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HomeMy WebLinkAbout0246 . 8. To perform, camply vrith aad abido by each aod avery nipnlatioa. agreemen~ condiuon and ooveaant in said pranusory note and deed cet forth. 7. ln the event tha jurii3jctioa oE t6e U. S. DlsMct Court s6aD be iavokod by oragaiast the I?lortRagor~uader any of tbe provisiau oE the Federnl Baakruptcy Act, i~?ch actioa. whether voluatary or involuatary oa tbep~r~ oE t6e Mort8a8w. sball autanattcaUy. without aotice, Ro- cekrata the uuturlty of all sum: of money herein described aod sacured~ and tLe :ame shall thereupon become due sod payabk torthwith u fully as if tt?e said aggregate sums of mw~ey wero origiaally stipulated to be paid oo sncL dats. 8. To deliver to said Matgagee an ar befa+e I?iarch 15th aE e~ year, tu raoelpts evkleucing t6ep~ ymeat of ~ll lawfully imposed tuos for the recediag c~lendu year, an~ to deliver to said b! oe. receipts evideadn8 tbe paymeat of ~11 Iteas for public improvemeats within p c en niceb (90) days afte~ tLe same shall beoome due aod ya and topa r or d~Lar~e wt~bin ntneey (90) days Jcar due dace, wy~and all govemmeatat kvies that may be mada on tbe mort8+~8~Property,~ thts mortgage ~ note. or in any other way resultiag trom tha Mort8s8e indebtedneas secured by tbi: mo~ Se: and if tbia ooodition be not oo wtth md perfoimed, uId mo~tgsgee maY P~Y ~h :unu or su~ . which shall become part oE tLe debt aecured by this mort8a8e. ud s6aIl~ interest at tbe default rate provided to taid promiaory note payabb montlily until paid or said Mortgagee may dect that taid mortgage debt thenupoo become due u?d payabk forthvv~tb. 9. Ic is •fucther oovenancod and agreed by saW putia tLac in the eveac of a sutt being iasticuced co forecloee thi: mort~aga the MortseBee ~6all be entitlod to apply at any time pending s~ch foreclosure suit to tLe oourt having fuzisdiMion tLereof for tbeappo iatment of • roceiver of all and singular the mort8a8ed property. and of all tl~e rents. incomet. Paaf~its, issu~ aod revanuea thereof, fro~ whatsoever warce deiived• and thereupoa it is herebY ~P~Y covenantod and agread that the court s6aII fathwith appotnt a receiver d said aa~t8+8~ P~rtY. ~ and sin8ular. and of such rents, incom~s~ proEits, issues and reveaue thereof. froaa wLatsoever iouroe de~ival, wlth the maal powe.a and duties of receiven in like cases; and suc6 appointment sha11 be made by sucL oo~ut ~ a matte~ of strict rtg~t to the biortgagee. its successois, le $~~1 rep o~tah'ves or assigw, and without reference to the adequacy or inadequa~y of tbe value of the prope herebY mo~t8a8ed. or to t6a ment of the mo~ n e~btedne~ss,~oosts a~nd~c6arS~s. aording t~'o the m~'ader af w~ oourt.nea thaD be a~bY s~ch reoeiver to the WY- 10. lf all ~ wy part of the pmpe~cy or an mtere~c therein is sold or e~f«red by mort~or w[thouc morc~ee s prior wriaen co~eenc, escludin~ ( a) d~e creation of a lien or eacumbranoe anbordinate to thitm~t~g~ ( b) the creatioa of a purchasenwney sec~rity interest for household appliances. ( c) a transfer by devise ~ desoeat, or by operatlon af law upon t6e death of a j~nt tmaot, or ( d) tbe grant of any la~sehold interest of three years or leas not oontaining an option to purcLa:e, mo:t~ee may, at ib option, dedaro all tbe sums secured by this mortgage to be iwmediately due and payable. Moctgagee s6all have ~iv~ed snc6 optioo to acoelerate if prlor to the sale oi traader. mortgagee and the person to whom the properly is to be soW or transferred reuh agreement in writiag that t~a creciit eE s~x;~ persa~ ii sat- isfactory to Mortgagee and t6at t6e interest payabb ~ the sums secured by this mo~tgage shaII be at such nte as Mortgagee shall req~st. 11. That in the eveat the premise~s herebY ~SaSed. or any part thereof. shaIl be oondemaed aad taken for pnblic use under the power of eminent domain, the I?~ortgagee a6all have tbe right t~ demand that dl damages awarded for the taldng oE or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this mortgage aud at tbe option af the MortBaBee m~?Y be aPPlied uPon the payments last payabk the~eoa. . 12. 