HomeMy WebLinkAbout0517 8. To pcrform, comply with aad ablde by eac:h and every ttlpulatbn. agrecuicnt, c~rnliUOO anct oovenaut in wId pronnssory aote u~ci deal
aet forth.
7. • Ip the eveat the jurisdiction d the-U. S. DLtWM Court thall be invoked by oragaaut tbe Moctgagor~~w~der aoy of the provisious oE the
Fecleral Bxnkruptey Act. such RMioa. whethei vduntary or invuluntary on lbep~r~ of the Mo~tKagor, shall auWmatically. without notioe, ~o-
celerate tLo aulturity of all su~ of mooey hereu? described and secureJ and the un~e shall thereupon becowa due and payabb fortbwIth
as [ully w i~ the said aggmgate suu?s oE money wero odginaUy ctlpulatc~ to be paid ou s~ch date.
8. To deUvec to satd Mortg~gee o0 or before I?larch. lSt6 ef e~ch year. tau reoelpb evidencing thepaYment of sU luwfully imposecl ta~ces
for the recedIng caleadar year. an~ to deliver to said Mort~agee, receipts evidenciag the payment oE all liens for public imp~ovemeats within
ninetY ~!0) daya after t6e sau~e shall bocoa~e due and payabk, and topa
y or discharge within ainety (90) days after due date. any~and all
goverameata) levies that may be made oa the mortgagal p~er~y . on Wis mo~tgage or note. or in aoy other way rcaulting fram the Mortgage
indebteduess seaued by thLt mortgage; and if this madi~oa be aot complied with ~nd perfom~ed, said mortgagee maY P~Y such sum oc sumt :
w~hich sh:ill become part of the debt securai by thts mortgage, ud thall beu interat at the default rate provided in said pro~wasoq? note `
pay~able wontWy until paid or said MoKgagoe may elect that saW mortgage c~~bt thereupon beeome due and payabla EortLwith.
y. !t ii further rnvenauted wd agneed by said partia that in tbe eveat o~ a autt beiag UuUtuteci to toreciose tais morigage, "tne Iriori~w t
shull be entided to apply at any time pending such foreclasure sutt to the coud having j~risdiction thereof for the appoiatrnent of a receiver
of all and singular the mortga8~1 pcopc*ty. ernl of all tha reots, incomes. profits, ~ssues and rev~enues thereof. from whatsoever source derivecl.
and thereupon it is herebY ~P~Y covenanted and agreed that the court slwl!- forthwith appoint a roceiver of aiid mortga8ed Prope~tY. al~
and singular, and of such reab. iacou~,~ profits, issues aod reven~ thereef, from whatsoever aouroe derived. with tho usual powers and
duties of receivcrs in like cases; aad such appointment. shall be made by such oourt as a matter of strict right to the Mortgagee, its succ~essors,
lega! representatlves or assigns, aad without reference to the adequacy a iaadequacy of tha value of the p phereby mortgaged. or to the
aolvency or Insolvency of the Mortgagor, anci that such rent, profits, income, tas~ea and revenues ahall be app~lied by auch receiver to the pay-
ment of the mortgag~e indebtedness. caatt ancl charges. accordtng to the .ader of such oourt.
10. If all ar any pazt of the property or an interest therein ~ sold or traosferred by mortgaBor without mortgsgea's prior written rnnsent,
eaclud~ing (a) the creatioa of a liea or encumbranoe aubordinate to this mortgage. (b) the creation of a purchase ter~rity tatereat for
househoid appliancas, ( c) a traader by devise or descent, or by operatiao a~ law upon the death of a joint teoant, or d) the grant of any
leasehdd interest of three ~eus or ku not oontaining an option to purchase. mortga may. at its o
pGa~, declare all t6e ~au securad by
iius mo~i~axe io be imnwawteIy due ai~ patyai~ie. tvt~iit~iysu~ shrII Iwve waiv~3 ~optiau tc~ a~c~
lerata i
f prior tc i t:~ ~ i r
a
n
s fer,
ueortgagee and the pe,rson to whom the p~openy is co be aold or tra~ferred reach w~eemeni in w~icing thac t~e credit of such pe~son ~s sac-
isfactory to Mortgagee and that the interest payable on t6e sums securod by t6it mortgage shall be at such rate as Martgagee shall requat.
11. That in the event the premise,t henby morfgaged, or any patt thereof, shaD be condemnc~ and iakea for public use under the powet
of eminent domain. the Mortgagee shall Lave the right to dernand that eII damages awarded for the taking of or damages to said premises
shall ba paid to the l~tortgagee up to the aiaount the,n unpaid on this mortgage and at the optio~ of the Mortgagee may be 'applied upoa
the paymenb last payable thec+eon. .
