HomeMy WebLinkAbout0819 N. 7'o periortn, cvxnply with and ~16(da by tacL ancl every ttipulatlon, uKrctiiueut, ca~diUon nnct ooveiwnl in said promusory note uiHl deod
srt forth.
ta thc event tue jutisciiction of the U. S. Dictdct Court ahall be lnvokecl by or ~tgai~ut the I?lortga!~~or under nny~of thc pro~uio:~s of the
I~ edrral Ilunkruptcy Act. such action. wbelhc~ vuluntary or im~olualary on thopa rt of t!w Mort~;ago~, atwU autouiaticxlly. wid~out uotico, ao-
«l~~rate die ~uaturity oE all su~ns of moaey herein dcscril,eJ aixl securecl aad We sacne ahall the~eu~on l,ec~„~o due a~ul paysi,la Iortt~with
as tully as iE tl~a said aggregste swus of money wero originaUy stipulate~ to be pald on tnch date•
8. To deUve~ to said Mortgagee on .x befora I~farc6 lSth af each year. t~ receipb evideocing thepayment o[ all lawfully ia~posed ta:es
:or tl?e preaYdiag cale~xlar year. aa~ to delivor to said Atortgagee~ receipta evideoeing the payment oi eU liens fo~ public improven~ents wilhin
nincty (90) days after the same shall becoma due ancipa yabla, and topa y or dLscharge within ninety (fl0) days dter dua date. any aad aIl
govemmental kvies that may be made on the mortgaged proparty. on thfs mortBaSe or note, or la any othe~ way r~ultiag irom the I~lort~,age
indebtedness secured by thts moctgage: and if thLt conclition be not com ed with and per[oru~ed. said modgagee maY PaY suc}? :um or swns
w•hich s1~aU becoine part of the debt secure~ by this u~ortgage. and shull ~ tnterest at the default rate provided in said promissory note
payable monthly until paid or aaid Mortgagee may elect that said mortgage debt thereupon becane duet and p~yable focthwith.
lt is further cavenanted and ~gteed by said partia tbat in t6e event of a sujt'being iasUtuted to foreclose thls mortgage. the I~lortgagoe
shall be entitled to apply at aay time pendinK such [oreclasure suit to the court having furixliction theroof for the appintmeat of a receiver
of all and sinRular the ~nod~ed property, anJ of all the renu, incom~s, profits, issues aad revenues thereof; from whatscever source deriveJ•
and thereupon it is 6erehy e:pressly covenanted and agreed that tLe court shall forthwith appoint a receiver of said mortSaged propertY, ali
an~l singular, and of such rents, incomes, proiits. issues aad revenue thereof, Irom w6a4soever souree derived, with the ~ccual powen and
duties of receivers in like cases; ai~d such appointment shaU be made by such court as a matter of strict right to the Mortgagee, it,, ~uc~~ssors.
legal representatives or assigas. and without reference to the ade.~~uacy or inadeqoacy of the value of the prope~ty hereby mortgaged, or to the
solvcncy o~ iasolvency of the rfortbaKor. and that s~ch rent. proEits, iacome, issues aad revenuos shafl be applied by such receiver to the pay-
ment of the nwrtgnge indeUtedness, costs aad charges. according to tbe order of such oourt.
10. lf all or any part of the property or an iaterat therein is wld or traatferred by mort8a8~ ~~t mortgagee's prior written consent,
ercludin (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase money sac+irity interest for
house6o~ appliances, (c) a transfer by devise o~ descent. or by operation oE law upon the death of a joint tenant, or (d) the grant of any
leasehold~ interest of ehreey C8T5 Of ICU DO~ COA~HIAIIIg ill O~IIOD ~O purchase, mortgagea may, at its optiba, declare all the sums securecl by
thu mortgage to be immediately due cmd payable. Mortgagee ahsll have waived sucL aptian to accelerate if. prior to the sale or transfcr,
~nort~a~ec aad the person to whom the property is to be wld or transferred reach agreemeat ia writing that the credit of such person is sat-
isfactory to Modgagee and that the interest payable oa the sums secured by this mortgage slwll ba at such rate as Mortgagee shall rc~uest.
i i. That in the event the premises hereby mortgaged. or suy part thereo(, shaD be coodemned and taken for public use uncier the pawet
of eminent domain, the Mortgagee shall have the right to demand that all dama8~ awerded for the taking of or damaBes to said premic~s•
shall be paid to the I~tortgagee up to the amount then unpaid on thic mortgage aad at the o~ption of the MortgaFee may be appliecl upon
thc payments last payable theteon.