'lbe mortgagor binds Limself not to erert or permit to be erected any new b~Wdings on the preinises herein mortgaged or to add to or permit to be added to any of the ezisting impcavemeats thareon or make anp chann ges or alteratioas in said improvements which materially change the same or the use thereof. without the written co~ent of tbe M~~8~~ and in the eveat of any violation or attempt to violate this atipulation this mortgage and all sums secuced hereby shall immediately become dae and oollectibk at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this o~tract and tbat no waiver of any obli tioa hereunder or of the obligation securecl hereby shall at any time be held to be s waiver o~ the ternu hereof or ~ the iastrunnent ~Lereby. ~ 14. If foreclosure praceedings of any second mortSage or second trost deed or soy janior lien af any Idnd should be iastituted, the I?tott- gegee may, at its option, immediately or therea[ter 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?iortgagor to the Mortgagee described herein or seciued hereby the I?iortp.agee is hereby subrogateci to the lien or lieas and to the rights of the owners and holders thereof of each and every awrtgage lien or other incumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the procecds of the loan described herein or secured hereby and the respective liens of said mortgafies, liens or other incumbrances shall be and the same and each of them hereby is preserved and shal~ pass to and be held by the Mott~agee herein as security for the indebiedncss to the 1ltortgagce herein deseribed or hereby secured, to the same extent that it a~ould have been presened and would 6ave been pacsed to aad beea held by the Mortgagee had it been duly and re~ulady assiRned, transferred. set over ancl delivered unto the 1?Sortgagee by separate deed of assignment notwithstancling the faM that the same may be satisfied and cancelled of record, it being the intention of tbe pa~ties hereto that the same will be satisfied and cancelleci of record by the holders thereof at or about the time of the recording of this mortgage. ' 16. To pay all and singular the caats, charges and eucpenses, including lawyers fees, reasonably incurmd or paid at any time by the !1~ort, j Racee, Mcause of the failure of tbe biortgagor to perform, comply wit6 and abide by each and every the stipulations, agmements, conditions, and cor•enants of said promissory note and this deed, or either, and e~~ery such payment shall bear interest from date at the defa~lt rate pro- ~ided in said promissory note. ~ 17. ~'Vhen any amount of monty to be paid by the Mortgagor to the Mortgagee under the terms 6ereof shall be in default, or should the i rlorigagor default in any of the other tertns, provisions or conditions of this Modgage, then and in that case the MortRagee shall have the F riqht, K~thout notice to the Atort~agor, to eollect and receive from any tenant or lessee of said mort~aged premiscc the rents, issues and ; profits oF the real estate hereby mortgaged and the improvements thereon, and to give pm~er receipts and acquittances thcrefor, and after ! paying a11 commissions of any rental agent collectin~ the same, and any reawnable attorney s fees and other necessary expenses incurrecl ia 9 collectinR same, to apply the procc~ecls of such rnilections upon anv indebtedness, obliRation or liability, of the I?tortgagor herew~cler. Tlie ; riRht ~;ra~ted the 11o~tgagee ~u~der this paragraph shall be in ad~ition to, and shall not limit or ratrict, any other right or riy,hts granted the ~ I~~ortgagee in this Mortgage. ~ 18_ If the Atort a ors at the time oE makin this ~fort e or suUs uent thereto take out life insurance desi~natin the I?iort ~ 8 S ~ SaK ~ g gagee herein as beneficiary with a company approved by t6e I~iortgagee or assigss policies to the Mortgagee for the purposG of securing the mor~gage loai~ ~ hereby secured, then the I?lortgagee shall have the right to pay any premium aorruing under said policies, and all sums so expended shall be € addecl to and beco?ne a part of the principal indebtedness secwred by this Mort~qage and shall be paid by tLe Aiorigagor to the \tortgagee ~ in ta•el~e ec~ual consecutive mont}ily installments, the first mondily installment to be paid as a part of and in addition to the monthly payment due-under this I?tortga~e