp of sucA cowf. ~ rKe~vM ~o tM Fayn,em of tM ;
i
10. If afl a any p~rt of rl,~ wops*tlr w an imerest tAere~e ~s sold a vani(erred bv mwtya9a w~rhwt malq~pN'a pria wr;t~en con~~r, e~Nvd~rg (a) tM
uwlion of a Gen w cn:urn6rance aubord~nate to this matqaqe. (E1 tM c~eation of • parcAsu money ~ecurny inteae~? for lwus~hotd aoptiancn. (c) a N~n~(N by
dw~se w descmr, w~~y operano~ of law vpoo the dearh o1 a~o~nt tensn~, or (d) the yrsm of any Ieasehold m~erest of ehrr yrara w tess no~ containiny so optian
ro pvrchase, mo.rgaqa~e m+y, st :ra opt~on, dectare all th~ suma sec~rod by ~h~s mwrpaye ~o be ~mmed~ately d~e and pay~bk. Mwtflapee aMll Mve w~ir~d s~ch
opHCn to xce!~ra~a i/. pnw ro the sat~ or transler, mo.~gaye~ and ~h~ person to whom the oroPerry is ?o be aold w tr~mlerred rexA prKment in w~itinq
tAat tM crad:~ of auch ptrsa+ 1s satl~fxta~y to AAptqaqee ~nd thaf the mteras~ payable on ~he sums iecured by thia mortq~ge shat! be a~ fuch raie as Mor~qayee
sh~p ~eqwat.
11. ihaf in ~M aveet d» w~.ni~~s Mr~by mat9+9~d. a Mr out tMrwl, ~A~tl M conde~nn~d ~nd uk~n fw w+b~ie vw w~da tM porrN ol ~mcMn~ danaa~.
Nr Morlp~qH ~hall Aaw Nr ~iq~t fo d~m~nd ~Mt ~II d~qe~ awa.d~d ia ~M qk~nq of « d.T.9.. ~o u~d p..~+~?.s s1~a11 b~ w~d a M+. Wb.~ ~
M~a? wa»id on M;. ~no.rp.y. snd ar eh. op?+on of fl+. Ma~oayN ~n.r b. .~~~.d ~pon ~M D+Y^~b INI 9~~+a ro ~M an~ouet
wrabb ~M.wr?.
1~, il+~ ~nartq~por bi~ hinuslf npt b~rM o? perm;~ ~o b~ er~ct~d ~ny n~w b~,cid~n~ on ~M w~+a Mn~n mor~~q~d a to ~dd ro w pe.~nif b E~ addrd
w arry o! dM ~a;st:np improv~nq d~u~on w mak~ rry eMnq~s w~ItuNans in said ienprov~m~nh vvAKA ma~M;dly eMnp~ M~ sun~ w~M ~,s~ ~Mnol, w~tAout
tM vwin~n co~s~nt d~ Mwtp?pN, and in IM ~v~nt ot ~ny vipl~tion pf ~ttfTpt ~o v~ol~» ~Aia s~~pul~tian th:s rnw~p~p~ sM all ~ums a~cw~d hK~by ahall :~n-
~n.h d~,. .+~d ~ar«,~ea a M. ov?~ of ~M Abrtp~p».
1~. It is swu~kally syMd eMt ti~ is o! ~M ess~nc~ of contract ~nd tMt no wa~ve~ 01 snr ob•~y+~a~ hawnd~r a of tM oAGp~~~on s~cwed Ae.~Dy shall ~ny
ri.n~ b~ A~Id !o E~ a waiva of tl~ f~ms Asrpf or of eM ~ftft/WMf11 1KWlII MN~~iy.
14. ti fw~ctoa~x~ pru~ad;nys of any s~cond inortp~q~ a s~cond truat d~~d or sny jvn~a lisn of any kind slwuld b~ :~srrrvred. tM Mw?paqe~ rnay, ~f in ope~an.
imrwdi~~~ly a M~r~~her declu~ N+~s ~nonqape ~nd rt+~ ~e~debu6rss sacvred Mr~py dw and wy~tl~ fweAwitA, ~.~d n,~v in opnon p~octed ~o iaecb~~ rh~~
mortpep~.
IS. To tM ~:qm o' tM i~b~~a~ of d+~ 1Monp~yw ~o tM Mortyaqe~ defcnbtd her~in u sec~r~d A~r~by ?h~ Mur~paye~ ;s h~,aby suboq~~td a rhe I~en o.
