HomeMy WebLinkAbout1225 t;. To perform, comply with and abide by each and every ttipulation, agreement, couditron and covenant in said pra~ussory note and deed
srt froth.
In the event the juriuliction d the U. S. District Court shall be invoked by or against the Mortgagor~~urxler any of the provisiau of the
federal Bankruptcy Act, such action, whether voluntary or involuntary on the ppaart of the Mortgagor, shall automatically, wit!?out crosses, no-
celeruto the maturity d all sums of money herein described and secured and ills same shall thereupon 1~eeoale due and payable forthwith
as fully as iE the said aggregate scans d money were originally stipulate to be pakl oo such date.
8. To deliver to said Mortgagee an oc before 1?farrll 15th of each year, tax receipts evidencing the payment d all lawfully imposed taxes
for the ppreceding calendar year. ant to deliver to said •M~g
agx, receipts evideaciag the payment d all Dens for public improvements within
ninety (a0) days after the same shall becoale due and payable, and to pay or discharge within ninety (90) days after-due date. any and all
governmental levies that may be made oa the mortgagai P rty. as thLs mortgage or note, or in any other way resulting fran the Mortgage
indebtedness secured by this mortgage: and fl this corlditior~w not complied with and performed. said mortgagee may pay such sum or sums
whid? shall bernme part d the debt secured by this mortgage, and shall bear interest at the default rate provided in said promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt tbereupon become due and payable forthwith.
J. It is further rnveaanted and agreed by said parties that in the event d a suit being instituted to forecbse this mortgage, tbo Mortgagee
shall be entitled to apply at any limo pending such foreclosure suit to the court having Jurisdiction thereof for the appoinhment d a receiver
of all and singular the mortgaged pproperty, and of all the rents, incomes. profits, issues and revenues thereof, from whatsoever source derived-
and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver d said mortgaged property, al~
and singular, and of such rents, incomes profits, issues and revenue thereof. from whatsoever source derived, with the usual powers and
duties d receivers is like cases; and suc~I appointment shall be made by such rnurt as a matter of strict right to the Mortgagee, its successors.
leggal representatives or assigns, and without reference to the adequacy or Luadequacy d the value of the p hereby mortgaged, or to the
so}vency or insolvency 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 drarges, according to the order of such court.
10. U all or any part d the property or an interest therein is sold or transferred by mortgagor without mortgagee
i prior written conceal,
excluding (a) the creation d a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase mo security interest for
household appliances. (c) a transfer by devise or descent, or by operation d Lw upon the death of a Joint tenant, or~d) the grant of any
leasehold interest d three years or less not containing an option to purchase, mortgagee may. at its o~p~ron, dedam all the sums secured by
this mortgage to be immediately due and payable. Mortgagee shall Gave waived such option 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~Ie credit d such person is sat-
isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shaII be at such rate as Mortgagee shall request.
11. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power
of eminent danain, the Mortgagee shag have the right to demand that all damages awarded for the taking d or damages to said premises
shall be paid to the Mortgagoe up to the amount then unpaid on this mortgage and at the option ~ the I?fortgagee 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 pemlit to be added to any d the existing improvements thereon or make any d~anges or alteratloni in said improvements whidt 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 and all sums secured hereby shall immediately become clue and collectible at the option d the Mortgagee.
13. It is specifically agreed that time }s d the essence d this contract and that no waiver d any obli lion hereunder or of the obligation
secured hereby shall at any time be held to be a waiver d the teens tiered or d the instrument hereby.
14. If forecbsure proceedin d any second mortgage or second trust deed or an junior lieu d 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 extent of the ir?debtedaess d the Mortgagor to the Mortgages described herein or secured hereby the Mortgagee is hereby
subroga~ed to the lien or liens and to the rights d the owners and holders eth
roof of each and every mortgage lien a other incurabrance on the
land described herein which is paid and/or satisfied in whole or in part out d the proceeds of the ban described herein or secured herY~by,
and the respective liens d said mortgages, Leru or other incumbrances shall be and the same and each d them hereby is Preserved and shaII
pass to and be held by the Mortgagee herein as security for the indebtedness to the M~rtgag herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to and been held by the Mortggaagce h~ad it hoer duly and reguLrly
assigned, tranderred, set over and delivered unto the Mortgagee by separate deed d assignment notsrrithstanding the fact that the same may
c satisfied and cancelled of record, It being the intention of the parties hereto that the same will be satisfied and cancelled d record by the
holders thereof at or about the time d the reoording of this mortgage.
18. To pay all and singular the costs. charges and expenses. including L s fees, reasonably incurred or paid at any time by the Mort-
gagee, because d the failure d the Mortgagto perform, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants d said promissory note and tLis deed, or either, and every sr>ch Payrrrent shaD bear interest from date at the default rate pro-
; vided in said promissory note.
