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HomeMy WebLinkAbout1565 6. To perform, comply with and abide by each and every stipulation, agrexment, condition and covenant in said pronssory note acrd deed set forth. 7. In the event We jurisdiction of the U. S. Distr?ct Coed shall be invoked by or against the Mortgagor under any of the provisionu oI the Federal Ilankruptry Act, such action, whether voluntary or Involuntary on the part of the Mortgagor, shall automatically, without notice, so- celeste the nwturity of all sums of money herein described and secured and the same shall thereupon becorrre duo sad payable forthwith as fully as if ttie said aggregate sums ~ money were ori8inally stipulated to be paid on such date. 8. To deliver to said Modgagee oo ix before I?iarrh 15th of each year, tax receipts evidencing the payment of all law[uUy imposed to:es for the preceding calendar year, anc~ to de4ver to said Mod ee, receipts evidencing the payment of all lier?t for public improvements within ninety (90) days after the same shall become due and payaband to pay or discharge within ninety (90) days after due date, an and all governmental levies that niay be made en the mortgaged properly, on this modgage or note, or in any other way resulting from the I?fodgage indebtedness secured by this mortgage; and b this condition be not complied with and performed. said mortgagee rosy Pay such sum or sum 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 said I?iortgagee may elect that said mortgage debt thereupon become due and payabb forthwith. 9. It b further covenanted and agreed by said padies that in the event of a suit being instituted to forecbse this modgaga, the Mortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for We appintment 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 of said mortgaged Property, all and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source 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 Mortgagce, its successors, leggal representatives or assigns, and without reference to We adequacy or inadequacy of the value of the properly hereby mortgaged, or to the solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues and rewemies shall be applied by such receiver to the pay- ment of the modgage indebtedness, costs and charges, according to the order of such ooud. 10. If aA or any pad of the property or an interest therein b sold or transferred by mortgagor without mortgagee's prior written rnnsent, ezcluding (a) the creation of a lien or encumbrance subordinate to thb wortgage, (b) the creation of a purchase mo security interest for household appliances, (c) a transfer by devise or descent, or by operation of law 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, mortgagee may, at its option, declare all the sums securecl~ by this mortgage to be immediately due and payable. Mortgagee shall have waived such option to accelerate if prior to the sale or transfer, mortgagee and the person to whom the property b to be sold or transferred reach agreement in writing that tie credit of such person b sat- isfactory to Mortgagee and that the interest payable on the sums secured by this modgage 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 sad taken for public use under the power of eminent domain, the Mortgagee shaIl have the right to demand that all damages awarded for the taking ~ or damages to said premises shaII be paid to the 1lfortga ee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon the_ payments last payable tn. 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 permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially charge the same or the use thereof, without the written rnnsent 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 obligation hereunder or of the obligation secured hereby shall at any time be held bo be a waiver of the temu hereof or of the iasbrnment secored hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or a• 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 forthwith, and may at its option proceed to foreclose this mortgage. ga subr5ogated o the lien or L m a~ndebto t~he~rigbts of thMe ownersoe atnod hot ~dther~eof of eat and~~ or secured hereby the Modgageem~ on th land described herein whidi b paid and/or satisfied in whole or in gaggeess lien or other incum part out of the proceeds of the loan described herein or secured hereby and the respective liens of said modgages, liens or other incumbrances shall be and the same and each d them hereby is preserved and shall pass to and be held by the Modgagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same eztent that it would have been preserved and would Gave been passed to and been heM by the Mortgagee had it been duly surf regularly assigned; transferred, set over and deh'vered unto the Modgagee by separate deed of assignment notwithstanding the fact thac the same may be satisfied and canceIIed of record, it being the intention of the parties hereto that the same will be satisffod and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 18. To pay all and singular the costs, charges and experues, including lawyer's fees, reasambly incvned or~aid at air time by the Mod- ga ee, because of the failure of the I?iodgagor to perform, com~~y with and abide by each and every the stipulations, agreements, conditions, a~ covenants of said promissory. note and this deed, ~ either, and