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HomeMy WebLinkAbout0418 ti. '1'u p~:rform~ canply wiUi aixi aLiJe by eac~h and overy ~ipu4tion. ugra:a~eut, conditioa aixl ~v~rnanl iu suid proutiawry iwte aud deed ~ >rt torth. 7. ln the event tl~e jurisdiction oi Uw U. S. Uistriet Court shall be inrokcYl by or a$auast t4e I?lortga ~or wxler any of die provuiau of the Federal I~unkn~ptcy Act, such actioa. whrt}~er voluntary or ia~•oluntary on thepa ~t of the Alortgugor~ ~ autoa~atically. wil~iout notice, aa ' a•Ierate d~a ~uaturity of all awns ot nio~wy herein descritx~l o~Kl xru~eci and the sau~e shall thereupon becorne dua end payabk focthwith ~ as fully as if die said aggregate sans of ma~ey were originaUy stipulutrc~ to be paid on such data. : : ti. 'fo deli~•rr to said Mort;;agee, on o~ lx~Eoro \larc-h 15t1~ of rach yea~. tax receipts evidencing thepa yment of all luwfully imposed tauea " !or the pre.~ceciin~ caleoda~ year~ aixl to detiver to sail I~1ort~agee. recripts evideu~:iug tLe puyment of all lieas Ior publie improvemeats within ninety ( 90 ) days dter tbe same shall become due and paYable, aad to pay or discharSe within niaet~? ( 90 ) days dter due date.aay~ aad all ~ govemmental levtea that nuy be made on t!?e mortgaged p~opcrty. a? ttus mortgage or not0. or in any other way res~ilting from tbe Mort~xge i indebtedness secured by this~~ 8e; and if tht~ conditioa be oot complied wltl? and pedoru~ed. aaid mortgagoe maY PaY s~ch sum o` swns 1 whk6 ahall become part of t6e debi secw~d by this uartgage, aad shaU bear Interest at tbe default rate provided ia :aid promis~ory note pa~•abk monthly until paid or said I?fortKagee may eiect that said mortKage debt t6ereupon becane due and payable forthwith. y. It is further covciwatrd and agreeci by s~Id prties tbat in tLe event of a autt belag instituted to foreclose this mottgage, the Mortgagee shall be entided to apply at any time pencling such foreclaaure tuit to !he oourt having juiisdiction thereof Eor the appointmeqt oE a receiver of all uaci singular the mortgaR~ proPed3. and of all the m~ts, inrnmrs, profits, issues wd revenues therooE, fran a~hatsoever source derivecl• and thereupon it is heceby _e~~essly covenanted and agceed that L?e court shall forthwith appoint a receiver of said modgaged property, al~ snd singular, and of such rents, incomes. profits, issues ancl re~rnue thereof. from whatsoever souree -derived, with the usual ~wwrrs and duties of reoeivers in like cascs; and such appoint~~nt shal) be madr by such court as a matter of strict right to the Mortgagee. its sua.~essors. le~a1 representatives or assigns, And without refe~roee to the ader~uacy or inadc~wcy of the value of t6e property hereby mortgaged, or to the soi~~ency or iasd~•ency of the ~tort~a~or, and that such rent, profits, incorne, issues and revrnues shall be applied by s~kh recei~-er to the pay- u?ent of the mortQaRe indebtedness, costs and charges, accordiag to the order of such oourt. ~ 10. lf all or any part of the property or an interest therein is soW or tra~uferred by mortgagor without aartgagec's prior written ~onscnt, excludinR (a) the creation of a lien o~ cncumbrance subordinate to thLc mortgage, (b) the creation of a pumhase money sec~rity interest for housrhold appliancrs, (c) a traacfer by deeise or desmnt, or by operation of law upoa t6e death of a joint teaant, or (d) the Rrant of any IC3SetlOld interrst oi ii?rrr yC'dfS U( ;t7~ IN~ Cui'iwi3'iii~K dii uY~wTf tii "ru~T,wi:w. i•~52~6..p"°~ ~.°.Y. L~°.'C~3!!t °..n. f{u ~ume eotti~~ }3~r this ux~rt~n~c to bc immediately d~m ancl payahk. ~lortgagee shaU have waived such option to accelerate if, prior to the sale or transfer, ~uort~;a;;ce and the person to whom the property i~ to be sokf or transferred reach agreement ia writing that the credit of such person is sat- i.fa~tory to !Nort~a~,ee and that the interest payabk on the sums secured by this mortgaQe shall he at such rate as \iortgagee sball req~est. 11. That in the e~•ent the pmmius hereby mortgaged, or any part thereof. shall be condemced and taken for public use uncier the power ~ of rininent domain, thc '?iort~;~t;cr shall ha~~r thP ri~t to demand that all d.vnages awarded for the taking of or damages to saicl premises sh:ill he p.1id to the Mort~;a~ee up to. d~c amount then unpaid on this moriQage und at the option of the \iortAatCee may be applied upon the payiizent~ l~st payable therron. 