HomeMy WebLinkAbout1514 8. To perform, comply with and abide by each and every stipulation, agreement, conditron and covenant in said promissory note and decd
set forth.
T. In the event tha jurisdiction of the U. S. 1Jistrict Court shall be invoked 5y or against the I?lortga or~~under any of the provisions of the
Federal Bankruptcy Act, such action, whether voluntary or involuntary oa the part of the Mortgagor, shall automatically, without notice, no-
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 stipulate to be paid oo such date.
8. To deliver to said Mortgagee o0 or beforo it[arch 15th of each year, tar receipts evidencing the payment of all lawfully imposed tares
for the ,ppreceding calendar year. aa~ to deliver to said Mo~tgagce, receipts evidencing the payment of all liens for public Improvements within
ninety (90) days after the same shall become due and payable, and to pay or discharge within ninety (il(l) day: after due date, any. and all
governmental levies that may be made oa the mortgaged property. on this mortgage or note, or is any other way resulting from the Mortgage
indebtedness secured by this mortgage; and if this condition be not rnmplied with and performed, said mortgagee may Pay such sum or suuas
which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate provided in said promiswry note
payable monthly until paid or acid Mortgagee may elect that said mortgage debt thereupon become due and payab~ forthwith.
9. It is further covenanted and agroed by said partiea that in the event of s suit being instituted 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 rho mortgaged property, and of all the rents, incomes, profits, sues 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)i
and singular. and of such rents, incomes profits, issues and revenue tlrere~, from whatsoever source derived, with the usual powers and
duties of receivers in like cases; and suer appointment shall be made by such court as a matter of strict right to the Mortgagee. its successors,
le representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
veacy or intoheacy 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, casts and charges, according to the order of arch court.
10. U all or any part of the property or an interest therein is sold or iranderred by mortgagor without mortgagee's prior written consent,
e:cludin (a) the creation of a lien or encumbrance subordinate to this wortgage, (b) the creation of a purchase security interest for
house 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 years or less not containing an option to purchase, mortga may, at its option, declare all the sums secured by
this mortgage to be immediately due a~ payable. Mortgagce shall lwve waived such option to accelerate if prior to the sale or transfer,
mortgagee and the person to whom '`re property is to be sold or transferred reach agreement 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 rnndemned 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 Mortgagee 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 mortga or 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 eritting improvements thereon or make nay charges or alterations in said improvements which materially
change the same or the use thereof, without the written content 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 due and collectible at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of this contract and that no waiver of any obli ation 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. I[ foreclosure proceedings of any second mortgage or second inns 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 [orthw~th, and
may at its option proceed to foreclose this mortgage.
15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgaggee is hereby
subrogatecl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgaga lien or other incumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respective liens of said mortgages, liens or other incumbrances shall be and the same and each of them hereby is preserved and shall
pass to and be held by the Aortgagee herein as security for the indebtedness to the 1•tortga ee 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 Aiortgage~ had it been duly and regularly
assigned, transferred, set over and delivered unto the Aortgagee by separate decd 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 costs, charges and expenses, inelucling lawyer
s fees, reasonably incurred or paid at any time by the \tort-
gaeee, because of the failure of the Mortgagor to per[orm, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default .rate pro-
j vilest in said promissory Hate.
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17. When any amount of money to be paid by the Mortgagor to the Mortgafiee under the temu hereof shall be in default, or should the
I1[ortgagor default in any of the other terms, provisions or conditions of this 1liortgage, then and in that case the 1ltortgagee shall have the
right, without notice to the \lortgagor, to collect and rcticive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to yjve pro~er receipts and acquittances therefor, and after
pa}}•ing all commissions of any rental agent rnllertine the same, and any reasonable attorneys fees and other necessary expenses incurred in
collectin: same, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the 'Mortgagor hereunder. The
right grantedd the \{ortfiagee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or ri~~hts granted the
11iort~agee in this Mortgage.
18. If the Mortgagors at the time of ntal:ing this Mortgage or subs-c~uent thereto take out life insurance designat:nq the Mortgagee herein
az beneficiary with a company approved by the Mortgagee or assigns policies to the 1liortgagee for the purpose o[ securing the mortgage loan
hereby secured, then the 1ltortgagce shall have. the right to pay any premium acenring under said policies, and all sums so expended shall be
adclecl to and become a part of the principal indebtedness secured by this '`tortgage and shall be paid by the lltortgagor to the \tortgagce
in tw•ehe ec~ua) consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment
due under this \fortRace in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate
at which interest it payable upon said principal indehteclness and the lien of this Aiortgage shall extend to and secure the sums so expended
together with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of principal and interest payable under the terms of the
note secured hereby, Mortgagor shall pay.to Mortgagee each month until said note is fully paid; one-twelfth (1/12) of a sum er ual to the
annual premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgage property,
plus taxes and assessments neat due on the mortgaged property (all as estimated by 1ltortgaGee) less all sums already paid therefor, and to lie
divided by the number of months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall be
held by ~[ortf¢agee in trust or crecdited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by !Mortgagee when said loan is paid in full shall be paid to 1ltortgagor, or his assigns,
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages sustained
• in connection with the collection of the note secured .hereby whether by suit, foreclosure, or otherwise. I?tortgagce may from time to time at
its option waive, and after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgagor in writing.
While any such waiver is in effect, I?tortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere provided.
20. 3liortgagor shall comply with the Provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium nutst,,
mortgagor shall perform all 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 rnvenants that he and the association res risible for the operation
f of the condominium will observe all of the provisioru of the said declaration and any amendments thereto, and of~the Condominium law of
the state, and will perform all obligations thereunder- and a [allure to do so w~ich is not cured within 30 days after notice given by the Mort-
gagee to the mortgagor and the said association shall constitute a default under this mortgage. 1ltortgagor further specifically rnvenants, but not
f by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
coverage.
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21. Iltortgagor further covenants and agrees that at the request of 1liortgagee to furnish a standard termite bond insuring against damage
by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such company as
approved and required by lortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shall have the same right
to obtain same as insurance coverage under covenant 4t3 hereof.
22. That in the event that this mortgage is given to secure a constnrction loan failure on the part of the Mortgagor or the Mortgagors
contractor, architect, engineers, or sub-contractors to comply with the terms of t~e Construction Loan Agrcement 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?tortgagor covenants and agrees that he will, 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 loss
statement reflecting the bfortgagor's liabilities as welj as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
, went 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 accarntant.
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