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HomeMy WebLinkAbout0034 6. To perfom~. comply with aud abldo by eacb and every stipulation, agrc,~ement, oouddion aixf covenant in sald promissory note und deod set focth. 7. In the event t!w jurLuliciion ~ the U. S. DisMct Court :haU be invoked by oragauut the Mortga ~or uncier any of the provisious uf the b'ede~al Bankruptcy Act, such actioa, whether volunlary or tuvoluntary on thep~rt oE tbe I?latgagor. ~ autawtically. withuut twtice, aa celerata tha matudty of al) sums of mouey hereia describecl and Kcured and the same shaU thereupoa becoma duo and payable forthwith as tully a~ if the aaid aggregate swna of uwney wcre orlginally stlpulatc~ to be pald on such date. 8. To deliver bo saW Mortgagee o0 0~ before I?farch 15t6 af e~ch year, ta: reoefpts evjdeacing thepaymeat of all lawfully imp~sed tarzas for d~e preceding caleudar yeu~ anb W deliver to said Mo~a gee. recejpb evideucL~g tbe pRyu~ent of atl lien~ tor pubL'c improve~nents within ninetY (90) days ~tter the same shall become due and~a yable, and tops y or di~charSe with~n cn uety (90) days after due date, aay and all goveromental levies tl~at may be made a? the morigaged p~operty. on this mortgage or note, or ta any other way resultin8 from the I?iortgage indebtedness ae~ured by thts~g ~ge: aod if this conditiaa be not com wlth and pedormed. eaid mortgagee maY P8Y such aum or eum~s which s6all becoi~ part of tl~e debt secwed by this mortgage, and tLall ~ interest et the deisult rate providod ia ~id pmmiuory noce alyabl~ monchly unal pa~d or aa~d Mor~~oe may ~lecc d,ac sa~d mo~age debc che~eupou become d~e aud pAyable Eorthwith. 9. It is furtLer covenanted aad agreed by saJd partia that in the eveat of a suit being instituted to foreclose thia mortgage. tLa biortgagee shall be entided to apply at aay Nme peadinR such forecloauro tuit to the oourt having jurladiction thereof for the appoindneat of s receiver of all and singular the tnortgaged property. aad of all the reats, income~, profit~, Issues and revenues thereof. from w6atsoever souroe derived- and thereupoa it Ls hereby cspressly oovenanted and agiead ihat We co~ut shall forthwith appoint a recetver of sald mortgaged propcrty. al~ and singulu. and of sueh rents, incoroes. profits, issues and revenue theroof, fcom whatwe~~er wucoe derived, with tho usual powers and duties of receiveis in like cases; and auch appoinhnent shali ba made by snc;h court as a matter of striet right to the Mortgagee. its successon. legal represcntatives or assigas, and without reference to the adequaey ~ inadequary of tha v~luo of the property hereby mortgaged. or to the aolvenry or incolvency of the biortgagor, and that such rent, pmfits, income, issuos and revenues :Lall be epplied by auch receiver to the pay- ment of tha mortgage indebtecL~ess, costs and charges~ accorcling to the aader o~ anch oo~ut. 1Q If all or any part of the property or an interest therein is sold or tranderral by mortgagor without mortgagoe's prior written consent, euludin~{ (a) the creation a£ a lien or encumbrance tubordimte to t6is mort~aga. (b) the creatioa of a purc6ase security intarest for household appliances, (c) a tranaier by devise or desaent. or by aperaHoa of law upoa the death of a joint tenant, or d) the grant of any kasehold tntecest of threa years or ku uot ooataiaing an option to purchase, mortgagee may, at Itsop tion. doclare all the swm secured by this mortgage to be immediately due aod payable. Mortgagee ahall hav~e waived s~6 optiou to accelerate if prior to the sale or traniEer. mortgagee and the person to w6am the PropertY is to be sold or transferred reach ASreement ia writing that t~e credit of such person is sat- tsfactory to Mortgagee and tLat the interest payable on the sumt aecured by tLia mortgage s6a11 ba at :uch rate as Mortgagee shall request. 11. That in the avcnt the premises heteby mortgaged, or any part thereof, ahall be oondemned and taken for public use under the power of eminent domain, the Mortgagee st~all have the right to demend that all damages awerded for the taking a£ or damages to said prrmisei :hall be paid to the Mortga~oe up to the amount then ~apald on this mortgage and at tha option of the MortSsBee may be applieci upan the payrnents last payabk tLereon. 