HomeMy WebLinkAbout0172 ~ f~ perEorm, canply with and abide by each and every ttiputation. agoeco~eat, caKliUOa aat covenant in said promissory note aad dooci
i, la the cvrnt thr. juritdiction of lhe U. S. District Court shaU be iavoked by oraga inst tba Mortgagor~~under anY of tha provisioi~s of tLs
Fcdcral Bs+nk~uptcy Act, such actioa, whether voluntary o~ Iavoluntuy a? thep~ af the Mo~tgagor. st~aU automatically, without notice. ao-
celerate the a~atu~ty of all swas oE moaey hemiu descril~ed and secur~ aad tbe same ~all thereupoa become dua and payable fathwith
as fully as if the said aggregate s~uiu of money vrece originally stip~ils to ba paid oa such date.
8. To deliver to said Mortgag aa or befora March 15th oE each year. tau reoeipts evide~ing tha ymeat of aU lawfully uaposed taues
ee~ c
for d,c p~ececling cnleaclar year. aad W deliver to said I~fortgagoe. receipts evidencins the payment oE lienc for p~iblic improvements within
ainery (~0) days a[ter the same shall become due aad~a
yable. and topa y or dis~arge within aiaety (90) days after due Jate, aay sad all
governmeatal k~ic~s that may be maJo oa the mortgaged p~pe~ty, w tWs mortgage or note. or ia auy other way cesultiag from the Mortgage
irnlebtedness secured by this mo~a Se: anJ if tWs candition be not oomplied wlt6 and perfornoed, wId mortBaBee maY PaY such sum or sums
w6ich sLall become paK of the debt secured by this mortgage. and s6aD bear inter~t at the defadt rate provided ia saW pmmissory note
payable monthly until paid or s~id Mortgagee may elect that sdd mortgage debt thereupon ba.~ome due aad payabk forthwith.
9, lt is further coveuanted and agreed by said parties that ia the event of a suit being instituted to foredose this mortgagc, the Mwtgagec
shaU be entided to apply at any tune pendin~ such foreclosure suit to the court having jurisdiction thereoE for tlie appoinhnent of a receiver
of all a~xl singulaz the mortgagc~l property, and of all the rents, income~, profit~, issues and reveaues tLereof. from w6atsaever source derivecl•
anci the~eupoa it u hereby e~re~ly coveaanted and agreed that the court shaD forthwith appoint a receiver of said mortgaged property. al~
anci siugulsr. and oE such rents, incoines, pmfits, issues and reveaue thereaf, fran what~oever souree derived, with the usual powers and
duties of receivers in like rases; anci s~ch appointment shall be made by such rnurt as a matter of strict ri~t to the Mortgagee, its successors,
le~[al rrprese~tatives or assigas, aad without reference to the adequacy or inadequacy of the valoe of the props~y he~eby moitgaged, or to the
solvency or iasolvency of the Mortgagor,. aad that such rent, profits. income. issues and revenues s~all be applied by s~ch receiver to tLe pay-
ment of the mortt~aKe indebtedness, costs And charSa. a~on~in8 to the order af such oourt. -
10. if all or any part of the property or an interest therein is ~old or transferred by mortgagor wit}wut awrtgagee's prior written coasent,
eaclud~ing (a) the creation of a lien or eacumbranee subo~dinate to this mort~age, (b) the creation of a purchase money security inberest for
househok! appliances. ( c) a transfer by devise or dewent, or by operation of law upon t6e death a~ a joiat tenant, or ( d) the grant of anr
kasehoN interat of threeyears or leu not oontaining an optioa W purebase. maY, at ib optlon, dec~are all the sums secured by
this mortgage to be immed'utel~ due and payable. Mortgagee s6aR hav~e waived~aption to aoce~erate if prior to the sale or transfer,
mortgagee and the pe~on ~o vrhom the property is to be soW or transiarred re~ch ag~reameat fn writing that t~a credit of stx~ peison is aat-
isfactory to Mortgagee aai dut the interest payabk m the su~ro secured by tLis mortgage sbaIl be at ~ch rate as MortgAgee shaII request.
