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HomeMy WebLinkAbout0120 _ • i , , , • s i • i 1 ! all agreementa betwee~ the Mortgugor utxl Mortgagee ~elating to in9uruncc, now exiating or hereutte~ rtuide, shall be in writi~s and shall be a part ot this mortguge a~reement as tully as though set forth verbatim herein and ahali govern both parties heroto and their succeason and a~ni6ns. No lie~ upon uny ot said policies ot i~surance o~ upo~ any refund ; o? retum premium which may be payable on the cancellatiun or termination thereot, shall be given to other than the ~ Mo~tsa6es, escept by propsr endor~ement aRi:ed to such policy and approved by Mo~tgagee. Each policy ot insurance ahall haxa aA'ixed thereto a Standard Mortgaaee Cluuse acceptable to the Mort~agee, maki~g ail lo+s or los~es under such ~ policy payable to the Mortgagee us its interest may np{xwr. Io the event i~ny aum or aums ot money become payable thereunder !he Mortgagee shall have the option to receive nnd appty the same on an~ount of the indebtedness hereby ~ secu~ed, or to peRnit the Mortgagor to receive and use ~t, or any part thereot, without tt~ereby waivina or impairing any equity. lien or right under AR/~ b) virtue ot this mortsage. l~ event ot lo~s or pl~ysical damage to the mortgaged ~ property the Mortgagor shall give +mmediate notice thereot by mail to the Mortqa~gce nnd the Mortgagee may make ? proot of loss it the aame is noi made pmmplly by the MortRagor. In event ot [oreclosure ot thia mortgage o~ other trana[er ot title to the mortgaged property in e:tin~ishment of the indebtedoess eecured hereby, all right, titie and inter- est o[ the Mortgagor in aod to any insurance policiea then in force ahall pasx to the purchaeer or grantee. Upon any detault thereot, the Mortgagee may Ibut without obligation on ita pnrt to do so) place insurnnce on such buildings and pay the premium and char6e sucb sutns bo paid to the Mortgagor and such suma ot money so paid shall bear interest trom the date ot payment at the higheat legal rate. ~ 4. That all suma of money paid or cauaed to be paid by the Mortgugee under the tem~s ot this mortgAge and herein apecifcally provided [or, and including any expense~ incurred by the Mortgagee in collection o[ the sum secured by this mortgage. shall be covered by the lien ot this mortgage, the aame as the sums of money repreaented by the nole which this mortgage eecurea. 5_ To permit. commit or auBer no waate, impairmeot or dete~ioration o( said property, or any part thereol, at~d upon the tailure of the Mortgagor to keep lhe buildinga on said property in good rnndition of repair, the Mortgagee may demand the immediate repai~ ot eaid buildinss, or an increase in the amount of eecurity, or the imtnediate repay- j ment of the debt hereby secured, and the failure ot the Mortgagor to comply with said demand ot !he Mortgagee tor a ' ' period ot fifteen (15) days ahall con~titute a breach ot thie morigage, and, at the option ot the Mortgagee, immediately i mature the entire unpaid principa) and interest hereby aecured, and the Mortgngee may, without notice, institute pro- ceedings to foreclose this mortgage, and apply tor the appointment of a receiver, as hereinatter provided. ~ 6. That lhe Mortgagor hereby promisea, covenante and agreea to ~wy the sums o( money and intereal as mentioned in said promisaory note, together with any and all othe~ aums justly due and owing the Mortgagee by the terma therein. ~ and aecured to be paid as atated therein promptly when due. If default ahall be made in the payment of the said suma ot } money or any part thereot as provided in the said note or thia mortgage, or if the interest that may become due thereon or any part thereof shall be in default and unpaid for a space oi B[teen Ti5) day~ or shoutd th~-Mortgagor breach or : ~ tail to eomply with any other cove~ant or agrcement on the part of the Mortgagor to be complied with (in thoee casea in which the option of the Mortgagee of acceleralion ia not othenvise expressly provided. herein) and such breach or non-rnmptiance continue in e:istence for a apace of fifteen I15) days, then and trom thenceforth. at the option of the Mortgagor, ihe whole of aaid principal sum e:pres.sed in s~id note, together with all olher suma therein as wel{ aa herein pmvided for, ahall becrome immedistely due and payable, without notice to the said Mortgagor. 