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HomeMy WebLinkAbout0484 Y To perform. comply with and abide by each ud every sdpuL~tion, agrcement. condition and oovenant ii? said prom~ss°ry note aaci deed set forth. • 7. In the event the ;uriuiictioa of the U. S. Dictrict Court shall be invoked by ora~ ast the Mortgagor under anY of the P~~~ ~~0 Fecieral IIankruptcy Act, such actioa, whethe~ voluntary or iavoluntary ou thep~ of the Mortgagor. sha11 automatically. without ootice. ao- c~lerate the maturity of all swns of moaey herein dese~bed and secured aad tlre same sha11 d?ereupoa become dua wJ paYabb forthwith as fully as if the said aggregate swns of money were originally stipulatc~ to be paid ~ suc~ date• - 8. To deltver to said MortgeBee o0 or befoce 1?iarch 15th oE each year~ ta raceipts evidencin8 thapaY~nt of all lawfully imposed t~es g i of all lieas for public unprovements vinthin for the FrecedIng c~leendar year, and to deliver to said Mortgagoe, receipts evidenciag the payinen cl ninety (90) dqya dter the seme s6aU become due and yable. and tops y or dischsrSe withia ninetY (90) aaYs after due date, an o~8e Rovert?mental levies that may be made on tha mort8a8~PropeKY. ou tWs mortgage or aot0. or in anY other way resultin8 Esuch s~um~ swns indebtedness secured by thu mort age: and if this cooditi~ be oot com ed with aud perforn~ed, said mort8a8~ ~Y PaY pava~ble~mon~ ~ paid o~r saW Mortgagueymay elect t~6agt'said mortgage d~t thereupo~n debecane due~ apnd WYsble fo~rthwi~ note It is fwiher covenanted and ag~eed by ~aid parties that in tha event d a autt bein8 institutad to fonclose thts mort8a8e, the Mortgagee shall be entided to app}y at any tinne pendin~ sach forecloaure suit to the oourt havii?8 3urisdjction thareo~ for the appointment of a receiver ~f sll and singular the mortgaged roPertY. and of all the rents, incomes, Profit~ issues and reveAUea tLereof. from w6atsoever source derivecl• and thereupoa it is herebY exP~y covenanted and aSroed that the oourt shaU focthwith oppoint a roceiver of said mortga8~ P~'~'• ~ and singula~. and of such rentc, incomes. Profits, issues aod revenue thereaf, from whataoever aoucoe deriv~ed, with the iuual powers and duties of receivers in like cases; and such appointrnent shall be made by sucL oo~ut as a mstter of sMet riSht to tlie Mortgagee, its successois, legal representatives or essi8ns. and without reference to tha adequacy or inadWuaaY of the valne of the propecty hereby mort8a8ed. or to the solvency or insolvency of t1?e I?iortgagor, and that such rent, profits, incam0. issues antl reven~es s6a11 ba aDPlied by such receiver to the pay- ment of the moKgaSe mdebtedaess, casts aad char8es. aCCOrding to the ader of sueh oouR. 10. IE all or any part of the propedY or an interest therein is sold or tranSferred by aartgagor without mortga8ee: Prior written coasent, excludin (a) the creatioa oE s liea or encumbrance subordinate to thismoctgaga, (b) t6e creatian of a Pu~ ~~Y ~"'nh' interest Eor househo~ appliances. (c) a transfer by devise or desaent, or by operati~ oE law upom the death ~ s i~t tenant, or (d) the Scant of any leasehoid interest oE three years or less not oontaining an option to purchase. mort8agee maY, at itsop tim, declaie ell the sums secured by this mortgage to be immediately due and payable. Mortgagee shall have waived s~c6 option to accelecate if prior to the sale or traasfer, martgagee and the person to whom the property is to be sold or trancferral reach agrcement in writing tLat t~e credit of such person is sat- isfactory to Mortgagee and ihat the interest payable on the sums secured bY this mort8a8e sha11 be at such nte as Mortga8ee s6a11 recluest• 11. That in the eveat the premIses 6ereby mortgaged, or any Part thereof. shaD be oondeinne~ and takea for public use nnder the power of eminent domaia, the Mortgagee shall have the rig6t to demand that all damages awarded for the taldng of or damages to said premises shall be paid to the Mortgagee up to the amouat then unpaid oa this mort8i8~ and at the aption of the Moctga8e~ may be applied upon . the paymenis last payable t6ereon. 