12. The mort~:aAor birxls hinuelf not to erc~:t or pennit to be erected any cew buildings on the pmmises herein mortftaqeel or to a~l.l to ~ or ~x•nnit to I,e added to any of the ezisting improvements thereon or make any chanRes or alterations io said improvements.which materially ~ chanRe thc .a~ne or the use lhereof, without d~e Krittrn consent of the Mortgagee, and in the event of any violation or attempt to violate thi. ctipulation this mort~aRe a~xl all sums secvred hereby shall immediately become due and colketible at the ogti~ of the ?1~ortRagee. ~ ~ 1,. It i. specifirally aRreecl that time is of the cssrncr of this contract and that no waiver of any obli~atio~ hereunder or of the obliKation ( .~•~•~~nYi hcml.y' shall at am• tinic hr hrld to lie a waiver of the terms herrof or of the instrumcnt sec~red hereby. F 14. If foreclc~ure proccedin of any s.~cond nwrty;ay;e or second tnut deed or any j~mior lien d any kind should be instituted, the I?tort- ~ ~a~,:c~ ~nay, at its option, ~ately or thereafter declare this moRgage anci the uxlebtedness secured hereby due and payable fodhwith, and { may at its option proceecl to foreclose this mortAa~c. ~ 15. To the estent of tl?c indrbtedncss of the ~1ort~;a~tor to the \IortKaKee described hemin or secured hereby the I?lort~taqcr is hereby subroAated to the lien or liens an~l to thc rip,hts oE the owners and holders thereof af each and e~•ery ~nortRage lien or other incumbrance on the ~ land dc.uribed hemin which is paid and/or satisfiecl in wholc or in part out of the proceeds of the loan descriix~d herein or secured hereby and the respeetive lienc of said mortp,aAes, liens or other incumbrances shall be and the same and eaeh of thcm hemby is preserved atxi shalj pass to and held by the AiortRa~ee hemin as security for the indebtedness to the I?todRaAee hemin des¢ribed or hereby secured, to the same e~tent that it wo?ikl ha~~e been presen~ed and would have been passed to ancl been hcld by the MortftaAee had it been duly and reRulady assigned, haasferred, sM over and delivered imto the ~1ort~~Ree by sep:?rate deed of assignment notwithttancling the fad that the same may be satisfied and cancelled of record, it bein~ the intention of the parties hereto that the same will be satisfied and cancelled of record by the F holders thereof at or ahout the time of the reconlin~ of this mortgaAe. ~ I6. To pay all and sin~,nilar the costs, charges ancl eapenses, inclndinR lawyer s fces, reasonably incvrred or paid at any tiaie by the \iort- ' xaeer, herause of the failure of the ~tortRa~or to ~rform, comply with and abide by each and every the stipulatioas, aqreements, wnditionc. and co~•cnants of said promisson~ not~ and this deed, or either, and e~•ery such payment shall 4~ear interest from date at the default rate pro- ~ ~ided in said promissory note. 1T. When any amount of money to he paid by the NortRagor to d~c 1lortgaytee under the terms hereof shall be in default, or shoukl the ~ ~tortga2or default in any nf the other temu, pro~~sions or conditions of this AiortRage, then and in that case the Mortgagee shall ha~~e the riAht, without i?otice to the ~tort~agor, to rnllect aoci recei~•e from any tenant or lessee of said mortgaged premises the rents, issues and ~ profits of the real estate herebp mortlCaged and the improvemrnts thereon, and to give pca~er receiptr and acquittanc~es therefor, and after payinR all commissions of any rental aRent collectinA thr sairn, ::nd any reasonable attorney s fees and other necessary e:penses incunEd 'v? ~ colleetinR same. to apply the procreds of such cotlections upon any indebtedness, obligation or liability, of the 111ortgagor heteunde:. The ~ rirtht Rra~ted the UortRaRe~e under this paraRraph shall 1~^ in addition to, and shall not limit or restrict, any other rip~ht or rights feranted the ~ j \tortna.~~r in this ~icNt~a~Ce. ' j ~ 18_ If the \tortcagors at the time of makink tl~is liortRaRe or subseryuent thereto take out life insurance desi~nating the Atortgagce herein •,ti brneficiary K•ith a rnmpany approved by the ~tortp,aQee or assigns policies to the Mortgagee for the purpose of securinR the mortgaiLe loan ; ~ herehy secumtii. then the t~~ortAaRee shall ha~r the right to pay any premium acrn~ing under said policies, anci all sums so e:pencied shall be added ro anci hecome a part of the princ~ipa1 indebtednc~ss secured by this Aiortgage and shall be paid by the Mortpcagor to the I?iortgagee i ~ in t.