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HomeMy WebLinkAbout0138 8. To pedocm. oomply with add abide br eacL aud evsry Wpalatbn. aS~eameat, ooaditia~ aad oovenant ia said promiswry note aod deed ret fortL. • ' 7. In t6a eveut tl~e ~wisdictba of,the U. S. Dlstrict Co~ut ~ha11 be invokcd by oragainst tbe Mortg w~der any of the pmvW~s af ths ~ Fedenl Bankn~ptc~? Act. sucb actio0. whether voluntary or involuntsry w thep~r~ oE the MortS~Sor~ autanaticallY. without notio0. aa oelen e t6e maturity of all su~ af money herein de~cribed snd sxvred and the same sbaII thereupon become due aod psyabb fathwith as fu~y a if the wid aggregate auans af moaey were or~gin~Uy ~tipulatec~ to bs paW ou mch date. 8. To ddiver bo aid M~, an or be[ae Marcb 15tb af acb year. tas rooeipts evWeacing tLepaYment of all Iawfully imposed tua for the preceding cabndu year-. aad tu deliv~er to said Mwt~g e0. receipts evideacia8 tl~e WYment of W Ue~ for public improvemcntsand~ill ain~tY (!O) days after tbe s~me s6all beoon~e due ud yabb, and tops y or dtkharSe within aioety (90) days afte~ due date.a~?~ govcrumeatal levid tLac may bs made on d,e matgase~pcone~.«, thL morcgage ~ naa or in anr otLer wey reailttng frau t!?e Morc~age indebcedaen secured by chitmortgage; ud iE chi~ cood[ti~ooo be not oo wltb and parformad, saW uwrtgas~ ~Y wY ~=um o~ suu~ whtch shaII betome part of tbe debt secvred by thit mortgage. aod sLallm~r interat at the defanlt rate provided in said proanissoq? note parable roonthly uncil pdd or atd Mortgagee m.y elect tLac sajd mortgage debt thereupoo beoome dne and parable fo~thwith. 9. It b fiuther cavouanted wd agreed hy s~W'partia that fn tLe eveat of s sWt betng tnatItuted to foreclase this mo~t8a80. ~ M~S~ shall be eatitkd to apply at any time pending snch forodaaure suit to tLe co~rt having ~wi:dktion t6ereof for tl~e appoiahnent oE a reoeiver of aU and siagular the mort8aged prope~tY. and oE all tLe nnts. incomes, P~its, inues and rev~enues thereof, from whatsoever souroe derived• and there~pon It is herabY exPre~ty ooveaanMd and a8raed that the owrt slull fathwith appoint ~ receiv~ of aid mo*tBaB~ P~~Y. ~ wd sin$u4r. and aE auch reats, inco~mes profits. issues and revanue thereaf. from whatsoever souroe dedved. with the usual Po'wen and ~ dutias of rooet~ tn lite ~es; a~d s~ ap~pointmeat atwll be made by snch oo~ut as a matter oE strict right to the MortSaSee, its sucoeasos. le reptesenWives or a~, and wtthout refeience to the ade4uscY o~ insdaluac~' of the value af tbe property herebY mortgaged. or to the ua ~ iasolvmcy of tLe Mortgagor. ud that s~ch reat. profits, income~ isr~es and rev~ennas ~all be .appUed by such receiver to the WY- ment tbe mo:tgag~e iadebta}neas, cosb a~od charga. •ocordio8 to the ader of mch ooatt. 10. If all ar any pait af the p~opeity oz w interaet therain is w1d o~~~~ bY mo~t~8or vvithont mo~tgaBee~s prior written ooa9ent, a udtn ( a) the cr a~u'ou af a lien or mcumbranoe snbordinate to tbismo~t~ge, ( b) tbe creat~? of a purchasemoae~? security interest fa ho applianoes. (c) a t~ander by devise or desoeat, or by openHan of 4w up~ tbe death af a joint tenant, or (d) the grant of a~? leasehold interett af $?reeyea ar less not o~tainiag an option w purcha~e, matgagee may, at its an. deda~e all the s~n secured by thi: mortgaSe to be immedia ~telX dne aad payabk. Mort$agee a6a11 liave waived mcL aption to ~te if pdor to the sale or t~fer. isf~actory tu 1~tortSagee u~d~that~the iaterestp~pay~rable the snm secured by mo~~shall b~eaat~su~ch ~~M~gagee s~hall requat. 11. 1Uat in the event the pr~ Lereby mortgaged. or any part thereof. shall be candemned and takea for public use under tha powror of eminent domain, the Mo~tgagee ahaU have the right to demand that all damages awarded for the taldng of or damages to said premises shaII be paid to the Mo gee up to the amoant thm unpaid on this matgage ancl at the optioa of tLe Morigagee may be aDP~ uP~ t~,e paymeats Ia:c p.yable~`thereon. 