12. The mortgagor binds himself not to erect or permit to be erected any new buildin~s on the premises herein mortgagecl or to add to or pemtit to be added to any of the erictinQ improvementa t1?ereoa or make any chan ges ~ alte~aHa~u in said 'unprovements which materially chanqe the same or the use thereof, without the written content of the Mortgagee and in the event d any violation or attempt to violate thit stipulation tlus rnortgage and all sumc secured hereby shall immediately become ~ue and colleetibk at the option oE the Mortgagee. 13. It is specificaUy agreed that time is of the essenca of this oontract and that no waiver of any obli~ation hereunder or of the obligati~ sec„nd hereby shall at any time be heW to be a waiver of the terms hereo~f or of the instrume,at secured hereby. 14. If foreclosure proceed?ngs of any secood u~ortga8e or second tnut deod or a~ny junior lien of any ldnd should be iastitu~the Mat- gagee may. at its vption. unmediately or thereafter declare this mortgage aud the indebtedness macvred hereby dtu aau payabk fo with, and may at its option procced to foreclose this mortgage. 15. To the erteat of tha indebtedass of tLe Mortgagor to tbe Martgagee deacribed bereia or ~eciued henby the MortBaSee ia hereby subrogatecl to the lien or lieai and to the rig}?b o~ tbe ovvners and holdera thereof of a~ ande~ortgage lien or otha incumbranoe on the a ve~y land described herein which b paid and/or satisfied in whole or in part art of the procaeds of the loen described herein or sxvred bereby ved ' and tlierespech.ro liens af said nwrt~ages, lteas ar otlier incumbrances sLaD be and the same and each af them he~~y is prese~ved aad shal~ pass to aad be LeWb~. tLe Martgagee h~in as sxvrity for the indebtedness Lo the Mo~ag ee berein described or hereby secnred, to the same . ezcent chat it w~ouW ~ave been preserved and w~ouW have beea co and been held by c6e Mo~agoe had it been d~ly and regularly ` w ou3d as~ed, hansfemed. set over and delivered nnto the Mo~tgagee sep4nte deed of sd~ment notwdtl~tanding tbe faet tbat the aan,e may i be sacisHed and canoeried oE noord, it bejnA the incmcion of tLe parties haeco tl~at tLe s.me vv~ be saci~ied snd ca~elled of record by tLe hoiders thereof at or about the time af the rec~dtng of this murtgage. - 18. To pay all and singu4r the ooets. charges and e~pe~es. i~tudiag lt~~ s fea. rd:ooably incuned orpa at ~ny ttme by the Mat- . Sagee. basuse of the failura of the Mortgagor•to Rerform~ camtlY. wnth and abide by each aod every the stipnla ~tiaas, a~eementa, oonditions, and covenanb of said promiswry? note and tbis deed. a dtlier, and avery such paymeat shdl bear interest fram date at the defaWt rate pro- vided in said pramisso~y noEe. ~ ~ 17. Whenac~ amo~nt oEmo~ay to be paid by t6e M~g~ Eo tbe Mortgsgee under the tam~ hereof duill be in defa~lt, or ~ould tbe ' ~ I?tortgagor ckfanlt in any of tbe dher terms, pr~visions or conaitioas of this Martgage, t6ea and in that caae tl~e Mortgagoe shaD have the i riSht, vvnhont notioe to the Moitgagor. to coIIect and receive fmm any Lemnt or les~ee af said mortgaged pramis~ tbe mab. ia~a and ; Prafits of tLe ral esiate 6ereby mortgaged uid the improveaaenb thei~em, and to give p~oFer reodpts and aoqWttanoes therefor. and after pa a11 oommissioni of any rental agent oollectfng the same, and say rea~ooabb atborn~y a fees and other neoe~rY apdn~a incurred ia f co~ing same to apply the prooeeds ef such oollections upon any ind oblig~tlon a liability, af t~ Mortgagor hereunder. T6e ' r[sd~c granted c~,e Mortgagee ~mder tWs puasraph shari be in addition to.~aad aD ooc timk or restr&.~t, aar orher rt~?c or rights granced the ~ I1~ortgagee in thie Mortgag~e. ~ 18. If the Mortgagas at the time of vQaldnB this Mortgage or t thereto ta1~e art life iiuuraaoe desi~nating tbe Mortgagee herein as beneficiary with acompaaY oPP~}~y the Mort8a8~ o* ~8~~~ l~ to the Mortgagee for tLe purpose of senirin8 the ~w~~shaII be ~ ~ aecured then iLe Mortgagee a6aIl bave the right to pay anY premium aocruiag uader taid poiicies, and all sums so espenoea add to and ~emme a pad of the princ~i 1indebtednas ~ecnrod hy? tbis Mortgage and shall be peid by the Mortgagor to tbe Mortgagoe in twelveeq ual oo~ecutIve moothly installmeats, the Hrst montbly installo~eot to be paid as a part of and in addiHon