HomeMy WebLinkAbout0113 t;. '1'u ~•iforu~, cviuply with aud uLid~• by i~acl~ a~ul every stipulntion, uKr~tiinrat, ivudU~on a~~u crncu::ut u~ ~ttid prumiaxory nuk+ aud drexl
.e•t fort}i.
7. !n t6e• .~~e•iit tiu• j~iriulh•tiun ut tl~r l?. S. Uutri~K (:ourt sl?nU !,e i~n~uk.~l Ly ur a~aiwt Uie titurt~;u~or uudcr auy u[ tliu pruvisiw~s of the
I'~Ylrral (t;iak~uptcy Act, auc1~ act~un, wl~etlir~ coluntary or iuvuluutury on U~ep.~rt ~lhe Atort~;~bor, sLall autui~?atically, wiU~out ~roticv, ac-
~ti~icr.?te tf~e iuaturity of :d! suuu of uwuey I~e« •~n ~lc;xrilx±J a~k) sctiured and tlee saii~ si~al) Uicrcupo~~ iKCUnie due a~n) payable forl}~wid?
~+s fully ;u if Il~e sdid a~grr~;ate suu?s of mouey ~vere oriKiually stipulate~ to be paid on such Jate.
t;. 'i'o delivrr to ~id I11urt~agce, a~ o~ brCure \larcl~ lSth of each yrar, tax re~ripts evideucinb ll~~ puyuient of all lawlully impux~l tatax
lur ~L.• pn~c~tilm~; caleu~lar y~•ar, nnd to d~livrr to a:~id \lort •akce, reccipts r.vidcuriug the payn~nt of all lir~u [or pui,lie impro~•e~nents within
u~nrty ('K)) Jays atter thc s,iaie slu11) t,cti•o~ise due aixl payaL~e, and to pay or diuharge wilhin ninety (~JO) Jays slter dur date, any and all
~;~~.~•ru~u~•utal Ir~•ic~s that ~nay lk ma~le on the mort~aged property, oo tt~is inortga~;~ or note. or in a~y otl~er way resultiug fran tl?e I?lortgage
iuclcLl~Yl~x•ati securctii by d~is nwrt~;uxe; ancl if d~is coixlition be not complicd with ar~d pedomied, said u~ortga~ee n~ay p:~y such swn or sums
wl,ich sl,all t~ecumc pa~t of tl,c deht ururcd by this nwrtgage, and shaU brar iutenst at the detaalt rate providecl in said promiuoryr uoto
p:i> abk uwuthly uutil paid or said \fort~agee ~oay elect t6at said uwrtgage debt thcreupoa beco~ne due ancl payabie forthwith.
J. !t u(urth~~r i~~ruanted a~K1 agreed by said parties that in the event of a suit brin~ institutcd to (oretlose this moitgage, t}?c I~1ort~aKcrr
.LaII ix• eutitl~yl to :~pply at any ti~ue pe~~in~ ~urh Eo~<~.•losure suit to the court having jarisc)iction thereof for the ap~winUueut oi a recriver
~~f ull .iu.l sin}~uiar thc mort~at;.~l l~ru~x•riy, auil uE :dl ti~~• r~•uts, iniv~in~•~, pro(its, issues and mvenurs the~eof, from whatsoc~~~r ~oun~e cicrived•
au~l tLe•reu{wn it is hereby e~pressly rovcnaut~Yl an~l a~;nx~ci th:+t thc court s6all forthwith appoint a recei~'cr of said tnort~;aged property, alj
and ~iu~;ular, atxl o! siuli mnts, in~r>u~t~s, protitx, i~.u~ and n•~i•nue themof. Erom whatsoever sourcr d~•m•cd, wtith the us~~al powrrs and
~I~iti~~s uf i~~•i~rrs in lik~• c~.u~s: aud sud~ appoiutu„~ut shall ix• made hy such co~ut az u matter of ctriM ri~ht to the ~1ort~;aqee, its suc~crss~~rs,
le~y~al repr~:.entativiy or assit;ns, anct without mfercncr to the adc~~uucy or inadequacy of the value of the propefty hereby mortgaged, or to the
.uh~•n~•v or i~?sol~•c~~cy oE the \torty;aKor, ~nd tl~at such rent, profits, incwne, issu~-~s and mv~•nucs shall be applie~l by such recei~•er to the pay-
m~•ut ot tlu• mort~aee indebtcYlness, costs and charges, accorciiag to the order of such court.
