HomeMy WebLinkAbout0530 t~. 'I'o pei[orm, eorn~ly with end ebi~e by eaeh and every ttlpuLdon. ug~cemm~t, crond~Uon and covenant in said prouussory nute uud dreci
s~•c forlh.
7. !n the cveiit the jurisdictiun of the U. S. Dutrict Court shall 6e In~•oke~d by or a air?st the 1lfoit~;a ~or tmder auy ol d~e pro~~sio:~s of the
ecleral 13~iikruptcy 1lN., such acliun. whed?er volunlary o~ involuntary On thepa rt ~ tke ~tortgaXot, ~?al! autumatiraUy, ~~~ithout uuti~~~ au-
aderate U~e maturity of uq su~u o( money he~eia dr,srrilxcl aud securecl and the samr s!?all tl~rreujw~ l~~om~ due anJ payabie fort!?witlt
as futly as ti t!?c said a~rc•gate swns of iuonPy ~vere originaUy ~tipulatc+c~ to be pskl oa such date.
8. To deliver to said Mortgageo oa t~ befone Atardt 15d~ af each year. taz receipts e~~idencing thepa y~nent of all lawfuUy imposecl tases
for the preaYtiug ralendar year, an~ to delivcr to said A1origagee, receipts evidc~?g the payment of aU lic~~s for public uupro~cu~cnls wilhin
niucty (90) duys after ihe sau?e shall becon~e due a~d payablo, ai?d topa y or dischar~te within uinety (f10) days a[ter duu dute. any u+Ki aU
Ko~•ertune~tal lcvies that n~ay be ma~a pn ihe morigaged ptoperiy, on this mortgage or note, or in any ollier way resulting from d~e I~tortgage
uxlebtcrlness si.•cumd by thls mort},~age; and if this condition be not complied with a~id pertorax1d. said morigagee n~ay pay such sum or suias
H~hich sl?:?11 M.•conw part of che def~t serured by this uyort~;age, and shall bea~ iaterest at the defnult rate proviJed in said pro~uissory note
payable inonth}y until paiJ or said I~tortgagee may elect tttat said mortguge dabt thereupon become d~ie aad payable forthwith.
9. It is further covenanted a~ agreed by said parties that in the event of a suit being instituted to foreclase this mortgage, the riortgagee
shaU be entided to apply at any tiine pendin~ such foreclosure suit to the court having jurisciiction thereof for the appoinhnent of a rereiver
of all anii sin~,ndar the mortgAgecl prupert5', and of al) the rents, inromc~~ profits, issues and revenucs thereof, from whatsocver wurce derivrd•
anii thereupon it is hemby esprrssly covroanted and abreed that the court shall .`~ethwith appoint a receive~ of said nwrt~;uged property, a!~
an~i su~gular, a~xl of such rents, incomes, pro[its, is.iuc~s and rev~nue themof, ironi whatscever souree derireil. with die usual powcis ar~d
duties of recc~ieers in like cases; a~xi such appoinhnent shall be made by suc6 court as a matter of strict right to the 1?tortgagce, it~ suctirssors~
le gal mprescntatives or assigns, and wichout reEerence to d~e adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solveacy or insolvency of the \tortgagor, and that such rent, profits, ineame, icsves and revenues shall be applieci by such receiver to lhe pay-
nient of lhe mortbuge indebteclness, costs and charges, accorciing to the order of such ooutt.
10. If all or any part of We property or an interest therein is aold or trantferred by mortgagor without mortgagee's prior written consent,
excludinK ( a) d~e creation of a lien or encumbra~we subordinate to this mort age, ( b) the creation of e purchase money security interest Eor
household applinnces, (c) a transfer by devise or descent, or by operation of~w upon the death of a joiat tenaat, or (d) the grant of any
leasehold interest of three yean or less not containing an option to purchase, mortgagee may. at ifsop tion, declare all the sums secured by
this mortAa~;e to be immediately due nnd payable. 111ortgagee shall have waived aich aption to accelerate if prior to the sale or transfe~,
n~ortqagee and the person to whom the property is to be sold or transferred reach agreement in writing that t~?e credit of such person is sat-
isfactory to Mort~agee and that the interest payable on the swns secured by this mortgage shall be at such rate as Mortgagee shall request.