lient and fo ~M riqAts of tM owna~ ~nd Aolden thereof of e~ch ~nd ~v~rv merrqa~ I~en a o~hn ~ncw„b~nce on tM tand dNCnbed hertin whicA i~ paid u~d,~a
satisfi~d in wAol~ or in p~rt ow of tM pruesds o/ tM loan dhtr~b~d f.er~in w s~c~red hereby, and ~M resptcti~• liens of said ~nw~q~qes, l~ens w o~Mr ~ncumb~nces
sAall b~ ~nd tM. sa.r.~ and skA ot tMm Ae.~by is p~sen~d and sMtl p~~s to •nd b~ Aeld py M~e MortflpN he~«n ~s secwity fw tM ~nd~b~~dness ~o fM Matp~qN
Mrtin describ~d u henby secured, ro tA~ sam~ ~~t~nr tl~a~ » would i+aw bKn pr~serv~d a~d wwld have peen p~ssed to and been MId ~y ~M Nbriy~qre h~d been
d„M and rpulu~y asuqn=d, h~ns(~r.ed. s~~ ove~ and del,w.~d unto tM Matq~qee by sepu~t~ deed of ~siiq~nt noew~rAs+~nd~nq tM f~c~ ~h~~ ~M a~~ne may b~
aaris}~ed and unetlled oi ncord, i~ be~np rM ~n~en~~on of rM part~n herero rMe ~he sanN w~N p~ utisfi~d and ca~c~lMd of recad by ~M Aolden tMr~of ar w ~bov~
tM tien~ of fM•recad~ng ol ~h~f ~or~~q~.
16. To pay atl and sinyutar ths costs, charqes ~nd erpmsd, includ~nq lawyn'i fees, reasona6ly inan~ed or p~~d ~t sny tirr» by tM Mwtyagee, pecause of
the failwe of the Mwtg~qor to perform, comply with and ~bide by exh snd every the sripul»ions, agreements, conditions, and covenanh af said promisswy
note ~m! ehis deed, a either. Md wery s~ch psYment shall bea~ interest irom d~te at tht defautf rah povided in said p~omissory noh.
17. VYlwn any rnwint of mon~y to b~ p~id Ey th~ /iAortp~qw to th~ Nlor/yap~a ve~der eM tenns h~r~of sMll b~ in d~fwN, a s1,,wld tM Mw~~por det~ult i~
~ny of 1M Wber ternu, poviaioeq q ca+duions ot this Matyaye. thtn urd in rhae us~ Me Mwtqaye~ sha?1 lur~ fM riphr, vritlwv~ net~ce ~o tM Mu~y~9or, to
collect ~nd r~c~iw irpn afly tMMf Of I~sa« oi said matp~ped pr~~nise~ ry» ~e~y, i~sues snd prof~ts o/ tM rul esr~q Mer~by nqnqaqed a~d tM ~mpovemenb
Mereon, snd b qiw proptr receipts H1d KQVit1YKlf thertfa. ~nd aftn p~yin~ all commns~ona of ~nY rentN ~y~nt cotkctinq ~M u~ne. ~nd any reasa+able atroinsy's
fers and oN»r necess~ry ~ap~ns~s incwr~d in coU~ctieg ~am~, to ~ppy eM poceeds o~ such collectims upon My indebndness. obl:q~tian w I~abiliry. ef tht
Mwtp~qor herwnder. T1y riqht qranfed tlx Maf~yN under thia pp~qrapA shsll b~ in add~tion ro, and aAall not I~mit w restrict, any aher nqM a r~qhN psn~ed
th~ Mo~1p~y~~ in Mia Nlortyp~.
18. If tM Mwtqayws at the ~~rn~ o} mekin~ tl~is Mortyp~ a s~Es~q~a+r thcreto tak~ wt I~/~ insw~nc~ desiqnating tM Mw~psge~ hcr~in as bene/icipy w~tA a
~~w~Y +Paoved by ~M AAwtq~pe~ a~as;qro polK~a eo iM Mortqaye~ iw fh• pwpos~ ot ucwiny ~M mwty~q~ lo~n Aereby secwed. ~Aen tM Mortp~ye~ aFytl
have tM r~~n~ w wr +~r wemc~+m ~ccr~inp unda said polk~es. ~nd •11 sums so e¦vended sAaU b~ added so ~r+d beco~ • wr~ of ~M a;nc~v+l iodeb~ednea secvred
bv ~~s Mwtp~p~ and shatl be pa~d by tM Moryy~yor ~o M~ Mwrq~qee rwelw eawl conucuine monH+ly ~nstallmeny, tYw fin~ monMly inst~ll~nenr to b~ ps~d as •
paA of end in ~ddition ro tM nw~Mty p~yenNH du~ vnder IAii INortq~p~ in th~ fi~st ulend~r moMh tallow~nq tM •ap~ndinq of s~id swn. S~th sums so •apended -
+o bear ~ntnes~ H tM ratt s~ whicA interesr is pay~bl~ ~pon s~id principsl indebted.uaa a+~d ~M t~en oi this Mwtyaq~ sMit exMnd b~nd secvrt rht suma ~o eapended
roy~~l~er w":tb .nterKt ~Mrean as IIlf~MDllp• pf~llidld.
