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Home My WebLink About0758 'I'o pr~(onu, cu?upty wit6 and ut~idr Ly each sad e~rq' SZ2~lII~u0i1. J~;(L'c'tUl•!!i, l'U7HU~lUI! SiLd CUL'NO:~AI lll ~81d pfOIIIISSOQ• nute aixl deed ~<t futlil. 7. lu 11i~• rw~ut ti~e jurixliMiun d the U. S. 1)utri~~t Coutt shall be i~vokc~l by or a~a~nst lhe ~to~t~;ay~o~ uuder any o[ t6e provi+iu~u of tl~e i• ~•~Irral liankruptcy AM, .~Mh a~~tion, wt,rd~~>~ ~~olnntary or invol~mtary on lhe d~ ttie Morty;a~;ar, shal! autou?.~tic~lly, wiiliout rx>tira, aa e crle~r:atc the niaturity of all swiis o1 monry hvrein d~ycrilxd und securcd ancl t e same shall t6~r~eupon tKr~ou~r due arxl payal~le lort!?with fully as if U~e said aKg~egate sunu uf iiwney wen~ originally stip~ilate~ to be paid on such dale. 8. To drliver to said MortKAFev on or hNcxe Ma~ch 15th oI each year, tax nrcipts e~•ideuciog d~e~a ymcnt u[ zU I:iwfully uuposed taxes 1u~ the prec~~liug calen~lar yrar, utKl to deli~^er to said ~tort ~a~;ee, ~eipts evide~ciu~; die pay~nent of all lirnt for publie impro~•en?ents within „u,rty days sltcr tGe ~ame shaU becu~ne due nnd payab~e~ arxl to {~.~y or disrhnr~e v?~ithi~ ninety (9U) days after due datr, uny a~xl all ~,c~vcnune~tal kvie~s thut may Le n~a.le on the mort~ageci property, on tl~ia uwrt~age or tate, or in uny oil?er way rrsiiltin~ f~o:n ti~r ~tortgage iutlebt~rlness sect~red by this mo~t~aKe; arx! if d~is conelitioa l~e uot complied wit!? and perfornxnl, said mort~agre may pay sucl? sum or sunu hicl~ shall IKrosue part of the debt securc~l hy this mort~ake, anci stw11 bear interest at the detault rate pro~~ded in said promissory notr p.~>able neuuthly until paid or saici \(ort~ugee a~ay elect that said mortgage debi thereupon becoa~e d~ee ar?~I payable fortMvith. lt is furt6er c~~r~~nted and ogreai by said parties that in tl~e e~•ent of a suit Lcing iiutih~ted to (orecicue this mortgage, t}~e I1lorigagee :~;~Il I,e crztitl~ti! to apply at any ti~ue pendiny~ surh loreclosure suit to tLe court havi~g jurisdiction thereof for the appointment of a rrcci}~er ~f al) aud singuLu the uwrtgug~~! opc~rty, an~l of all the rents, incnines, profits, issues and revenucs thcreof, from whatsocver source derived~ :~ud thereupon it is 6eteUy express~ co~rnantecl and a~:reed thut t~e couet shall forthwith appoint a receiver oE sai~l moirtgaged property, al~ and singular, and of such rents, iixomes, pro(its~ is.ucs a~x1 re~~enue thereof, from whatsoever source derivc~l. with d~e usual po~e~•rs snd duties of receivers in like cases; und such appointment shall bc m~de by such court as a matter of strict riRht to the I~loirt~agee, its su«rs~ors, !egal representath•es or ass;~,nu, 'nd without refemnce to tbe adec~uacy or inadequacy of the vulue of the property herehy ~nortg;~ged, o~ to d?e sol~•ency or insohrncy of the ~[ortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay- went of the inortga~e iodebteciness, costs and charge~, acrurdinq to the order of sueh eourt. 10. If all or any part uf the property or an intercxt therein is sold or traiasferred by mortgagor without mortgagee s prior written coascat, excluding ( a) the creation of a lien or encumbrance subordinate to this mort age, ( b) the creation of a purchase ~noney security interest Eor hoiuehokl appliances, ( c) a transfer by devise or descent, or by operation of ~w npon the death of a joint tenant, or ( d) the grant of any leaschoW interest of three years or less not containing an option to purchace, mortgagee may, at itsop tion, declare all the sunu secureci by this mortKnFe to be immediately due and payable. Morlgagee shall have waived such option to accelerate if, prio~ to the sale or transfer, u~ortgagee and the pc~wn to w}iom the prc~pert~ is to l~e sold or transferrerl reaeh o~crcrinent in writing d~at the credit of such person is sat- . ;sfacton• to I?tortga<.;~r and tLat the interest payable on tl~e sums secviced by this mortgage shall be at such rate as MortgaAee shall rc~uest. , . 11. That in the event the premises hereby mort~a~;~d, or any part thereof, shal) be condemnec~ and taken for p~iblie use unJer the power ot eminent domain, the 1~fortgaRee sh~ll hace the ri~;6t to deu~and that all damages aw~arcled for the takin~ of or eiamaAes to said pmmises shall he paid to ihe I?tort~;agee up to the amount d~en unpaici on tAis mortgage and at the option of the ~tortFa~ee may be applieci upon t6c~ pay~nents I.