1 U. I! aU or au~• part of the property or an interest therein is solJ or transfem.Yi by mortgnKur witi~nut ~nortgagee s prior writtea coiise•nt,
rx~•ludin~ (a) tl~r cu:~tirn~ of a lien or rncwnbrnacr su{~ordin:tte to this mart};a~;e, (b) th~ creation of a purchase money security interest for
6ouu•hoW applian~rs, ( c) a transfer by devise or descent, or by operation of !aw upon the death of a joint tenant, or ( d) the grant of any
leasebold interest of thn•e years or lc~s not eontaininR an option to purChase, mortgagee tnay, at its op tion~ declare all the sums secured by
diis mortgage to be imniediately due and payable. btort~agee shall have waived such option to accelerate if, prior to lhe sale or transfer.
mortRagee and the person to whom the property is to be sold or transferred reach agreemeat in writing that the credit oE such person is sat-
fsfactory to Mortgagee and that the interest payaWe on the sams secured by this mortgage shell be at such rate as I?tortgagee shall r~~uest.
11. 'Reat in the event ihe premi.srx hereby mortgAged, or any part thereof, shall be rnndemned and tal:en for public «u- under the power
af eminent domain, t6e Mort~;aKee shal) Ica~•e the rigF?t to demand tliat. all daznaqcs awarded for the taking of or damages to said premises
s6atl be paid to the 1ltortgagee ~p to thc amount then unpaid on ihis rnortgage and at the option of the I?lortgagee may be applied upon ~
tlie pay~s~cnts last payable thereon.
12. The ~nurtRa~or Linds hiuuelf not to crcct or permit to be crecteci any new buildinps on the premises i~crein inortKsKeil or to add to
or pennit to l~e add~d to any of the ezistin~; improvements thereon o~ make any changes or alteratioru in said impro~•ements which materially
chae~•,e the same or the use themof, tir~ithout the ~~~ritten rnnsent of the 1llortKaAee, and in the event of any violatioi? or atten~pt to violate this
stipu~ation this ~nort~;a~e ancl all sums securecl hemby shall immecliately become due and collectible at the option of the ~fortqaqee.
13. It is spr•cefically a~;r~l that timt• is of the essPnce• of this eontract aed that no waiver of any oblifiation hemuncler or of the obli~ation
sFCUrecl hen•by shall at anr ti~r~• be i~ck~ to t~ a wai~•er of the temu hereof or of the instn?ment secured hereb~~.
~4. lf for~ti•lo»,=~ p~~x~~iu~e~ uf an}~ s~~tr~nd mort~;t~;e or s~~c•un~l trust dercl or anv junior lien of any kincl shor~lrl Ire iristiti?inl, tLe \}ort-
~;;~~ec• may, at its option, im~n~v~i~tf`I~' M~FIPfE•after dc~c•lare this rx~rt~;:~4e and d~e indeLte~loesc scxnred herrby du~ an!1 payahle (orthwith, at~
m:i}' at iLs optinn ~u~ce~ed to ~ore~e•~cKe this mort~,afir.
IS. To tl~e e:trnt of th~• inde~bt~~tlne~s of the \IortKa~or to tii~ \tartiaKee i!vscritied I?Prein or secare~l hereby the .ltort~at;~•c i~ .}?emhy
suhr~~~ated to tLc lirn ~~r licns a~~l to the rithts cif the owners anal holders t}:ereof of each and e~•ery• mortfia~e lien or other incumhrance on the
l~nel c1t~5Cri}~etl f~Frejp tvhich is p:~id anJ/or satisfie-cl in wholE• ~~r in part out oE the procre~ds of the loan deserit~xi herein ur secured h~-reby
.~n~l the nyprcti~•e lieus of said uiort~;a~os, li~ac or other inculniuanc~s ch~ill iM and the snme and each of thcm hFreby is pmservecl ;~ncl shal~
pa.c to and l,e he]il by +~e \lo:tuaure l~e~rc•in as sc~c•~~rity fur th~• in~lrLtecinecs to the \tort~aqee herein describctil or hereby secureci, to th~ ~aine
~~xtt~nt that it ~could ha • lxrn prcwn~ed :~nd wa~dd havr lx~n passed to and hecn hc•ld by the I?torty;agee had it been duty and rr,~darly .
as~i~nrYl, traruf~~rrt~cl, sF o~er and dF•1i~•ered unto the ~tortc;a~ce by se~arate ~leecl r.f assiAn~uent notw~thstandinA the fact that thc sanle may
!x• satisfied and cancell Yl oE record, it bein~ the intention of the parties hereto that the same will be s.3tisfied and rancrlled of recotd by the
hclders thrmof at or a}w~d the time of the recordinfi of t6is ~nortr~aqe.
