HomeMy WebLinkAbout0108 G. 'Co {xr~fonn, ~roiuply w•itl~ auJ a~i~e by eac}? anJ rvery stipul+t~on, ag~cY;ii?ent, c~uJ~t?on anU cv~rnaut in said proiuwury note aud devd
xt Iorih. '
7. In ti~r ~~~~•nt tl~a• jurixlictiuu o! thr U. S. Uistrict Court shall l~e invok~~l by or a~ai~~;t tl~r ]11oit~;a~o~ uudr~ auy of thc pruvisiu:~s of the
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I'~~~I~•ral lia~~k~uptcy Act. suci~ :tctiun~ ~vlicther ~uluuta~y or tuvuluntary on tl~a~a rt the Atorttia};ur, ~I~all autu~uatic:~llq, w~itl~out notice~ aC-
c~lri:~ti• tl~a uiaturity ut all swas of inouey I~emiu drsci~lxxl a~xl a~tiured ancl t!?e sauw si~all tl~ercupon I~ecrowe due a~Kl payable forthwilh
as tully as if tl~e said a~;gr.•~ate suu~s ot money s~~rre originally stipulatrt~ to be paid on surh date. .
t~. 7'o deli~rr to s:?id Mortxagee, on or Ix~fore ~larch l~th of cach ycnr, tux rece•ipts e~•ideuciug t6e paywent of all IawfuUy iwposed taxrs
fur t6r pnYY~lin~; cale~nlar year, ~nd to d~li~~er to s:?id \to~t ~ager, rec:eipls evide~ciu~; d~e payuwnt oI all lieus fur pubLc impro~~eu~rnts within
~iiuc•ty ±410) days atter tl~e same shall txroroe due anc! paynb~e. and to p.~y or discharge N•ithin ninety I~JO) da~~s after due date, any and all
~o.•c~mucutal Ir•vi~~s 1t?at ~nay {~e ma~le on lhe mortg•rged propedy, on d~'~s ~norfgage or note, or in any other way resulting from the ~lurlgage
iuJ.•bhtilneac src:urrcl by tl~is mort~age; ~nd if tl~is eondition be not eomplied with and pedormed, said uwrtgagee may pay sueh sum or swnc
w•liich shall txrou~e part o( U~e Jebt accurcYi by this mortgaae. and shaU bea~ interest a? the de(nult rale pro~~ded in said prou»ssory nute
payable u?ontidy until p:?id or said ~tortbagee u~ay clect that said toortgage debt tt~ereupoa becorne d~ie aiul payable forthwith.
9. It is furt6er co~enant~Yl aud agreecl by said parties d~at in the event of a suit being i~~stituted to foreclo~ d~is inurtgage, tt~e Afortgag~~c~
s}?all lK~ rutitl~~i la :ippl>' at any limr {x•ndiu~ surh tu<<ti•lcuure suit te the rnurt having jurisdiction thereof for the appoiut~nent of a retti~•cr
of ull au~l ainy,~ular thc ~nort~a~e~! L~rolx•rty, aud of all U~r ~~~uts, incouu~t, profits, issucs and ~e~rnucs thereof, from wtiatsix•ver ~ource dcriveJ;
and .thereupon it is herrl?y c~pre~sly cove~siut<til arnl ay;n~•d that tl?c court sl~all fortl~with uppoint a rec~i~er of said nwrt}~agcrl pruperty, all
a~xi siu~;ular, and of sucL m~~ts, iniYnu~•s, prut~ts, issu~~c a~xl rr~enue thereof, lrom whatsoever sourcr drrived, wid~ the ~uual powers a~xl
d~i1i~~ of rrcrivers in like cus~y; and such ap~iuhnrut shall Ix~ macle by suc6 court as a matter of strict right to the AtortKa~ee, its suttrssors.
Ic ~al rrprcyentati~~es or assig~u, atKl without reEereuce to the ade~~ua~y or inadequacy of the ~~alue of the property hereby mortgaged, or to the
so~venc}- ur iacol~~rncy of thc Alorty;agor, aucl d~at such mnt, profits. income, issues arxl revenues shall be applied by such recciver to the pay-
ment of the morittaee indebteclness, c~osts and charges, accordin8 to the orcier of such court.
