HomeMy WebLinkAbout0908 (i. 7'o perform, comply witl~ arxi abide by e~ch tacl evcry stipuiatbn, u~~re•in~nt. coadiuon ux~ cuvenant ia sa?d pram?ssory note Yud deai
set iorth.
7. 1~ U?e event the j~u{sdiction of We U. S. District Court sAali be tnvokecl by or agaiast the 111orty,a uudrr ~ay d thc provicio~u oE ibe
Fedcral Benkruptcy Act. such e~~tion, whetha~ voluntary or iavolunta~y oa diepa rt of the Alatgagor, ~idl autua~atiplly. wilbout aotice, aa
crlerate the nwturity ot a0 swns oE moncy hereia descriUecl uad secu~ed and t4e sao~e stull d~ereupon beron~ due anct payabk fwt!?with
as fully u If the said aggregate sums of aas~ey were originally stlpulatec~ to be paM oo s~h daite.
8. To deL"ver to stid MortRape~ oo ~x he{ore Marcli 15th of esc:h year. tu ~rceipts evides~cing the~r
ymant of all la.+fult~r Lnposc~! taua
u~
Eor tl?e pre~YYling caleu~lar yexr. oocl to deliver to said ~tort ee, receipts evicleaciug the payment of all lieas Eor publie improveu~eots v?nthin
niuery (JO) days a[te~ thc aaune shall becoine due andpa yabk~ and topa y or discharge withm ninetp (~JO) da~s atcer due c~te, aar and a!1
Kovernmenta~ kvees t~wt may ba ~ua~e pn tl~e mort};ugc~i Prop~rty. on ttus mortgaRe or aote. or in any ot6er w•ay ~rsultio~ (raa d~ I?lortg,~ge
indebledaess secured by tt?Is mortgage; antl if this condition l~e ooC complied with and pe~formecl. said nartgagc~e may Wy sucb sum or swns
whic6 shail becon~e part of the debt secured by thts mortgage, ancl thau beu interext at the ddaWt nte pro?ickd ia szid pmaiiswry note
payabk moothly until paid w said ~fortgagoe may elect ~4?at said mortgage debt t}?ereupoo boca~ane due aad payable iathwith.
9. lt Ls further covenanted and agreed by ssid paKia that in t6e event of a suit I,eing instituted to fo~eclase thif matgage. tbe I?~wtgagee
~hall l~e entitlc~l to apply at any tiu~e pending such foreclaaure ~it w the oourt having jurisdiction t6ereuf for the appo~ntioent oi a ~ecei~~er
uf all au~l singular t}ie mortgagecl @mPrrtY. and of aq the reuts. uico~nrs. profi~ts~ lssues and reveaua thereof. fmu~ whatsoever sourcY drrivrd•
and tbereupoa it is heroby exp~sly coveoanted ud agreed that the court shall focthwit6 appoint a ceceivez of said mortgaged property, al~
and sin8~lar, and of such reats, inrnmes pro(its, icsucs and revenue thereof. [rom whatsoever ~o~uee derived, with t!x ~uwl po+~crs arxf ~
duties of reoeivers ia W~e c~es• aad s~ appointment sball be made by such co~ut as a matter of strict ri~t to tbe Mortgagee, its succesaois,
legal representatives or sssiAns. i~nd without refe~ence to the odequacy or inadequacy of t6e value of the p herehy mortS'agad, or to the
w!vcacy or tasaJvenry of the I?loriga8o~, and that such rent, profits, incane, iasues sind revraues shali be ap~' by such receiver to the Pay-
ment of t6e mortgaSe indebtedness, eosts and char8es. aecorcling to tlie o~der d soeh oouct.
10. If all or aaY part of the property or m interest therein is sold or tranderral by mortgager without matgrgee's p~ior written coasent~
excl~' ( a) the cieatioa of a liea or encuwbranoe subordinate to thia mat~a8~ ( b) the creatioa of a porc~ase money security interat for
ho eppliancea, (c) a transfer by devise or desceat, or ~y operation d law ~pon tl~ death d a joint tenant, or (d) the grant of any
leasehaW interest of t6ree or kss not containiag an optioa to purchase. mort8agee may. at its~~n, dedare all tbe suu~s securcd by
this mortgaSe to be imuze~ia~tely due aud payable. Mortgagee shall have waived such optiaa to acoeknte if prior to tLe sak or trausfer,
mod~ee and the persoo to whom the Propecty is to be soW or transferred reac6 agreemeat in writing that t~e credit d such person is sat-
i~factory to Mortgagee and t}.at the interest payable on the sums secured by this mort~ sha11 be at sucb rate u 1?latgagee shall ~equest.
