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HomeMy WebLinkAbout0353 e. To perform. comply with and abide by c4ch and ev~ery stipulation, agrcement. condit~on and covenant in said promzssory note and deod set forth. T. Ia the eveut the jurlsdiction of the U. S. DLstdct Court shaU be tavoked by oragauut tbe Mortgagor~~uader any of the provisions of the Frcieral Bankniptcy Act. such action, whether voluatary or IRVOZLLAtBfy O[I ~p~r~ af the Modgagor, ahal! automaticaUy, without aotice, ao- celerata the matwity of all s~ss of mooey he~ew described aad secured uxi the sau~e ahall thereup~ becoma due aad payabk forthwith as [ully as if the said aggregate sums of mocey were originally stipulatec~ to ba paid on aucL data 8. To deliver to sdd Mortgagee ou or before 1?farch 15th af e~ch year, ta: reeeipts evideacing thepayment of all lawfully imposed ta~ces for tLe prececiing caleadar year, anb to deliver to said Mo~gagee, reccipts evidcucing the payauent oE aU lieas for public unprovements within ninety (90) days after the same sha11 beoome due andpa yable, and topay or dLschar8e wit6in ninety (90) daYs dter dua date, any and all govemmeatal kvies that way be made on the mortgaged property. on t6is murtgage or not0. or in any other way r~ultin8 fran the I?lortgage indebtedness secured by thu mort ago; and if Qus conditioa be not com ed with aad pedormed. said mort8a8~ ~Y PaY ~ sum or sums which shall become part of the de~t secured by this aadgage. and ahall ~ interat at the defaolt rate provided in said promissory note payable monthly until paid or said Mortgagee may elect tLat said mortgage debt thereupoa baane due and psyaWe forthwith. 9. lt is further covenanted and ag~eed by said partie~ that in tbe eveat ~ a suit being iastih~ted w foreclose thts uwdSa80. ~ M~BaSee shall be entided to apply at any tune peacling sudi foreclaaure suit to the oourt having jwi~diction t6ereof for the appowtment of a receiver of aU and singular the mortgaged properiy. aad of all the rents, incomes, profit~ issues and revenues thereof. from wLatsoever source dedved• and thereupon it is herebY e~Pre~ly covenanted and aS~d tlwt the court s6all fathwith appoint a reaiver of said mortga8~ P~~Y. ~ and sin8ular. aad of such rents, incomes. profits, issues and revenue tLereo~. from whataoeve~ muroe derived. with the usual pow~ers and duties of receivers in like cases; and such appointrnent shall be made by such cou.-t as a matter of strict ri8hi to the Mortgagee. its succ~ors, e legal representatives or assigns, and without reference to the adequacy or inadequacy af tLe value ef the property hereby mortgaged. or to the solveacy or iasolvency of the Morigagor. and that such rent, profits. iacome. issues and revtnues shaD be applial by a~c6 receiver to the pay- ment of the mortgage indebtedcess, costs and chuges, according to the orde~ of snch oonrt. . 10. lf all or any part of the property or an interest tberein it aold or trantferred by mortgagor witho~ut mortgagee's prior written consent, e~cludin (a) the creation of a lien or encumbrance aubordinate to this~tga ge. (b) the creation of a pumhase mone~ security interest for househo~ appiiaaces, (c) a transfer by devise or desoent, or by operatioa of Lw upaa the death of a jant tenaat, or (d) the grant of any leasehold interest of three yCflrS Or }CSS AO~ COI1t811llO$ 8n OphOfl ~O purchase, mortgagee may, at its.ap tioa, declare s11 the sums secured by this mortgage to be immediately due and payable. Mortgagee ahall have waived sucL option to accelerate i f prior to t 6 e s a l e or tra a der. mortgagee and the person to whom the property is to be sold or trancferred reach agreement in writing that t~e credit of such person is sat- isfactory to Mortgagee and that the interest payable on the snms secured by th~t mortgage s6all be at such tate as Mortgagee shall request. l l. That in the eveat the premises hereby mortgaged, or any part thereof. shaII be ca~demned 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 ~ or damages to said premise~ shall be paid to the rtortgagee up to the unount then unpaid on this mo~tgage sud at tLe opti~ d"the Mortgagee may be applied upon the payments last payable thereon. 