10. 1( ul) ur any part of the propcrty or an interest therein ic sold or trantferred by mortKagor H~ith~ut mortgagee's prior written conuat~
excludin~ f a) tht• crcation of a lien or rncun~brance subortlinate to d?i~ mortKagr, ( b) the ereation oi a purcliase money security iaterest for
ho~uchold appliancti~s, (c) a transfer by devise or descent, o~ by operatiou oE law upon the de~atl~ oE a joint tenant, or (d) tl~e grant of any
leaseho~ interest oE three ~ears or ~ess not containinK an option to purchase. mortgagee may, at its option, de.clare all the siuns secured by
this mortgege to be immeciiately d~ and payable. Mortgagee shall have waived such option to accelerate if, prior to the sale or tra~fer.
mortgagee and the person to whom the property is to be sold or transfemed reach agecement in writing that the credit of such person is sat-
isfactory to Mortgagee and that the interest payable on t}~e sums secured by this awrtgage shall be at such rate as I~lortgagee shall rc~uest.
11. That in the event the prrmises hcreby mortgaged, or any pa?t thereof, shall be oondemned and ta~:ea for public use under the power
~ eminent domain, the Mortga~re shall have the right to demaad that all damages aw~arded for the takiag of or damages to said premises
shall be paid to the 1?fortgaQee up to the amount then nnpaid on this mortgage and at the option of the MortgaRee may be applied upon
the payu?enta last payabk t6ereon.
12. The nwrtKa~or bincls himselF noR to erect or pertnit to he errctecl any new builclinP.~ on the premises l~e•rein mortKa~!ea or t~ a~ld to
or ~nnit to be addecl to any of the eaistin~ improvements thereon or make any ehanges or alterationc in said improvements which materially
cl?anRe tl,e same or the use thereof, without tt~e written ccnsent of the 4lortqaAee, and 'w the event of any violation or attempt to violate this
stipulation this mortgac~e anci :?11 sumt secured hercby shall immediatcly become due and collectiLle at the option of the ~fortgagee.
13. It is specifically aercrcl that time is of the essena~ of this eontract and that no w~ai~•er of any obligation hereurxler or of the obligation
secumcl herehy shal! 3t any time he held to I~e a waiver of the ten~u hereof or of the instrument secured hereby.
14. lf [orerlowre procE:nlinKs of an}• u~c~r.d murt~;a~;e or second tnttit deecl or any junior lien of any kind shonld ix in~titutc~cl, the \~ort-
~;a~;~~ may, at its option, inunrcliat~h or there~ftcr drelare this mort~;acf~ and the indebtednesc stY•~u~d hcreby due ~nd payable f~rthwith, and
may at its option proceed to foreclt»e thic inortKa~e.
15. To the e~tcnt of the indeht~-dne~c of tLe \lu~t~a~:or to t6~ \tort¢aqee deu•ribed hemin or securecl herehy the ~lort~aqec is h~rPhy
subroQatect to thc lien or liens and to the ne}ds of the owners and holders thereof of each and e~•ery mort~a~e lien or other incumhrancr on the
land dcsirihecl hercin ~s~hich is p:+id and/or satisfictil in w•hole o~ in p:ut out of the procc~eds of t}ie laln describ.d herein or serureci Lereby
and the resl?ectiti•e licns of said mottt~a~es, liens or other incun~l~r;ances sLall be anci the same and cach of them hereLy is pre~:rved and shall
pac~ to and he 6eld by ltortuaeee hercin ac s~ti•~~rity for the~ indebtedness to the ~toriga~ee hemin descril~ed or hereby securect, to the ~sme
extent that it ~vo~:ld ha • Fxrn presen•cvi and a•ould have Ixrn p~csed to and Mrn L~Id by the I?lortea¢re had it }x~en dulp and re~ularly
AfCiQned, hansferrcd, se o~•er and dcli~~ered unto the ~torts;a~ee by spparate deed af assiQnment notwithstan~linR the fact that the same may
bc• satisfied aad canc~ell_d of recorcl, it i~ein~; the intenticn of the parties hereto that the same will be satisfiecl and cancelleci of record by t~e
holders thcmof at or about the time of the recording of this mortKa;e.
