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HomeMy WebLinkAbout0431 cf s ~ncwn~, proflts, i:su~s ond r~v~nu~s ore h~reby mortpoped os if spetifically set (o~th ond destribed in th~ orontinq ond Aob~ndwn clovs~s h~reof, and wch ~~c~iv~. iholl have oll Me brood ond efi~tt~ve funclio~s ond powers in anr w~:e ~n~rusr~d br c covn to 0 receiv~r, ond suth appoi~tm~M shall be mode by such court os on odmitted equity and a mcfter of abso~v?e ~~qb? ?n th~ MoA~op~~, a~d witAout r~ftrente lo th~ odequocy or inadeqvacy of Me va~ve of Me proper~r mo.tqo~sd, or ?o the solvencr or i~tiolv~ncy of ?he MoNQo9or ond/or tA~ d~fendonf ond svch ~ents, pro~ts, incoms, issues ond reve~ues sholl be opplied by tAe ~eceiv~r otto?di~p ro M~ lien ond/o. ~Quitr of this nwrtpo~s ond th• prect~ce of such court, ond such appointment oi rece~ver sholl b• wiMout notic~ to ony oblipor h~rwnd~r. - NINTH: The Mort~oyor heiebr weives all ?iQhts of homesfead a~d exemption grented by thc Constitution and lows of Florido. 1f is spetiP?collr oQ?sed fhot time is of the essence in this tontrocf ond that no woive~ by the Mortgopee of any oblipotion hereunder or of fhs obli~o?ion setu~ed hereby sholl of anr time MereoFfer be held to be a waiver of the terms hereoi or of rt+e obliqotion secv~ed Atrebr. ~ TENTH_ Upa+ anY sole, tronsler or conveyonce of the property here~n descr~bed ond cove.ed by th~s Mo~tgoge to ony re.so~, f~rm or carporot~o~, whoie credrt-wo.thiness hes not Deen opproved ~n wr~hng t,y the hclder of th~s Martgage, the Mortfloqee or hoider sholl Fwve rhe nght, ot ~ts sole optia?, to occelerote the r*wtw~ty of th~s Mortqage os though ~t we.e due and poyable cn the doy o( such transfer, ~f upon notice of soid tronster, the Mc~tgagee or holder hos qooci reoso.+ to beheve that rhe setunty •,f the Mortgoqee or holder hos been harmed or ploced ~n ~eopa.dy The Bonk sholl rece~ve o comDlete cu~rent finonaol stofe- ment m e form und prese~tanon sct~siocto.y to the 8ank. ' REVENTH: If foretlosure proceedinps of onr setond mo?tgage or setond trust deed or anr junio~ lien of ony kind should be instituted, the Mort9aQee rr?oy, at its option immediataly o? lhereafter declare ~nis mortgope and the indebtedness secured hereby due and payable. - ?W~FT!!~ N.. ..,ene ~he oremises hereby moApaqed, o- any port thereof, shall be•~ondemned and taken for public use unde? fhe power of emiaent domain, fhe Mqrfqagee shall have fhe right to demond thot all damoges oworded for Me toicing of o~ damapes to soid pren+ises sholl be paid to the Mortgagee, up to fhe omount then unpoid or+ this mortyage ond the obligotion secured hereby ond mar ba epplied upo~ the porments last payable under this mortgage und the oblipotion secured hereby. THIRTEENTM: Thot insfatlmenls, payable under the terms hereot and the note secured hereby, not paid whtn due, shall bs ~ubject, aher Rfteen (15) do~rs from M~ due dote thereof, to, ond it is ogreed Mortgogee shall collect thereon end ti~erewim, a "lote chorpe" in the onwunf of fou? per cent (4~~ of the instollmenf due upon ~coch such delinqvent instollment, ond suth "late chor4ei' ars secured by the lien Mr~of. fOURTEENTM: Wifhou~ impoirin9 fht obli~otions of Mortpogo? contained in porographs SKOND, THIRD and FOURTM hercof, eed for opplicotion to the purposes thereof iruofar as the same sholl be sulficient, Mort~ogor , shall, in oddition to the monfhly paymenfs of prinapal ond interest os stoted in the originol note (ond in the note or notes secured hereby) provided to be mode, poy o monthlr wm ond amount eqval to one-twelfth (1/12) of the estimeted onnuol taxes, ossessments ond insu~ance premivms upon the real estute security, as the omounf thereof is determined from time to time by the Mortgogee. FIFTEENTN: Thot the MortQaQo~ sholl fumish annually, at the request of the Mortgagee, fincn:iol stotements in form ond certified in o monner satisfattory to the Mo~tpe~ee. ~ SIXTEENTH: This nwrtpope olfo secures any and oll renewols and extensions of the promissory note referred to herein and secured hereby, and oll installments thereof, ond olso ony oMer nofes whith hove bcen or moy be given to the Mortgagee by the Mort~aqor, ond ony ofhe? indebtedness of the Mort~agor to the Mortgogee which, however, shall not ezceed ot vny one time the ap9repate unpoid principal sum of_ -----FORTY SIX THOUSAND TWO HUNDRED AND NO/100-------po~~an ~s 46,200. 00___ y, ~t being the speciRc infention that furfhe~ advences moy be made by the Morfgagee at its option to the Mortgagor, either prior to o. aher 1he due datss of the obore referred to promissory note hereby secured; and this mortgage is given for the sp~c~fic purpose of seturinq onr and oll indebtedness by the Mortgogor to the Mortgagee in whatever monner the same moy be evi- denced or represented, until this rtartgoye is solisRed of reco~d; and oll covena~ts and agreements contained in tfiis mortgoge shall be opplicoble to all further and future advances mode by the Mortgagee to the Mortgogor and oll other indebtedness of Mortqaqor to the Mort~opee, and ony ond all renewals or exte~sions thereof. SEVENTEENTH: Mortgagor expressly agrees to comply with each and every provision of the Deelaration of Condominium of" the condominium of vhich the instant unit is a part. This includes the provisions of the Articles of Incorporation of the condominium association, together with the provisions of the condominium association's By-Laws, and includes, if applicable, the pravisions of the Long Term Lease (if any) and the' provisions of the Management Agreement (.if any). In the event of default on the part of Mortgagor in any one or more of the provisions of the aforesaid Agreements, Kortgagee may, at Mortgagee's sole option, declare the default of sny of the aforesaid Agreements mentioned in this instant Article, to be a default under the provisions of this instant Mortgage, and may further, at Hortgagee's sole option, accelerate the indebtedness due hereunder, declare the entire indebtedness due and payable in full and/or seek judicial remedies under the provisions of this instant Mortgage. EI(~Ti4i: This l~brtgage and the Nate which it sectires shall be v~r?strued iuyder the laws of the State of Florida. - 3 - 80011290 oA~E 431 ~ _ = - - - - , , ~ ~ ~ ~~~~3--:~-~~ ~ ~ ~ ' '~r~ W~-~~. ~ w' - e_ ~ . - - _ .