11. That in the event the premises hereby ma~tgaged. or any part thereo~f. shaII be condemned and takea f~ public use under the pow~
o# eminent domain, the Mortgagee sha11 6ave the right to demand t6at all damages awarded for the talring of or damages to said premises
shall be paid to t6e Mortgagee up to d~e amoant tLen unpaid on this martgage and at tLe opHoa of the Mortgagee maY ~ aPP~ uP~
the paymenb last payable thereoo.
12. The mortgagor binds bimseff not w erect or permit to be erected any new buildings on the premises hereia morigaged or to add to
or pemut to be added to any of the ea~ing improvements thereon or make any chan~{es or aherations in said improvements which materiaIly
chang the same or the use ihereof, without the wzitten coasent of the Mortgagee, and m the-evenE of any violation or attempt to violate this
stipulation this mortgage and all sums serured hereby shall immcdiately become due and rnllectible at the option of the Mortgagee.
13. It is speriEically agreeci that time is of the essence of this oonhact and that no waiver oE a~ ob ' tion hereunder or of the obligatton
secured hereby shall at any time be held to be a waiver o# the terms hereoE or of the instrument sacu~hereby. ~
14. If foreclosare proccelings of any seco~ul mortgage or second tn~st deed or any junior lien of any kind sho~~kl be inst~cuted, the Mort-
gagee may, at its option, immediately or the~eafter declare ihis mortgage and the inclebtedness secured hereby due and payable forthwith, and
may at its opUion proceed to foreclose this mortgage.
15. To the eztent of the indebtedness of the Atortgagor t~ ihe I?1ortp,agee described herein or secured hereby the Mortgagee u hereby
subro~ated to the lien or lieac and to the rights of the owcers and holdets t}?ereof of each and every mortgage lien or other incumbrance on the
land descnbed herein which is paid and/or satisfied in whole or in part out of t6e proceeds of the loan dscribed herein or secured hereby
and the respective liens of said mortgages, liens or other incumbrances shall be and the same and each ~ them hereby is preserved and shalj
pass to and be held by +'~e 14iortgagee herein as security for the indebtedness to the I~iortga ee herein described or hereby secured, to the same
extent that it would ha• ~ been preserved and wouW have beenpasse d to and been held ~by the Mort~agee had it been duly and regularly
assigced, transferred. se over and del'ver~d unto the Mortgagee by separate deed of assignment notwitl~standing the fact that the same may
be satisfied and cancell~d of record, it~K the intention of the pa~ties hereto that the same wi11 be satisfied and caixelled of record by the
holders thereof at or about the time of the reoording of thic mortgage.
, 18. To pay all and singular the costs, charges and e:penses, induding lawyers fees, reawnably incurred or paid at any time by the I?tort-
~ gaRee, because of the failure of the Mod~agor tope dorm, complx with and abide by each and every the stipulatioas, ageements, conditions,
and co~•enants of said prani~sory note and this deed, or either, anci every such payment shall bear interest from date at the default rate pro-
j vided in said promi~sory note.
I 17. Whena~ry amount of to be paid by the Mortgagar to the Mortgagee under the ternu hereof shall be in default, or shouki the
I?fortgagor clefault in any of th~er temu, provisio~u or conditions of this Mortgage, then and in that case the Mortgaqee shall have the
riRht, without notice to the 1ltortgagor, to oollect and receive from any tenant or lessee of said mortgaged premises the rents, is.nies and
profits of the real estate hereby mortgaged and the improvements thereon, and to give pro~er receipts and acquittances therefor, and after
pay~ng all comntissions of any rental agent colkctin~ the same, and any reasonabk attoroey s fees and other necessary expenses incurred in
cotlectin~ same, to apply the proeeeds of such oollections upon any indebtedness, d~liqation or liability, of the 1liodgagor hereunder. T'F~e
rifiht Rranted the Mortgagee under ihis paragraph shaII be in addition to, and shall ~wt limit or restrict, any other right or rip,htt granted the
~iort~agee in this 11lortgage.