~st payable thereon. ~ 12. The nwrtga ~or bincls hinuelf not to ereet or permit to be erertecf any new buildings on the premises herein mortRaee~l or te, add to o: ~m»t to i,e ad~ecl to any of t6e ezisting impro~•ements therean or make any changes or alterations in said improvements K~Lich materially chanQe the same or the use thereof, ~a~thout the Writte~ consent of the Mortgagee, and in the event of any violation or attcmpt to violate ihis stipulation this mortgu~e and aIl s~uns secured hereby shail immeciiatcly bcxome due and mllectible at the option of tLe lfortgagce. 13. lt u spectifically agreed that tiine is of the essence of this coniract and that cw waiver of any obligation hereunder or of the obligetioa s~~c «rcYl hereby shall at any time be hekl to be a waivcr oE tl~e terms hereof or of the instrument secured hereby. i4. tf foreclosure proc~eedings of any second mort~age or second tnut deed or any junior lien of any ldnd shoWd be instituted, the Mort- ~as~e~~ may, at its option, immediatcly or thereafter dedare this mortKage and the indebtedness serured hereby due aad payable forthwith, a~ may at its option proceed to foreclose tbis mortgage. - 15. 'I'o the eatent of the inclebteciness of the itortgagor to the Mortgagee described herein or secured hereby the !~tortgagee is hereby subrogated_ to the lien or liem an:l to the rights of the ownen and holders thereof of each a~ every mortgage lien or other incumbrance on the land described herein which is paid and/or satisfied in vsrhole or in p.~rt out of the proceeds of the loan deseribed herein or secured hereby and the respective liens oE said mortgaRes, liens or other incumbrances shall be and the same and each of them hereby is preserveci and s h a l ~ pass to and be held by the Modgagee herein as secwity for the indebtedness to the MottgaRee herein descrihed or hereby sec~red, to the same ~:+ctcnt that it would f?ave been presen~ed and would ha~~e been passed to and been hekl by the Mortgagee had it been duly and reRularly ~ssi~ned, transferred, set over and deliverec( unto the Mortgagee by separate dee~d of ascignment notwithstanding the fact that the saine may F,e satisfied and cancell ~d of mcord, it beinQ the intention oE Ihe part~es hereto that the same will be satisfied and caneeAed oE record by the holders theceof at or abad the time of the recorcling of this mo~tgage. 16. To pay all and singular the costs, charges arxi erpenses, includin~ lav?~er s fees, reasonably incurred or paid at aay time by the ~fort- ca~_ee, Mcause of the failun of the 111ortgagor to perform, comply with and abide by e.acb and every the stipulations, ageements, con~litions, aml co~•enants of said promissory nate and this deed, or either, ancl ea-cry such payment shaU bear inierest from date at the default rate pro- ~ided in said promissory note. !7. ~i'hen any amount of money to be paid by the Mortgagor to the I~iortQagee under the tertns hereof shall he in default, or should the ~tnrtRaRor drfault in any of the other tcrrns, pmvuions or conditions of this NiortqaRe, then and in that case the biortgagee shall have the rieht, Kichout notice to th~ ~~ort~:agor, to coDcct and recei~-e fmm any tenant or lessee of said mortgaRed prnmises the rents, issues and profits of the rea) estatc hcreby mortgaQed and the improvements d?rreon, and to give pro~er rcxeipts arxl ac~~uitta~ces therefor, ancl after pa~•infi a1I commissions of any rentai agent coliectinfi the same, and any reasonable attomey s fees and other necessary e:penses incurrecl in coflectine same, to apply the proceeds of n~ch collections upon any indebtedne~t, obli~ation or liability, of the \1oriRagor hereunder_ The ri~~ht ~*ranted the ~tort~agee ~~ndcr this paragraph shall be in addition to, and shall not limit or resirict, any other riRht or ri~hts Qranted the ~t~rtc~aeee in this 4ior~~ae~e. 1•5. I[ t}~c \to:t~a~ors at the time of making this \loriPaAe or subs~_guent thereto take out life insurance desi¢nating thc ~tortgagce herein ix~neficiary ~cith a cY~mpany appn?~rc! by the ~tort~aqce or assigns policies to the Mortqagee for the purpose of securin~G the mortga~;e loan h~,re~hy secured, then tfee 11od~a~ee sLali ha~•e the ri~;ht to pay any premieem acervireg under said policies, and all sums so ezgended shall be .~d~leei to and liecome a part of the pTincipal irxlebteciness securecl by this Mortqage an~l shall be paicl by the AtortQa4or to the rlortgaRee i^ t.