11. That in the e~•ertt the premises hereby mortgagcd, or uny part tLereoE, shall be coadea?ned and takea far public use wx~cr the ~rer
of eminent domain, the MortgaRee shall have the right to demand that ell damages awarded for tLe takinR d or damages to saici premises
shall be paid to the 1?tortgagee up to the amount then unpaid on ttus m~tgage sod at thc optian of the Mort gee ma be a
the payments last payabk theha~. ~ r pp~ °p°q
12. The mort~agor binds himself uot to erect or pemvt to be erected any new buildings on the premises herein mortgaRed or to a~l~f to
or pennit to be added to aay of the esisting improvemenb thereon or ma{ce any changes or altentiont in said improvements which materially
chan ge the saa~e or the use thereof, witLout the written eonseat of the Mortgagee and in the evrDt of any violation or attempt to violate this
stipulatiou this mortgage and all sums securecl hereby shall immediately beoonne ~ue and coDec.tibk at c6e option of the 1?tortgagee.
13. It is.sperificaUy agn.~ed that time is of the essenee of this coat~act and tl~at no waiver of a~ry two hereun~er ar of tLe obligatbn
sccured hereby shall at any time be heW to be a waiver of the terms hereof or of the iruhvmeat ~l~ereby.
14. If forecbsure proc~eiin~s of any second mortgage or second tnut deed or any junior }ien of a~ lrind s6o~ild be i~tituted, the Mat-
gagec may, at its option, immcdiately or thereaher deciarc ihis mortgage ar~d the indebtedness secarad hereby due and payable faRhwith, and
may at its option procecd to foreclose tbis mortgage.
15. To the ~teat of the indebtedness of the Mo~tgagor to the Mortgugee ~described herein or sec+ued hereby tbe Mo~tgRgee ~s hereby '
subrogatecl to t6e lien or liet~s and to t6e rights of the owners and holckrs WereaE of each andever~ matgag~e lien a athrr incumbrance on the j
laad described herein which is paid and/or satisfied in whok or w part oat of the proooeds ef the lonn described 6erein or secured hereby
and the respective lieos of said mortgaltes, liens or other incumbrances s6aD be and tbe same and ~ch of them here6y is preserved and shal~
~ pass to and 6e iieW by the Matgagee hetein as security for the indebtedness to tbe I?i~g~ heran described or Lereby secvred, to the saine
extent that it would have bc+en presen~ed and would have been passed !o and lxen 6eld ~jr the MoriRagee hzd it been d~ly and regularly
assiRned, transferred, set over and delivered unto the I~iort888ce bY separate deeci of aai~unent notwitMtanding the fact that the same may s
be satisfied and caaceD•:d of record, it beinA the intent~an of the parties hereto that the same wiA be satisfied and cancel{e~d of record by the
holders thereof at or about the time of the recordiag of this mortgage.
16. To pay all and singular the oa~a~s, charges and ezpenses, including lawyer
s fees, reasooably in~cvrred or paid at a~ ~ by the rtort-
gaeee, because of the failure of the Mortgagor top~{
orm, complp wit6 and abide by eacl~ and every the stipulationc, agrecments, conditions,
and covenants of said promissory note and this deea, or either, and every such payu?ent shall bear interat from date at the default rate pro- 3
vided in said promissory note.
17. When any amount ofmo~xy to be paid by the Mortgagor to the Mortgagee imder tLe bern~s Leroo~f shall be in de6
utt, or should the
I~tortgagor default in any of the other tern~s, provisiont or rnncLhons of this Alortgapje, then aod 'm that case the I?lart~agee shaD have the
right, without notice to the Alortga8or, to collect and receive from any tenant or lrssee oE said mortgaged premisa the rcnts, issues aod
profitt of the real estate Iu•reby awrtAaged and the improvements thcreon, and to give pro~er reoeipts aod acquittancrs thereEor, and after
pay~ng aIl commissioat of any rental ageat collecting the same, and any ressonabk attorney s fces and other
coUecting same, to a the roceecis d sue6 coUections u ~ry ~ '
PP~Y P pon an7 inde6tedness, obligation or liability. oF the atorlga~or hereunder. 'ILe i
rieht firanted the Mortgagee nnder this paragraph shall be in addition to, and shall not liadt or restrict, a~ other ri~t or riRhts granted the
MortRaqee in this MortRaAe.
