HomeMy WebLinkAbout0607 8. To pcrfomi, canply with sad abide by each and evary rtIpei4tloa. agrrement, condite~? and ooeensat in saId promusory nota aad dc+~d
set fwth.
7. III ~10 CVCU~ ~e J11I~ICtIOA OE ~10 U. S. Dis~ict Court thall be tavoked by oragauut tbe Matgagor under any of the provisiocu of the
cel~erarte the~maptun of all sums oE~ whether voluntary o~ involuntary oa thepart of tha MortgaBor~ a6all automatically. without' notice, ao-
as fully u if the satyd aggrcgata suuu~maoeyia~described and secured aad the ~me a6all there~pon becoma due ancl payable forthwitb
gtnally stipulatec~ w be patd oa ~ch dt~te.
8. To deliver to stW Matgagee oo ar before blarc6 15t6 oE e~c~ Yea*, tss raoeIpts evidoacing tLepa
yment of all lawfully lmpoaed tuea
for the prececiiag c~lendar year. an~ to deliver to said M ee, receipts evidencing the payinent of all lteas for public improvements within
ninety (!0) daya dter the ume s6all bccome due andpa
yab aad topa
y or dLxhuge within ninety (90) days a[ter due date. any aad oll
govemmental kvies that inay be made oa tbe mat8a8ed Property. vn this mortgage or nota, or in any other way resulting fran the Mat8a8e
indebtedness socured by this mort~a8e: and if this eondition be not complied with aod perfo~med. said mortga8ee ~Y P~Y such sum oc sums
which shall become part of the debt serurod by this mortgage. and s6all bear interest at the default nte provided in said promissory note
payable monthly nntil paid or said 1?lortgagee may elect that satd mortgage debt thereupon becwme due and payable forthwith.
9. It is further ooveaanted and agreed by said partks t6at in the event af a n~it being iaitituted to focecla~e tLls moK~age. the Moctgagoe
shall be entitled to apply at aay time pending such forocloaure satt to the oourt having jurisdictioa thereof Eor the appointment of a receiver
of aU and singutar tbe mortBaSed proPertY. and of aq the reats. incomes~ profits. issues and reveouea thereof. from whatsoever source derived•
and thenvpoa tt is herebY aprexslY oovenanted ud +~Brced that tLe oourt s6a11 forthwit}? appoint a roceiver oE atd mort8,a8a1 propertY, al~
and sin8olar. and af such rents, tacomes profits. issues a~ reveaue thereof, fran wiwtsoever souroe derived, arit6 t6e osual powers and
duties of receivers in like cases; and snch appoinhnent shall be made by such oourt as a matter of strict right to the Mortgagce. its succe.sson.
legal representatives or assigas, and without reference to the adequacy or inadequacy of tbe vdue of tLe p hereby mortBaSed. or to the
vency or iawlvency of the Mortgagor. and t6at such rent, profib. income~ iauea and nveaues thall be aj~by :uch receiver to the paY-
u~ient of t6e mortgage iadebteduess, costs aad charges, aocorciing to the oider oE snch eoart.
10. If all or any put oE tbe property or aa interest therein is :old or transfeired by mortg~gor witl~oat mortgagee's pri~ written consent~
e:clud~ing ( a) the creation of a liea or encumbranae subordinate to thismo~tgage, ( b) tbe creation of a purchice mo sacurity interest for
houselwW appliances. (c) a transfer by devise or desxat. ar by aperati~ of law upan t6e death of a joint tenant, or~(d) the grant of any
leasehoid incerat of threeyea~s or less not containing an option to purchase. matgagoe may, at ibop
tian, declaro all the sums secured by
this mortgege to be immed' tely dne and payable. Morigagee shall 6ave waived such option to acoelerate if prior to the sale or transfer,
mortgagee and the person to whom the pmperty Ls to be aold or transferred reach agrcement ia writiag that t~e credit of such persoa is sat-
isfactory to Mortgagee aod that the interest payable on t6e sur~ss secured by this mortgage shaIl be at such rate as Mortgagee shall request.
11. That in the event the prem~a herebY ~8a8~. or any part tbereof. shall be coademned and taken for public use under the power .
of eminent domain, the Morigagee shall have the dght to demand tLat all damages awarded for the taldng of or damages to said premisea
~all be paid to the Mortgagee up to the amount then unpaid on this mortgage and at the optiaa~ oE the Mortgagee may be applied upou
the paymertts last payabk thereon.