~~elve r~ual consecutive month}y installments, the fint montWy installment to be paidas a part of and in addition to the monthly payment } duc under this !?lort¢a~e in the first calendar month follovving the expendinR of said sum. Such sums so e:pended to bear interest at the rate `s, at wl~ich interest is payable upon said principal i~dehte~clnecs an~l ihe lien of this MortRa~e shall e~tend to and sec:ure the sumt so Kpet~cied ~ ~ tcr~ether with interest thereon as hereinheforc provideci. ~ 19. .>t mortKa~cee s option, totsether with and in addition to the monthly p:iyment of principa) and interestpa yable unclcr the ternis of the ` ~ nat~ securrcl hereby, Nortra~or shall a~• to \toricaK~ each month until said note is fully paid, one-twelfth ( I/12) oF a sum r.~ua) to the ~ annual pr~mium due Ior fim, extenci~ eoveratce, and other lia~ard insurancr ineh~dinR flood insurar?ee, coverinR the mortga~ted property, plus taze~s and acsessnwnts next due on the mortgaRed property (all ac estimated by I?lortqatcee) less a11 sums already paid t6erefor, and to he ~ ~li~•id~cl by the numM+r of months tn elapse prior to the date when such tazes and assessments shall become delinquent. Said si~ms shall be : hel~l by !ltortRa~ee in tnut or crcYlited to the principal of the 1a~n. to pay said insurance, taxes, and assessments and shall be apPlied on the ~ paym~nt there~nf whPn due. Any e~cess held id trust by \iort¢acw~ when said Ioan io paid in fi~ll shall }-,e paid to !?iort~agor. or his acciRns, ~ ~ or ~rsona) mpresentatives. In the e~~ent oF a default or forecMsure, said sums held in trust may he applied on any costs of damages sudained in ~-onn~•ction a-ith the c~llertion of the note cecu?ed hemhy wh~ther hy suit, foreclosure, or oth~rwise. Mortqaqee may from time to time at 3 itc option u•ai~-e, and aft~r any c~~ch ~.ai~•er, rPinstate any or all prrn~sions hereof reryuirinsc snch deposits, by notioe to 1liortRaRor in writin~. ~ \\'hil~ ~n~~ ~ach w•ai~-er is in efk•et. !~1ortKa¢or shall pay ta~PC, assecsments and insurar~ce premiumc as herein elcewhere psovided. a 20. \lortfiaror chall compl>• with thc pm~i~ion~ of any I~asr, if this mortQaQe is on a lc~cehold. if this mortsCage is on a eoodominium mtit, ~ inort2aeor shall ~wrform all of mortRaaors obliRxtions unclPr thc declaration of condominium or master deed, the by-laws and reRulations of ` the condomini~im project and corutititent documents. \iortGafior further co~~enants that he and the acsociationre~c? nsible for ihe operation ~ of the condominium a~ll oi~cerve al) of the provisions of thP saicl declaration, and any amendments thereto, and of the Corxlominium law of . ~ the ctate. and wi11 perform all obli~ations thereunder; and a failam to do so which is not rured within 30 days after notice given by the Mort- naee•e tn th~ mnrtqaQor and th~ ~~id association shall constih~te a default ander this mnrtp.aQe. Mort~LaKor further specifically covenants, but not ~ hy .+ay of limitation. that he and the accociation will obsen~e all of the procisions of said declaration of condominium mlatinR to insuranee } ' CO~'Pr'dP,C. ~ 's ~ 21. t~ortRa~or fnrther covenants and a~recs that at thP request of AiortQaqee to fumish a standard tennite hond insuring astainst damaqe ~ h~• infestation on the buildint~.c raw or hereafter loeated on the mortgat(ed praperty, in sueh amounts and terms, and with such company as ~ appro~•cd and re~uired by ~tort¢ae~: and in the e~ent ':11ort~aQOr dces not comply with this covenant 11~ortQaRee shall ha~r tht same riRhts ~ ~ t~ ohtain same as insurancr coveraKe under covenant ~3 hereof. c-~ ' 2'l. That in the e~~ent that this ~nortqa~e is Ai~~en to scrure a const niction loan, failnre on the part of the ~IortGaKor or thc \iortgaAor's t ~ contractor, architect, enqineers, or sub-contractors to comply with the temu of the Construction Loan AKreement of even clate herewith, ~ 4 ,ehich is hy refer~nce incorporated herein, shall, at the option oF the M ortRaAee, constitute a defanlt hereunder. ~ ~ 23. If the mortca~ecl premiscs is other than a one to fa~r family dwcllinF, the Mortgagor eo~•enants and a~;rees that he will, not later than thirty ('30) days after the erul of the fiscal yrar, fumish unto the Association a complete and accurate balance shcet and profit and k,~s 3 statement re f lecting t he \ 1ort}CaRor's Iia bi litics as ~re l l as pro(i t a n d loss for t he fisca 1 year, ancl such balance shect and profit and loss state- ment shal) be prepared by a certified public accountant licenced in the State of Florida, and shall be certified as being rnrrect by such certi- ~ fied puLlic accountant. ~ ~ ~ - _ . . . . .-Y':. Y " • ~--~i',r~~ . , ' . ~ . _ .