HomeMy WebLinkAbout0035 t 5
~ncome, p~ofi~s, ~~eue~ ond re~enues o?e hereby mo~~goged os ~f spec~F~cally se~ forth ond destribed in ~he grantinq and habe~dum
clcuses he~eo~, o~d such ?eteiver ~holl hove oll Ihe broad and effeuive funcno~s and powers ~n ony w~se entr~sted by a cour? to 0
rece~rer, ond ~uch oppointmen~ shall be mode by ~uch tourl os on adm~tled equily and o motfer of obsotvte right in fhe Mortpaqee,
ond wifhoul ~eference ~o ~he adeqvocy or inodequacy of the vo~ve ol the property mortgoged, or to the sol~ency o~ insolvencr of
the Mortgagor ond/or ~he defe~dont and such rents, pro~'its, ~r+come, issves and revenues sholl be appl~ed by ~he receiver according
to fhe lien and~or equ~ty ~f th~s mortgoge ond rhe p~octice of such covrt, and such oppo~nrment oi rece~~er sholl be withouf notice
to anr obtigor he~e~nder.
NINTH: The Mor?9o9or hereby woives all rights of homestead and exemption gronted by the Con~ti~ution ond laws of
florido. It is specifically o~reed thot time is of the essence in ~his contrau and thot ra woive~ by the MO~fgogee of ar,y obl~gar~~
hereunder o? of fhe obligatio~ setvred hereby shall af ony time the?eafler be held to be a waiver o+ the terms hereof or of the
obl~gation sec~red hereby.
TENTH: Upon ony solr, trons(er or conveyonce of the prope.ty here~n destribed ond covered by rhis Mwtgoge to ony
persa?, hrm or torporotion, whose tredit-worthiness hos not been opp?oved ~n wr~f~n9 by Ihe holde~ of fh~s MorfyoQe, the Mottgoflec
or holder sIwll hove thr ~ight, ot its lole option, to occelerote the ~+atur~~v of th~s Morrgoge os thouyh it were due and poyable
on the doy of such tronsfer, if upon notice of soid trons(e~, the Mortgagee o~ holder hos good reoson to believe thot the seturity
of the Mortgogee or holder hos been hormed w ploced in ~eopordy. The Bonk shall rece~ve o co.r+plete current tino~ciol s~ete-
ment in p iorm ond prestntGtion Sofiitattory to fhe Bonk.
QEVENTH: If foretlosure proceedinys of any secor+d moriQage or setor?d trusf deed or any junior lien of any kind should
be instituted, fhe Mortgogee may, at its option immediotely or thereafter declare this mortqage and fhe indebtedness setured
hereby due and payoble.
TWHFTH: That in the event the premises he~eby mo?tgoyed, or any part thereof, shall be condemned ond taken for public
use under the power of eminent domain. the Mortgogee shall have the right to demand Mat all damoges awarded for Me taking
of or damages to said premises sholl be poid to the Mort~agee, up fo the omount then u~poid on this nartpcge and the obligotion
secured hereby a~d mor be applied upon the porments lost payable under this mortgaqe and Me obligotion secured hereby.
• THIRTEENTH: That installments, poyable w?der the.terms hereof and the note setu~ed hereby, not poid when due, shall be
svbject, after fifteen ~15) doy: from the due dote rhereof, fo, ond it is agreed Mortgagee shall collect thereon ond therewith, o
"lote chorge" in the amount of four per cent (4%) of the installment due upo~ each such delinquent installment, ond such "lote
charges" are secured by the lien hereof. ,
FOURTEENtH: Without impairiny the obligations of Mortpa9or tontoined in paragrophs SECOND, THIRD ond FOURTH
hereof, and for opptication to the purposes thereof insofar os the some shall be sufFicient, Mo~tgogor shall, in additeon lo the
monMlr payments of principal and interest os sto/ed in the o~iyinal note (and in the rate or notes secured hereby) provided to be
mode, poy a monthly s~m and amount equol to one-fwelfth ~ 1' 12) of the estinnoted annual toxes, assessments and insurance
i premiums upon the real estate security, os the amount thereof is dcfermined from fime to time by the Mortgagee.
~ FIFTEENTM: That fhe Mortgagor sholl fumish onn~ally, af fhe requesf of the Mortgagee, finon:iol sfotements in form and
~ certified in o manner sotisfactory to the Mortgagee.
~
~
d
~ SIXTEENTH: This mortgage also secures any ond all renewals ond extensions of the promissory note referred to herein ond
~ secured hereby, and all insrallments thereof, ond alw any ott?er notes which hove been or moy be given to the Mortyogee by fl?e
Mortgagor, and ony other indebtedness of the Mortgagor to the Mortgogee which, however, shall not exceed at any one time
~
B
~
~ the aggrego?e unpaid ptintipol sum of -------ELEVEN__THOUSAND FIVE HUNDREQ_ ~I.ND NO/1QQ----
~ ----------------------------------------------------~IlarslS 11,500.Q4
- - - - _ - _ _ - _ - - - - - - - - - - 1•
~ it being the specific intention Mat further advances may be mode by the Mortgagee at its option to the Mortgagor, either prior to
~ or ofter the due dates of the above referred to promissory note hereby setured; ond this mo?tgage is given for the specific
~ purpose of securing onr and o~l indebtedness by the Mortyoyor to the Mort~agee in whatever manner the some may be evi-
~ denced o? represented, until this mortgaqe is satisfied of record; and all covenonts and agreements conteined in this mortgage
~ shall be opplicable to all further and future edvances made br the Mortqagee fo the Mort9agor and al) other indebfedness Of
~ Mortyayor to the Mortgaqee, and ony and all renewals or extensans thereof.
~ : Nbrtgagor expressly agrees to ornply with each and ev~ery pravision of
the Declaraticn of Oondaniniun of the va~duniniun of which the instant unit is a part.
~ Zriis includes the pravisions of the Articles of Inv~rporatiai of the vondcminiun association, ;
together with the pravisions of the oondominiun association's By-Laws, and includes, if ;
~
~ applicable, the provisions of the Long Term Lease (if any) and the provisia~s of the ~
Management Agreanent (if any) . In the ev~ent of default o~n the part of I~brtgagor in any
Y one or m~re of the pravisionsof the aforesaid Agreements, Irbrtgagee may, at Nbrtgagee's
sole aption, declare the default of any of the aforesaid Agre~nents mentioned in this
~ instant Article, to be a d~efault ~r the pravisions of this instant Irbrtgage, and may
~ further, at l~brtgagee's s~le option, aooelerate the indebt:ec7ness due herewxler, declare the
~ entire ind~rts~ess due and payable in full and/or seek judicial ranedies under the
pravisions of this instant Mort~gage.
~ EI(~~TI4i: This l~brtgage and the Note which it sec~u~es shall be oonstnied tu~r the
~ lasas of the State of Florida. •
~
~ K 4~7 ?~c.~ ~470 c, rr ~
, aoox P~cE ~ .
-3-
~ Y