HomeMy WebLinkAbout0734 6. To perfornn. camply with tad abide by each wd every itipulatlo~. agrctin?rnt. couditioa anci covenant in sald pranusory aote ync) deed
set Eorih.
7. In t6e event tha jurisilictton of the U. S. Dlstrict Court shaU be Ia~^olced by or agaiust tLe I?lortKagor~~wxle~ aay of the provisiwu of ihe
Feclrral BaWcruptey Aet. such actiun. whelhec volunG?ry or involuntary on thepa rt o( the I~~ortga~;or, ahal! autanatieally, wiU~out notic~e, ao-
celerate the watwity of all suou of money bert:In describecl aad s~urec) aud t!» a~ne s6al1 tl~reupon l~eco,ue due and payaLk ~Eo~t,wieh
as fully as if thc said aggregate sums of wo~ey wcre oci~~ally rtipulatc~ to be patd ou such data
8. To deliver to sdd Mortgagea oo ~x before 111arch 1Sth of each year. tau reoet~ts evidencing tt?epaymcat of all lawfully imposed tasea
for tbe preteciing ca]eacia~ yar~ aod W deliver to said Morts~gee, receipts evideacing the paymcat oE all liens for public Improven~nts within
nu?ct~' teo) dan uftm ~ san~e s6aU t,eeon,e due a«i payaLle, aad topay or discbarge witLin ninety (8(Ij days after due Jato, sny and all
Aovemmental levies that nwy be made oa tt~e nwdgaSed Prope~tY. oa this mortgage or aot0. or ia wy other way resulting from the I?tortK+i88
indebtednas secured by d?is mortgage: and if thLs coixlition be not cow lied wtt6 and performed, said mortgagr,e maY PaY such sum or suun
v.'Lich shall become part of the debt secureJ by thic a~riga8e, and ~~aU ~ interest at the de(ault rete providal in said prom'usory note
pa>-able monthly unW paid or said I?iorigagee may elect.that sajd mortgage debt thereup~ become due aad payable forthwith. _
J. It is further oovenanted and agceod by said parHa~t that in the eveat oE a tuit being iastituted to torecbse this awrtgage, the riortgagee
shz?Il be entitied to apply pt any tiiue pendinR such [oreclosuro ault W the oourt having jurisdictioa t6ereof for the appointment of a receiver
of all and siagular the inor~gagecl property, and oi all the rents, incomcs, profits, ~ssues and revenues thereof. from whatscever source derived•
end tLereupon it is hereby e:pressty caveaanted and agreed that the court shall forthw•ith appoint a receivor of said wo~tga8ed P~oPcttY, al~
and sin8ulu. aud of sucb rents, inrnmes, profits. issues nnd reti~~ue thereeaff, icom whatsoever souroe derived, with tho usunl powen and
duties oE receivers ia like cases; and svch appoinhnent shall be made by such court as a matter of atriet right to the I~iortgagee, its successors. '
lega1 rcpcrseatati~~es or assi~ns, and without ceEerenc~ to the adequacy or inadeyuscy of the ~titlue of the propetty hereby mortgs?ged, or to the
solYency oi uuol~r.acy of the Mortgagor, aad that such rent, profits~ income~ isaues aod reveaues sball be applied 6y such recciver to t6e pay-
me~t of tbe mortgage indebteclnest, costs and charges, acconiiag to the ~der of a~c6 oourt.
10. if all or anY part of t6e property or an interest therein ts toW or traasierred by mortgagor without mortpagee's prior avritten consent,
ezcludin~ ( a) the creation a,( a lien or encumbraooe subordinate to thfs mortgag~e, ( b) the creation of a purc6ase
hoiuefald appliaaoes, (c) a trantfer by devise or desccn or by operation af law IDO°~' ~°~y i°terest for
upon the death of a joiat tenant, or ( d) the grant of auy
ieasehdd interest of three years or less not oontainiug an optioa to purcha.se. mort~gee may, at itaop
Gon. declare sll the sums secured by
this mortgage to be immediately due and payable. Mortgagee shall have waived such aptim to accelerate if pcior to tLe sale or trancfer.
mortRagee aad the person to w}wm the property is to be yn,ld or hansfer~d reach aRrecment in writing that t~e credit oE sudi person is sat-
;sfactory to Mortgagee and that the inteces! payable on the svms secured by tLia mortgage shall be at auch rate as Mortgagee shall reyuest.
