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HomeMy WebLinkAbout1182 , s whichhutheaddressof 4100 Riverwood Drive Fort Pierce (Street) (City) Florida 33450 _(herein "Property Address"); (State and Zip Code) TOGETHER with all and singular the trnements, hereditaments, appurtenances, euements, ripairan and other rights and all structures and improvements now and hereafter on the land the the fixtures at ched; all rents, issue and profits accruing from the premises; all gu. steam, electric. water, hating, air conditioning, cooking. rcfrige sting, lighting, plumbing, ventilating, irrigating and power systems, machines and appliances; all shrubbery. plants, trees and crops now wing or that heraRer may be planted or grown on the premises: and fixtures and appurtenances that now arc or may be is or on the isa, even though they be detached or detachable. TO HAVE AND TO HOLD the above-granted premises, wit the appttrtenanoa, unto the Mortgagee, in fee simple forever. PROVIDED ALWAYS, HOWEVER, that if the Mort r shall pay unto the Mortgages the moneys provided in .and by the promissory note secured hereby. and this mortgage, and shall well and truly keep. observe and perform. rnmply with and abide by ach and every the stipulations, agreements, conditions, and covenants of the mortgage and the said note u and whrn required by them, thrn this Deed and the estate created by this mortgage shall cease and be null and void, otherwise the same shall remain of binding force and effect. The Mortgagor hereby covenants and agrees with the Mortgages u follows: 1. MORTGAGOR'S OWNERSHIP. Thu the Mortgagor is indefeasibly seized lawfully of the above described premises in fce3imple. and hu good right to sep and convey them to the Mortgages; the premises are free and discharged of and from all taxes. tax titles or certifiata, judgmrnts, mechanic's liens and encumbrances of any nature or kind whatsoever; the Mortgagor fully warrants and will defend the premises to the Mortgages against the lawful claims and demands of all persons whomsoever and will make such further assurances to perfect fee simple title to the lord is the Mortgagee u rasonably may be required; and that the Mortgagor will pay the several sums of money agreed in the note to be paid and all installmrnts of principal and interest promptly when due, according to the true tenor and effect of the note, 2. LIENS AND CHARGES. That the Mortgagor will pay all and singular the taxes, assessments. levies and encumbrances of every nature on the above-described property and upon this mortgage and note. or the money secured by them before their delinquency. and promptly deliver the official receipts to the Mortgagee; if they are not paid promptly whrn due, the Mortgagee (without obligation to do so) may pay them without waiving or affecting any right contained in this mortgage or the note and charge the sums so paid to the Mortgagor, and such sums of money shall bar interest from the date of payment at the rate of ten percentum (IOM) per annum. If the receipts are not delivered by the Mortgagor to the Mortgagee by the date the taxes. assessments or levies bernme delinquent, the Mortgagee then may order a tax search of the public rernrds to determine the true status of the taxes, assessments or levies and charge the cost of the search to the account of the Mortgagor, and that charge shall be secured by this mortgage. All such advances shall bear interest at the rate of ten percentum (IOM) per annum. 3. FUNDS PAID BY MORTGAGEE. That all sums of money secured. paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein specificially provided for. including any expenses incurred by the Mortgagee in collection of the sums secured by this mortgage. shall be covered by the lirn of this mortgage the same u the sums of money represented by the note secured by this mortgage. f the Mortgagee receives any sums u escrow deposits for taxes. insurance or other items, such sums shall be rnmingled and advanced by the Mortgagce for the stated purposes. 4. PAYMENT OF PRINCIPAL. INTEREST, ETC. 't'hat the Mortga or promises, covenants and agrees to pay promptly when due the sums of money and interest u mentioned in the promissory note, tog her with any and all other sums justly due and owing the Mortgagee by the terms of this mortgage, and secured to be u aforesaid. It fault shall be made in the paymrnt of the sums of money or any part of such sum u provided in the note or this mortgage and the default shall continue for a period of fifteen (IS) days. or should the Mortgagor brach or fail to rnmply with any other covenant or agreement on the part of the Mortgagor to be complied with as required in said note or this mortgage (in those cases in which the option of the Mortgagee of acceleration is not otherwise provided expressly in this mortgage) and such breach or non-compliance continues in existence for a space of thirty (30) days. then, and from thenceforth. at the option of the Mortgagee and without notir_ to the Mortgagor, the whole ofthe principal