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Home My WebLink About0636 6 '1'0 {x•~fnim, caiu~~ly witl~ an~l a1~iJa (iy each untl evrry atipulation. :~~~c.•~u~ut, ~ornht~ou auu cY~wikut iu said promuwry uotr aud deed t . sct lucth. • 7. In tuc r~~•nt tl~c jurixliction oi tI~e U. S. Dut~i~~t (:oud shaU be~~okrd by o~ a~;~insi d?c Moit~;u~;or uuJ~:r am' of tl~a piu~i~io~u o! tl~@ 1 c~irral liauk~uptcy ~ct, ~nch sction, ~vheti~er ~•oluntary or it?~~ul~u~tary on tLepa rt of t~te \turt~'a~or, shall •rutou?alically, witLuut uutice, aa c~•k•~:ite the waturity of aU sunu uf mw~e~• I~crein drscrilk•d ani! xtiu~cd. t:nd ll~c san~e sliall thr:~•upuu IuYVm~~ duc :u?d payuble furd?~~•ith a, (ully us if ti~r said a~~P~ate sums of moncy were o~itiiually stipulated to be paid on such ~I:ite. 8. To dcliver to said I?tortkAp«w ~u? ar Iwtore \larch 15th of each ~•ear, taa nYripts e~~ideucing the pay~nent ut all la~~•fully i?uEws~Yl t:u~s fur tLe prra•~liu~ cale~Klar yrar, aud t~T deliver to said \lort ~~a}~ee, ~c~t:eipls evidcnciu~ d?r p:ryiueut of all li^ns for publie iu?pro~rineuts witlun niu~t~• ~!N)) iiays altrr tl?c su~ne shall bec•anic Jue anel payai'le, aud to pay or dix•6ar~;e wiU?in nincty (~1U) days aRc~ due date, any ar?cl all ~;ovi•rnmental lr~'i~~s thal way I~e ma~lr on d~e ~nu~t~ri:t};tYI pf0~e riy, On tt~i~ ~uuit~;agr ur nute, ur in un}~ otlirr ~~:~y ~e..~ltiut tro.n tl~i• \tort~age ~ndrbt~~lness u~urc~cl by this mort~age; au~l if ti,is ..romlitiou l~e not cou~plied widi aixl perionnrel, saiil wurt~;u~;ee uiay p:~y sud? sum or suuu .~•luch shall Iw~rome part of th~ debt sc~c;u~~d by tl~is ~iwrtkake, nind shall bear interest at the dclault rate pro~~idi~l in said promissory note p:?cable uw~~t61y until paid or s:iid \lort~;a~;ee may elect du~t said inortgaFe deUt thercupon I~ecoine due aud payal,le (orthwitl~. ]t is fnrther co~rnant~d sixi agreed by said parties that in the event af a soit I~cing i~utituted to foreclwe this niortgage, the \lortgagee .I~.ill ix~ entitlcYl to apply at any time pru~lin~; such loreclooure suit to tl?e court haviny~ jurisciictiun tix•cmf for the appoinUnent of a r~~~ria•rr ;~t :i11 au~! siu~ular thr u:ort~;agrd 5ru(x•riy, a~xl of all the renLs, inro~nc;, profilc, issues and cevenues t}iereof, (rum whatsoever suurce ~lcrivr~l• and thereupon it ic I~ereby ~xpreas y covenantecl and a~;reed that the eourt shall fortF?with appoint a ree~i~~er of said mort~aged prope~ty, :J~ at?d sinRular, and of such rents, incomes, pro'its, issues and revci~ue thereof, from whatsoever soume drri~~ed, with d~e usual po~~~e~rs .u~d duties of recei~•ers in like cases; and such appointment sliall l,e made by such court as a matter of strict right to the rlortgaKee, its sucti~ess~n, legal representatives or assi~;nc, and without reference to tLe ade~luacy or inadequa~y of~ the vulue of the prop~~ty herrby ~noit~;aged, or to tLe ~~ent ~ tl e~mortgage nflebte i~nessa`o~r~and th~ar~u~ $~~'r~i g~ o theord'er of such couit.ues shall be applied by such receiver to the pay- lU. lf all or any part of the property ot an interest therein is sold or transferred by mortgagor without mortgagee's prior writtea c~aseut, exduding (aj the c~eation of a licn or encumbrance subordinate to this mort age, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by de~~ise or descent, or by operation of~aw upon the death of a joint tenant, or (d) the ~rant of any leazehold iuterest of three }ears or less nut rontaining an option to purrhase, mortFaRee may, at its op tion, declare all the sums secure~l by chis inort~a,e to be i~n~necliately due and payAble. rfortgagee shall lia~-e waived such option to ac~lerate if, prior to the salc or tra~ufer, tuurtfia~:ec and th~ person to ~~•hom the property is to l~e sold or tran.ferred mach a~;rec~nen! in writi~g d~at the crc~clit of such person is sat- isfacton• to riortgas~re and d.