11. That in ihe rvent tLe plcmisas hereby morti~a8ed, or anY Part thereof, shall be condemned aad taken for public use undcr the pov~~cr
oE eminent damain, the 1?lortgagee sha11 have t1?e right to demand that ell damages awarded for the taking of or damages to said premisa
shall be paid to the Mortgagee up to the amount thea unpaid oa this mortgage and at ihe option of the Mortgagee may be applied npon .
the payments last payab~ therwn.
12. TLe mortga or binds hinuelf aot to erect or permit to be erected any new buildings on the premises herein mortgaged or to adcl to
or permit to be ad~ed to any af the aristing improvements thereo~ or make any d~an~es or aiterations in said improvements wludt materially
chan~te the same or the usc tbereof, without the writtea coosent of tbe Mortgagce ana in the event of any violation or attempt to violate thiS
stipulation this mort8age and all su~ secured hereby shall immediately become ~ue and wllectible at the aption of the btortgagee. .
13. It is specifically agreed that tune u of the essenoe of this oontract and that no waiver of any ob ' tion hereunder or of the obligation
secured hereby shall at any time be heW b be a waiver of the terms hereof or af the instrumeai ~hereby.
14. If foreclasure proceedi~gs of any second mortgage or second trust deed or anp ;unior tien of any kind should be uucituted, the Mort-
gagee may. at its aption, immedietely or thereafter derlare t6is mortgage and the indebtedness seeured hereby due and payable forthwith, and
may at its option proceed to foreclose this mo~tgage,
15. To thc e~tent of the indebtedness of tLe Mortgagar to the Mortgagee ~described Lerein or secured hereby the Mortgagee is I~ereby
subrogated to tLe liw ar lieras and to tLe rights of the owners and holdea thercoF of eacb andevery mortgage lien or other inc~mbrance on tbe
land desczibed heiein w}ucL is paid and/or saHsSed in whole or in part out af the prooeeds of tl~e loan d~cribed herein or sec~red hereby
and the respa.tive liem of said modSages. liem or other incumbrances sLail be and tiie same and each af them hereby Ls presen~d aad a4a1~
pass ta and be heW by the Mo~tgagex herein as sxwity for the iodebtedness to the Mo~rt~a~ee herein descdbed or hereby secured, to the same
~tent that ft w~ould have been preserved and wouW have bcea~assed to and becn 6eld by t6e Mort~a gee 6ad it been doly and regulady
asciKned, trar~erted, set ovrx and deliveied unto the Mort8a8a bY ~p,amte deed of asaigoment notwithstanc]ing the fact that the same may
be satidiad and caooelied d recoid, it beinR the inteatio~ of the partirs hereto that the s~me will be satis$ed and caocelkd of record by? the
holders theicaf at a about the time of the reoo~ding of this mortgage.
18. 'Po pay alt a~I sin8ular the ooats. cha*8es and espea~es, iacludtng Lwyer's fees. reasooa6l~r Innured or,~aid ~tt aay time by the 1?fort-
pagee, beca~ue of the bilure of tLe Mortgagor to performz comptY with and abide by each and erary the stipulatioas, a~eements, couclitioac,
and covenants of aaid promiasory nobe and this deed ar eitber, aod every such payment a6a11 bear interest fran date at the defaWt rate pro-
~~ded in said Promiuo~Y noDe.
17. Whenury amo~mt ofmonry W be Pak2 bS' the Ma~tga~r to fhe Mortgagee nnder tbe terms 6ereaf sball be in defauh, or s6ould the
Mortgagor debuh in any of the other temis, p»vuwns or conditioru o# thi: Mortgage, thea and in that c~se tLe Mortgagee ahall have the
riBht, vvithaat notioe to the MoctBaSor. to o~llect and receive from any ~enant o~ )essee of satd ma~aged prein~es tbe reats, issues and
pr~its of ihe re~l estate hetebY ~8a8ed atxl the improvemeats thereoo, and to give p TeoeiPts and ac9uittanc~s therefor. and a[ter
paYinB aIl ooinmi~ of ury rental agent rnllecting the same, and any raiaooable attorney~rfees and other ~ry ~penses incurred in ~
oo~ecbing same, to apply the prooeeds of serch ca0ectioas upon anY indeb~~obligat~on or liability, af the Mortgagor hereunder. The
ri~t gtanted the Mort$agee under this ParagraPh shaIl be in zdditioa to, and not limit or restrict,• a~ other right or rights granted the
Mortgagee ia thu Mo~t$age.