18. If the I?iortQa~ors at the time of making this ~tortgage or subs.~,yuent thereto take out life insurance desigiating the AlortgaAee herein
as. heneficiary with a company appmved by the btortpagee or ;issigns Mlicies to the Mortgagee for the purpose of securing the mortga~;e loan
herehy secured, then the Mortgaeee shall have the right to pay an~• premium accn~ing under said policies, and all sums so expended shall be
added to and become a part of ihe principa1 indebtedness secure~ by this Mortgage and shall be paid by the Mortgagor to the :~tortgagee
in twelvee~ ua1 consecutive monthly installments, the first monthly installment to be paid as a part of a~ in addiHon to the monthly payment
due under this I?tortga~e in the first calendar month followinq theezp endinR of said sum. Such sumc so e=pendecl to bear interest at the rate
at which interest is payable upon said principal indebtedness and the. lien of this MortRage.shaD eztend to and secure ihe sumt so expended
toeether with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in addition to the monthlypa
yment of principal and intenstpa
yable under the ternu of the
note secured hereby, 1liorttCagor shallpa
y to Mort~agce each month until said note is fallY paid, one-hvelfth (1/12) of a sum egua1 to the
annaai premium due for fire, e~tended coverage, and other hazard insurance incl~dinR flood insurance, coverinR the mortgaRed property,
plus tazes and assessmenis ne~t due on the mortgaged Praperty (aIl as estimated by MoitRaRee) less all sums already paid therefor. and to be
divided.by the number of months to elapse prior to the date when such taxes and assessu~ents shall become delinquent. Said sums shaD be
held by Mortgagce in trust or credited to the principal of the loan, to pay said insurano~ t~uces, and a~ssments and shall be applied on the
payment t6ereof when due. Any ~oess held in tratt by I?tartgagee when said ban is paid in fuIl shaD be paid to Mortgagor, or his assjgnt
or persooal representatives. Io the event of a default or forecbsure, said sums held in trust may be applied on any coats of damages sustaine~
in connectioo with the collection of the note secured hereby whether by sait foreclosure, or otherwise. Mortgagee may from time to time at
ap ~ti g
its hon waive, and after any such waiver. reinctate any or aII provisioas ~ereof requirin~ such deposits, by ootice to Moriga or in writing.
~ ~Vhile any sucb waiver is in effect, Mortgagor shaD pay taaes. assessments and insuranoe prerniimus as herein elsewhere provided.
20. Mort~ga~gor shaD comply with the Provisioas of any lease, if this mortga e is on a leasehoW. If thts mortgage is on a condominium unit,
~ mortgagor sbaIl pedorm all of mortgagors obligations under the declaration ~ condominium or master deed, the by-laws and regulatiau of
the condominium project and aoiutitucmt documents. MortRagor farther rnvenanb that be and the associationrespotssibk for the operation
~ of the oondominium wiU obaerve aD of the provisions of the said declaratioo, and any su~endments thereto, and of the Condominium law of
# the state, and will perEorm all obliRatiom thereunder; and a failure to do so which is not cured within 30 days efter notice ~ven by the Mort-
~ qaRee to the mortgagor and the said assaciation shall constitute a defauk under this mortgage. Mortgagor further sperifically covenants, but not
by way of limitation, that he and the associatan will observe atl of the provisiau aE said declaration of oondominium relatinR to iiuurance
coverage-
21. Mortgagor further oovenants aad agrces that at ihe request of Mortgagee to fiunish a standard termite boncl insuring ag~ damage
by infestation on the buildin~,s now or hereaker locabed on the mortg,aged pmperty, in such amounts and temu, and with such company aS
approved and required by Mortgagee; and in the event Mortgagor dces not oomply with this oovenant Martgagee shaII have the same rights
to obtain same as msuranoe caverage ~mder oovenant ~3 hereof.
22. T6at in thc event that this modgage is given to secure a constnutian 1oan, failure on. thep~ af the MortgaRor or the Mortgagor's
contractor. architect, engineers, or sub-mntractors to comply with the ternis of the Co~on 7
o~n gA reement of even date herewith,
which is by reference incorporate~ herein, shall, at the option of the Mortp,agee, oonstitute a defanh hereimder.
23. If the mortgaged premises is ot6er than a one to four family dweilinfC, the 11~ortpagor covenants and aRrees that he wi11, not later
than thirty (:i0) days after the end of the fiu~al ycar, fumich unto the Assaciation a complete and accurate i>alance sheet and profit and loss
statement reflectinR the MortqaRor
s liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and Ioss atate- ;
- ment shaU be prepared by a certified publie accountant lioeated in the State of Florida, and shall be certified as beinA correct by such certi- #
ficd pul~lic accamtant. ~r ~ ~
L3GK t r1wC