12. The mortRagor binds himsclf not to erect or permit to be erectecl any new buildinp,s oa the premises herein mortgagccl or to a~id to
or permit to be added to any of the existing improvements tLereoo or make any chan gex or alteratiocu in said impm~~ements which materiaUy
chanee the same or the use thereof, without the written consent of the btortgagee, and in the eveat of any violation or attempt to violnte this
stipuyation this mortga~e and all su~nc securecl hereby shall immecliately become due and coUectible at the option of the lfortgagee.
13_ It is spcrifically agreeci that time is of the essenee of thic eontraet and that no waiver of any obligation hereunder or of the obligation
s~rumd hrn,by shall at any time be held to be a wai~•er of the ternu hereof or of-d~e iastnimeat secured hereby.
14. If foreclosure proceedings of any second mort~a~e or second trust deed or any junior lien of any kind sbould be instituted, tl?e l~tort-
~as;ec may, at its option, immediately or thereafter declare this mortgage and the indebteciness secured hereby due and payabic lorthNith, and
may at its optioa proceecl to foreclose this mo~tgage. _
15. To the e:tent oE the indebtedness of the riortgagor to the Mortgagee described herein or sec~ucd hereby the I?iortga ee is hereUy
subrognted to the lien or liens and to t6e rights of the owaers and holders thereof of each and every mortga~e lien or other incum~rance on the
lan~l described hemin which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
aud the respedive liens of said modga~es, liens or other incumbrances shall be azxl the same and each of them hereby is pmser~~ed and shall
pass to and be held by the Mortgagee herein as security for the indebtedness to the I~tortgagee herein described or hereby secured; to the same
extent that it w~ould~have been preserved and would have been pacsed to and been held by the MortgaRee had it been duly and ref;ulady
assi~ned, transterred, sct over and deli~•ered nnto the I?fodgagee by srParate deed of assigunent notwithstandinq the fact that the same may
be satisfied and cancelled of record, it beinR the intention of the parties hereto that the same will be sacisfied and cancclled of record by the
holders thereof at or about the time of the recording of this mortgage.
16. To pay all and singular tLe coats, charges and e:penses, including lawyer
s fees, reawnably incurred or paid at any time by thc rtort-
Qa~ee, because of the failure of the btortga gor tope rform, comply with and abide by each and every the stipulatiocu, ageements, coaditions,
and co~~enants oi said pzomissory note and this deed, or either, and every sich payment shall bear. interest from date at the default rate pro-
i viclrci in said promissory nate-
~ 17. When any amount of to be paid by the Mortgagor to the Mortgagee nnder the temu hereof shall be in default, or should the
f ~tortgagor default in any of th~er terms. provisions or conditions of this Mortgage, then and in that case the Mortqagee shall have the
I riRht, without notice to the I?tortgagor, to collect and receive from any tenant or lessee ~ said mortgaged premises the rents, issues and
j profits of the real estate hereby mortgaqed and the impro~~nents thereon, and to give pro~er ~eceiPts and ac9uittances therefor, and after
! gay~nq all rnmmissioac of any rental agent collectin~ the same, nnd any reasonabk attorney s fees and other nec~ary e:petsses inca*red in
~ collecting same, to apply the proceeds oE such collections upon any indebtedaess obligation or li~bilitY. of the 1?iortgagor hereunder. The
~ riqht granted the ltodgugee under this paragraph sl?alr be in addition to, and s~aU not lunit or restrict, any other right or rig6ts granted the
11ort}tagee in this Mortgage.
