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Home My WebLink About0622 ; . . ~ _ . . • all a~csemseb bstween ths Mortaagor and Mortaaaee relatir~ to insurence. now existins or herea[te~ made. ahall be in writia~ end a6a11 bs a pad ot this onortaa~e uareement as tully as thouah set torth verbatim herein and shaQ govern botl~ partie~ hereto and their ~uc~~eeson and assigns. No lien upon any of said policies of inauranoe or upon any retund or return premium which may be payable on the cancellation or termination tbereot. ahall be given to other than the Mortsa~es, e:espt by proper er~donement ai8:ed to sucb policy and approved by Mortgagee. Each policy ot inaurance shall hs~ce a9'uced thereto a 8tandard Mortaasee Cluuse acceptable to the Mortaagee, making all loes or Iwses under such policy psyable to the Mort6a~ee as ib i~terest may appea~. In the event any sum or sums o[ money become peyable thereunder tl~e Mort~es shall have the optio~ to reeeive and apply the same on account ot the indebtedness hereby ~ecured. or to permit the Mortaaso~ to receive and we it. or any part thereot, without thereby waivina or impai~ins any equity. liea or risht under and by virtue ot this mortsaae. In event ot loes or physical damage to the mortgased property the Mort~or shall sive imraediate notice thereof by meil to the Mortgagee and the Mortgagee may make prooE of los if the same is not made promptly by the Mortgasor. In event ot loteclosure ot this mortgase or other trander of tide to tbe mortaa~rod property in extinauiahment o[ the indebtednees secured 6ereby. all right. title and iater- est oi ths Mortgaaor in and to any insurance policies the~ in toece ahall pass to the purcl~aser or srantee. Upon any detault tl~ereof. the Mortaagee may (but witiaut obligatiw~ on its pert to do so) place insurance on such buildinas and pay the premium and charge such sums so paid to the Mortsagor and such aums ot money eo paid ehall bear interest from the date of peyment at the highest legal rate. 4. That sU aums of money paid or caused to be paid by the Mortgagee under the ternns ot this mortgage and herein , speci6cally provided tor, and includins any expenses incurred by the Mort~agee in collection ot the sum aecured by thia mortaage. ahall be covered by the lien o[ this mortgage. the aame as the sum~ ot money represented by the note which this mortga6e secures. ~ 5. To permi~ rnmmit or suPfer no waste, impairment or deterioration ot said property. or any part thereof, and upon the failure oE the Mortga6or to keep tbe buildings on aaid property in aood condition ot repair, the Mortgagee may detnand the immediate repair of said buildinaa, or an increaee in the amount ot secu~ity. or the immediate repay- ment of tha deb! bereby aecured. and the failure ot the Mortaagor to comply with said demand of the Mortaasee for a period ot 6fteen (lb) days shall conatitute a breach of this mortaage. and, at the optian of the Mortgagee. immediately mature the entire unpaid princi~ml and interest hereby aecured. and the Mortgagee may, without notice. institute pro- ceedinsa to forecloae this mortgage. and apply for tKe appointment of a receiver, as hereina[ter provided. 6. That tlie Mortgagor hereby promises, covenar~ts and agrees to pay the sums oI money and interest aa mentioned in said promissory note. to~ether with any and all other auma jusdy due and owing the Mortgagee by the terms therein. and secured to be paid as stated therein promptly when due. IE de[ault ahall be made in the payment of the said sums oE money or any part thereof aa provided in the said nole or this mortgage. or if the interest that may become due thereon . or- any part thereof sball be in default and unpaid tor a apace ot fifteen (15) daya, or should the Mortga6or breach or fail to rnmply with any other eovenant or agreement on the part ot the Mortgagor to be complied with (in those caeea in which the option of the Mortaagee of acceleration is not otherwise e:preasly pravided herein) and such breach or non-compliance continue in e:istence for a apace of fi[teen (15) days. then and from thenceforth, at ihe option of the Mortgagor. the whole o[ aaid principal sum ezpreased in said note, togetber with all olher euma therein as well as herein provided for, ahall become immediately due and payable, without notice to the said Mortgagor. 