to the monthlY WY~t ~ dne under this Mortgage in the fInt cxkndar month fdlowing the~p ending af srid sum. Such sums so e:peoded ou bear interest at the rate at which interest is payabk npan said principal indebted,~ess end tLe liea af this Mortgage :ha11 extead to and sxure the su~ su ~pended ~ together with interat thereon u hereinbefore pravided. , . ~ 19. At mo~rtgag ea's aption, tog~etber with and fn additioo to tLe montbly t of and interestpa yabk nnder the temu of the note secured heieby, Mortgagm aballpn y to Mortga~ee each month until note is paid, oo~twelfth ( I/12) ~ a sum equal to the ~ annual premium due for fire, erteaded coveraFCe, and other hazard insnranoe includIng iiuurance, covering the mortgagod P~Y. . plus taxes and suessnoents ne:t due on the mort886ed P (sII as estimated by MortBaBee)less all sums already paid thecefor, and to be divided by the. number of months to elapse pdor to the date w such taxes and a~ments shail become delinquent. Said ~ms shall be ~ held by Mortgagee in hust.or credited to the principal of the loan, to pay said insaraaoe. ~es, and assessments and shall be applied on the payu~ent thereoE when due. My e:ceas held in tnut by Mortgagee when satd loan is qid in fuII s6all be paid M Mortgagor, or hts assi ; or personal representatives. Ia the event of a defanlt or fan~clssure. aaid aums held in tr~ut may be applied on any oosta of damages sustain~ _ ~ in ommection with the collection af the note secured hereby whether by suft, foredosure, or othenviie, Mortgagee may fram time to time at om its~ap4on waive, and sfter aay avch waiver, reinstate any or all provisiom hereof naqvWng s~x:~ depaaifs. by notioe to Mortga~or in writing- ~ While any such waiver ta in effect, Mortgagor shall PaY taus. assessmeab and imm~noe premiums as 6erein el~ervhere providcd. ~ 20. Mort~ga~gor shall complp with the provLsions of a~ry kase. if this mortgage ia ~ a leasehoW. If tWs mortgage ia on a oondominium ; mortgagor shall perform all of mortgagor s obligations under the declaration oE condo~Wum or master dead, the bY-laws and regulatlom~ , che ooodor~~,~um pm~ecc and coamc~c do~a.-~,en~. Morcgagor f~cher oo~oan~ ~hac he .ad the asaodaaanresponsi'bk for the operatian i of the oondominium will observe aII of the proviaiau of the said declaration, and aay amendmenb thercto. and af the ('.ondominium 1aw of ~ the state, and will pedorm a11 obliAaNom thereuixler• a~ a failnre to do so which i~ not cnred within 30 ~days aker nottoe given by the Mort- gagec to ihe mortgagor at~d the said association shalf coa~titnte a defauk nnder tbis mortgage. Mortgagor f~uther apecifically covenants, but nat by way oE limitation, that he end the aaociation will obaerve a11 of the provlsions of aid decLration of aondominium relatlng to insuranae = ooverage. i 21. Mortgagor furtl~er covenanb and agree,s that at the reque,st of Mortgagee to f~nish a standard termite bonci insuring aga~t damage i by infestation on the buiWing,s now or hereafter located on the mort888~ P . fn snch amounb and terms, and with such company as S ~ approved and requirod by Mortgagee; and in the event Mortgagor dces not ~ with tWa covenant Mortgagee ahall have the aame righb - ~ to obtain same as i~rance auverage under oovenant !t3 be~eof. ~ 22. That in the event that thia mortgage ts gitven to :xure a coust nu:tion ~failure on the put af t6e Mortgagor or the Mortgagor i ; ~ contractor, architect, eagineen, or sub-contracton to rnmply with the terms d Constructian I.oao Agee t of even ~Iate herewith, ~ ,vhic6 fs by referenoe incorporated herein, shall, at tbe option of the M ortgagee, constitube a default 6ereunder. ~ ~ i 23. If the morcgaged premLses is other than a one to fanr family dweIling, the Mortgagor oovemnts and agtces that he will, not later than ihirty (30) daya after the eod of the ficcal year furnish anto t6e Aasociatioa a complete and accurate balanoe sheet and profit nnd loss = atatement reflecting tbe btortgagor's liabilities as wel~ as profit and loss for the fisc~) year. and such balance sheet and pro[it sod bss siatc- ~ ~ ~ ment ahaU be prepared by a certified public acxountant licensed in the State of Florida, and s6a11 be c~erti8ed as being contet bY sach certl- 4 fied publlc aocoanta~. ; BOOt( ~'aGf _ ~ - - - ~ ~ ~ ~ ~ - s ~ . , . - ~ ~-a..~~''"~~