HomeMy WebLinkAbout0266 8. If a conveyance should be made by the mortgagor of th~
premises herein described, or any part thereof, without the written
consent of the Association, or without assumption in regular form of ;
law by the grantee of the obligation to the Association created by said :
promissory note and this mortgage, ther_, and in that event, and at the ~
option of the Association, and without notice, all sums of money
secured hereby shall immediately and concurrently with such conveyance ~
become due and payable and in default. Such vansent s.hall not be unreasonably
withheld.
9. In the event the premises hereby mortgaged, or any part `
thereof, shall be condemned and taken for public use under the power
of eminent domain, the Association shall have the right to demand
that all damages awarded for the taking of, or damages to, said
premises shall be paid to the Association, its successors or assigns,
up to the amount then unpaid on this mortgaqe and may be applied upon
the payment or payments last payable thereon.
Z0. The mortgaqer binc~s itself not to erect or permit to be
erected any new buildinqs on the premises herein mortgaged or to add
or to permit to be added to any of the existi~ng improvements thereon.
or to demolish, alter or destroy any material part of the improvement,
~rith~ut th~_written consent of the Association and in the event of
any violation or attempt to violate this ^tipulation this mortgage
and all sums secured hereby shall immediately become due and collect-
ible at the option of the Association.
11. It is specifically agreed that time is the essence of this
contract and that no waiver.of any al~ligation hereunder or of the obli-
gation secured hereby shall at any time thereafter be held to be a
waiver of the terms hereof or of the instrument secured hereby.
12. If foreclosure proceedings of any second mortgage or
second trust deed or any junior lien of any kind should be instituted,
the Association may at its option immediately or thereafter declare
this mortgage and the indebtedness secured hereby due and payable.
13. To the extent of the indebtedness of the mortgagor to the
Association described herein or secured hereby the Association is
hereby subrogat,ed to the lien or liens and to the rights of the owners
and holders thereof of each and every mortgage, lien or ather encum-
brance on the land described herein which is paid and/or satisfied, in
whole or in part, out of the proceeds of the loan described herein or
secured hereby, and the respective liens of said mortgages, liens or
other encumbrances shall be and the same and each of them hereby is
preserved and shall pass to and be held by the Association herein as
security for the indebtedness to the Association herein described or
hereby secured, to the same extent that it would have been preserved
and would have been passed to and been held by the Association had it
been duly and regularly assigned, transferred, set over and delivered
unto the Association by separate deed or assignment, notwithstanding
that the same may be satisfied and cancelled of record, it being the
intention of the parties hereto that the same will be satisfied and
cancelled of record by the holders thereof at or about the time of
the recording of this mortgage.
14. To pay all and singular the costs, charges and expenses,
including lawyer's fees, incurred or paid at any time by the Associa-
tion because of the failure of the mortgagor to perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of said promissory note and this deed, or either, and
every such payment shall bear interest from date at the rate of
twelve per cent (12$) per annum.
15, Upon the occurrence of the filing of an arrangement or
proceeding in bankruptcy by or against mortgagor, initiation of
insolvency proceedings by or against mortgagor, or assignment by -
-4-
FEE, PARKER & FEE. P. A.
~ ATTORNEYS AT I.AW
P08T ORFICE BOX 1000 (~0~«~1~ ~ ~
.
FORT PIERCE. fLORIDA S~J460 a V
TiLE?NOHE: 1lOa) ~61-6020 -