11. That in the event the premises hercby mortgaged. or soy part thereof, shall be condemned and taken Eor public use under the power
of e~ninent domain, the I?fortgagee shall 6ave the rig!?t to demand that all damages a~varded for the taking of or damages to said prcmises
stiall be paid to the rtortgagee up to the amount ihen unpaid on this mort~tage and at the option of the Morigagee may be app~ied upou
the payments last payaLle thereon. ,
12. The mort~;a or binds himself not to erect or permit to be erected any new buildings on the premises herein mottgaged or to a:ld to
or pcrmit to be ad~ed to any oE the ezisting improvements thereon or make any changes or alterations in said improvements which materiaIly
c}~anqe thc samc or the use thereof, without the written consent of the Mortgagee, anc! in the event of any violation or attempt to violate this
stipulation thic mort~;a~e ancl all sumc secured hereby shall immediately beeome due and colleetible at the option of the I?fortgagee.
13. It is specifically agreeci that time is of the essence of this mntract and that no waiver of any obli ation hereimder or of the obligation
securc~ hercby shaU at any time be held to be a waiver of the temu hereof or of the instnunent soc~ hereby.
14. lf foreclcuure procesdi~gs of any second mortgage or second t~ust deed or any junior lieo of any kiud should be iastituted, the Mort-
gagee may, at its aption. immediately or thereafter declare this mortgage and the fndebtedness secured hereby due and payable forthwith, and
may at its optian proceed to foreclose tbis mortgage.
15. To the ea~tent of the iadebtedness of the Mortgagor to the Mort~agee ~described herein or secured hereby ;he Mortgagee is hereby
subro~ated to the lien or liens and to the ri~ts of the owners and holders thereof af eac6 and er-ery uwrtgage lien or other incumbrance on the
land described herein which it paid and/or satisfied in who3e or in part ont of the prooeeds of We loan dascribed 6erein or secured hereby
and t}?~ rrspec.ctive lieai of said mortgages, liens or other incumbrances shall be and the same and each of them hereby is preserved aad sha~
pass to and be held by the Mortgagee herein as security for the indebtedness to t6e Mort agee herein described or hereby secured, to the same
eatent that it would have bceu prrserved and wouW have been passed to and beea hel~ by the Mortga gee had it been duly and regularly
assigioed, traosferred. set over and delivered unto the Mortgagec by separate deed of asai~ment notwithstanding the fact that the same may
be satisfied and caneelkd of rxord, it being tLa intention of the parties hereto that the ~ wiA be satisfied and caocelled oi record by the
holders thereof at or about th~ time of the recording of this mortgage.
18. To pay all and singular tbe cous, charges and espences, induding 1awyer
s fees, reaconably incumd or paid at any time by the I~iort-
AaRee, because of t6e faiture of the Mortgagor tope rform, c~nplY with and abide by each and every the stipulations, agreements, cond;tions,
and rovenants of said promissory note and this deed, or either, and every such payment shaD bear interest from date at the default rate pro-
vided in wid promissory note.
17. When any amount oE to be paid by the Martgagor to t6e Mortgagee under the terms hereoE shaU be in deEault, or shoWd the
I?iorigagor default in any of the~ terrns, provisions or conciitions of this Mort~age, then and in that c~se the Moctgagee shall have t1?e
right, without notice to the 1?lodgagor, to collect and teceive from sny tenant or Iessee of said mortgaged premises the rents, issues and
profits of the reat estate hereby mortgaged and tha improvements thereon, and to give pro~er receipts and aoquittanc.~es the~efor, and after
pay~ng a11 oommissionc of any rental agent collecting the same, and any reasonabk attomey s fces and other neoessary e:pea~s incurred in
collecting aame, to apply the proceeds of such collectious upan any indebt~obligation or liability, of the Mortgagor hereunder. T6e
rig6t granted the ModgaQee under this pangaph shall be in addition to, and not limit or restrict, sny other dght or rights granted the
!~tortRagee ia this Mortgage.