12. The uariga~or binds himself not to erect or permit to be erected any new buildinSs on the premices herein mortSaSed or to add to
or permit to be added to any of the ezisting impm~vemeats then~on or make a~ changes ~ alteraHons in said improvements which materially
change the same or the usc t6ereof, without the written consent of the Mortgagee and in the event of any violation or attempt to violate thi:
stipulatioa thjs mortgage and aD sums secured hereby ahaD immediately beco~e ~ue and colkrtible st the option oE the Mortgagee.
13. It is specifically ag~eed tLat time is of the essenoe of this o~ntract and that no waiver af any obli tion hereunder or of the obligation -
secured hereby shall at any time be held w be a wai~~er af the hrms hereof or of tLe ianrumeat ~hereby. '
14. If forecloaure prooeeding,s ~ any ~ mortgage or second tnut deed or anp junior ltea aE any ldnd a6ould be iastitut the Mort- -
gagee may, at its o~pti~, immediately or thereafter declare this nartgage and tLe indebtedness secvred hereby due and paYsble [~w~th, and
may at its option proceed to foreclase this ~mortgage.
15. To t6e atent of the indebtedness oE the Mo~tg~gor to the Mortgage descnbod herein ar secured hereby the Mortgagee is hereby ~
subrogated to the lien or lieas and to tbe righta of the o~vnezs and Lolders thereof of each ~ndevery mo~tgage liea or ot6er incumbrance on the '
land desrribed 6e~etn ahich is paid and/~ satidied in whde or in put out ~ tt~e prooeeds of We lo~n d~cribed heretn or eecurod here~by~ ;
and the~
ve liens af said mortgages, lieas or othet incumbrances sl~ll be aad the saa~e aod each of them hereby it presemd and shaII
pass to and be LeW}~y the Mottgagee 6eiein as aecurity for the indebtednas to the Mo~tgag herein de~rlbed or hereby secured, M tLe sauie
ertent that it waild 6ave been preserved and vronW have been~d to and been held by t6e M r~aSee had it been dWY ~~~~Y
assi~d, hamferred, set m?er and ddivered unto the Mortgagee-br sepu•te deed af snisument notvvi~
'thstanding tLe fad that dce sarne m.y
be sat~isHed and cancelled of reoord, ic being dtie inceatian of tlre parties hereco thac the same will !~e saciafied md c~ncelled of record by tLe
hoWers theieof at or abart the time of the reooiding ~ this mortgage. .
18. To pay all and singuLr iLe costs. c6uges and rspe~es. induding 1awryer's kes, reamooably incnrred or~a~I at u~y time by the aiort-
ga gee, beca~se of the hiliue o~ tbe M w~ pezfomr,oomp1y wit6 and abide by each and every the stiPnla "hoas. ageements, oanditioas,
i and covenants of said pro~issory note a~ deed. or either, and every sucL payn~eat s6e11 bear interest from date at tLe default rate pro- :
vided in said promissory nobe. .
~ a~y mooey pad by the M~r bo d?e MortBaSea m~der the terms Le:eof shaD be in default, or a6ould the
k 17. wlien amo~mt oE _ co be '
; I?tortgagor defanlt in any of the other ttrms,p or~ oonditiom of t~Is M~t~ge, ~tL~en and in thst case the M~g~
gee s6all. Lave the
right, wIthait notioe to tLe ModSaBor. to eolle~t~reoeive from any banwt or 3a~ee af s~id mottgaged premiaa tbe rmb, issnes and
profits of the real estate Leieb7' mortSaBed and the imprww~ufs the~eoo. and to Sive reoeiPts and aoqnittanoes therefor, aad after
pay~sg aII oommiaions of a~ rental agent oollecting the same. and any rasoo4bk attornerp~rfeea and other ~r~' upensa incumed in
colleding same to apply the prooeeds of snch collectioas upon an~y inde obligation or liabilitY. of the Mortgagor heeeunder. 'Ibe
right granted t~e Mortgagee uader this paragaph shaIl be io add[tion to,~and aIl not l~it or restrict, anY other *ight or righb ecanted the
~ Mortgagee in this Mrntgege. .
~ 1S. If the Mortgagora at tLe time o[ mabn8 this Matgage or s~~t therew taloe ait life iasa~ance dai~natin8 the Mortgagee'herein
as beneficiary with ac~npany approv~ed~y, tl~e Mortgagee or assi~as to the Mortgsgee for the P~*P~ ~~8 the mortgage ~loan
herebp secnred tben tbe Mortgagee ahaIl bave the rig6t to pay' any prtmium aecruing mder said pdicies. and all a~ so e~pe.ded shaD be
~ added to and ~eoome.a part of the indebtednes~ secnred by t}~ Mortgage and s~aII be paid by the Mortgagor to the Mortgagee -
in hvelve equal ~v~e moothly L~b, the fitst montWy iastallmeat bo be paid as a part of and in addition to the montlilY P~Y~
due under t6is Mortgage in tbe $~t c~l~ar month follovving t6e~p ending of aid sum. Such suma ao ~pe~ed oo bear interest at tbe rate
at whtch inceresc b panble opon said n~w1 indebtednea and $,e lka of th~ Modgap :haII e:bend to and s«.vre che sums ao e:pmded
toRether with interest thereon as herdnbefore provided.