~t the i~terest p:iyablc: on thc sums secured by tbis mortga~e shall be ~t such rate as Mortkagee shall re~~uest. 11. 7'liat in the e~ rnt the prcmises hereby niort,:t~e~cl, or .~n}• part thereof, sl~all be corxlcmnecl and takrn for public use u?xler the po~~•er of eminent clomain, the rlortfia~eee shall have the ri~ht to de~nand that all damaKes aw•arded for tiie takint of or dama~;es to saicl pmmises - shall Ixr paid to the 1~1ort~;agee up to the amount then unpaid on d~is modQage and at U~e option of the \1ortFa,ee may be appliecl upon ?he p:~yments last payahle thereon. 12. The niortga;;or bincis himself not to erect or permit to be erecled any new buildinRs on the premises hercin mort¢a~rd or to a~l:l tu o; permit to be add~~cl to any oE the ezistin~; i~nprovements thercon o~ make any chan~es or alterations in said improvrm~nts ~~6ich materially ch~n~e the same or the use thereof, ~a~thout the a•~tten consent of the Mortp,agee, and in the event of any violation or atte~npt to violate this - stip~datio~ this mortRa~;e and all sums secured hereLy shall im~ucdiatrly become due and collectible at the option of t6c \tortgag~r. 13. lt is speciEically aRreed that time is of the essence of this contract and that ao waiver of any obli ation hercu~der or of the obliRation secumd hercbv shall at anv time bc heid to l~e a waiver of the temu hereof or of the instrument secu~ hereby. 14. If foreclosure procecdings o[ any second morty~a~;e or second trast deed or any junior lie~ of any kind st,ould be instituted, the Mort- ~a~;ei• may, at its option, immecLaiely or thereaEter decll:e this mortgaRe and the indebtedness s ured hereby dne and payable forthwith, and m~y at its option procrctil to Eorcrlose this mortgage. 15. To the extent of the indebtedness of the \tortgagor to the biortg.•~gee described herein or securecl hereby the 11ortKagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumb:ance on the land described herein which is paid and/or satisfied in whole or in part out of the procecds of the loan described herein or secured hereby, and the respecti~•e liens of said mortga~;es, liens or other incumbrances shall be and the same and each of them hereby is preserved a~xl shall . pass to and be held by the Mort~agee hereia as security for the indebtedr?ess to the NortgaRee herein described or hereby securecl, to the same ~ ~~~tent that it wrould havc heen presen•ed and would have been paa;ed to and bcen held by the 111ortgaqee had it been duly and regularly :~csi;;ned, traruferred, set over and deli~•ered unto the Afortgagee by separate deed of assignment notwithstanding the fact that the same may i be satisfied and cancell d of recorti, it 1~ein~ the intention of the parties hereto that the same will be satisfiecl and cancelled of record by the hotlers thereof at or about the time of d~e recordin~ of this mortga¢e. ~ 16. To all and