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HomeMy WebLinkAbout1883 [i. To perform, canply with and abide by each and every stipulation, agreement, eondct~on ar?ct covenant in said promissory note and dead set forth. 7. ]n the event the jurisdiction of the U. S. District Court shall be invoked by ur a ainsi the Mortga or under any of the provisions of the Federal bankruptcy Act, such action, whether voluntary or involuntary oo the t of the Mortgagor, all automatically. wrthout notice. so- celeste the maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith as fully as iE the said aggregate sums of money wero originally stipulated to be paid on such date. 8. To deliver to acid Mortgagee an or before March 15th of each year, tar receipts evidencing the paymwt of all lawfully imposed tares for the ppreceding calendar year. anc~ to deliver to said Mo~tgagce, receipts evidencing the payment of all liens for public irprovements within ninety (fll)) Jaya after the same shall beconro due and payable, and to pay ~ disi~?arge within ninety (90) days after due date, any and aU governmental levies that may be made on the mortgaged p rty, on this mortgage or note, or in any other way resulting from the Mortgage indebtedness secured by this mori~,age; and if this condition be not mm ed with and performed. said mortgagee may Pay such sum or sum: which shall bernme part of the debt secured by this mortgage, and shall interest at the default rate provided to said promissory note payable monthly until paid or acid Mortgagee may elect that said mortgage debt tberoupw became due and payable forthwith. 9. It is further covenanted and agreed by said parties that in the event of a suit being irtituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged pproperty, and of all the rents, incomes, profits rssues and revenues thereof, from whatsoever source derived• and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, a)1 and singular, and of such rents, intom~s~ profits, issues and revwue thereof. frorrr whatsoever souroe derived, with the usual powers and duties of receivers in like cases; and such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors. legal representatives or assigns, and without reference to tbe adequacy or inadequacy of the value of the Property hereby mortgaged, or to the solverxy or insohrrrcy 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, coats and charges, according to the seder of arch court 1Q If all or any part of the property or an interest therein is sold or transferral by mortgagor without mortgagee's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this mo~tgag0. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise or descent, or by operation of Lw upon the death of a joint tenant, or (d) the grant of any leasehold interest of three yy rs or less not containing an option to purchase, wortgagee may. at its aptime, declare all the sums secured by this mortgage to be innmediacetely due and payable. Mortgagee shall love waived such option to accelerate if prior to the sale or transfer, mortgagce sad the person to whom the Property is to be sold or transferred reach agrcemwt in writing that t~e credit of such person is sat- isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall 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 domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Mortgagce up to the amount then unpaid oe 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 a 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 arty charges 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 and all sums secured bereby shall immediately become due and collectible at the option of the Mortgagce. 13. It is specifically agreed that time is of the essence of this contract and that no waiver of any obh'~a~ion hereunder a of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or of the inshvment aecur~al hereby. 14. If foreclosure proceedinggss of any second mortgage or second trust deed a an junior lien of any kind should be instituted. the Mort- gagee may, at its option,-irnnnediately a 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 ertwt of the indebtedness of the Mortgagor to the Mortga described herein or secured hereby the Mortgaggce is hereby subroga~ed to the lien or lien and to the rights of the owners and holden thereof of each and every mortgage lien or other incumbrance on the land described herein which is Paid and/or satisfied in whole or in part orrt of the proceeds of the ban described herein or secured hereby and the respxtiva liens of said wortgages, liens oR other incumbnurces shall be and the same and each of them hereby is preserved and :hal~ pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagce herein described or bereby secured, to the name extort that it would have hew preserved and would have been passed to and been held by the Mortgagee had it been duly and regiilariy assigned, transferred, set over and delivered unto the Mortgagee by separate deed of aa~gnmwt notwithstanding tbe fact that the same may be satisfied and cancelled of record, it being the intention of tbe parties hereto that the same-will be satisfied and cancelled of record by the holders thereof at or abort the time of the recording of this mortgage. 