16. To pa~~ all and sinfiular the rnsts, char~es arNl e~penses, inclndin~ law ~er's fees, rrasonably inrurred or paid at any ti~ne by the \lort-
raQ<v~, bc~cau~F of the fail«rr of tLc• ~forte:~cor to }x~rforn~, comply with and a~ide hy each and evecy the stipulations, aKreements, rnnditions,
ar:~l ~ o~~cr:ants of s:iid promic;~rv note and this d~y~cl, or eilher, and ee~ry such payme•nt shall l~ar interest from date at the default rate pro-
~'jtifYl in .aid promissory note.
I~. ~t'hen anv amount of money to be paid by the \lorigagor to the !~forteaQae ~,odcr the terms hcre~of sha11 bc in defaul!, or ~l~ould the
\tnri~it~or ~~e(ault in an}• uf the other tc•rnis,J? rovi~i~nc ~~r n~ndiri~~n~ ~if thic \iortKa~e, then and in that case the \torit*,a~ce shall havc the
ri~}~t, witl~out n~tice lo thr \1urt~~~or, to col)rct and rec:r~i~•~• from any tenanf or lrssee of said mortRa~ed premises the mnis, 't.s~~u~w antl
profits nf !}~F re:~! ~state hrrehy rnort~aKeYl and th~ impro~•ru~ents dierron, and to ~ive pro~cr rcccipts and ar~uittanc~•s therefor, and afler
p:~.~in~: ::1! rommissions of any r~ntal a~~~nt rnlle~~tin~ d~c sa:ne, and any masonahle attomcy S~Pf-S and other n.~rssar}• ezpenses incurrecl in
cnfl~ti:int ~:~me, to apply the prcx~~Yls of s~~ch cnll~~ctiur~s a~n anv indebtealnesc, o},lit;ation or liahility, of th~ ~tortqaeor hereunder. The
r;-~ht ~rantcd die \iort<~as;ee unc~rr this par:i~n;iph ~hall 1M ire adc~ition to, and shall not limit or -estri~t, am• other ri~ht or ri~hts ~rantt~d the
\tnrt~a~tr in this ~iort?;eite.
lx. If th~• ~to~t_c:~~on :~t th~• ti~,~~~ of ~aakii~~ this \(orttaee• Qr aui,.rqu~nt thFre~to take out lif~~ iu~urance ~l~•~iLt~atiu~ thr ~fort•,;?qer he~rriu
n~fi, i~n ui2}~ :c c~s~npam• ap~rul•rrl by t~e \1~~rtt:ike.~ ~~r :i~,i^n~ •~olicirs to the iiori~;aqee for th~ pur~xxe of sccurin~ the mo:tc~a^e l~kzn
' i« i~y•.e~currci. iLr•n l}~e• \tu:La~~~-r st~all hs~•c th+~ ri;;ht to p::}• am.• p~ re•mium :tct•n,~nfL nn~ie~ said ~licics, a~~d all sums so ~xpend~xl shall 1~e
aci~?~et to ?i:ri I,~Y•oine a n;irf of tiu• princ•i~tal inc~~~ht~~lnc~s s~cur~~l }~y this \1oriC:~Le anr] sha11 lx• 3~ai;1 b~• th~• ~iortfia~or to th~ \1ort~a~ea
, in hccl~•e ~~~u:~l consrc ~iti~~e monthl.• in,tallinrnts, thr first monthly installment to paid as a part of ~nd in a~ldition to thc• monthly pa~~ncnt
~in~~ un~l~•r t},is ~tort~arc in die fir~t cale•ndar month followin~ tiee e~pendinfi of sai~i sum. Such snnt~ co ecpc•nc~t~ to 1x•ar int~rc~t at the rate
et Lvlticl~ int~rc~t is pa.ahle npon saic] princ•ipal ind~-bt~•dness and the lien of this \tortKaqe shall extend to and sFCnr~ ih~ sums so ~xpended
!nce~~iher ~~~iih int~rest thPreon as hcreinh~[ore provi•.lecl.