1T. When ~y amount d to be paid by the M to the Mortgagee ender the terrma hereof shall be in default. or should the
I?iortgagor default in any d the other terms, pprovisions or rn'tions of this Mortgage, thin and in that case the Mortgagee shall have the
right, without notice to the Mortgagor, to eoIIect and receive from any tenant a lessee d said mortgaged Premises the rents, issues and
profits d the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
pa rag all commissions d any rental agent collecting the same, and any reasonabb attorneys foes and other rreoessary expenses incurred in
collecting same to apply the proceeds d such collections upon any indebtedness obligation or liability. d the Mortgagor hereunder. The
right granted tfle Mortgagee under this Paragraph shall be in additioz` to, and not limit or restrict, a~ other right or rights granted the
i Mortgagee in this Mortgage.
18. If the Mortgagors at the time of making this Mortgage ~ sn ueat thereto t'alx out life insurance designating the Mortgagee herein
a as beneficiary with a company approved by the Mortgagee or assigns potides to the Mortgagee for the purpose d securing the mortgage loan
hereby secured then the Mortgagee shaII have the right to pay any premium accruing under said policies, and aD sams so expended shall be
added to and l5ecome a part d the princ~e
a1 Indebtedness secrued by this Mortgage and shaII be Paid by the Mortgagor to the Mortgagee
in twelve equal consecutive monthly installments, the first monthly instalhneat bo be paid as a part d and in addition to the monthly payment
due under this Mortgage in the first calendar month foIlosving the expending d said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of this Mortgage shaD ertead to a~ secure the sums so expended
( together with interest thereon as hereinbefore provided.
19. At mortgagee
s option, t with and io addition bo the monthly payment d principal and interest payable ender the terms of the
note secured hereby, Mortgagor spay to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum egnal to the
annual premium due for fire. erteaded coverage. and other hazard insurance inducting ffllood iruurance, covering the mortgaged Property.
plus fazes and assessments nett due on the mortgaged Property (aII as estimated by Mortgagee) less all sums already paid therefor, and to be
~ divided by the number d months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall be
held by Mortgagee in taut or credited to the principal of the ban, to pay said insurance, fazes. and assessments and shall be applied on the
payment thereof when due. Any excess held fn trust by Mortgagee when said ban b paid in full shaII be paid to Mortgagor, or his assigns
or personal representatives. In the event d a default or foreclosure, said sums held in trust may be applied on any casts of damages sustaine~
in connection with the collection d the note secured hereby whether by suss, foreclosure, or otherwise. Mortgagee may from time to time at
its~oopption waive, and after any such waiver, reinstate any or aII provisIorn hereof requiring such deposits, by notice to Mortgagor in writing.
Nhile any such waiver is in effect, Mortgagor shaD pay taxes, assessment and iasluanoe premiums as herein eh~esrhere provided.
20. Mortgagor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium u~t,
mortgagor shaD perform aD of mortgagors obligations ender the declaration of condominium or master deed, the by-laws and regulations aE
.c the condominium project and constituent documents. Mortgagor further covenants that he and the association res~onsibk for the operation
of the condominium wiD observe all of the provisions d the said declaration and a>»? amendments thereto, and of the Condominium Iaw of
the state, and wiIl perform all obligations thereunder- and a failure to do m w~rich is not cured within 30 days aker notice given by the Mort-
- gages to the mortgagor and the said atsothation shah constitute a default under this mortga Mortgagor further specifically covenants, but not
by way of limitation. that be acrd the association wiD observe aII d the provisions of said declaration d condominium relating to insurance
- coverage.
21. 1lfortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite hood insuring against damage
~ by infestation on the buildings nmv or hereafter located on the mortgaged Property. in such amounts and terms. and with succhh company as
approved and required by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shaD have the same rights
to obtain name as insurance coverage under covenant ~3 hereof.
22. That in the event that this mortgage is given to secure a construction ban failure on the part d the Mortgagor or the Mortgagor's
contractor, architect, engineers, or sub-contractors to comply with the teens d t~e Construction Loan uAgreement of even date herewith,
,vhich is by reference incorporated herein, ahaQ at the option d the Mortgagee, constitute a default here n er.
23. If the mortgaged premises is other than a one to four family dweilinil, the Mortgagor covenants and agrees that he wiD, not later
than thirty (30) days after the end of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and bas
statement reflecting the Mortgagor's liabilities as welj as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
ment shall. be prepared by a certified public accountant licensed in the State d Florida, and shall be certified as being rnrrect by such cert[-
fic~l public accamtant. g0~~~ Q~~~~
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