7. Tbat in case it should become neceseary to place thia mortgage and the note secured hereby or either of them. in th hands ot an attorney for coltection. the said Mortgagor covenants and agreea with the Mortgagee to pay al! costs. chargea and e:penses of such collection. including reaeonable attorney a tees whether collected by torecloaure or otherwise. 8. Thak in the event any auit is brought upon ihia mortgage, whether to toreclose it, to retorm it, or otherwiae, and/or to enforce payment o[ any•claim hereunder, the Mort6agee may apply to any court having jurisdiction thereot [or the appointment of a receiver ot eaid mortgaged property, aa well as t6e inrnme, proSta, issuen and revenues thereof. and the said ineome, pro6ta, issues and revenues are hereby mortgaged as i[ speci6cally aet forth and described in the ~ranting and hsbendum clausea hereo[. and such receivet shall have all the broad and efrective functions and powers in ! any wise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and_ i a matter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the ~ pmperty mortgaged, or to the wlvency or it~solvency of the Mortgagor and/or the defendant and auch renta, pro5ta, t income, issues and revenuea ahall be applied by the receiver according to the lien and/or equity of this mortgage . and ~ t6e practic~e of suc6 mnrt. and auch appointment ot receiver shall be without notice to any obligor hereunder. 9. 1'he Mortgagor hereby waivea all rights of homeatead and e:emption granted by the Conatitution and lawe o[ ~ Florida. It is speciScally agreed that time ia of Ehe easence in this contract and that no waiver by the Mortaagee of any obligation hereunder or of the obligation aecured hereby ahall at any time thereafter be beld to be a waiver of the terms hereof or ot tbe obligation eecured hereby. ~ 10. 'That in the event that this mortgage be given to secure a conatruction loan, (eilure on the part of the Mort- gagore or their rnntractora to complete said building in accordance with Conatruction Loan Agreement. of even date ~ herewilb, or to build said conatrnction in accordance with plans and apeci6cationa 51ed with the Mortgagee. shall eon- atitute a breach o[ thia mortgage, and, at the option ot the Morgagee, immediately mature the entire amount of princi- ~ pal and interest hereby secured and the Mortgagee mey immediately inatitute proceedinga to foreclose thia moHgage. ~ 11. If foreclosure proceedings o( any second mortgage or second trust deed or any junior lien of any kind ahould be instituted. the Mortgagee may, at ita option immediately or thereatter declare thia mortgage and the indebedneas secured hereby due and payable_ 12. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken (or public ~ use under the power of eminent domain, the Mortgagee ahall have the right to demand that all demagea awarded for ~ the tekin of or dama es to said ~ g g premisea ahall be paid to the Mortgagee, up to the amount then unpaid on thia awrt- ~ gaae snd the obligation secured hereby and may be applied upon the payments last payable under thia mortgage and ~ the obligation secured hereby. r F 13_ That installmenta, payable under the terms hereo[ and the note secured hereby, not paid when due, ahall 1x~ ~ aubject, after Sfteen (15) days fmm the date thereof, to, and it is agreed Mortgagee shall collect thereon and therewit6, ' a"late charge" in the amount o[ tour per cent 14%) of the it~atallment due upon each such delinquent inatallment, and ~ such "late charges" are secured by the lien hereot. ~ 14 itho t im ''ng the obl' ationa ot ortgagor conta' ed in paragrap 2, 3 and 4 her , and for appli ion to th pu the t insofar the aame a Il be sutficie . Mortgagor sha , in addition to t monthly pay ta o[ princ' ! and ' te as atated ' the origi note (and ' he note or not eecured hereby) 'ded to be de, pay a mo thly s a mount to one- fth (i/12 of eatimat an ual taxes, a nts and i nce pre- mi u t ta ri, e a ereof ' te ' ed fro time t me b the M agee ~ s~ 3~2 e~ - 624 _ . - - - . - ~w... ~ . _