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HomeMy WebLinkAbout2125 incanr, profits, issues and revenues are hereby mortgaged as if st,eeilieolly set forth onJ dracnbed in the grontiny and habc:rxlum clauses hereof, and such receiver shall hove all the brood and effective functions and powers in any wise entrusted by o court to 0 receiver, and such appointment shall be mode by such court os on admitted equity and a molter of absolute right in ttie Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without Halite to any obligor hereunder, NINTH: The Mortgagor hereby wolves all rights of homestead and exemption granted by the Constitution and laws of Florida. It is spetificolly agreed that time is of the essence in this contract and that no waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall of any time tl,e~eofter be Feld to be a waiver of the terms hereof or of the obligation secured hereby. , TENTH: If all or any port of the above described property or an interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of o lien or encumberance subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) o transfer by devise, descent or by operation of low upon the death of o joint tenons, or (d) the grout of any leasehold interest of three years or less not containing on option b purchase, the Mortgagee may, of the Mortgagee's option, declare all the wms secured by this mortgage to be immediately due and payable. The Mortgagee shall have waived such option to accelerate if, prior to the sole or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ing shot the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rote os the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, of its option immediately or thereafter declare this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged, or any port thereof, shall be condemned and token for public use under the power of eminent domain, the Mortgagee shall hove 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 the obligation secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, offer fifteen (15) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, o "tote charge" in the amount of four per cent (4%) of the installment due upon each such delinquent installment, and such "late charges" are secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for oppfication to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in adddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be mode, pay a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes, assessments and insurance premiums open the real estete security, os the omau~t thereof is determEned from time to time by the Mortgagee. { FIFTEENTH: That the Mortgagor shall furnish annually, at the request of the Mortgagee, financial statements in form and certified in o manner satisfactory to the Mortgagee. I SIXTEENTH: This mortgage secures an existing indebtedness and also secures any and all renewals and extentions of the promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, and this mortgage is also intended to be and is o mortgage to secure payment of any and all future or additional advances made ~ by the Mortgagee at its option to the Mortgagor, or his successor in title, for any purpose, to the some extent as if such future or i additional advances were mode on the date of the execution of this mortgage, although there may be no advance made at the time of the execution of this mortgage and although there may be no indebtedness outstanding of the time any advance is mode. All such advances are to be mode within twenty years from the dote of this mortgage, or within such lesser period of time os may b~, provided hereafter by low os opre-requisite for the wfficiency of actual notice or record notice of the option of future or oddi- tionol advances as against the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of any one time shall f not exceed o maximum principal amount of _ s --SEUIIJI`Y THOUSAND ArID NO/100------- 70 000.00 ~ - - - - - (3--'-- - - ~ plus interest thereon, and any disbursements made for the payment of foxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disbursements. This mortgage is subject to all the ternhs of a Construction Loan Agreettent of even date, the same as if said agreanent were set out herein in full. 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