12. Thc mortgagor binds hunself not to erect or permit to be erected any new buildings on the prem;ses herein mortgagecf or to add to
or permit to be added to any of the e~ristiag improvewents thereon or make a~? chan~es or alteratio~ss in said improvements which materially
chanAe the same or the use thereof, without the written consent of the I?iortgagee, and ~n the event of any violation or atlempt to violate this
stipulation t6is mortgage aad aU sums sec~red hereby shap immediately become due and oolleMible at the aptioa oE the Mortgagee.
13. It is specif;cally agreed that time is of the essence of this contract and that no waiver ~ any obli$ation hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the ternu hereof or of the iastrument ~ecur~ hereby.
14. IE foreclosure proceedings of any second mort~age or second tnut deed or anp junior liea af any kind should be instituted, the 1?tort-
gugee may, at its opt;on, immecl'~ately or thereaEter declare thic mortgage and the indebtedness secured hereby doe and payable forthwith, and
may at its option proceed to foreclose t6is mortgage.
15. To thc e:tent of the indebtedness of the 1liortgagor to the Mortgagee described herein or secured hereby the Atortgagce is bereby
subro~Cated to the lien or liens and to the riqhts of the owners and holclers thereof of each and every mortgage lien or other incumbrance on the .
land described herein which is paid and/or satisEied in whole or in part out of the proceeds of the Ioan described herein or securecl hereby
and the respective liens of raid mortga~es, lieiu or other incumbra~eces shall be and the same and each of them hereby is preservecl and ahal~
pass to anci be 6eld by the 1ltort~aRee herein az security for die indebtedness to the Alortfiagee herein described or hereby securecl, to the same
e~tent tluat it would have been praerved arxl K~ould have Ix~en pacced to and been held by the I?iort~aAee had it been duly and re};ularly
assigned, transferrecl, set o~•er and deliverecl unto the 1ltortgagee by separate deecl of assignment notwithstanding the faet that the sa~ne may
be satisfied and cancell-:d of reconl, it being ti?e intention of the parties hereto that the same wiD be satisfied and cancelled of recorJ by the
holders thereoF ai or about the time of the reconling of this uwrtgage.
16. To pay a11 and sin~ilar the costs, charges and e:penses, incluJinfi lawyer's fees, reasonahly incurted or paid at any time by t6e :~tort-
ea
ca~ee, because of the failure of the I?tortGagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
and co~~enants of said promissory note and this deed, or either, and e~~ery snc6 payment shall bear interest fram date at the dcfault rate pro-
' ~•id.~cl in said promissory note.
I
! 17. When any amount of money to be paid by the biortgagor to the Mortgagee under the terms hereof shall be in defa~ilt, or should the
~ Af~rtqa~or default in any of the other tcmu, provisions or conditions of this Mortgage, then and in that c:ise the MortKagec shall have the .
~ ri~ht, w~thout nutice to the I~tort~aqos, to coIIcct and receive from any tenant or lessee of said mortgaRed premises the rents, issues and
~ profits of the rea) estate hereby ~nortra~eci and the impro~rments thereon, and to give pro~er receipts and aa~uittances therefor, and after
~ pay•inK ail commissions of any rental a~ent collec:tin~ the same, and any reasonable attorney s fees and other necessary experues incurred in
i collectinq same, to apply the proceecls of such rnllections upon anv indebtedness, obli~¢ation or liability, of the Alortqagor hereunder. 1'he
~ ri~~fit ~:rantc~l the I~1ort~a~ee under this para~raph shail be in adaition to, and shaU not limit or restrict, any other right or ri~hts ~raniecl the
E rSort~;agrc in this AiortRage.
~ 18. If the AiortQaAors at the time of makin~ this \tortgage or subs~uent thereto take out life inrurance desiqnating the ~fortgaRec herein
~ as t~eneficiary K•ith a company approved by the ~fortqagee or assigns p~ ~cies to the Mortga ee for the purpose of securing the mort~a~e loan
} herehy scrurc~l, then the !1lortga~,ee shall hat•e the right to pay any premium acen~ing un~er said policies, and all sums so ezpendexl shall be
~ added to and become a part of the principa) indebtedness secured by this N~ortRage and shall be paid by the I?lortRaqor to the ~tortgagec
in hcelve er ual cor~cecutive monthly installments, the Eirst monthly installment to be paid as a part of and in addition to the monthly payment
R du~ uncier t~is ~(orikaQe in the first calendar month follo~vin~ the ezpendinq oE said sum. Such surns so expended to bear.interest at the rate
~ ~t wi~ich interest is payable upon said principal indebtr:ine3s and thc lien o~ lhis Atortgage shall eutend to and secure the sums so eapendvd
to,ether w-id~ interest thereon as Lereinbeiore pro~~ided.