every sudi payment shall bear interest from date at the default rate pro- vided En said promissory note. 17. When srry amount of to be paid by the M to the Mortgagee under the terms hereof shall be in dehult, or should the j Modgagor default in any of the other teems, ppravisioas or conditions of fhb Mortgage, then and in that case the Mortgagee shall have the ~ right, without notice to the Modgagor, to coIIect and receive 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 give proffer receipts and acgrrittaacGS therefor, and after paying all commissions of any rrrotal agent collecting the same, and any reasonable attorneys foes and other necessary expenses incurred in right gra ited the Mo ~gea upnderer thbof such collections upon an indebobligation or liability, oaf the 1?iortgagor hereunder. The paragraph shall be in addition to. and not limit or restrict, any other right or rights granted the Mortgagee in this Mortgage. ~ 18. If the Mortgagors at the time of making fhb Mortgage or ue~nt thereto take out life insruarice designating the 1?iortgagee herein E as beneficiary with a eonpany approved b the Mortgagee or assigns«es to the Modgagee for the purpose ~ securing the wortgageloan ~ aaaed to and ethe Madgagee shall ~ve the right to pay any premium accruing under said policies, and all sums so expended sbaD be apart of the p ' pa1 indebtedness secured by thb Mortgage and shaD be paid by the Mortgagor to the Mortgagee in twelve equal consecutive monthly L4s~ta1lment, the first monthly installment to be paid as a part of and in addition to the monthly Payment ~ due under this Mortgage in the first cakridar month following the expending of said sum. Such sums so expended to bear interest at the rate at which interest b payable upon said principal indebtedness and the lien of fhb Modgage shaD ertead to and secure the sums so expended together with interest tbereou as hereinbefore provided. 19. At mortgagee's option, der with and in additien to the monthly gaymens of principal and interest yabk under the temis of the note secured hereby, Mortgagor shaD pay to Mortgagee each month until said note b fully paid, one-twelfth ~/12) of a sum equal to the annual premium due for fire, eztended coverage, and other hazard insurance including flood insurance, covering the mortgaged Property. Qlus taxes and assessments nest due on the mortgaged p (aII m estimated by Mortgagee) less all sums already paid therefor, and to be divided by the number of months to elapse prior to the date w such tares and assessments shall become delinquent. Said sums shaD be held by bfortgagee in trust or credited to the principal of the loan, to pay said insurance, fazes, and assessments and shall be applied on the payment thereof when due. Any excess held in trust by Mortgagee when said ban b paid in full ahaD be paid to Mortgagor, or his assigns or personal representatives. In the event of a default or forec re, said surm held in trust may be applied on any coats of damages sustaine~ in connection with the collection of the note secured hereby whether by suit, foreclosure, or otherwise. Mortgagee may from time to time at its~optioo waive, and after a~+ such waiver, reinstate any or aD provisioru hereof requiring such deposits, by notice to Modgagor in writing. While any such waiver b in effect, Modgagor shall Pay taxes. assessment and insurance premiums as herein elsewhere provided. 20. Mod_ga~or shall comply with the provisions of any lease, if this modgage b on a leasehold. If this modgage b on a condominium amt, mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulatioai of the rnndominium project and constituent document, Mortgagor further covenants that he and the association raponsibk for the operation of the condominium will observe aD of the provisions of the said declaration and a~ amendment thereto, and of the Condominium law of ( the state, and wiD perform all obligations thereiirider• and a failure to do so which b not caned within 30 days after notice given by the Mod- , gages to the mortgagor and the said association shelf constitute a default under fhb mortgage. Modgagor further specifically covenant, but not by way of limitation, that be and the association will observe all of the provLsions of said declaration of condominium relating to iruuranoe coverage. i 21. 1lfortgagor further covenant and agrees that at the request of Modgage~e to famish a standard termite bond insuring ag damage by infestation on the buildings now or hereafter located on the mortgaged property, in such amount and terms, and with svchacompany as ~ approved and required by Modgagee; and in the event Mortgagor does not comply with thb covenant Mortgagee shaD have the same right i to obtain same as insurance coverage under covenant at3 hereof. 22. That in the event that this mortgage b given to secure a construction ben failure on the pad of the Mortgagor or the Mortgagor's contractor, architect, engineers, or sub-contractors to wmply with the terms of the Construction Loan Agreement 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 b other than a one to four family dweIlinQ, the Mortgagor covenant and agrees that fie 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 Modgagor s liabilities as we)j 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 of Florida, and shaD be certified as being correct by such certi- fied public accountant. °~RK 307 ~,1GE~5UJ x = T~ .