1~). At mort~aqe•e'.s option, to~ether With and in adlition to the monlhly payment of principal and~int~rc~st pavable-under the tern~s oF the
n~rtr uY~~r~~l l~rrrl~y, :llnrtqaqt~: sl~~~~ pa~~ to ~furt^:ii~•r ~•arh u~onth tmtil saic! rtote is fnlly paid, one-twelfth 11/l2) of a sum equal to the
annual premium due for fire, extend~Yl coverate; arxl oth~r harard imurancr incliidinq floal insnrance, co~•erinR the mortfia¢ed propcrty,
pln~ ta«s and asscssments r~ezt due on the mortitaQecl property ( all as estimatPd hy AtorttaRee) tess a11 sums aheady paid therefor, and to he
~li.•edrd by the nnm}u~r ot months to rlapsr prior to thr date when ~~ch taxes and assessmentc shall F~come delinquent. Said sums shall be
, h~ld by :~tort~a~er in M~st or crcYlited to the principal of th~ lcvzn, to pay said insurance, taxes, atxi assessments and shall be applied on the
payment ther~f when due. ,4ny exress ~~~Id in tru~t by !lfort;;agce when said loan is paid in ful) shan be paid to ~'IortQa~or, or hi~ assi~ns,
o- persona) representatives. In the e~•ent of a defa~dt or forPClasure, said sums held in trust may be applied on any cmts oF clama~es sustainecl
in connection with the collection of the note securecl hPr~hy wh~ther hy suit, Eoreciasure, or otherwise. blortfia~ee may from time to time at
itc option a~air~, and after any such wairer, reinstate any or all proti~sions hert~f ttti~uirinA such deposits, hy noticr to \iortga or in writing.
~l'hil~ any ~uch ~~•ai~~er is in effect, !1~ortaaqor shall pay taxes, assessmentt a~xl insurance premiums as herein eisewhere pTO~~~ed.
20. \IortQaROr shall rnmply with the Pm~-isions of any 1~•at~•, if th~s mort~aRe is on a leasehold. If this mortga~e is on a condominium unit
mort~aRor shall pcrfortn alt of mortKa~or s obiiQations undcr the declaration of corrdominium or master deed, the by-laws and renulations o~
~he condominiam project and cronstihient documPnts. \1orty;afior fi~rther covenants that he and the association respc~nsiUle for the operation
of the crondominium ~.ill observ~ all of the provisions of t6e said declaration, and any amendments thereto, ancl of the Condomininm law of
tlie statP, an~1 t;•i11 perfnrm all oblieations themunclPr, and a failnre to do so which is not cttred t~~thin 30 days after notice given by the Mort-
ca¢cr to th~~ mortQa¢or an~ the sai~l ac~oc•iation :hall rnn~titute a ~{cfanlt under thic mortQaKe. AiortAaQOr further sperifirally covenants, but not
by w~ay of limitation, that he and the association will obsen•e all of the pro~~isions of saic~ drelaration of condominium relatinQ to insvrance
co~rraqe,
21. ~~ortgaRor further covenants and a~rees that at the request oE \tortFaRee to fumish a standard tennite Iwnd insuring aRainst damaAe
hy infestation on the buildines now or hrreafter located on the mortga~ecl property, in such amounts and temu, and with such company as
appro~•c~cl and re~.~uired hy ~}oriQaQee; and in d?e c.~cnt \tortKagor does not comply with thii covenant MortQaRee shall have the same rip,hb
to obtain same as insurance coveraAe under covenant tt3 hereof.
22. That in the e~•ent that this mort~;as;e is f~i~•en to securn a const n~etion loan, failure on the part of the ?~ZottfiaAor or the Mortgagor's
coniractor, architect, en~;ineers, or sub-contra~tors to cornply with the terms of the Construciion Loan Apreement of even date herewith,
.~~hich is by reference ineorporated her~in, shall, at the option of the I1i ortqa~ee, eonctitute a default hereunder.
2~ IE~r irortL~:e•cc~ pre~ni.e. i< ~the•r tl~an a on~ to {rnv fainik d~.ce~llin~, th~ ~1ort~aCor co~-e~nants and a~;rers that hr wti11, not later
tLan tli~•t~~ ~~O) days aR~r th~ cnrl n( th~ ficcal y~r,~r. fnrnish nnto th~ :1s~rx i:~tion a cumplrtc and accuratc haianc~e• sheet and profit and lass
~tat~~u~r•nt r~•Rrrtin~: th~ \i~~rts;?,or c lisbiliti~•s as ~c,•11 as pmfit antl losc for the ficca) ~~ear, and such balanee tiheet and profi[ a~i~l locc state-
n~~~:~t sh,Jl Im Prrpan•rl h}• a crrtifi~~~l rnlrlic acco~mtant licrnsed in the State~ of Florida. and shall be certifie•d ;~c hein~; carreet hy such crrti-
fi• ~1 pnl,lic account:~nt.
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