~ 19. At mortRaRec's option, totgether with and in additian to the mont}ily payment of principal and interest payahle under the tern~s of the
note secured hereby, ~tort~a,tor shall pay to ~tortKagee each month until said note is Eul'~y paid, one-tvrelfth (1/12) of a sum c~ ual to the
~ annual premium dne for firc, extendecl co~~era~e, and other hazard ir~surance incL~cling flood insurance, cm•erinq the mort~;aFeci propcrty
pluc ta~es ar?d assessments neat due on the mortqaged property (all as estimated by I1lortga¢ee) less all sums alrcady paid therefnr, and to be
k cli~~ded Ly the m~mher of montl~s to elap.ce prior to the date when such tazes and assessments shall hecome delir~uent_ Said snms shall l~e
~ held by I?fortqaRee in tn~st or creditad to the principal of the loan, to pay said insurance, taues, and asse~sments and shall be applied on the
payment d~creof when diie. Any excess held in trust by ~(orts~a¢ce when said loan is paid in full shall be paid to ~iort~eagor, or his assi~ru,
~ or peraonal representatives_ In d~e event of a default or foreclosure, said su?ru held in trust may be applied on any costs of dama~es s:~ctained
in connection.with the co~lection of the note secured hereUy w~hether hy suit, foreclaaure, or othenvise. I~iortAaRee may from time to time at
g itscrption a~aiee, and after any such waiver, minstate any or al) pro~isions hereof reqniring such deposits, by notice to biortRagor in wTiting.
~ ~i'hiie any such waiver is in e(fect, atortgaRor shall pay ta:es, asussmeots and iruurance preminms as herein elsewhere provided.
~ 20. Moriga or. shall comply with the prmisions of any lease, if this mortgaqe is on a leasehold. If t6ls mortgage is on a condominium unit,
~ mortRagor sha~ perform aU of mortqagor s obligations noder the declaraHan of condominium or master deed, the by-laws and regulations of
' the conclominium project and constituent documents. \tortgaRor further rnvenants that he and the association responsible for the aperation
~ of the condominium wi11 ohsen•e a11 of the provisians of the said declaration and any amendments thereto, and of the Condominium lavvs• oE
the state, and w~l) perform all abli~;ations thereunder and a failurc to do so w~ich is not cvred within 30 days after notice given by the Mort-
eascee to the mortAagor and the said association shall constitute a defank under this mortgaQe. 111ortFtagor further specifically covenants, b~t not
by way of limitation, that he and the associaNon will observe all of the pmvisimu of said declaration of coodominium relating to insuranee
coverage.
21. I1~ortRagor further covenants and agrees that at the rc~uest of 1liortgagee to fumish a standard termite bond iiuuring against damage
~
by infestation on the buildinqs now or hereafter lacated on the mortgage~ praperty+, in such amounts and terms, and with suc6 company as
~ approved and re~uired by Morty,agee; and in the event ~tortgagor dces not comply with thLs oovenant Mortgagee shall 6ave the same rights
~ to obtain same as insuranee ooverage under covenant !t3 6ereaf.
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~ 22. T6at jn the event that this mortgage is given to secure a corutruction 7oan failure on tLe part af tLe 1ltortga or or the Mortgagori
contractor, architect, engineers, or sub-cootractors to comply with the ternu of t~e Construction Loan A t~ even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a defadt her~
` 23. If the mortgaged premises is other than a one to four family dwellinA, tLe Mortgagor covenants and agrees that he will, not later
than thirty (30) days after the end of the fiSCal year fumish unto the Association a oomplete and aocurate balance s6eet and proflt and lost
statement reElecting the Mortgagor
s liabilities as wel~ as profit and loss for the fist~) year, ~nd sach balance sheet and profit ar d Wss state-
ment shall be prepared by a certified public aocountant lioa~sed in the State of Florida, and shall be oertified as being correct by suc6 certi-
, fied nuhlie aammtant_ _ _ _