18. If the Mortgagors at tl~ time of maling thia Moctgage ortab~ guent d~eceto talre out life innuanee desi~ating the Mortgagee berein
as beneficiirY with a company Approved by the Mortgagee ar attiis Polides to the Mortf~qee for tbe purpose of seruiing the mortgage ~l~oau
hereby seeared~~the Mort ~
SaBee shaIl h4ve tl~e right to pay any prani~mn aocruing nnder said pdicies, and alt sums so e:pended s6ali be
added eu and a part af ihe prinn iadebtedz~a secared by thia Mortgage and shaD be paid by the Mortgagor to tLe Mortgagce
in twehre ec~~al coasecutiv~e manthly ~ts. the fust monthly in~allnneat bo be paid aa s part of and in addition to the monthlY P~Y~t
due emder ttiis Mortgage in the first calendar month foDowlog the~p ~ of said snm. Such anms so expended to bear interest at the rate
at which interost is PaYabk opon said principal indebtedness and the lka tbis Mortgage shall a~tend to and securc the sums so e:pended
together with [nterest thereoo as herefnbefare pravided.
19. rtSuBee's opti~. tog~her ' and in addiNau Lo the monthlyga ~ t of rincipai and interest le under the temu of
note y, Mortgagor shall y to ee each m~th ~mtil said
ual remium or fire, estend coverage. other hazard inc indudin ~i~~arance ovenng thef a sum eq
p t the
ged
p a and ne:t dn an tLe mortga (all as ted by Mort ~ less seuns already paid for, d to be
di~-i by the nnmber of elapse prior to the da suc es ana a~meats . delinquent. Sai shaD be
pa~ t a~, ~ to the~ n't~
al of the 1 Y said inauranoq tues. ts and shall be 'ed on the
by Mort gee saW 1oan b peid ia paid to Mmtga , or am~
or tatives. In event defanlt or finec~ , said held 'm trust be app ' any oosta es s
in 'on w;th of the note 6ereby wh et by t, osur+e, otherwise. Mortqa m Hmc to ' at
its waive, and s~x~h waiver. reuista y or provi~
~ hereof g such depoaib, by no Mortgagor in wri '
anY such waiv~er is ffeet, Mortgagor shaII pa asaessments and renuiu~ as provided.
20. Mort~ga_gor shaII ply with tl~e ~rovisions of y lease, if tl~ia mo~tgage is an a leasehctd. If this mortgage is on a condaminium
mortea8or :daD perform all oE mortgagors obligatio~ nnder the declaration a~ candaminium or ma:ber deed, the by-laws and regulatioas~
the coodominium Proiect and rnnstituent docvmenb. 1liortgagor futther oaveoants that he s~ the associationrespons~ble for tl~e aperatian
of t6e oondominium wiII obsern all of tbe provitions of tbe said dec~aratim and ury amendments t}iereto, snd of the Condominiwn ]aw of
the slate, and wili perEorm all obligations thereunder; and a failure to do so w~iCh is not cnred within 30 days after notice ~ven by the Mort
v,aSee to the mortgagor and the said association shall constitute a de[auk nnder t6is mort~ge. 11iort8e8~ fnrtbec speci8catty covenants, bat not
by way of limititfon, that he and the associatioa will obscrve all of the pmvlaions of said declaration of aondominium relating to incuranae
coverage.
21. I?tort~agor further oovenanb and agrees that at the request oE Mortgagce to fiunish a standard termite bond inturing agavost daa?age
by infcstation on tLe bu~1dings now or hereafter tocated on tha mortgiBed PropertY> fn such amounb end termi, and w3th svch rnmpany as
appro~~ed and required by AiortSaSee; and ia t6e event Mortgagor dcea not comply with tbis covemnt Mortgagea shall have the same rights
to obtain same as insurance oovecage under oovenant !t3 hereof.
22. Tbat in the event that thLs mortgage is ~ven to secure a oonst n~etion~~, failare on thep~ of the biortgagor or the Mortgagor i
coatractor, architect, engineers, or sub-contractors to rnmply with the terms of tbe Construction I.oan Agnement of even date herewith, .
xhich is by reference incorporated hecein, shall, at tbe option oE the Mortgagee, corutitute a defanlt hereunder.
23. If the mortgaged premises is other than a one to fonr family dwellinq, the I?tortgagor covenants and agrees that be wiD, not later
than thirtY (3'D) daYs after the end of the fiscal year fumish uato the Association a rnmplete and aocurate balanee sheei and profit and losa
statement teflecting the Mortgagor
a liabilities as wel~ as profit and bss for the fiscal year, and suc6 balance shcet and profi; and ]oss state-
ment shall be prepared by a certified publie accountant 13ceated in the State of Flwida, and shall be certified as being ooriect by s~ch cerH-
fieci pttblic aoooautant.
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