12. The mortgagor binds himself not to erect or permit to be erected any nev? bnildings on the Premi~s ~ortgagecl or to add to or permit to be added to aoy ~ the existin8 imProvements thareo° °r make any changes or alterations ia said improvementc which materially chanqe the same or the use ihereof, without the written rnnsent of the Mortgagee, and 'ln the event of any violation or attempt to violnte this stip~~latioti this mortgage and all sums secured herebY shall immed~etely become due and rnllectibk at the opNop of the Mortgagee. 13. It is specifically agreed that time is of the essence of this oontract and that no waiver of any obli~a~~'oe~y reundeT or of tLe obligation secured hereby shall at any time be held to be a waiver of the temu hereof or of the instniment secnred 14. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any ldnd should be uutituted, the I?tort- ~a~ce u~ay, at its option. immeciiately or thereafter declare this morcSage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose this mortgage. 15. To the e:tent of the inclebtedness oE the I?tortgagor to the btortgagee described here~n or u~r~ hereby the riortga ee is hereby subrogated to the lien or lienc and to the rip,hts of the owners and holders thereoE of each a~ every moctgage lien or other incum~ranc~e on the lancl described herein wliich is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby ar.d tl~e respective liens of said mortgafies, liens or other incumbrances shaD be and the same and each of them hereby is presen•ccl and shal~ p:us to and be held by t6e ~todRagee herein as security for the indebtedc?ess to the I?tod~agee herein described or hereby secured, to the same estent that it would have been preserved and would have been passed to and been hcld by the I~fortga~ee had it Uecn duly and.re~;ulady assi~ned, trancferrcrl, set over and delivered unto the I?tortgagee by separate deed of assignment notwitlutanding the fact dn~t the same mey be satisfied and cancell_~d of record, it Uein~ the intention of the parties hereto that the same will be satisfied and cancelled of record Uy the holders thereof at or about the time of the recording oE this mortSage. 16. To pay all and sing~dar the costs, charges and e:penses, including 1awy ers fees, reasonably incurred or paid at any timc by the \fort- ra~e~~, berausc of the failure of thc rlortgaRor to perforn~, comply with and abide hy each and every the stipulatioru, agreement~, rnn~litions, ar~-1 co~•enants of said promissory rwte and this deed, or either, a~ every such payment shall bear interest from date at the defaidt rate pro- ~ ~~icL•:l in said promissory note. ' 17. 1'hen r}amount of money to be paid by the Mortgagor to the I~tortfCagee under t6e terms hereof sl~a~ be in default, or should the ` ~f~~:tc~a~ le ult in any of the other terms, prov~sions or conditions of this !liostgage, then and in that case the 1ltortRagee shall 6a~•e the ; ri,~Lt, w~~oticr to the \tort~;aQor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issur.s and s pro:its of the real estate hereby mort~;a~ed and the impro~•ements thereon, and to ~ive pro~er receiPts and acquittances therefor, and after ~ pa.-infi all commissions of any rrntal aqent eollectin~ the same, anci any reasonable attorneys fees and other necessary expertces ~nci~:reci in s coilectin~ same, to apply the proceecls of such wllections upon anv indebtedaess, oblifiation or liability, of the ~IortgaFor hereunder. The ! ri,{it }:rantMl the :~tortfi:igee under this paragraph shall be in adaition to, and shall not limit or restrict, any other rip,ht or ri~hts ~rantQd the ~tort,aRee in this 111ortgage. ~ l;s. IE the ~torts:aGors at the time of makin~ this ~(ortgage or subs uent themto take out life insurance designa!ing the ~tortgagee hPrein ~ ~icies to the Mort~agee ior the purpose of securing the mort¢a~e loan a~ {x~neficiary a•ith a rnmpan3' ~PPro~'ed by the ~iortRaqee or assigns ' he~eh~• secured, then the I~lortga~ee sha11 have the right to pay any premium accruing under said policies, and all sums so eapendexl sLall l~e ~ addecl to and 1x~come a part of the principal irxlchtedness secured by this 1ltortRage and shaU be paid bY the riort~a~or to the Aiorty,a~ee ~ in t~celve equal consecuti~-e m~nthly installments, the first monthly instalhnent to be paid as a part oE and in addition to the