18. I[ the '.ltortRagors at the time oE inaking this Aiortgage or subs uent thereto take out life insurance designating t6e Martgagee herein
as beneficiary with a company appmvecl by the Mortgaqee or assigns p~icies to the Mortga for the puzpose d securing the mort e~oan
gag ~~oan
hereby secured, then d~e I?'[ortgagee shall have the right to pay any premium aocn~ing er said policies, and al! suau so ezpended shaD be
a~l~ied to and become a part of the principal indebtedness secured by this Mortqage and shaD be
paicl by the Alart~gor to the 11lortgagee
in t~~•elvee.~ i+al consecotive mont}ily installments, the first manthly installment to tie paid as a pratt d and in addition to the mont}ily payment
due uncler this Mortgage in the first calendar ~nonth following thee~p emlin$ ~ said sum. Sucb sums so e:pFended to bear interrst at ihe rate
at which interest is payabie upon said principal indebtedaess and the !iw oF this Mortgsge shall ezteod to and sec+ne tbe suins w e~ended
to~ether with interest thereon as hereinbefore provided. ~
19. ~t mortgagees option, together with and in addition to the month}ypa
yment of rincipal and intertstpa
yable tuxler the terms of the
note srcured hereUy, MortAagor shallpa y to Mort~agee each month until said note is~ pa~id, me-twelftL (1/12) of a sum e~ ual to ihe
annual premium due for fire, eztencled coverage, a~ other hazard insurance including flood i~uance, aoverinsC tbe mo~rtp,ag~ property,
plns taxes arxl assessments ne:t due on ihe mort8g8~ Pro'P~Y (all as estimated by MortRaBee) Iess aIl sums alaeady pnid therefor, aaci to be
d~vided by t6e aumber of months to elapae prior to the date when such tazes and a~ shall become delinquent. Said sums shal! be
held by Mortgagee in tnut or credited to the principal of the loan, to pay satd i~rance, ~es, and ats~ments a,d shall be applied at the
payment thereof when due. My excess held in tnut by Mortga~ce when sa;d Wan is paid in fn~ shaD be pa;d to ~[o,tAagor, or }~is assi~,
or personal representatives. In the event ~ a defauk or foreclosure, said ~mt held in trust may be appL'ed on any coats of damages sustainecl .
in conncetion with the collection of the note secured hcreby whether by suit, foredasnie, ar otherwise. Mortgagce may from time to time at
itsop hon Kaive, and aker any svch ~vaiver, reinstate any or al) provisloru hereof n~uiring such deposits, by notice to I?iortga or in writing.
~l'hile any such waiver ~t in effect, Alortqagor shall pay taxes, assessments and i~urance premiuu~s as hemin elsevv6ere p~ed.
2a Mortga~zor shall comply with the provisions of any lease, if this mortgage is oo a IdseLold. If this mortga~e is oo a oondominium unit,
morip,aRor shaIl perform a11 of mortgagor s obligations under the declaration of: condominiwo or master deed, the by-~ws and regu~ations oE
the rnn:lominium proiect arxl eonstituent documents. \tortQagor further cavenants that be and t6e associationre~on
ubk for the operation
nf the rnndominium ~ill oh~erve all of the pruvicions of the said declaratia~, and a~ amendmeats tl~ereto, and d the Cadominium 1aw oi
tbP state, and will tierform a1l oblis;atiocu diereunder, and a failure to do so x~hich is not cured within 30 days after notice ~ven by the ~{ort-
caqee to the ~nort~aRor anrl the said association shall rnnstitute a default under this mortga~e Mortgagor further specificaIly cove~nts, bnt not _
by way of IimitaNon, that he and the association wiII obaerve ait of the provisiaas of satd dedaration oE rnndominnim relatin~[ to insnrance
coveraRe.
21. ~tortgagor further covenants and agrees that at the request of Mortgagee to furnis6 a standard termite Fwod i~uring against damaRe
f~y infestation on the huildings now or hereafter located on the mortgaged property, in such amovnts and terms, and with such company as
approvecl and nv~uired by lfortgagce: and in the erent Morigagor does not oamp}y with this aovenant Mo~tatagee shall have the samc rig~ts
to obtain sao~e as insurance covera~e under covenant ~t3 hereof.
22. That in tlie event that t1~is morigaRe is p,iven to secure a constn~ction laan, failure oo the part af tl~e k[prt~agor or the Mortgagors
rnntractor, architect, enyjneers, or sub-contractors to comply with the tem~s o! the Co~truction Loan A nent of rti~en date herewjth,
.vhich is by reference inrorporated herein, shell, at tbe option of the Mortgagee, constitute a dGfaak be.re~
23. If ihe mortgaged premis~s is other than a one to four family dweQing, the Mort~gvr eavenants and a~ that 6e wiU, not later
than thirty (:l0) days after the end of the fiscal year furoish unto the Associatioo a rnmplete and aocnrate baLlnee s6eet and profit and ioss
statement reQectinq the Mortgagor's liabilities as wel~ as profit ar?d loas for the fisc~al year, and snch balance shert and profit and loss state-
ment shaD be preparecl by a certified public accountant licensed in the State of Florida, and shaIl be certified as being carrect by snch oerd-
f i~d public accountant.
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