18. If the Mortgagors at the time of makiag this :~iortgage or subs~
uent thereto take out life in+~uance desigaating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assigas pol~cies to !he I?iortgag
ee for ihe purpue of sxuring the mortgage ~b~an
hernby aewred then the Mortgagee shail have tLe right to pay anY preminm aceruing ~mder said Policies. and all sums so e:pended shaII be
added to and ~ecome a part of the prinn~ indebtedcess secured by tMs Mortgage and shall be paid by the Mortgagor to the Mortgagee
in twelvee~ ual rnnsecutive montbly irutalfinents, ibe first monthly installment to be paid as a part of and in addition to tLe mont6lY PeY~t
due under U?is Mortgage in the first caleoda~ month folbwing thee~p ending of said sum. Snch sumt so ezpended to bear interest at the rate
at which interest is payabk upo~ said prindpal indebteclness and the llet~ of this Mortgaiqe shaD e:tend to and aecure the su~ so e~ended
to~ether with interest t6ereon aa hereiobefore provided.
19. At mortgagee
s aption, tog
__ethet with aud 3n addition tp the aanthlypa
yment of rinciQal and interestpa
yable under the ternu of the
note secured hereby, Mortqagor shall pay to Mortgagee each month until said note is~ pa~~d, ooe-hvelfth (1/12) of a sumeq ua1 to the
annusl premium doe for fire, eztended aoverage, and other ha7ard insurance including flood insnrance, coverin~ the mortgaged property,
plus taxes and assessments next due on the martgaged pro~ecty (all as estimated by Mortgagee) less all sums already paid therefor, and to be
di~~ded by ihe number of months to elapse prior to the date when such tazes and asse,ssments shall becoine del~
held by btortgagee in tnut or credited to the principal of the loan, to pay said insurance, ta:es, and assessments a~
nshall be appl~iedhon th
payment thereof when due. Any excess held in tnut by Mortgegee when said loan is paid in fult shal) be pnid to Mortp,agor, or his acrig~
or personal representatives. In the event of a default or foreclosure, said suau held in trust may be applied on any ooats of damages s~utained
in connection with the rnllection of the note secured hereby whether by suit forecloaure, or otherwise. I?iortAagee may from time to time at
its tion waive, and after any such waiver, retnstate any or ell provisioas bereof requiring such depasits, by notice to Motty,e or in writing.
epo
~i ' e any ruch waiver is in effect, 111ortgagor shall pay taxes, assessmeats and insurance premiums as herein elsewhere provi~ed.
20. Mortgagor s6aD complp with tLe ~Srovisions of any lease, if this awrtga~e is on a leasehold. If this mortgage is on a condominium unit,
mortRagor shall perform all of mortgagor s obligationt under the declaration o caodominium or master dee~, tLe by-laws and regulatians oE
the condominium project and constituent documents. ~iortgagor further covenanb that he and the assocIaHon responsible for the operation
of ihe oondominium will ohserve all of the provisians of the said declantion and an}? arnrndments tLereto, and d the Condominium 1aw of
the state, and wiII pedorm all obliFationt thereunder; and a failura to do so wbieh Ls not cured within 30~days after notice given by the Mort- ~
qagee to the mortgagor and thc said association shaA constitute a defaidt under t6is mortgage. Mortgagor further specifically covenants, but not '
by way of limitation, that he and the association will observe all of the provisioas of said declaratiam of ooadominiam relating to insuranoe
coverage. _
21. Mortgagor further covenants and agre~c that at the rec~uest of Mortgagee to furnish a standard termite bond ianiring aAainst damage
by infestation on the buildinp,s now or hereafter located on the mortgaqed property, in such amoants and terms, and with such company ras
approved and required by Mortgagee; and in the event Mortgagor dces not oo~mply with .this oovenant Mortgagee sball have the same rights
ro o6tain same as insurance ooverage under oovenant ~l3 hereo~.
22. That in the e~~ent that this mortgage is given to secure a oonstruMion loan failure on tbe part of t6e I?tortgagor or the Aiortqagors
contractor, architect, eogineeis, or a~b-contractors to oomply with the ternu of t~ie Coastn~ction I.~oan Aqreement of even date herewith,
which is by referenee incorporated herein, shall, at the option of the Mortgagee, constihrte a default he~eunder.
23. If the mortgagtd premis~s is other than a onc to four family dwellinR, the Mortgagor covenants and agrees that 6e will, not later
than thirty (30) days after the end of the fiscal year, furnis6 unto the Association a complete and accurnte l~alance sheet and profit end bss
statcumnt reflectinq the Atortgagor's tiabilities us well as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
ment shall be prepared by a certified pnblie accountant licensed in the State of Florida, and shaIl be certified as being correct by snch certi-
fic~rl public aocountant.
~.~~<< ~~J 530
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