monthly payment ~ clu~ undcr this 1ltort~a~e in the first calendar month follow•ing the expending of said snm. Such sums so e~pended to }xhr interest at the rate at ~vhich interest is payable upon said principal indebtedness and the lien oE this r~ortRaKe shaD ertend to and secure the sums so ezpendeci ~ to,cther uith ir~terest thereon as hereinbefore pro~~ded. 19. At inortgagee's option, together with and in additian to the monthlypa yment of principal and interest payable ander the tem?s of the ~ no:c secured hereby, 1ltort~aRor shall pay to ~tort~agee each month until said note is full~ paid, one-twelfth (1/12) of a sum equal to the ~ annual premium due for fire, eztendecl co~•erage, and other haTard insurance including ood insurance, coverin~ ihe _ mort~;a~e~l property, ~ plus t.ues and assessments neut due on the mortgaged propertY (all as estimated by b~ortgafiee) less all sums already paid therefor, an1 to he ~ di~-ided by the number of months to elapse prior to the date when such taxes and assessme:~ts shall become delinqaent. Said s»ms ~hali be ~ hcld hy Afort~a~ee in trust or crectited to the principal of the laan, to pay said iosurance, taxes, arxl assessments and shall }ie appliecl on ihe ~ payinent thereof when due. Any excess hcld in trust by ~tortgaRee when said Ioan is paid in ftill shall he paid to ~torteagor, or his assiqns, or personal representatives. In the event of a default or foreclosum, said sums held in tnsst may be applied on any costs of clamag~s sustaineJ in connection with the collection of the note, secured hereby H~hether l~y suit, foreclanire. or othenvise. :~iortAa~ee may fmm time to tiine at ; its option wai~~e, and after any such waiver, reinstate any or aD provisions hereof rc~uiring such deposits, by notice to ~iortRaqor in w~riting. ~l'hile any such waiver is in effect, I?tortga~or shall pay ta~ces, asse~.sments and ~nsvra°e~ P~~ums as berein elsewhere pro~~ded. 20. ~tortga¢or s6a11 coinply with the Pmvitions of any lease, if this mort~aRe is an a leasehold. If this mortga~e is on a condominium umt, morteagor shall perform aD of mortAafior s obligations under the declaration of condominium or master deed, the by-laws and regulations of the condominium project and constituent documents. \tort~;a~or further oovenants that he and the association responsible for the operation w of the condominium wiD observe all of the provisions of the said declaration and any amendments thereto, and of the Condominium law of ~ the state, anci will perform all oblifiationc thereunder and a failure to do so w~ieh is not eured within 30 days after notice Riven by the Mort- ~ eaGee to the mortQagor and the said association shall constitute a defa~dt ~nder this mortp,a4e. 1ltortgagor further specifically covenants, but not ~ by way of limitation, that he and the as.wciation will observe all of the provisions of saic~ declaration of condominium relatinfi to insurance ti, co~•eraqe. ~ 21. I~tortgagor further covenants and agrees that at the request of Mortgagee to fumish a standard tercnite bond iiuuring againct damage by infestation on the baiWinp,s now or hereafter locatexi on the mortBaSed Piape*tY. in Suc6 amounts and terms, and with such company a5 ~ approved and required by :~tortgagee; and in the event Mortgagor dces not comply with t6is cm'enant Mort~agee shaIl have the same rights to obtain same ac - insurance aoverage under oarvenant 7t3 hereoE• ~ ~ 22. That in the event that this mortgaSe is ~ven to secnre a oonstruc~tion loan failure on the pa~t of the btortgagor or the Niortgagor's ~ qgr rnntractor, architect. enSineers, or sub-contractors to rnmply with the terms ~~e~~Coast*"defa tih nereander.~~t ~~~te herewith, ~ ~vhich is by reference incorporated herein, shall. at the option of the M ortgagee, ~ 23. If the mortgaged premises is other than a one to four family dwellinR, the MoTtgago* cm'enants and agrees that he wi11. not ter ? than thirty (30) days after the eod of the fiscal year furnish unio the Association a eompiete and accurate balance sheet and profit and loas ~ ment set all be prepare~d byacer~tif•ied publi ~accountants pLceased in ffie State ~ Fl~oride, ~shaD be ~r~ sheet and ~prr~rec~t b~ s~ix~~ c~~ fied publ3c acoountant. L 4~4