19. At mo~rtga~
ee's optioo, g with and ia addition t~ tLe montWypayment of principal and interest yabk ~mder the temu of the
note secured herebR Mortga8or~shall~p~y to Mortga~ee each awnth until said note is fu?y _paid, one-tvvelkh ~1/12) af a sum eqnal to tLe
annual pn~nium due for fire, eztended caverege. aad other haurd insaranoe induding flood L~surinoe. aovering tLe mortgaged P~~Y.
plus tues and a~sments nert due oa the matgaged P (aII as estimated bS' MgrtgaBee) less all ~ms alreadY 1P~id thereEor, and to be
divided by the number aE months to elapse prior to the date~6en sacL tans and asseumenti shaD becoaDe delinquenG Said sums sha11 be
held by Mortgagee in trust ar credtted to the principal of the loan, to pay aaid insu*anoq tues, and ~ts and shaU be applied on the
PaYm~mt thtreof when due. My esoess held ia trnst by M gagee whes said lo~n is paid in faII shall be paid to MortSaSor. or his usig~
or persoaal representatives. In the event of a defaWt ar fo~reclasure, said snms 6eld iu tnut maY be applied on rny costs of damages sustained
in oonnectioa with the collection af the note secwred hereby whether by suit, foroc~OSUre. or otberw~se. Mortgagee may from time to time at
~ its m waive. and afber a~ s~x~h waiver. reinstate any ar aIl pmvisions he~eof reqmrtng sach depasitr. bY notioe to Mortgagor ~n writing.
o~t~ .h
- ~Vh~'k any such waiver b in effect, MortBaBor sha11 WY tues. assessmenb and imuranoe premiums as hercia elsewhere prmrided.
20. Mort~gs~r shall com~y, vv(th the ~tovisions of any kase, if thia mortgage ia an a leasehaW. If tLi~ mortgage Ls on a oondominiump~
mortgagor s6aII perform all of mortga8a s obUgaHom under the declaration of oondominium or master deed, the by-laas and regulaclont of
the condomi.nium project and oonstitueat do~vments. Mortgagor fnrt6er rnvenants that he ud t6e aseociaHonrespo ble for the operaHon
of the oondominium wiD observe all of tbe provisiam of tbe said declaratla~ an~d a~? ameada~enta thereto, and d the~Coodomininm Iaa of
~ the state. and wW perform dl obligatiom thereunder and a failnre ta do so which is not cored within 30days afber notice g[vea by the Mort
qagee to the mortgagor and the said as~ociation shal~constitute a. default under thts mortgage Mortgagor f~uther specifkaDy covenanb, but not .
by way of limitation. tLat he and the auocistion vvill obsecve a11 af the pmvisiam of ~aid decLrat~on oE eoodominium relating w insnranoe :
ooverag~e. ~
21. Mortgagor Eurtber covenanb aid agrees that at the request of Mort$e~ee to fumts6 a standard termite bood iaturing a damage
- bv infestaHo„ on tbe bnildinp novv ar hereafter 1«:aced a, tbe anortga8ed Property, in snc~ awounrs and cecros, and vvith company ai
apprwed and required by Mortgagee; and in the eveat Mortgngor dces not oomplr wtth tLis ooveoant Mortgagee :haD Lave the :arne rights
to obtain sams ai tnsurance ooversSe ~ ooveasnt ~3 he~eof.
22. That tn the event that thts mortgs~ge is ~ven to tecare a aoastmctton ~f~ure m tbe patt af the Mortga~or or the Mortgagofs
contractor, architect, engineers. or su~ntractors to comply with the teruu of Cons~uction Y.oan Agreement even date herevvith,
whicL b by refereaoe iacorporated herein, shall, at the option of the Martgagee, ooasNhde a defaah here~md
23. If the mortgaRed premise~ is other than a one to four family dwelliag, the M ga oavenants and agroes that be wili, not later
than thirty (30) daya ~fter tbe eod of the fitcal year furntsh unto tbe Assodatioo a oom~e and aocurate balance sheet and profit and bsa
~ statement refiecting the Modgagors liabiL'ties as wel~ as profit and Wsa for tlie fis_cal }~ear, and such balance sheet and profit and loss stato-
~ ment shall be Prepared M' a certified public sooountant ljcemed in the Stabe of Flo~de. and ahall be oertified as being oonecY by mch certi-
~b~.~. ~ 28~ 5~5
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