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HomeMy WebLinkAbout0597 8. To perform, compb? with and abide by each and every stipulatbn, agreement, oortdition ao~d covenant in said promissory note and deed yet forth. 7. In the event the jurisdiction of the U. S. I)i:triot Coact sbaD bs involoed by a the M under any of the provWau of tbs Federal Bankrriptcy? Act. such action, whether vduntary a invduntary on the part of the I?lortgagor. shall automatiaUy, without aotioe. ao• oelerate the rasturity of aII sum: of money herein described and recured~ and tLs same shall thereupon became doe and payable foKhwith as fully as if the said aggregate sums of money vrere originally stipulated to bs pad on each data 8. To deliver to sad ldatgages an a before March I&h of . aaeh year. tors reoeipb evidencing the t of all lawfully impaed rasa for the preceding cabndar year. anrY iD deliver to :aid M receipt evidendng the payment of aII liens for public impwvemena within ninety. 90( )day: after the cams shall become doe and payabb. and to ppaay ar discharSe wnthin ninety (90) days after due dst0. any and all governmental levies that may be made on the mortgaged property. on this mortgage or note, ore in any other way resulting from the Mort$ags indebtedness secured by this aril Tf this eooditian be not ao wtth and performed. sad mortgagee maY paY such wm or sums which ahaIl become part of the dtsecured by this mortgage. and shaII interest at the default rate provided in said promissory note ~ payabb mouthy until pad or :aid Mortgagee may ebct that :aid mortgage debt thereupon became due and payabb forthwith. q 9. It b further ooveniinted and agreed by sad partka that !a the event of a suit being instituoed to foreclae this mortgage, the Mortgagee ~ shall be entitled to apply at any time periling such foredasure suit to the court having Jurisdiction thereof for they tenant of a receiver of all and singular the mortgaged props ,and of all the rents, incomes, proleb~ ia:rrea and revenues thereof. from v~d sour~oe dedvod• i and thereupon it b hereby ezpa yxslcovanaated and agreed that the caart shaII forthwith apQoiut a receiver of raid mortgaged property. a1~ t aril~r ,and of such rents, profits, issues and revenue thereof. from whatsoever source derived. with the usual powers and duties o~ receivers in like cases; anstrc~ appointment shall be made by such court as a matter of strict right to the Mortgagee, its sirooessors, ; b tatives or assigns, and without reference to the adegwty a inadequacy of the vahre of the p hereby mortgaged. or to the ~~iraolvency ~ the Mortgagor, and that :udt rest, pprofit, income, issues and revenues shall be ~P by such receiver to the pay- the mortgage indebtedness. coats and charges, aooordiiag to the ardor of such court: 10. if all a any part ~ the property a an interest therein h sold a transferred by mortgages without mortgagee i Prior written eoaseok aril (a) the creation of a lien a encumbrance :ubordiaate to this a~ort~ge, (b) the creation of a purchase moray security inoeresc for ? hou~ appliances, (c) a transfer by devise or deaoeat, or by operation of Lw npan the death of-a joint tenank or (d) the grant of a~? - leamhold interest of three yea or less not non an option to purchase. may. at ib epti dedare all tbs sums secured by this mortgage to be immediat 1x~ due and payabbortgagee shaIl have waived s~a~ption to aooelerat~e if prior to the sorb ar transfer. isfa~ctory~to Mortgagee end t~hat~the to est~jpayabb t ~sa~ se~cure~ ~mastgaSe ~ be~itgs~ rs~te u~Mta aagee stall raluest- 11. That in the event the premixes hereby mortgaged, or any part thereof, shaD be condemned and taken for public use under the power of eminent domain, the Mortgagee shall Gave the right in demand that aIl damages awarded for the taking of or damages to sad premises :Ball be paid to the M~ to the amount then unpaid ao this mortgage and at the option of the Mortgagee may be applied upon na.~-ten t_~ ~_-~kl~ 12 The worth binds himself not to erect or permit to be erected any new baildmgs on the premises herein mortgaged or to add to or permit to be added to any of the existing improvement thereon or make a~? ar aheratiam in said improvements which materially deange the same ar the use thereof. without the written coaswt ~ the Msin the event ~ any violation or attempt to vioLte fhb stipulation this mortgage and aD sums secured hereby shaII immediately become doe and collectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this contract and that m waiver of a~ obL'ga~ion hsrewder or of the obligatiao secured hereby shall at any time be held to be a waiver of the terms hereof or of the im~t seau~ed hereby. 14. If foredosrire pnroeedin . of any second mortgage or second trait deed or a~~npp junior lk~n of any kind should be instituted, the Mort- gagce may, at its option, ' rely or thereafter dedare this mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foredase this mortgage. 15. To the ertent of the indebtedness of the Mortgagor to the gages described herein or secured hereby the Mortgagee is hereby subrogared to the lien or liens and to the rights of tbe owners and holdeh~e thereof of each and every age litn or other incumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured herebyY,, and the respective liens of said~ gas, liens a other inctimbranees shall be and the same and end, of-them hereby is preserved and shaII pass to and be held b the Mortgagee !?erein as security for the indebtedness in the Mortgag herein described or hereby secured, to the same extent that it would ~ve been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over aril delivered unto the Mortgagee~bbyy separate deed of assignment notwithstanding the fact that the same may be satisfied and canoellsd of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 18. To pay all and singular the coats, charges and e:peases, including lawyer's fees, reasonably incurred or paid at any time by the Mort- gagee, because of the failure of the Mortgagor t perform, comply