7. That in case it should become necessary to place this mortgage and the note secured hereby or either ot them, in ~ th hands of an attorney for collection, the said Mortgagor covenants and agrees with ihe Mortgagee to pay all costs, ~ chArges and e:penses of such collection. including reasonable attorney a tees whether collerted by toreclosure or otherwise_ 8. That, in the event any suit is broughl upon this mortgage, whether to (oreclose it, to retorm it, or othe~+rise, and/or to en[orce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof tor the appointment o[ a receiver of said mortgaged property, aa well as the income, profits, isauee and revenues thereof. and the said income, pro6ta, isaues and revenues are hereby mortgaged aa if specifically set forth and described in the granting and habendum clauaes hereof, and suc6 receiver shell have alt the broad and etfective funetiona and powers in any wise entruated by a court to a receiver, and such appointment ahall be made by such court as an admitted equity and a matter o[ absolute right in the Mortgagee, and without refersnce to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency ot the Mortgagor and/or the detendant and such renta, pro6ta, ; income, isauea and revenuea ahall be applied by the receiver according to the lien and/or equity of thia mortgage and the practice o[ such court, and such appointment of receiver shall be without notice to any obligor hereunder. ~ 9. The Mort a or hereb waives all ri hta of homestead and exem tion y ~ 8 8 Y B p granted b the Conatitution and laws of ~ Florida. It is apecifically agreed that time ia ot the easence in this contract and that no waiver by the Mortqagee of ~ any obligation hereunder or ot the obligation secured hereby ahall at any time thereafter be held to be a waiver of the ` terms hereof or ot tbe obligation secured hereby. i . ' : 10. That in the event that thia morlgage be given to secure a construction Ioan, failure on the part of the Mort- s ~ gagors or their contractors to complete said building in acrordance with Construction Loan Agreement, of even date ' herewith, or to build said construction in accordance with plans and apecificationa 61ed with the Mortgagee; shall con- ~ s atitute a breach of thia mortgage, and, at the option of the Morgagee, immediately mature the entire amount o[ princi- ~ ~ pal and interest hereby secured and t6e Mortgagee may immediately institute proceedinga to foreclose this mortgage. ~ ~ 11. If foreclosure proceedinqa of any second mortgage or second trust deed or any junior lien of any kind should be ~ instituted, the Mortgagee may, at its option immodiately or thereaiter declare thia mortgage and the indebedness secured ; hereby due and payable. r ~ 12. That in the event the premisea hereby mortgaged, or any part thereof, shall be condemned and taken for public ~ s use under the power ot eminent domain, the Mortgagee ahall have the right to demand that all damagea awarded for the taking ot or damages to said premises shall be paid to the Mortgagee, up to the amount then unpaid on this mort- ~ gage and the obligation secured hereby and may be applied upon the paymenta last payable under thia mortgage and ~ the obligation secured hereby. - , 13. That installments, payable under the terms hereof and the note serured hereby, not paid when due, shall be subject, atter fi[teen ( IS) days trom the date thereof, to, and it ia agreed ;~iortgagee shall coUect thereon and therewith, a"late charge" in the amount ot tour per cent (4 0) ot the installment due upon eac•h such delinquent installment, and such "late charges" are ~ecured by the lien hereof. - impairinq the obligationa o[ 1liortgagor contained in paragraphs 2, 3 and 4 hereof, a ~ ation ' to the purposea thereo ~n ahall be sutficient, Mortgagor aha o t e monthly payments o( a principal and interest as stated in the oriRinal note notes secured hereby) provided to be made, pay ~ a monthly sum and amou - we th (1/12) of the estimated annua and insurance pre- ~ e rea estate securit ~ [ y, as the amount thereo[ ia determined (rom time to time by the Mortgagee. t P i ~~F~307 ~acE 120 > K ~ , ~ ~ : _ ~ ~ ~ ~ ~ ~~~~7~.._ . .