12. The mortgagor bu~ds himself not to erect or permit to be erected any nevv buildin&s on the premsses herein mort8aged or to add to or permit to be addecl to any oE the e~risting improvements theit~on o~ make anY chxn ges or alteraHoas in said impmvements which materially change the same or the use thereof, without the written coasent of t6e Mortgagee, and in tl~e event of any violation or attempt to violate this stipulation this mortgage and all sums secured hereby shall immediately bacome due and colleMible at the option of the Mortgagee. 13. It is specyfically agreed that time is of the essence of this coatr~ct and that no waiver of any obli atioa hereunder or of the obligation secured hereby shall at any time be heW to be a wai~•er of the terms hereof or of tLe inttrument ~ hereby. 14. If foreclosure proeeedings of any seeond mortgage or seeond tnut deed or anp junior lien of any ldnci sho~ld be institutecl, the 1ltort- ~a~ee may, at its option, immecliately or therea[ter declare this mortgage and the indebtedness secured hereby due aad payable forthwith, and nzay at its option proceed to foreclose ihis modgage. I5. To the extent oE the indebtedness of the I~tortgagor to t6e Mortqagee described herein or secured hereby the Mortgagec is hereby subrogated to the lien or iiens and to lhe rights of Lhe owners and holckrs thereof of each and every uwrigage lien or other incumbrance on the land described I~erein 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 respecti~•e liens of said mort~a~~, liens or other incumbrances shall be anci the same and each oE them hereby is preservecl and shalj pass to and be held by the ~tortgagec herein as security for the indebtednc~ss to the I~iortga gee herein descrihed or hereby securecl, to the same e~tent that it wrould ha~•c heen presen~ecl and ~roiild have been passed to and been held by the Mortgagee had it Ueen duly and res;ularly assiuned, transferred, set ocer and deliverecl unto the ~tortgagee by separate deed of assignment notwithstanding ihe fact that the same may i be satisfied and caneellecl of reco:cl, it bein~ the intention o[ the parties hereto diat the same will be satisfied and cancelled of recorcl by the ~ holciers thereof at or about the time of the recording of this mortgage. j 16. To pay all and singular the costs, char~es and expenses, incl~~ling lawyer s fees, reasonably incurnd or paid at any time by the \lort- - ca<<~e, }x~caase of the failure of the riod~agor to pedorm, compiy with an~l abide by each and every the stipulations, ageements, conditionc, ~ an~] co~~enants of said promissory note and this deed, or either, and e~rry such payment shall bear interest from date at the default rate pro- ~ ~•;d~~:l in wid promissory note. ~ . e 17_ \Vhen any amount of money to be paid by the Aiortgagor to the MortgaRee under the terms hereof shall be in default, or sl~ould the 4 ~t,~rtga~or default in anp of the other terms, provisions or conditions of this Mortgage, then aacl in that case the MortAagec shall ha~•e the ~ ri,i~t, ~~~thout notice to the ~(ort~a~,or, to collect and rec.rive from any tenant or lessee of said modgaRed premises the mnts, issues and profits of the real estate hcreby mort~;a;~ed and ihe improeements thereon, and to give pro~er receipts and acquittances themfor, and after payi~g all m~nmissions of any mntal agent co}lectin~ the same, and any reasonable attorney s fe.es and other necessary ezpenses incurred in collectin~ same, to apply the proceeds of snch rnllectiotu opon any indebtedness, obliRation or liability, of the rtortAaRor herennder. The ri.ht ~rantcKl the \lurtfiagee imder this paragraph shall bc in addition to, and shall not lunit or restrict, any other right or rirJits firanteci the ~i~rt~,agce in this Alortgage. ~ IS. If the riort~agors at the time of makin~ this ~tortgage or subs_°~uent thereto take out life insurance designatinR the ~tortKagee herein ~ ac h,eneficiary v~•ith a rnmpany approvecl by the \iortga~ee or assigns p~licies to the Modgafiee Eor the purpose of securing the mortRa~e 1o:?n herebv sccured, then the ~tortRagce sha11 have the rif;ht to pay any premium accruing uncier said policies, and all sums so ecpended shall be ~ addecl to and become a pad of the principal indebtedness securecl by this Mort~eage aad shall be paid by the I?iortgagor to the ltortgagce , in tw•el~•e e~ual consecutive monthly installmentr, the fint monthly installment to be paid as a part of and in addition