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HomeMy WebLinkAbout1509 e. To perform, eornply with and abide by each and every stipulatbn, agreement, conclitron and covenant in said prortuswry note arxf decd set forth. T, In the event the jurisdiction of the U. S. Ixstrict Court shall be invoked by or against the Mortgagor under any of the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary an the pad of the Mortgagor, shall automatically, without notice, ao• celeste the maturity of all sums of money herein described and secured ar.d the same shall thereupon become due and payable forthwith as fully ss if the said aggregate sums of money were originally stipulator3 to be paid on aueh date. 8. To deliver to aid Mortgagee oo a before bfarch lSth of each year, tar receipts evidencing the yment of all lawfully imposed to:es for the ppreceding calendar year, and to deliver to said Mortgagee, receipts evidencing the payment of aU lieru for public irnprovemeats within ninety (t0) days after the same shall become due and payable, and to pay or discharge within ninety (90) days after due date, asy and all governmental levies that may be made on the mortgaged p rty, ao this mortgage or note. or to any other way resulting from the Mortgage indebtedness secured by this mortgage; and if this condition be not comelied with and performed. aid mortgagee maY PaY such sum or sums which shall become part of the debt secured by this mortgage, and shall beu interest at the default rate provided is said pcom~ssory note payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due sad payable forthwith.. 9. It is further covenanted and agreed by aid parties that 1a the guest ~ a 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 apd singular the mortgaged pproperty, and of all the rents, incomes, profi 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 P~rtY. and singular, and of such rents, intor~ profits, issues and revenue thereof, frorn whatoever source derived, with the usual powers and duties of receivers in like cases; and sudr appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors, legal representatives or assigne, and without reference to the adequacy of inadequacy of the value of the property hereby mortgaged, or to the solvency or insolvency 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 ceder of such court. 10. U all or any part of the property or as interest therein is sold or transferred by mortgagor without mortgagce s prior written consent, excludingg (a) the creation of a lien or eacumbranoe subordinate to this wortgage, (b) the creation of a purchase money security interest for househoM appliances, (c) a transfer by devise or descent, or by operation of Lw upat the death of a joir?t tenant, or (d) the grant of any leasehold interat of throe yyears or less not containing an option to purchase, mortgagee may. at its option, declare afl the sums secured by this mortgage to be immedrately 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 is to be sold or tsnsferred reach agreement in writing that t~re credit of sud? 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 night 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 tbe I?fortgagee may be applied upon the payments last payable thereon. 12. The wortgagor 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 ezistIng improvements thereon or make any ~~es or alterations in said improvements which materially change the same or the use thereof, without the written consent of the I?iortgagee, ana 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 oblr'~ation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terrr>s hereof or of the instrument secured hereby. 14. If foreclosure proceedings of any sernnd mortgage or second trust 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 forthwith, and may at its option proceed to foreclose this mortgage. 15. To the extent of the indebtedness of the I?fortgagor to the Mortgagee described herein or secured hereby the :~tortgagce is hereby subrogaterl to the lien or lieru and to the rights of the owners and holders thereof of each acrd every mortgage lien or other incumbsnce on the lagd 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 lieru of said mortgages, liens or other incumbrancrs shall be and the same and each of them hereby is preserved and sha)i pass to and be held by the I?fortgagee herein as security for the indebtedness to the IVfortga 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 Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the Mortgagee by separate deed of assigmnent 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 cancell~l 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 expenses, including lawyer s fees, reasonably incurred or paid at any time by the ~fort- gagee, because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and this deed, or either, and e~•ery such payment shall bear interest from date at the default rate pro- vidcti in said promissory note. 17. When any amount of moneeyy to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the ;Mortgagor default in any of the other terms, provisions or conditions of this Ilfortgage, then and in that case the 1lfortgagee shall have the E ri~:ht, without notice to the 1liortgagor, to collect 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 acquittances therefor, and after ~ paving all eommissionc of any rental agent collecting the same, and any reasonable attorneys fees and other necessary asperses incur:eel in ~ collecting same, to apply the procreds of such collections upon an indebtedness, obligation or liability, of the Mortgagor hereunder. The right granted the Mortgagee tinder this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights gsnted the Mortgagee in this Mortgage. 18. If t}re Mortgagors at the time of making this Mortgage or subs_--gguent thereto take out life insusnce designating the Ilfortgagee herein as beneficiary with a company approved by the Mortgagee or assigns policies to the Mortgagee for the purpose of securing the mortgage loan herehp secured, then the Mortgagee shall have the right to pay any premium accruing under said policies, and all sums so expended shall be aclcled to and become a part of the principal indebtedness secured by this I?iortgage and shall be paid by the lliortgagor to the \fortgagce in taehe egrral consecutive monthly installments, the first monthly installment to be paid as a part of and in addition io the monthly payment due under this Mortgage in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so e.~pended ~ to~,ether with interest thereon as hereinhefore 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, hortgagor shall pay to Mortgagee each month until said note is fully paid. one-twelfth (1/12) of a sum equal to the annual premium due for fire, extended covesge, and other hazard insurance including flood insurance, covering fire mortgag property, plus taxes and assessments next due on the mortgaged property (aD as estimated by Mortgagee) 1^ss all sums already paid therefor, and to ire di.•ided by the number of months to elapse prior to the date when such taxes and assessrents shall become delinquent. Said sums shall he held by rortgagee in trust or credited to the principal of the loan, to pay said insusnce, taxes, and assessments and shall be applied on the payment thereof when due. Any excess held in trust by 1lfortgagee when said loan is paid in full shall be paid to 1?fortgagor, or his assigcu, or personal representatives. In the event of a default or foreclosure, slid sums held in trust may be applied on any costs of damages sustained in connection with the rnllection of the note secured hereby whether by suit, foreclosure, or otherwise. 1lfortgagee may from time to time at ~ its opption waive, and after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgagor in writing. R'hile any such waiver is in effect, Mortgagor shall pay taxes, assessments snd insurance premiums as herein elsewhere provided. s 20. Mort a~gor shall rnm 1 v:~th the provisions of an lease, if this mortgage is on a leasehold. If this mortgage is on a rnndominium unit mortgagor shall perform all of mortgagors obligations under the declastion of condominium or master deed, the by-laws and regulations o~ the condominium project arrd constituent documents. Mortgagor further covenants that he and the association re~onsible for the opestion of the condominium will observe all of the provisions of the said declastion and any amendments thereto, and of the Condominium )aw of the state, and will perform all oblisations thereunder; and a failure to do so w~ieh is not cured within 30 days after notice given by the I?fort- ~ gagee to the mortgagor and the said association shall constitute a defauk under this mortgage. Mortgagor further specifically covenants, but not by way of limitation, that be and the association will observe all of the provisions of said declastion of rnndominium relating to insusnce rnvesge. 21. Mortgagor further covenants and agrees that at the request of Mortgagee to Eumish 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 I?fortgag~e; and in the event Mortgagor does not rnmply with this covenant Mortgagee shall have the same rights to obtain same as insurance oovesge under covenant ~3 hereof. 22. That in the event that this mortgage is given to secure a construction loan failure on the part of the Mortgagor or the Mortgagoia 1 contractor, architect, engineers, or sub-contsctors to comply with the terms of t e Corutnrction Loan A~r~ernent of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, corutitute a default hereunder. ~ 23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor coverwnts and agrees that he will, not later ~ than thirty (30) days after the encl of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and loss statement reflecting the Mortgagors liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and lass state- - meat 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 accountant. ~~j((j~p i BCtI!! r• R VVp r1~, 1~OJ - - _ M.