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HomeMy WebLinkAbout1101 8. To perform, comply with and abide by each and every stipulation, agreement, condition and covenant in said promissory note and deed set forth. 7, In the event the jurisdiction of the U. S. District Court shall be Invoked by or against the Mortgagor under any of the provisioaa of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the Mortgagor, shall automatically, without notice, no- celerate the maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith as fully as if the said aggregate surest of money were originally stipulated to be paid on such data 8. To deliver to said Mortgage, m or before I?{arch liSth of each year. tax receipts evidencing the payment of tU lawfully imposed lases for the preceding calendar year, and to de4ver to said M ee, receipts evidencing the payment of all liens for public improvements withLr ninety (t0) days after the same shall become due and payab and to pay or disdwrge within ninety (90) days after due date, anyy and all governmental levies that may be made ao the mortgag p rty, cn this mortgage or mote, or in any other way resulting from the I?{ortgage indebtedness secured by this mortgage; and if this cooclitiar be not complied-with and performed, said mortgagee may pay such sum a sums which shall become part of the debt secured by this mortgage, and ahaU bear interest at the default me provided in said promissory note payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith. 9. It is further covenanted and agreed by said partiaa that is the event of 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 a rntment of a receiver of all and singular the mortgaged pproperty, and of all the rents, incomes, profittss,, issues and avenues thereof, from whatsoever source derived• and thereupon it is hereby enpreasly covenanted and agreed that the court aball forthwith appoint a receiver of said mortgaged P~rh'. ~ and singular, and of such rents, intom~, profits, issues and revenue thereof. fr~r whatsoever source derived, with the usual powers and duties of receivers in like cases; and atrch appointment shall be made by sucL court ss a matter oaf strict right to the Mortgagee, its successors. skoI~vearcoypreseatatives or assigns, and without reference to the padequacy ~ inadequacy nit the value of the property hereby mortgaged, or to the went of tohre m~ortga~ge mde~bted~e$caeta a~nd~charges, ac~cot'rrlingfi o tmhe ader~af~suc~h oonrt.uea shall be applied by audr receiver to the pay- 10. if all ~ any part of the property or an interest therein is sold ~ transferred by mortgagor vrithont mortgagee's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase security interest for household appliances, (c) a reorder by devise or descent, or by operation of law upon the death of a joint tenant, or d) the grant of any leasehold interest of three or less not containing an option to purchase, mortgagee may, at its option, declare all the sums secured by this mortgage to be ' tely due and payable. Mortgagee shall have waived such option to accelerated prior to the sale or reorder, . mortgagee and the person to whom the property is to be sold or tnuuferred reach agreement iA writing that t~e credit of such 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 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 at the option of the Mortgagee may be applied upon tlce payments Lut payable thereon. 12. The mortgagor binds himself not to erect or permit to be erected any new buildu?gs on the premises herein mortgaged or to add to or permit to be added to any of the eristing improvements thereon or melee any Changes or alteratiorn in said improvements which materially Change the same-or the use thereof, without the written rnnsent of the Mortgagee, and 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 rnntract and that rro waiver of a~ obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver ~ the terms hereof or of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or an junior lien of any kind should be instituted, the 11{ort- gagee may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable fortiisvith, and may at its option proceed to foreclose this mortgage. - I5. To the extent of the indebtedness of the Mortgagor to the Mortgogee described herein or secured hereby the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the ban described herein or secured hereby and the respective liens of said mortgages, liens or other incrrmbrances shall be and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the 1?tortgagee herein described or hereby secarcd, to the same extent that it would have been preserved anti would have been passed to and been held by the Mortgagee had it been duly and regularly assigned, transfenecl, set mer and delivered unto the Mortgagee by separate deed of assignment 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 cancelled of record by the holders thereof at or about the time of the recording of ttris 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 ~tort- gaCer., 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 every such payment shall bear interest from date aE the default rate