18. '17ie mortgagor binds hu~elf not to erect or permit M be erected any neov buildin~s on the pnmises 1~erein mortgaged or to add to or pennit to be added to any of tha eacting improvemeub therem or make any chaa ges or alteratians in saId improvements which materially change the same or the use thereof. without the written coasent of the Mortgagee and in tl~e event of any violation or attempt to violate tlus stipulati~ thii mortgage and aII sums secured hereby shall immediately beoome ~iie and collectible at the optio~ of the Mortgagee. 13. It is spxifically agreed that t~iime is of the essence of this oontraet and that no waiver of any~cob ' ation herennder or of tLe obligatioo secured hereby shall at any time be held to be a waivcr of the terr?s hereaf or of the i~trument hereby. 14. If forerloaure proceedings of aay seoond mortsage or second tnut deed or any juntor lien af any ldnd should be iattituted, the M«t- gagee may, at its aption, immediately or thereaher declare this mortgage and tLe indebtedncss sec~ral hereby due and payable forthwith, and may at its option procced to. foreclose this mortgage. 15. To the e:tent of the indebtedness of the Mortgagor to the Mortgagce described herein or secured hereby the Mortgagee is hereby subrogated to the lien or lieas and w t6e rights of the owners and holders ihereof of each and every martgage liea or other incumbrance on tha land described hereia 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 incumbrances shall be and the same and each of them hereby is preserved and shal~ pass to and be held by the I?lortgagee herein az security for the indebtedness to the MortGagee hemin described or hereby secured, to ihe same ectent that it vvould have ~een presen•ed and would have been passed to and been held by the 1liortRaRee had it been duly ancl regulady assiRned, transferred, set over and delivered unto the Modgagee by separate deed of assignment notwithstanding ihe fact t}?at the same may be satisfied and cancelled of record, it beinR the intention of the parties 6ereto 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. 18. To pay all and singular the cbats, charges and e:pences, including 1aw~ers fees, reasonably incurrecl or paid at any time by the !~tort- i Ra~ee, because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulatioa5, ap,reements, conditions, , and rnvenants of said pmmissory note and this deed, or either, and e~~ery sucL payment shaD bear interest from date at the default rate pro- videcl in said promissory note. . ~ 17. When anp amount of money to be paid by the Mortgsgor to the Moctgagee under the terms hemof shall be in default, or should the ~ rtortgattor defa~lt in any of the other ternss, provisions or conditions of this Iltortgage, then and in that case the btort~agee shall have the ~ ri~ht, without notice to the I?tortgagor, to rnllect and receive from any tenant or 1GSSee of said mortgaRe~ premises the rents, is~sves and profits of the real estate hereby mortgaged and ihe improvements thereon, and to give pro~er receiptr and acqiuttances therefor, and after pay~ng all rnmmissions of any mntal agent collccting the same, and any reasonable attorney s fees and other necessary ezpec~ses incurred in ~ collecting same, to apply the proceeds of sach collections upon anv indebtedness, obligation or liability, of the l~fortgagor herettnder. The ~ riRht granied the \iort~agee under this paragraph shall be in adc~ition tq and shall not limit or restrict, any other right or riRhts Rranted the ~ I?iort~agee in t}?is I?lortgage. i ~ 18. If the 111ortgagors at the time of making this Atortgage or subs.., uent thereto take out life insurance desiAnating the 111ortgagee herein [ as beneficiary with a company appro~~ed by the I~iortgagee or assigns p~~cies to the 1?iorigagee for the purpose of securing the mortga e loan hereby secured, then the Martgagee shall have the rip,ht to pay any premium accruing under said policies, and all sums so espended s~all he added to and bet~ome a part of the princip~ ~ndebtedness secured by this I~tortgage and shall be paid by the Mortgagor to the Mortgagee in h~•elve e~ual consecvtive monthly instalfinents, the first monthly installment to be paid as a part of and in addition to the monthly payment due under this ?ltort~age in the first calendar month followin~ the expending of said sum. Such sums so expended to bear interest at t?ie rate at w•hich interest is payable upon said principal inclcbtcdness and the Iien of this Mortgage shall extend to and secure the sums so expended to~ether with interat thereon as hereinhefore provided. 