18. To pay all and singular the casts, charges and expenses, including lawyer's fees, r~ably incvzted,orid at any tune by the Mort- gagce, because of the failure of the Mortgagor to comply with and abide by each and every the lions, agreements, conditions, and covenants of said promissory note and this d or either, and every such payment shall bear interest from date at the default rate pro- vided in said promissory note. j 17. When an amount of to be paid by the Mo~ag~r to the Mortgagee under the terms hereof shall be in default, or should the Mortgagor default in any of the other terms, pprwisioas or conaitiau of this Mortgage, tbw and in that race the Mortgagee shall have the ' right, without notice to the Mortgagor, to collect and receive from any tenant ox keuee of said mortgaged premises the rents, issues and profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after ~ pa aIl oommissioas of any rental agent collecting the same. and any reasonable attorneys fees and other necessary expenses incurred in ~ g same to apply the proceeds of such collections upon an ind obligation or liability. of the Mortgagor hereunder. The 4 right granted the Mortgagee under this Paragraph shall be in addition tom ate nd a~iall not limit or restrict, any other fight or rights granted the Mortgagee in this Mortgage. 18. If the Mortgagors at the time of making this Mortgage or wt thereto take out life insurance designating the Mortgagce herein as beneficiary with a company approved by the Mortgagee or assigns des to the Mortgagee for the purpose of securing the wortgage ban hereby then the Mortgagee shall have the right to pay anY remium accruing under said policies, and aD sums so expended shaII be added to amend ~econre a part of the indebtedness seccrred by this Mortgage and shall be paid by the Mortgagor to the Mortgagee 1 in twelve equal consecutive monthly ipv~ts, the first monthly installmwt to be paid as a part of and in addition to tbe monthly Payment due under this Mortgage in the first calendar month following the endL of said sum. Such sums so a:perrded to bear interest at the rate at which merest is payable upon said prindpal indebtedness and the lien of this Mortgage shaII e=tend to and secure the sums so expended together with interest thereon as hereinbeforo provided. 19. At mortgagee's option, together with and in addition to the monthly payment of rincipal and interest payable under the terms of the note secured bereby, Mortgagor shall Qay to Mortgagee each month until saW note is u~y peed, one-twelfth (1/12) of a sum equal to the annual premium fine for fire, ertended coverage, and other hazard insurance includingg flood insurance, covering the mortgaged Properly. plus taxes and assessments next due on the mortgaged p (ail as estimated by Mortgagee) less all sums already paid therefor, and to be divided by the number of months to elapse prior to the date wow such taxes and amts shall become delinquent. Said sums shaD be held by Mortgagee in trust or credited to the principal of tbe loan, to pay said Insurance, fazes, and assessments and shaIl be applied on the payment thereof whw due. Any excess held in taut by Mortgagee whw said ban is paid in full shaD 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 casts of damages sustaine~ in connection with the rnllection of the note secured hereby whether by suit, foreclosure, or otherwise. Mortgagee may from time to time at tts~oopption waive, and after a~ such waiver, reinstate any or aII provisions heroof requiring such deposits, by ratice to Mortgagor m writing. While any such waiver is in effect, Mortgagor shall pay fazes, assessments and insurance premiums as herein elsewhere provided. 20. Mortgagor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a eondaninium unit, y mortgagor ahaD perform sA of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of the condominium project and constituent documents. Mortgagor further covenants that be and the association ble for the operation of the condominium will observe all of the provisions of the said derlaratian~ and a~ amendments thereto, and the Condominium law of the state, and will perform all obligations thereunder; and a failure to do ao which is not cared within 30 days after notice gives by the Mort- gagce to the mortgagor and the said association shall rnnstitute a default under this mortgage. Mortgagor further specifically covenants, but not - by way of limitation, that be and the association will obsern all of the provtsiaru 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 against damage s by infestation on the buildings raw or hereafter located on the mortgaged properly, in such amounts and terms, and with such company as approved and required by 1?fortgagce; and in the evwt Mortgagor does not comply with this covenant Mortgagee shall have the carne rights r3 to obtain same as insurance coverage under covenant ?!3 hereof. 22. That is the evwt that this mortgage is given to secnre a construction 1 failure on tbe part of the Mortgagor or the Mortgagors contractor, architect, wgineers, or sub-contractors to comply with the terns of the Corutruction Loan Aggrreemwt of eves date herewith, avhich u 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 fart family dwelling, the Mortgagor 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 bas statement reflecting the Mortgagors liabilities as welj as profit and loss for the fiscal year, and such balance sheet and profit and loss state- went shalj be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such certi- y fied pubhc accountant. _ ~~GK 3U5 ~ ~~79