19. Af mortg~9ee
s optian, toq~ther with and in ~ddition to the mo~M+lv Psyment of principsl a~d inrnest pavsbls ur.cier the terms of ~h~ note aecu~ed
~~Y. ~fW9a P+Y ?o ~~9+9~ e+ch mo~th until said note ~a f~lly paid, one.twelfth (1/12) of a swn eqwl ro the annwl prem~um due fw fire, eitended
coversp~, s~d otF~er haurd inswanc~ irKl~d~nq flood i:tv,rance, cw~ring the mortg~ed propnfy. P{ua ta:es snd MSlSS~nllltf Mat due on the mortqayed property
(alt as estimated by Mor?gaget) Iess ill sums atready paid therefor, and ?o be divided by the number of mo~ths to elapse prip~ to the d~te whsn such taxes and
ssses:menb shail Mcome delirpuent. Said s~ms shsll bs held by Mutgayee in trvst or credittd to the
princ~pal of the loan, to pav s~~d i~wance, taxes, snd
asstssmenh snd shall be appl~ed on the payment thereof when due. My e~cess held in trvst by 1Norrg~yee when said loan is p~id in full shall b. w~d to
Nlort9spw, w his assigns, w pcrsonsl repretentatives. tn rhe event of s defsvN or fuecbswe, sa~d sums held in trust mey be sppJ;~d ou ~ny coyts of dimages
s~stain~d i~ connection w~th tl+e collectiw~ of rhe noro secured hereby wherher by w~t, foreclosure, w otherwis~. Ntortysqee may from time to time ar its op-
rion waivt, and af?at any sucb wsrvsr, ninsqte iny a all provisiorts t~ereof reqvirin9 wch deppsiNy rqF~c~ to.Al4ocr~~ 1n ~rr~tie~y. Whib ~m/ such w~ivet
~s in effM, Mwtypa siwll pay ta:es, uscssmenM and imursnce premiums as her~in eisewfiere pFCV~ . S.
~0. Mpty~yu shall comply w~th rFU piw~s~ons of any tease, if this mortgaqe is on a teaxhotd. ~f r1,is mwtgage is on a c
d'~om~n;vm unit, mo«q~gor s1~~11
pe~form a~l of mw~yaga~'s obleget~ons under rhe declaration of condommi~xn or masrer deed, the by-Isws and reg~tatiwy ol`tibe condomin~um pro~ece and con-
st:tuent doaxnents. Mwtqayw fvrther covenanrs thst he and rAe ssswiatroo resD~:~ble fw ~he qxration of tt~e co~dom7niwn w;tl obscrre alf of the p.ovisions
of the sa~d deciaration, +nd any ~me~drnenrs rhtrero, and of fhe Condan~~;um la w of tAe stare, a~d wiH perfwm •11 obl~gatioeH therevrtder; ~nd a fa~I~re to do W p
w which is not cured wirhin 30 days after nof.ce 9~ren by rhe mwtgagee to the mo~tyaga and the said sssoc~atio~ shall corutirute a de/ault ~nder rhis morq~ya. 'd „
Mwtysgor for?her specf(~ca:ly covenants, but not by way of Gm~tat(on, that he and ~he assouation witt observe aN of ebe prov::~ons of said dectasatlon oi condo- ~
minium relatin~ lo insvrsnce covera9e.
21. Mw?gagor f~rther covertsnts snd agrces thst at fhe ~equest of Mcrtgagee ro furnish a s~a~dard term;fe bor+d insur7ng aqa7mt damage by infeatstian oo ~
the bvild~ngs now on c~~e~(rer located on rhe mortga9ed property, in such amo~nts and rerm:, and w~rh such compsny as approved and re~qvired by Matysgee;
and irt the event Nbrtgago• does not comp~y with ~his covenant Mortgagee shall have rhe same righfs to obtain same as ~ns~rance coverage vnder cwenanf
~3 hereof.
c'
Yl. That in the evmt rhat this mwtgage ~s g~ven to sec~re a construd;on loan, fsiture oo the part of rhe Mortgagor or the Mortgago~'s consractw, archited,
enyfoeers, a svb-contrxtws to comply w~th the terms of the fonsh~ci+on loan Rqreemenf of even dare here«~th, wh=ch is by iefereMe ir.corporated htre~n, yha11,
at the optio~ of tM Mwtqs9ee, con:riture s defavlt herevndei.
7!. If eM muty~yd premises is other than a one ro fow famity dwelling, the Mortyagor covensnes and agrees that he will, not later tfian thirty (3p) days
after tM end of the (~sul year, furn~sh ~to the Associst~on a comp!eta and accur~re bsl~nce aheet and profit and ~oss statement re~lccting M~e Nbrt ~
s lia-
bilities ~s wtll ~s profit ~nd lou fa tM ~iscal year, u~A sucf~ bat~e sf+eet and p~alit and foss sqtrment shslt be prepa~~d by a cNtifi~d pvblic accountant li.
cenxd in th~ StaM oi F{orid~, and shsll be cMifi~d as beinq c«rect by such artified p~blic sccountant.
~~x ~ = ~ - , _
? ~ ~ ~ I ~,s~~ xX~A.
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