sin r the costs, char es and ei ~~ses, indudin~ la«yer's fees, reasonabl mcurred or aid at an ti~nr b the ~lort- ~ ¢a~ce, because of the failu~re of the AiortgaAo gto perform comply with and abide by each and e ery the stipulations, aRree~nents, con~litions, ~ and co~•enants of v~id promissory note antl this deed, or either, and e~•ery such payment shall bear interest from date at the defaidt rate pro- t . ided in said promis~cory note. ~ 17. \Vhen any lmount of money to be paid by the Mortgagor to the ~tortgaRee under the temu hereof shall t,e in default, or shoulJ the - ~lortqa~or default in any of the other temu, provisions or conditions of this \tortgage, then and in that case the ~1o?t~agee shall ha~•e the - rieht, ~+~thout notice to the ~tort~;akor, to collect and recei~~e from any tenant or lessee of said mortgaqed premises the rents, issues and - profits of thc real estate hereby morty~aRed and the improve~nents th~:eon, ancl to give pro~er receipts and ac~~uittanccs therefor, and after _ paying all comrnissions of an.~ mntal agent colleetin~; the same, ancl any reasonable attorney s fees and other necectary expenses incurred in ~ eollectin~ sarne, to apply the proc~.~ecis of such eollectionc upon anv indebteclness, obliRation or liability, of the ~fort~aRor hereunder. The = ris~lit granted th~ ~IOi~QBC('P nnder this paraRraph shaD be in ad~ition to, and shall not limit or restrict, any other riRht or ri~hts firanteci the a ~tort~;aqee in this '.ltortc:i ~N. ~ ~ lfi. If thc \io•t,u~;ors at t6c ti~ne of u~akin~ this ~tort~;a~e or subs_°c~ uent thereto take out life insurance desiunating the ~fortgagec herein w „ Ix~nefician• ~~•ith a cY,mpan}~ appruve•ct b}• the ~torttaeee or :?ssi~ns golicies to the \iortca5ee for the purpose of securing the mort a~e loan ~ here•I~v secured, then !i:e ~torty;as;q~ shall have the ris:ht to pay an~• premium acrruing under said policies, and all sums so expenclc~ shall be ad,lec~ to and becusne a part of t~e principal indehtedness secumd by this Mort~ea~e an~l s:~all be paid by the ~iort~aqor to ch~ \tortgagee ~ in t~rel~~e e~~nal rnnse~cutive monthly instalhnents, the first monthly installment to be paid as a part of and in addition to the monthly payment ~ due under this ~tortra~P in the first calendar month follo~~~ng ihe expenciin~ of said sum. Sueh sums so expendecl to bear interest at the rate at ~vhich interest is payable upon said principal ind~bteclness and the lien of this Aiort~aqe shall eztend to and sec~~~e the sums so eape•ndcd ~ tot~ether w~th intcrest thereon as hereinbefore provided. 19. :tt mortqa~ee's option, toRether ~vith and in addition to the mo~thly payment of principal and interest payable under the termc oF the ° not~ srcurrc) hcrel.y, \iorteacor sha11 pay to \iort_~a~cc ~ach month until said note is fully paid, one-twelfth (1/12) of a sum e~aual to the ~ anu~ial premium due for fire, eztendr~l rn~•eracP. and o`her ha:•ard in<urancr including flood insurance, co~~crin~ the mortLa~ed property, plus taxes and a~ce.sments next due on the mortgaged property ( all as estimateci by Mortga~ee) less all sums alteady pai~l therefor, and to i~c ' di~•idc~d by the nnmbcr of months to elapse prior to the datP H-hen such taxes and assessments shall become delinquent. Said sums sha1) be held hy ~(ortfiagee in tn~ct or ereclitFd to the prineipal of the la~n, to pa~~ said iaci~ranee, tazes, and aurssments and shall be applied on the paym~•nt Niereof wh~n duP. Any excess held in tnist I~y !liort~a¢cr w~Len said loan is paid in full shaD be paid to I?torteago~, or his assi~ns, or personal repreu~ntatives. In the event of a default or foreclosu:e, said surns held in trust may be applied on any costs of dama~es sustained - in conn_~ction with the rn1le~etion of the nc~te srcnrcYl hereby ~~•hether by suit, foreclosure, or othenvise. !1~ort~aFee may from time to t~ne at ;j its option Haive. and afte~ any such wai~~er, reinstate any or a1) pro~~isions hereof re~uirin~; such deposits, by notim to ~iortga~or in writinu. 11'hi)e any such ~~aiver is in efFect, ~tort¢a~or shall pay taces. assPSSments and insvrance preminms az herein elsewhere provided. " °_0. ~tortKa~or shalt comp)~ with the Provi~ioru of any lease, if this mortcaRe is on a leasehold. If this mortga,e is on a condomir~ium unit, - mo~t~_a~,or shall {x~rform all of morttaeors obliKation~ ancler the declaration of condominium or master d'eed, the by-laws and re~,n~lations of " th~ cornlominium project and constiturnt <~M'U:n~~tS_ \Iurteaeor furthr•r covenants that he and the :usociation responsible for tLe operation ~ O~ th~ rnndnminium ~P)]~ 6~1SCryP :f~~ OF l~l~` ~TOVI~IO'lc OF ~~lC S31(~ (~M'~:1f8~10(1, 8f1C~ aDy 9filPlldi11C71~S ~}ICiYtO, and of the Condomininm ~SK OF th:~ ~tat~, arul will ix•rform all obli~*atiuiu there~:nde~; and a failure to do so which is not cured within 30 days after notice Ai~~en by the I?t~rt- - •~:rt~~e !o th~ m~rt_a~or ari-1 the said :issoc•iation shall constitute a~lFfault under this mortgaqe. Atort¢aeor further specifically covenants, but not hy n-ay of li~uitation. that he aod thr assxiation H~ill obsen•e a11 of the provisions of said declaration of condominium mlatin~ to in~uranm ~ an•eraee. - 21. \iort~;aKor furthc~ coven:u~ts and a~,r~es that at th~ rcyuest of I?iortKa¢ee to furnish a standard termite Fxmd insurin~ a~ainst dama~e " l+;; infeslation on ihc Lui:din~s rrnv or h~~reafter located on the mortgaKed property, in such amounts and terms, ~and ~rith ~uch company as - appro~•eYl an~l m~~~~ired by ~to*t;;a_ee: and in ihe c~-cnt 1(o~tCa<nr does not cOmply ~cith this covcnant ~iort~a~ee shall ha~•c thc samc rights to ob!ain sa~nc ac insurance covera,e under covenant ~3 hereof. ; ?3. 'I'l,~t in tfic P~•ent ti~at this mort~ace is ~;iccn to secure a rnnstrnction loan, failure on thc part of the Morty;a~;or or the ~tortqagor's ~»ntractor, ai~~6itect, Fncineers, or sub-contractors to c~omply with the trnns of lhe Construction Loan Arreement of e~en date herewith, 3 .chich ic hy refer~nce ine•oR~rated herein, shall, at the option of t}?e I?lortkaqee, constitute a default hereunder. If t1i~ mortKa~;ed premises is other than a one to four family d~vNllin~, the a1oRga¢or co~•enants and aerees that I~c ~~ill, not later _ t6nn tLirty t':A) days a(ter the end of the (iscal year, f~:n~ish unM the Association a complMe and acrurate balance sheet and profit and loss >'a stahui<~nt mAeclin~~ the Mort~artor's liabilitics as w•ell as profit and loss for the fiscal year, and snch balance shret and profit and loss state- ment shall {x• prrpared by a certificd puhlic accountant licensed in the State of Florida, and sha11 1~ certified as Ix~inK conect by such certi- fic•d public accountan[. , ~ r ~ " 'L~! t~~.~