19. At mortgagee s option, together with and in addition to the monthlypa yment of pnncipal and interestpa yable under the terms of the note secured hereby, Mortgagor shall~a y to 11~odfiagee cach month imtil said note is fuUy paid, one-twelfth (1/12) of a sum equal to the annual premium due for fire, ertended coverage, and other ha~ard insurance iocluding flood insurnnce, coverin~ the mort~;aged property, plus taaes and assessments nact due on the morigaged property (aIl as estimatecl by I?tortgagee) less all sums almady paid thereFor, and to be di~ided by the n~unber of months to elapse prior to the date when such faxes and assessments shall become delinqucnt. Said sums si~all be h~ld by 1~1orcAagee in tnut or credited to ihe principal of the loan, to pay said insurance, tazes, and assessments and shall be applied on tbe payment thereof when due. My e:cess held in tnut by AiortQagee when said loan is paid in full shall be paid to b'[ortgagor, or his assigns, or personal representatives. In the event of a default or foreclosure, said sums held in tnist may be applied on any coats of c]amages sustained in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. MortRagee may from time to time at : i~cop tion waive, and after any such waiver, reinstate any or all provisiont ~ereof requiring such deposits, by notice to Moriga qor in writing. ~Vhile any such waiver t~ in effect, Mortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere provided. ~ 20. I?iortga~gor shall comply with the Qrovisions of any lease, if this mortgage is on a leasehold. If this mortga~e is on a coadominium unit, ~ mortgagor shaII perform all of mortQagors obligations under the declaration of condominium or master deed, the by-laws and regulatiom of ~ the condrnninium project and constituent documents. \tort~agot further cavenants that he and the aaociation resporuible for the operation of the condominium will obserre all of the provisions of the said deciaration and a~ amendments thereto, and of the Condominium law of the state, and will perform all obli~ations thereunder, and a failure to do so w~Ich is not cured within 30 days after notice given by the I?lort- ~ qagee to the mortRagor and the said association sha11 constitute a default under this mortgage. Mortgagor further specifically covenants, but not g b}~ t~~y OE LI~ItflhOA~ that he and the assocyation will observe all of the pro~isions of aaid declaratioo ~ condominium relatinR to insurance ~ ooverage. 21. Mortgaqor fuither covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring aga~att damage by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with sucU company as approved and requircd by I?iortgagee; and in the e~~ent biortgagor does not comply wlth'this covenant Mortgagee shall have the sair:~ rights to obtain same as insnTance coverage under covenant ~t3 hereof. - ~ 22. That in the eveat that this mortgage is ~ven to secure a construMion loan failure on the part of the Mortga~or or the btortp,agor's oontractor, architect, eogineers, or sub-contractors to compiy wlth the teruu of t~e Cons6ruction I.oao t even date herewith. w6ich Is by reference incorporated herein, shall, at the optioa of the Mortgagee. oonstitute s defaWt he~ • ~ 23. If t6e mortgaged premLses is other than a one to fonr family dwelling, the Mortgagor oovenants and agrees that he wW, not later S than thirty (30) days after the end of the fiseal year fumish nnto the Assoclation a oomplete and accurate balance s6eet and profit and loss : statement rellccting the Mortgagor's liabilities as wel~ as profit and loss for the fiscal year, and snch belance sheet and profit snd Was atato- ' ment s6all be PrePared bY a oertified publlc aooountant licensed in the Sffite ~ Fbdda. and shall be as correct by auch oerti- ~ fied public aoooantant. ` . ~~Q 31~.M ~ r'~; t!V a