]6. To pay all and sinqnl:.r the costs, char?;es and espc~nses, includins; IaHyer's fec~, reasonably incurreci or paid at any tii~~ by the 11ort-
¢a¢ce, M~oaiue, of the (ailure of thc \torteaQOr tn perfomi, cnmply with and abiJe by each and every th~ stipuL~ttions, aKreemenis, cnnditions,
ancl ro~~>nants of said promicson• note and this dc~cYl. or cither, and c~•~ry snch pa}nnc•nt shall bear int~rest frora date at the defa~dt rstte pro-
I~ vidc~l in s:iirl promissory note.
~ 17. ~~'hen any amount of monPy to t~e paid by.the ~iortgagor to the liort~at~ee under the terms hereof shall i~e in default, or sLotild the
~ \1~,rt~ak~+r clefault in any of thP other terms,p rnvisinns or c~~nditiuns uI this ~fort¢aRe, then and in that case the I~tortl;aqee shall l~a~r the
~ ri~lrt, without noticr to th~ ~Iortt~.",L'ui, to cY~lle~ct and recei.•e from any tenant or lessee of said mortqafied pre~nises the mnts, issues and
profits of th~ rral rstate hrreLy mort~aF~~cl and thr improvcments thercon, and to cive pro~r rccripts and ac~~uiitan~ec therrfor, :~nd after
~ payin¢ all c~nunissions of any mntal aeFnt coll~~ctims th~ ssme, ancl any maconable attorney s fe~ an~l other n~ssary expensQS incurred in
colleetin~ ~.~me, to apply the proc~~~cis nf such rnll<Y~tiocu ni?on anv indebtedness, ohli•~aticm or liahilih•, of th~ ~tortRa¢or hercunder_ The
~ ris~l~t ~rantctil tliF ~iorts;a~e•e untler this panfiraph :hall 1~ in adc~itiun to, and shall not limit or restrict, any other ri~ht or rinhts ~erantrd the
~ \tort~as~ee in thic \tortt;a¢e.
~ Ik. if th~• \tmtr.a~:,o-s at th~ tim~ of ~uakin~, this \lort.a,~• or suL,~u~nt thc•rc•to take o~~t lii~~ in~,ura~~~e ~lc,ic,mat~ue thc \to~t,ai<•e h~rcin
}~~~nf•fici_?n~ ~c:rl~ a cnmp:in~- a[~pru~r~l t}~e ~t~ut^~+;~t' ur .~:,iLns i~olici~~s to tl~c ~tort~a~ee for the~ pur[xiss of scru~n~ the ~nori~a^~ loan
hr,~~Lv c~-cur+~~1. t}~en the ~IO•:~8i~'C Sl~ail 6a~~e the• ri~ht to pay am~ ~mmivm acrnunK under sairl polic~ir~s, and all sinns so ezpenclcd shall }~e
a~de~c~ to c.:id l,F~rnme a p:irt o( the principal ind~•id~~dne;s sPrur~d ~,y ih~~ ~tort;;:iee an~l s6all he• pai~l h~• the \torlfia~or to th~ ~forts;aqec
in t~~rh•e c•~tual conc~•ntit~• monthlt- m~ta.lments, th~ first n~onthly installment to M• psid as a part o( and in addition to the monthh paymPnt
du~ under this !ltorts~at~• in the fint ral~n~l:c month follo~~•in•~ ti~~ ezpFn~lin~ of saicl cum. Such snms co c:tpc~nded to I~ear int~rest at the rate
at «'ht'ch interest is pa~~ahl~ upon wid princinal ind~•bt~~dness arrd th~ lien of this \tortea~e shall exten~l to and securc the sums so ecpended
t~^cth~r ~:-ith intPrest th~reon ac hereinl,efore pro~-ided.
