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HomeMy WebLinkAbout2276 6. 1'o perform, comply with and abide by each and every stipulation, agrrcnx•nt, concllnou and covenant in said promrssory note and deed set forllr. 7. In the event tt?e jurisdiction of the U. S. District Court shall be invoked by or against the rlortt;ai~or under any of the provisior?s of lire I•'rdrral liankruptcy Act, such action, whether voluntary or involuntary on the part of the Mortgagor, shall sulornaticully. without rwtico, ao- c~lcrate the maturity of all sums of money herein described and secured and the same shall thereupon beware drre and payable forthwith as fully as if the said aggregntc suuu of money were originally atipulatc~ to be paid oa such date. 8. To deliver to said Mortgagee oa a before I?farch 15th of each year, tax receipts evidencing the payrrreat of all lawfully imposed taxes for the preceding calendar year, anc~ to deliver to said Iilortggagee, receipts evidencing the payment of all lier?s for public improvements wrt.4ia ninety (90) days after the same shall become due and payabl0. and to pay or discharge within ninety (t10) days after due date, anY and all governmental levies that may-be made on the mortgaged p rty, on this mortgage or note, or in any other way resulting from the I~lortgago inclebteclness secured by this mort}},,'age; acrd if this caxlition be not complied witlt and perfonmed. said mortgagee may pay such sum or sums which shall bernme part of the dcUt secured by this rnortbaS0. and shall bear Lrtecest at the default rate provided in said promissory note payable monthly until paid of said Mortgagee may elect that said mortgage debt thereupon become due aril payable forthwith. 9. It is further coveranted and agreed by said parties that is the event of a salt being instituted to foreclose this awrtgage, the I?lortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appintment of a receiver of all and singular the mortgaged pproperty, and of all the rents, incomes, profit, issues and revenues thereof, from whatsoever source elerive<1• - ancl thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property. a)] and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and duties of receivers in like cases; and such appointment shall be made by arrch court as a matter of strict right to the Mortgagee, its successors, le al representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the so~venry or insohency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay- ment of the mortgage indebtedness, costs and charges, according to the order of atx4r court. 10. if all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent, excludin (a) the creation of a lien or encumbrance subordinate to this wortgage, (b) the creation of a purchase security interest for househol~ appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint teaantd) the grant of any leasehold interest of three years or less not containing an option to purchase, mortgaggee may, at its option. declare all the sums secured by this mortgage to be immediately due and payable. Mortgagee shall have waived srrch optiar to accelerate if prior to the sale or transfer. mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that t~re credit of such person is sat- isfactory to Mortgagee and that the interest payable on the sums secured by thi: mortgage shall be at such rate as Mortgagee shall request. 11. That in the event the premises hereby mortgaged, or any part thereof, sbaD be condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the fight to demand that all damages awarded for the taking of or damages to said premises shall be paid to the I?lortgagee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon. 12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially change the same or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this stipulation this mortgage arid all sums secured hereby shall immediately become due and rnllectible at the option of the Mortgagee. 13.- It is specifically agreed that time is of the essence of this contraM and that no waiver of any obli anon hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or. of the instrument secure hereby. 14. If foreclosure proceedings -of any second mortgage or second trust deed or an junior lien of any kind should be instituted, the Mort- gagee may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose this mortgage. 15. To the a:tent of the indebtedness of the Uortgagor to the Mortgogee described herein or secured hereby the Mortgagee is hereby snbrogatecl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other inerrmbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of fire loan described herein or secured hereby and the respective liens of said mortgages, liens or other incumLrances shall be and the same and each of them hereby is preserved and sha>i pass to and be Geld by the Mortgagee herein as security for the indebtedness to the \mrtgaggee herein described or hereby secured, to the same extent that it would have been prescned and would Lave been passed to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled 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. 