pro- vidc•d in said promissory note. l7. \Vhen any amount of meney to be paid by the 11{ortgagor to the Mortgagee under the terms hereof shall be in default, or should the' Ainrtgagor default in any of the other terms, prmisions or conditions of this 11{ortgage, then and in that case the Mortgagee shall have the t ritiht, without notice to the Mortgagor, to collets and receive from any tenant or lessee of said mortgaged premises the rents, issues and i profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after i paving all commissions of any rental agent collectinG the same, and any reasonable attorneys fees and other necessary expences incurred in ' collecting same, to apply the proceeds of such rnllcctions upon env indebtedness, obligation or liability, of the ;Mortgagor hereunder. The ris~6t granted the Mortgagee under this paragraph shall be in addition to, and shall not limit or restriM, any other right or rights granted the E '.lforteagee in this Mortgage. I8. If tare Mortgagors at the time of making this Mortgage or subs.°°,~quent thereto take out life insurance designating the Mortgagee herein i as beneficiary with a company approved by the \{ortgagee or assigns policies to the 11{ortgagee for the purpose of securing the rrxxtga^e loan hereby secured, then the Mortgagee shall have the right to pay any ppremium acenring under said policies, and all sums so expenclcd shall be € added to and become a part of the principal indebtedness secured by this mortgage and shall be paid by the Mortgagor to the Mortgagee t in twelve equal consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to 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 z at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and serum the sums so expended to:;ether with interest thereon as hereinlrefore provided. 19. At mortgagee's option, together with and in addition to the monthly payment of principal and interest yable under the terms of the note secured hereby, ;t{ortgagor shall pay to Mortgagee each month troll) said note is fully paid, one-twelfth ~/12) of a sane craual to the g annual premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged property, plus taxes and assessments Heel due on the mortgaged property (all as estimated by I1{ortgagee) less ail sums already paid therefor, and to be divided by the number of months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall be i held by 1?tortgagee in trust or credited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the j payment thereof when due. Any excess held in trust by Mortgogee when said loan is paid in full shall be paid to 1liortgagor, or his assigns s or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any casts of damages sustained in connection with the rnilection of the note secured hereby whether by shit, foreclosure, or otherwise. Mortgagee may from time to time at its opLion waive, and after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgapor in writing. 3 t4'hile any such waiver is in effect, Iltortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere provided. } 20. Mortgagor shall comply with rite rovisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium amt, mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of the rnndominium project and constituent docwnents. ~tortfiagor further covenants that be and the association responsible for the operation r of the condominium will observe aD of the provisions of the said declaration and any amendments thereto, and of the Condominium law of the state, and will perform all obligations thereunder; and a failure to do so w~rich is not cured within 30 days after notice given by the Mort- Aagce to the mortgagor and the said association shall constitute a defauk under this mortgage. 11{ortgagor further specifically covenants, but not by way of limitation, that be and the association will observe aD of the provisions of said declaration of rnndominium relating to iruurance coverage. - 21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring agarntt damage by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such rnmpany as approved and requued by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shall have the same rights to obtain same as irssurance coverage under covenant lt3 hereof. 22. That in the event that this mortgage is given to secure a construction loan failure oo the part of the Mortgagor or the Mortgagors contractor, architect, engineers, or sub-contractors to comply with the terms of t~e Construction Loanhere•~t of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default er. 23. If the mortgaged promises is other than a one to four family dwelling, the Mortgagor covenants and agrees that 6e will, not Inter than thirty (30) days after the end of the fiscal year famish unto the Association a complete and accurate balance sheet and profit and loan statement reflecting the Mortgagor's liabilities as wel~ as profit and loss for the fiscal year, and such balance sheet and profit and loss state- ' mart shall be prepared by a certified public aornuntant $eensed is the State of Florida, and ahaD be certified as being rnrrect by such certi- r, fled public aocounta~. R 31 ' ~ ~ V c ~ V ~'.i~ f U