with and abide by each and every the stipulations, agreements, rnnditions, and covenants of said promissory note and this dead or either, and every such payment shall bear interest from date at the default rate pro- le vided in said promissory note. 17. When amount of to be paid by the M to the Mortgagee under the terms hereof shall be in default, or should the i auy ortgagor ~ 6ortgagor default in any of then terms, provisieis or contitions of this Mortgage, then and in that case the Mo~t$ogee shall have the ~ right, without notice to the I?fortgagor, to collets and receive from any tenant or lessee of said mortgaged premises the rents, issues a~ ~ Profits of the real estate hereby mortgaged and the improvements thereon. and to give proper receipts and acquittances therefor, and after ~ pa gall rnmmissioas of any rental agent rnllecting the same, and sny reasonabb attorneys fees and other necessary expenses incurred in f collecting same, to apply the proceeds of such cdlectioffi upon anp inde obligation or liability, of the Mortgagor hen~under. The i right granted the :Mortgagee under this P~I~Ph shall be in addition tos~all not limit or restrict, any other right or rights granted the Mortgagee in this Mortgage. 18. If the Mortgagors at the time ~ making this Mortgage or subsequent thereto take out life insurance designating the Mortgagee herein as beneficiary with a company approved by the Mortgagee or assigns es to the Merges ee for the purpose of securing the mortgage ban hereby secured then the Mortgagee shaD have the right to pay an remium accruing u~er said policies, and all sums so emended shaII be added to and ~recome a part of the princ_rpal wdebtedness secured by this Mortgage and shall be paid by the Mortgagor to the Mortgagee in twelve equal consecutive monthly installments, the first monthly instaIlnoent to be paid as a part of and in addition to the monthly payment due under this Mortgage in the first calendar month following the ~peoding of said sum. Such sums so expended to bear interest at the rate at which interest is payable npai said principal indebtedness and the lien of this Mortgage shaIl errand to and secure the sums so ezp~ded together with interest thereon as hereinbefore provided. - 19. At mortgagee's option, together with and in additica to the monthly payment of nncipal and interest payable under the tenors of the note secured hereby; Mortgagor shaD pay to Mortgagee each month until said note is ~y pard, ace-twelfth (1/12) of a sum equal to the annual premium due for fire, ez<ended coverage, and other hazard insurance including flood insurance, covering the mortgaged Property, plus taxes and assessments nest due on the mortgaged property (aII as estimated by Mortgagce) less all sums already paid therefor, and to be divided by the number of months to elapse prior to the date when such razes and assessments shall become delinquent. Said sums shaD be held by Mortgagce in trust or credited to the principal of the loan, to pay said insurance, fazes, and assessments and shall be applied on the payment thereof when due. A~ excess held in trust by Mortgagee when said ban is paid in full shall be paid to Mortgagor, or his assigns or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any coats of damages sisstaine~ in connection with the collection of the rwte secured hereby whether by suit, foreclosure, or . Mortgagee may from time to time at its op~iar waive, and after a~+ such waiver, reinstate a~ or all provisions hereof requiring such depeaits, by notice to Mortgagor m writing. While any such waiver is in effect, Mortgagor shaIl pay tares, assessments a~ insurance premiums as herein elsewhere provided. 20. Mortgagor shall canply with the erovisiom of any lease, if this mortgages is on a leasehaid. If this mortgage is on a oondanininm u~ mortgagor shaD perform sIl of mortgages obligations under the dedaratian of condominium or master deed, the by-laws and regulations the eaidominium project and wnstituent documents. Mortgagor further covenants that he and the association responsibb for the operation of the condominium wiD observe aIi of the provisions of the said declaration and a~ amendments thereto. and of the Condominium law of the state, and will perform all obligations thereunder; and a failure to do so w~ich is not cured within 30 days after notice given by the Mort- gagee to the mortgagor and the said association shall constitute a default under this mortgage. Mortgagor further specifically rnvenants, but not by way of limitation, that he and the association wiD observe all of the provisioai of said declaration of condominium relating to insurance coverage. 21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring agarast damage ' by infestation on the buildings now or hereafter located on the mortgaged Property, io suds amounts and terms, and with such ~pany av approved and required by Mortgagce; and in the event Mortgagor does not comply with this covenant Mortgagee ahaII have the same rights to obtain same as insurance coverage under ooveoant !t3 hereof. 22. That in tbe event that this mortgage is given to secure a ooastruction loan, failure ao the dart of the Mortgagor or the Mortgagari contractor. architect, engineers, esub-contractors to comply with the terms of the Coastnrctian Loan Agreement of luau date herewith, which is by reference incorporated herein, :hall, at the option of the Mortgagee, eoastitnte a defanh hereurklw 23. If the mortgaged premises is other than a one to four family dwelling, the M covenants sad agrees that he wiD, not biter than thirty (30) day: after the end of the fiscal year furnish unto the Association a oa p~emand accurate balaaoe :beet and profit and bas statement rdbcting the Mortgagor: liabilities as we)~ as profit and bas for the fiscal ,and inch balance sheet and profit and bss state- ment shall be Prepared by a certified public aooonnta~ lioeased in the State of Florid and shaIl be certified a: being correct by sari certi- fied public sccouata~. G F. bOt31c rlAn PA(~