16. To pay all and singular the cads, charges and expenses, including lawyers fees, reasonably incurred or paid at any tune by flee \tort- ea~cr, lmcause of the failure of the Mortgagor to perform, comply wish and abide by each and every the stipulations, agrec•rncnts, conditions, and covenants of said promissory note and this deed, or either, and every such payment shall bear interest frrxn date at the default rate pro- a•icl~•<I in said promissory note. 17. ~Vhi•n env arrrount of money to be paid by the Mortgagor to the \lrtgagee under the terms hereof shall be in default, or should the ~ir~rtgagor default in any of the other terms, rovisions or Svnrditions of this I+lortgage, then and in that case the !itortgagce shall have the right, without notice to the Mortgagor, to co~e•ct and receive from any tenant or lessee of said mortgaged premises the rents, issues and profits of the real estate hereby rnortgagcd and the improa•ements thereon, and to give proffer receipts acrd acctuittances therefor, and after i paving all commissions of any rental agent crollc•ctin^_ the same, and any reasonable attorneys fees and other necessary expenses incurred in coTlectin, same, to apply the proceeds of such collections upon env indebtedness, obligation or liability, of the Mortagor hereunder. The right grmtcd the Mortgagee under this paragraph shall be in addition to, and shall not limit or restrict, any other rielrt or rights granted the \lortcagee in this ~lortgarLe. s Ili. if the Mortgagors at the time of making this Mortgage or subs_°c~cent thereto take out life insurance desienating the \tortgagec herein i as iMnc(iciap• with a rnmpany approved by the 1ltortgagee or assigrrs policies to the :Mortgagee for the purpose of securing the mortgas:e loan hereby secured, then the Mortgagee shall have the right to pay any premium acrnring antler said policies, and all sums so expenclal stall be • adclecl to and become a part of the principal indebtedness secured by this rlort~eage and shall be paid by the Mortgagor to the Mortgagee in tacehe equal consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment fine under this'.ltortgage in the first calendar month folloaa•inq the expending of said sum. Such snnu so expended to bear interest at the rate } at which interest is payable upon said principal indebtedness and the lien ~ this !mortgage shall extend to and secure the sums so expended together with iuh•rest thereon as hereinl~efore provided. r 3 t9. At mortgagee's option, together with and in addition to the monthly payment of principal and interest payable under the terms of the note scc•urcYl hereby, Atortt!agor shall pay to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum eriual to the annual premium due for fire, extended coverage, and other haiard insurance indudinq flood insurance, cocerins*. the mortgaged property, E plu; (dS('S and assessments next due on the mortgaged property (all as estimated by Ilfortgagee) less all sums abeady paid therefor, and to be c?ia-ided Ly the number of months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall lee held by \lortgagee in tnrst 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. Any excess held in trust by \tortgaeee when said loan is paid in full shall be paid to Mortgagor, or his assigns, or personal representatives. In the event of a default or foredosurc, said sums held in trust may be applied nn any casts of damages sustained in connection with the collection of the note scented hemby avhether by suit, foredacure, or otherwise. Mortgagee may from time to time at its npp~ion naive, and after any such waiver, reinstate any or all proa•isions hereof requiring such deposits, by notice to Mortgagor in writing. ~t'hile any such waiver is in effect, 1lortga¢or shall pay taxes, assessments and insurance premiums as heroin elsewhere proa•idecl. a 1 20. 1liortga or shall comply with the ~roa•isionc of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unfit mortgagor shall perform all o~ mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations o~ the condominium project and constituent documents. ~tortc~agor further covenants that he and the association responsible. for the operation - of the condominium will observe all of the proaisions of the said declaration and any amendments thereto, and of the Condominium law of the state, and avill perform all oblications thereunder; and a failure to do so w~rich is not tared within 30 days after notice given by the !liort- eagee to the• mortgagor and the said association shall constitute a default under this mortgage. Iliortgagor further specifically covenants, but not by w•ay of limitation, that he anct the association will observe all of the proaisiorrs of said declaration of condominium relating to insurance coverage. 21. ?Mortgagor further covenants and agrees t}rat at the request of Mortgagee to famish a standard termite bond insuring against damage by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts an! terms, and with such company as approved and required by Hiortgagee; and in the event iortgagor does not comply with this covenant Mortgagee stall have the same rights ~ to obtain same as insurance coverage order cmerrant ~3 hereof. 22. That in the event that this mortgage is given !o secure a tonal ruction loan, failure on the part of the Mortgagor or the Mortgagor s contractor, architect, engineers, or sub-contractors to comply with the terms of the Construction Loan Agreement of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereunder. 23. If the mortgaged premises is other than a one to four family dwelling, the I?fortgagor covenants and agrees that he will, not later than thirty (30) days after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet and profit and loss statement reflecting the Mortgagors liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and lass state- € ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such certi- fled public accountant. . an~~301 ~~~F227~ - -