HomeMy WebLinkAbout1286 ;ncome, profits, issues and revenues ore hereby mortgaged as if specifically set forth and deur;bed in the granting and hobendum
clauses hereof, and such receiver shall hove all the broad and effective functions and powers ;n any wise entrusted by o court to 0
rcceivt?, and such appointment shall be mpde by such court as on odm;tted equity and a matter of absolute right in the Mortgagee,
and without reference to the adequacy or inadequacy of the value of the property mortgaged. or to the solvency or insolvency of
the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be Applied by the receiver according
to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice
to any obligor herwnder.
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NINTH: The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and lows of
florido. It is specifically agreed that time is of the essence in this contract and that no waiver by the Mortgagee of any obligation
hereunder or of the obligation secured hereby shall of any time thereafter be held to be a waiver of the terms hereof or of the
obligation secured hereby. f
TENTH: Upon any sole, tronsfe. or conveyance of the property herein described and covered by this Mortgage to any
person, firm or corporation, whose credit-worthiness has not been approved in wasting by the holder of this Mortgage, the Mortgagee ;
or F+alder shall hove the right, of its sole option, to accelerate the motur;ty of this Mortgage os though it were due and payable '
on the day of such tronsfe., if upon notice of sold transfer, the Mortgagee or holder has good reason to believe shot the tecurity
of the Mortgagee or holder has been horned a placed in jeopardy. The Bonk shall receive o complete current ,firwnc;ol state-
ment in a form and presentation setisfoctory to the Bank. i
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QEVENTH: If forecknure proceedings of any second mortgage or second trust deed or any junior lien of any kind should
be instituted, the Mortgagee may, of its option immediately or thereafter declare tiffs mortgage and the indebtedness secured
hereby due and payable.
TWf3FTH: That in the event the premises hereby mortgaged, o- any part thereof, shall be condemned and taken for public
use under the power of eminent domain, the Mortgagee shaft have the right to demand that all domoges awarded for the taking
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of or domoges ro said premises shall be paid to the Mortgagee, up ro the amount then unpaid on this mortgage and the obligation
secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby.
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THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be
subject, offer fifteen X15) days from the due dote thereof, to, and it is agreed Mortgagee shall collect thereon and therewith, o
"lute charge" in the amount of four per tent (4~) of the installment due upon eadt such delinquent installment, and suds "tote
chargei' ore secured by the lien hereof.
FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH
hereof, and for application ro the purposes thereof insofar as the some shall be sufficient, Mortgagor shall, in addition rothe -
monthly payments of principal and interest as stated in the original note (and in the note or notes secured hereby) provided to be
made, pay o monthly sum and amoun! equal to one•twelfth (1/12) of the estimated annual foxes, assessments and inwrance
premiums upon the real estate security, as the amount thereof is determined from time ro time by the Mortgagee.
FIFTEENTH: That the Mortgagor shall furnish annually, of the request of the Mortgagee, finanaal statements in form and
certified in a manner satisfot:tory to the Mortgagee.
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e SIXTEENTH: This mortgage also secures any and all renewals and extensions of the promissory note referred to herein and
secured hereby, and all installments thereof, and also any other notes which hove been or may be given to the Mortgagee by the
Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee which, however, shall not exceed at any one time
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the aggregate unpaid principal sum of -
------SIXTY-EIGHT THOUSAND AND NO/100----------
-------____--Dollars (S ~-$,QQg~00 }
it being the specific intention that further advances may be mode by the Mortgagee at its option ro the Mortgagor, either prior to t
or offer the due dates of the above referred to promissory rwte hereby secured; and this mortgage is given for the specific
purpose of securing any Qnd all indebtedness by the Mortgagor to the Mortgagee in whatever manner the some may be evi-
denced or represented, until this mortgage is satisfied of record; o~xl all covenants and agreements contained in this mortgage
shall be applicable to all further and future advances made by the Mortgagee to the Mortgagor and all other indebtedness of
Mortgagor to the Mortgagee, and any and all renewals or extensions thereoF. i
SEVEi1I'EFNII3: Mortgagor expressly agrees to comply with-each and every provision o€ {
the Declaration of Condominiun of the condominium of which 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, arx3 includes, if
applicable, the provisions 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, Mortgagee may, at N,ortgagee's
sole option, declare the default of any of the aforesaid Agreements mentioned in this
instant Article, to be a default under the provisions of this instant Nbrtgage, and may
further, at Mortgagee'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.
8~~~301 FA~~128i
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