~~elve c~;~ia) conseri~ti~~e monthly installments, the first monthly installment to be paid as a part of and ia adclition to the monthly payment d~~c• under tt~is Mort~a~e in the first eakmlar month folb~ving the eupe~din of said sum. Such sums so expended to bear intPrest at the rate at which interest u payable upon said principa) indebtedness and the lien o~this ModgaRe shaD extend to and secure the sums so e~cpencled to::Mher v~ith interest thereon ~u hereinhefore provided. ' 19. At mortRaRer.'s option, to~ether with and in additian to the monthly payment o~f principal and interestpa yable under the termc of thc nr~t~~ s~cured hercl~y. I?tort^.aAor sl~all pay to ~tortga~ee each month imtil said note is hilly paid, one-tvrelfth (1/12) of a sum equal to the an~inal premium dur {or fire, extenciccl covera~e, and other ha~ard insurancr including flood insurance, coverin~ the mortGaKe~l properh•. pl~cs taxcs and a.cses,sments ne:t d~:e on the mortgAged properiy (all as estimated by MortgaRee) less all sums already paid therefor, and to he cii~ided by the numher of months to elapse prior to the date when such taaes and assessments shaII become delinquent. Said sutns shail be h~ld by \iort~aRee in ttust o~ credited to the principal oF the laan, to pay said incnrance, taxes, ancl assessments and shall be applied on the paymPnt thereof when du~, Any c~scess hcld in tn~st hy Nortra¢ee ~a•hen said loan is paid in full shall be paid to Mort~*agor, or his.assiRns, or pe~onal representati~rs. In the e~ent oF a default or forec(cxure. saici sums heid in trust may be appliecl on any eosts of damaRes stictaineel in ~ annc~ction with tlee collrction nf the note secnrecl hereby ~vhether by suit, foreclo~~re, or othenvise. Mortgagee may from time to time at :t~ opt~on «-ai~•e, and after any such ~vai~•er, minctate any or all pro~~sions hereof requirinq such denosits, by notice to MortgaAor in writinR. ~t"h,1~ ,iny such «-ai~r.r is in effect, !~tort~aeor shalT pay tases, assessments and irunrance preminms as herein elsewhere provided. ~0. ~1lortfiaeor shalt compl_v with the 4ro~~sioru of any- lease, if this mortgage is on~a leasehold. If this mortgage is on a condom~nium unit, inortt*aRor shall perfonn all of mortcauors obliRationc under the declaration of rnndominium or mastcr deecl, the by-laws and regulations oF u t}~~• con~lominium project and miutituent doch~ments. ~iort~a~or further covenants that he and ihe assoc.~ation responsihle for the operation nf the cornlon~inir,m ~vill ohsen~e al1 of the pro~isions of the said declaration, and any amendments thereto, and of the Condomini~~m latv of th~• ~t~t••, and will ~•iiortn all oblieations thereunder• arnl a failure to do so which is not cured within 30 days after notice Kiven by the Mort- ~.ie~~e• to t6~ mort~~a2~r anr~ the said acwciation shall coastitute a~k~fault ander this mortga ge. Aforte~eor further specifically covenants, but not t,y~ ~vay oF limitation, that he and thP associatinn tivill obsen~e aU of the provisioiu of said declaration of rnndominium mlatin~ to insu~ancr co~~era};e. ~ 21. ~fortuaKor further cm•enants and a~~ees that at thc rec{uest of :1iort~agee to fumish a standard termite borx~ insurinc a a~nst damaee inEcstation on the buildin~s now or hercafter located an the mortqaKed property, in such amounts and terms, and with suc~ rnmpany as appm~•ed and rP~~nired by \fort~a~,ce; and in the e~•cnt !?iorts;ag~r doc•s not comply with this cm~enant !~tortfia~ec shaq have the samc :;Rhts obtain ~.~mF ac insurance eoverare ~uxler cm~enant.?t3 hereof. •_'•2. 9uat iu th~• F~~ent that ti~is mortgat;c is ei~•rn to secc~re a constnution loan, failure on the part of the I~1ort~a~or or the \tortqa~ors c~ntractor, arehitret, eneineers, or sulxrontractors to coinply with the ternu oE the Construetion Loan A reement of even date herewith, .~•l~ich is hy rcfcrencc inc~xFwrated }~erein, sh~ll, at the opGon of the MortQa~ee, constitute a defauli hereu~er. '_i. 1( ti~c mortua~;ecl premises u other than a one to four family dwellintt, the Aiortgagor covenants and a~rees that 6e wi11, not Iater tf;,~n t?~irty r_~O1 days after the end of the fisca) yc-ar; fumish unto the Association a complete and accurate balance sheet and psofit and loss ~tatcment rctlertinK the ~1ortRa~or's liabilities at well as profit and loss for the fiscal year, and such balance sheet and profit and loss state- ment shall l~c prepared by a certified puhlic accountant licensed in the State of Florida, and sha11 be certified as t~inG correct by such certi- f i~~d public accountant. socx 284 PacE 75~ ~ f ` ^ - - _ - . ~ _