sum expressed in the [tote, together with all other sums provided for in the note and this mortgage, shall become due and payable immediately without notice to the Mortgagor. In addition to the above. the Mortgagor shall pay to the Mortgagee a late charge of four percent (4qi) of any installment not received by the Mortgagee within fifteen (15) days after the installment is due. S. INSURANCE. That the Mortgagor will keep the buildings that now are or hereafter may be erected on the land described insured against all risk by fire and extrnded coverage in the sum not less than the full insurable value at the expense of the Mortgagor, in a good and responsible insurance company or companies, licensed to do business in the State of Florida and acceptable to the Mortgagce. In addition to the above, Mortgagor acknowledges that Mortgagor is aware that the property encumbered by this mortgage may be in an area classified as a ~ "Special Flood Hazardous Ara". If the said property is located in such an area. Mortgagor agrees, at Mortgagor's expense. to obtain Flood Insurance coverage from a good and responsible insurance company or companies acceptable to the Mortgagee in the amount of the loan ~ secured hereby or in the maximum amount provided under the Flood Insurance Program, whichever is least. Mortgagor further covenants and agrees to purchase such Flood Insurance upon notification from the Mortgagee that the said property is or has been in the future classified u a "Special Flood Hazardous Ara". The insurance shall be for the benefit of the Mortgagee (but the Mortgagce shall not be 5 liable for the insolvency or irresponsibility of any such companies) and the policy or policies and all renewals of them shall be deposited with and held by the Mortgagee. The policy or policies and all renewals, at the option of the Mortgagee. shall contain a "Loss Payable" or "Standard Mortgagee" clause. making the proceeds of the policies payable to the Mortgagee u Mortgagee's interest may appear. Upon any default bythe Mortgagor. the Mortgagce (but without obligation on Mortgagee's part so to do) may place insurance on any building on the ~ premises. pay the premiums and charge the sums so paid to the Mortgagor. The sums of money so paid shall bear interest from the date of ~ payment at the rate of ten percentum (IOMi) per annum. In the event of a loss by fire or other casualty, the Mortgagor will give immediate notice by mail to the Mortgagee. 6. ATTORNEY'S FEES AND COSTS. That in case it should become necessary to place this mortgage deed and the note secured by it, I or either or them, in the hands of an attoiliey for collection, the Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges 1 and expenses of such collections, including reasonable attorneys' fees and cost of abstract of title, whether collected by foreclosure or otherwiu. 7. ASSIGNMENT OF RENTS: APPOINTMENT OF RECEIVER. That. in the event at the beginning of or at any time pending any suit upon this mortgage or to foreclose or reform ~ to enforce payment of any claims under it. the Mortgagce shall apply to the court - having jurisdiction for the appointment of a Receiver, such court forthwith shall appoint a Receiver of the mortgaged properly all and singular. including all and singular the income. profits. issues and revenues from whatever source derived, each and every one of which, it - being expressly understood, is mortgaged by this instrument_u if specifically set forth and described in its granting and habendum clauses, and the Receiver shall have cep the broad and effective functions and powers in anywise entrusted by a court to a Receiver. The appointment shall be made by the Court u an admitted equity and matter of absolute right to the Mortgagee, without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of the Mortgagor or the defendant. All rents, profs+i, ' incomes, issues and revenues shall be applied by the Receiver according to the lirn or equity of the Mortgagee and the practice of the court, '--y and the appointmrnt of the Receiver shall be without notice to any obligor under this mortgage. 8. TIME OF ESSENSE; FORBEARANCE BY MORTGAGEE NO WAIVER. That it is agreed specifically that time is of the essence of this contract and that no waiver by the Mortgagee of any performance required by this mortgage shall oe held at any time thereafter to be a Waiver of its terms or of the obligation secured by it. 9. DEALING WITH SUCCESSORS. That in the event the ownership of the property or any part of it becomes vested in a person other than Jortgagor, the Mortgagee. without notice to the Mortgagor, may deal with the successor or successors in interest with ~ reference to'tj~ mortgage an0.the debt secured in the same manner u with the Mortgagor and may forbar to sue or may extend time for payment of the debt secured. without discharging or in any way affecting the liability of the Mortgagor under this mortgage er upon the debt secured. 0 R 60GK 307 oacf 1182 , _ - .~Ss-'~_'~..`~ t say 4'.,~..~'in t1 { Y' ~ ~