~ 18. If the «ortgagors at the time of making thic Aiortgage or subs'.,guent thereto take out life ianuance designating the I?~ortgagee herein
~ as beneficiary with a company spproved by the I1'Iortgagee or assigns policies to the Mortgagee for the purpose of secaring the mortgage ban
~ hereby secured, then the 1liortgegee shall have the right to pay any premium aocruing under said policies, and all suins so ezpended shaD be
added to and become a part of t6e pri~pa1 ~ndebtedness securod f~y thii Mortgage and shall be paid by the Mortgagor to the \lortgagee
in tK•elveec~ua) coacecutive monthly inctallments. the first monthly installment to be paid as a part of and in addition to the monthly payment
~ duc under this \tortRage in the first calendar month foliowing thee~ ending of said sum. Suc6 sunu ~ expended to bear interest at the rate
at which interest is payabk upon said prineipal indebteclness and the lien uf this Mortgage shaD eztend to and secure the sums so e:pended
~ to~ether with interest thereon as hereinbefore provide~. ~
~ 19. At mortgagee i option, together with and in addition to the monthlypa
yment of~ pnncipal and iaterestpa
yable under the temu of the
note secumd herehy, MortqaKOr shall~a y to ~tod~agee each month until said note is fuDy paid> one-twelfth (1/12) of a sum ec~ual to tLe
a annua) premium due for fire, extended covcrage, and other ha7ard insurance including tlood insurance, co~~erin~ the mortgaged property,
~ plus taxes and assessments nezt due on the mortgaged property (aD at estimated by Mortgagee) less all sums alreaJy paid'therefor, and to be
~ di.~ded by the number of months to elapse prior to the date when such tazes and assessments sha11 beoome delinquent. Said sums shall be
" hcld by A1ortAagee in trust or credited to the principal of the loan, to pay said insurance, t~es, and assessinents and shnll be applied on the
~ payment themof when due.. Any excess held in tnut by Mortgagee when said ban is paid in fuD shall be paid to Mortgagor, or his assigat
or personal representati~rs. In die event of a default or foreclosure, said sums held in trust may be applied on any costs of damages suctaine~
in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. 1liortgagee may from time to time at
; its option waive, ancl after any such waiver, reinstate any or aD provisions ~ereof requiring such depasits, by notice to'.~tortga or in writing.
~ «'hile any sach waiver is in effect, 111ortgaRor shall pay ta~ces, assessmenb and tnsurance p^emiums as herein elsewhere provi~ed.
~ 20. Nortga~gor shall comply with the provisions of any lease, if this mortqaqe js on a leasehold. If this mortRaRe is on a condominium unit,
mortKagor shall perform all of mort~;aqor s obliqations under the declaraHon of condominium or master deed, the Uy-laws and mgiilations of
= the condomini~im project and constituent ~ocuments. ~tort;;agor h~rther covenanb that he and the acsociation responsible for the operation
= of the conclominium will observc all of the provisions of the said declaration and any amendments thereto, and of the Condominium law of
che state, ancl w~ll perfonn a11 obli,ations thereunder and a failure to do so w•~ich ts not c~ired within 30 days after notice gi~•en by the \tort-
~ r:~¢ce to the mort„agor and the said association sha11'constitute a defanh under this mortgage. 1ltortgagor further specifically covenants, but not
by ~vay of limitation, that he and the association will observe aU of die provisions of said declaraUon of condominium relatinq to insurance
~ co~•erage.
21. \tortqa~or further covenaats and ay:rees that at the request of ~iort~agee to fumish a standard termite bond insuring aRainst damaRe
by infestation on the buildinas now• or hemaftet located on the mortgaRed property, in svch amounts and terms, and wid~ such compam• as
appro~•c~d and re~~uired by ;~tort~agec; and in thc e~~ent AtortKa~or dces not comply with thls covenant Atort~agee shall have the sa~ne rights
; to obtain same as i~uurance covera~e under cm~enant ~3 hereof.
22. That in the event that this mortgaqe is ~iven to secure a rnnstruction loan, failure on tlie part of the I~tortga~or or the \tortgagors
~ contractor, arctiitect, en~.ineers, or su}rcontractors to comply w~th die tertns of the Construction Loan Agreement of even date herewith,
~ ~•hich is by reference incorporated herciq shall, at the option of the Mortgagee, coactitute a default hereunder. I
S 23. if the mortgaKed premises is other than a one to four family dwellinQ, the riortgagor covenants and agrees that he wi11, not later
~ than thirty (30) days after the end of the fiscal year fumish unto the Association a complete and accurate balance sheet and proEit ancl loss
~R statemcnt reflecting the I?tortgagor
s liabilities as wel~ as profit and loss for thc fiscr.l year, and such balance sheet and profit and loss state-
~ ment shall be preparcYl by a certifiod public accountant liceasod in the State of Flodda, and shall be certified as being rnrrect by such certi-
" fied public aooountanL
a? socK 297 Par,F 816
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