in the first calendar mont(~ following the expendmg of said sum. Suc6 sums so eupendcd to bear interest at ihe rate i at which interest is payable upon said principal indebt~dness and the lien of this Mortgage shall extend to and secure the sums so eupended ~ to~ether with interest thereon as hereinbefore provided. ~ 19. At mortgagee's option, together with and in addition to the monthlypa yment of ruicipal and interestpa yable under the temu of the ~ note secured hereby, Mortqagor shallpa y to Mortgagee each month until said note is ~paid, a~e-tweffth (1/12) of a sum e~ual to the annual pmmium due for fire, extended cm~erage, and other hazard insurance including flood insurance, coverin~ the marlgaged praperty, * plus tates and assessments next due on ihe mortgaged propcrty ( sll as estimated by Mortgagee) less all sums already paid. thcreFor, and to be ~ di~~ded by the number of months to elapse prior to the date when such tazes and assessments shall become delinquent. Said s~~ms shall be a held by AiortAagee in trust or credited to the principal of the loan, to pay said insuranoe, tazes, ancl assessments and shall be applied on the ~ payment thereof when due. Any e:cess held in tnut by MortgaRee when said loan is paid in full shall be paid to I?tortRagor, or his assi~ns ~ or personal repraentatives. In the event of a default or foreclosure, said sums held in truct may be applied on any cosis o[ damages sustaine~ ~ in connection with the collection oE the note secured hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at ' its option waive, and aher any svch waiver, reinstate any or aIl provisions ~?ereof requiring such dcpo5its, by notice to Mort~a or in writing. ~Vhile any such wa;ver is in effect, Mortgagor shall pay tazes, assessmenta and insurance premiums as herein eLcewhere provi~ed. ~ 20. Mortga~gor shall comply with the ~rovisions of any lease, if this mortgage is on a leasebold. If this mortgage is on a oondominium umt, mortgagor shall perform aD oE morigagors obligations under the d~claration of oondominium or master deed, the by-Iaws and regulations oE . the condominium project and constituent documents. Ilfortgagor further covenanta that he and the association res~onsible for the operation of the condominium will observe aD of t6e provisions of the said declaration and a~ amendments thereto, and of the Condominium law of ' the state, and ~vill perform aI) obli~ations thereunder and a failure 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 rnnstitute a defauk under this mortgage. Mortgagor fnrtLer specifically covenants, but not ~ by way of limitation, that he aod the aaociation wiD observe all of the provisions of sald declaration d oondominiwn relating to iiuuranee rnverage. I ; 21. Mortgagor further cavenants and agrces that at the request of 1ltortgagee to fnmish a standard termite bond insuring aga~nst damage y by infestation on the buildin~ys iww or hereafter located on the mortgaged property , in such amounts and terms, and with such company as = approved and required by Mortgagee; and in the event Mortgagor dcea not camply wlth thls covenant Mortgagee shall have the sau?e rights ~ to obtain same as insurance ooverage under ooveaant lt3 Lereof. - - ~ 22. That in the event that this mortgage is ~ven to secure a constn~ction~, failure on the part of tbe 1ltortga or or the Mortgagor: ~ rnntractor. architect, en~ioeer3, or sub-contractors to oomp}y with the tern~s of tbe Caastruction I.oan Agreement ~ tven date herevvith, which is by reference incorporated herein, shall, at tLe option oE the Mortgagee, ooa~titute • defanh 6ereunder. ~ 23. If the mortgaged premises is other than a one to fau fami}y dwelling. tLe Mortgagor oovenants and agrees that he wiD, not later than thirty (30) days after the end of the fiscal year furnish unto the Association a o~plete and aocurate balance sheet and profit and loss statement reflxting the Mortgago~s liabilities as w~e~ ai profit and loss for the fja_cal year, and such balanoe sheet aod profit and laas stato- ` ment shall be prepared by a certifie~ public socountant IlcenSed in the State of Fbrida. and shaD be certiffed as beiLg correct by sush oerti- ; fied public aooo~mtant. ~ 310 ~A~.~ 246