to the inonthly payment ~ due un~lPr ihis ~[ortgace in the first calendar month following the expendin~ of said stim. Such sums so eapended to bcar interest at the rate ~ at ~~~hich interest is payabie upon said principal indebtrclness and the )ien of this Mortgage shaD extencl to and secure the sums so expended to,ether w~th intcrest thereon as hereinbefore pro~~ded. - 19. At mortgaqee's option, together witl~ and in addition to the monthlypa yment of nncipal and interest payable under the temu of the note securecl hereby, i~ortc~akor shall pay to \fort~aRee each month until said note is ~paid, one-hvelfth (1/12) of a sum cc~ual to the annual prcmium di~e for fim, extended covera~e, and other hazard insurance including flood insurance, cm'erin~ the mort~;a ~ecl psoperty, ~ plut taae~s and assessments next due on the mort~cageci property (all as estimated by 111ortga~ee) less a11 sums already paid there~or, and to be cli.•i~leci hy the number of months to elapse prior to the date when sach taxes and assessinents shall became delinqeent. Said sams shall Ue ~ heid by rtorts~a~ee in trust or credited to the principal of the loan, to pay said insurance, taxes, and assessmeats and shall bc app:ied on the pa~•rre~nt thereof when due. Any excess held in in~st hy \t~rt~aAee when said loan is paid in full shall be paid to MortRagor, or his assigns, ~ or penonal representatives. In the event of a default or foreclosure, said surru held in ttust may be appliecl on any costs of clamages sustained in connection with the rnllection of the note secured hereby whether by suit foreclosure, or otherw~ise. I?tortRagee may from time to time at itc option wai~•r, ancl aEter any such waiver, reirutate any or all pro~~sions ~ereof rc~uiring such deposits, by notice to MortgaAor in writing. ~`a l~'hile any such waiver is in effcrt, ~iortgaRor shall pay taxes, assexsments and 'uuurance premiums as herein elsewhere provided. 20. ~lortgaQOr shail comply with d~e pro~~ision~ o[ any lease, if this mortqa e is on a leasehold. If this mortAa~e is on a condominium unit, mnrtAagor shall perform all of mortQa~eor s obligations under the declaration o~ rnndominium or master deecl, the by-laws and regulatirnu of d~e condomini~im projeM ancl constituent documents. ~tort~~a~or further covenants that he and the association responsible for the operation ~ of Lhe condominium wiIl observe all of the pra~is:ons of the said declaration and any ameadments theretu, and of the Condominium law of r the state, and will perform al1 obli~ations thereunder; and a failure to do so w~ich is not cnred within 30 days aEter notice gn•en by the Mort- ca¢ce to the mort~eagor and the said association shal) constitute a clefauk under this mortgage. 1liortRagor Eurther specifically cevenants, but not ~ by way of limitation, that he and the association wiD observe aIl of the provisions of said declaration of oondominium relatinR to iasurance co~•eraAe. ~ 21. 1lfortgaAor further rnvenants and agrees that at the request of Mortgaqee to furnish a standard termite bond insuring ag,ainst damaRe by infestation on the baildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such company as ~ approved and reqnireil by l~iortgagee; and in the event Mortgagor dces not comply with this covenant Mortgagee shall have the same rights to obtain same as insurance ooverage under oovenant ~3 Lereof. ~ ~ - ~ 22. T6at in the event that this mortgage is ~ven to secure a oonstrnction loan failure on the pa~t of the I?iortgagor or the Mortgagori ~ contractor, architect, engineers, or sub-contractors to rnmply with the ternu of t~ie Construction Loan t of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, constitnte a default he~ ~ 23. If the mortgaged premises is other than a o~ to four family dweDing, tl~e Mort~agor oovenants and a~ees that 6e will, not later ~ - than thirty (30) days after the end of the fiscal year, furnish unto the Associatian a complete and accurate balance sheei and profit and loss ~ statement reflecting the Mortgagor s liabilities as well as profit aod loss for the fiscal year~ and svc6 balance sheet and profit and loss stato- ment shall be prepared by a certified public accountant licensed in the State of F7orida, and.ahall be ~ rtifi as being correct b s~x:b certl- ~ fied pubL'c aocountant. ~UGK ~~0 ~A~E 35~ ~ .~s ~