19. At mort~;a~ec'~ option, toRether «~th and in addition to the monthlypa yment of principal and interest ~ayable iuxler the tern~s of the
note• securecl herel~y, \iortca~;or ch;dl iv to ~lort~.:a~F~.~ e•ach month nntil said note is fnll~~ paid, one-tw~elfth (]/12) of a sum c~ual to the
, ennual premium dne for (ire, ezterxle~~co~•eraKe, and odi~r ha~ard in~urancr inehidinR flood in.suranee, rn~~erin~ the mort~aRecl properiy,
~ plus ta~es and asse~sments next due on the mortRaRcd property (all as estimated 1~y Nt~rt~eaqce) less all c~~ms alrF•a~ly paicl therefor, and to be
di~idc~ by the numlx~r of months to clapse prior to thc~ date whrn such taies and assessments shall becrome delinquent. Said sums shall be
~ hPld by ~tort~aK~'P in tnist or cmciitrcl to the principal of the la~n, tn pay said instvance, tues, and aasessments and shall be applied on the
payment thermf when due. Any exccss held in trust fiy :1tortRa~ee wl~en said loan is paid in fuD shall }~e paid to MortRa~or, or his assig,ni,
or personal representatives. In the event of a default or foreclosnre, said sums held in trust may be applied on any costs of damages sustained
~ in connection with the collection of the note srcurcYl herehy whcth~r hy suit, foreclosnre, or otherwise. riortRa~ee may from Nme to time at
~ itso~ tion wai~•~, and after any such w•aiver, reinstate any or all pro~~sions hereof reqnirinR such dc~positc, by notice to ~tortgaqor in writing.
' R'hil~ any such w•aiver ic in effect, ~1ortQaQor shall pay ta.~es, asscssments and insurance premiums as herein elsewhere provided.
~ 20. SlortqafCOr shaA rntnph• with the ~ro~•isions of an}• Irac~. if ihis mortrta~e is on a leasehold. If this mortga~e is on a conclominium unit,
mort¢a~or shall perform all of mort~aqor s obliAaNons ander the declaration of condominium or master deed, the by-laws and reRulatians of
~ the condominii~m projr•ct and constituent documents. \iort~a~eor further co~~~~nants that he and the associaHon rcs~onsible [or the operation
~ of th~ conclominium w~)1 ohserve aD of thr pro~~isicros of the said dFC•laration, and any amendments therMo, and of the Condominium law of
" the state, and will ~rform all oblieations thc~~ander, and a failure to do so w•hich is not cureci within 30 days aker notice given by the Mort-
~ qaeer to th~• rnort~a¢or an~l the said at~ciation shall rnnctiti~te a dcfauk under this mortgaf¢e. :1~ort~aQor further specifically covenants, but not
by wa~- of limitation, that he ancl thP association will observe all of the pm~~isions of said dpclaration of conclominium relatin~ to insurance
r> co~•eraRe.
~ 21. A1ort~aAor further covenants and a~rees that at thP request of :~lortfiaRee to fumish a standard termite hond insuring aRainst damaRe
~~a bv infestation on the buildinRs now or hercafler located on the!nnrtgaRed property, in such amounts and terms, and with such company as
approvecl and rec~nired by ~tortKaqee; and in the event ~tortAaQor doPS nat comply with this covenant I?iortgaRee shal~ have the same rights
to obtain same as insurance coveraRe under covenant ~3 hereof.
~ f 22. That in the e~•ent that this mortKa~e is Riv~n to secure a consiniction loan, failure on the part of the 11~ortRaeor or the ~tortgagor's
~J contractor, archite..-t, enqineers, or suFrcontractors to comply with the terms of the Construction Loan 4~¢reement of even date herewith,
~ :vhich is by referencc incorporated hcrcin, shall, at the option of the liortgaKce, constitute a defaalt hereunder.
~
~ ~?.'i If t6~ n~ort¢:+e~Yl premi~rs ic ~~d:cr than a one to four fa~n~l}• d~~~~llin~, the \(or4~a~or co~-enants and atrees that he ~vill, not later
s; thsn tl~i~t}• I'i0) days .~ftc•r th~ en~l c~f th~• ficcal ~~~•ar, furnish nnlo th~ :~~uxiation a cosnplete ancl accnrate-L;~l.~nce sl~~ct and profit and loss
~ ce:~t~•m~•nt r~flectim, t}tic ~to~t~a~.~i s liahilities as ~~•~•II as profit and lo.s for tl~~ fiscal ~-ear, and such Lalance shc~t aucl profit and l~ris si:ite-
"r>i n~:~~~t sh:ill bc~ pr~p:~r~~~l by,:~ cr•rtifi~•~l public acronntant licensed in the tit: t~~ of F~oricla, and ~hall br certified as hein~ correct h}• such certi- ;
fi~•;i p~~Llic acco»ntanL ~ #
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