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HomeMy WebLinkAbout1041 i.{ - 1 t r E 1 NOW, THEREFORE, the condition of this Mortgage is such that, if the Mortgagor shall well and ~y pay. unto M~g~ gee the indebtedness evidenced by that certain Promissory Note dated .Juts. 1979, made by tha Mortgagor and payable to the Mortgagee, in the principal sum of ONE HUNDRED TWENTY THOUSAND AND NO/ 100 ($120,000.00) DOLLARS together with interest as therein stated, and shall duly perform and comply with each and every stipulation, agreement, condition and covenant of said Promissory Note and of this Mortgage, then this Mortgage and the estate hereby created shall cease and be null sad void. The Mortgagor does also hereby covenant and agree: 1. The Mortgagee may, at the sole option of the Mortgagee, from time to time during the term of this Mortgage, make future advances to the Mortgagor which advances shall , be secured by the lien of this Mortga provided, however, that the total principal sum secured hereby, including any such future advances, shall sot at any time exceed the maximum principal amount of the Note which this Mortgage secures, which amount is set forth above. All such future advances shall be made within the time limit authorized by the laws of the State of Florida for making valid future advances: 2. To pay all and singular the priedpal and interest and other monies payable by virtue of said Promissory Note and this Mortgage, or either, oa the due date thereof and to perform, comply with and abide by the stipulations, agreements, conditions and covenants, and each of them, contained in said Promissor~r Note and this Mortgage, and to pay all costs, charges and expenses, including attorney s fees and costs of abstract of title, incurred or paid by the holder hereof because of the failure of the Maker to comply with such covenants and conditions, or any of them. 3. To pay all and singular the taxes, assessments, munitipal liens, levies, liabilities and obligations of every nature on said .described property when due and payable and deliver to the Mortgagee, on or before March 15 of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year; and, if the - same shall not be promptly paid, the Mortgagee may at any time, either before or after delinquency, pay the same without waiving or affecting the .option to foreclose or any other right hereunder. - 4 To keep all property encumbered by this Mortgage insured in a company or companies approved by the ;Lortgagee in a sum equal to at least the amount of the Mort- gage, or in an amo-a.~t su:f:c:2nt to prevent the Mortgagor ar the Mortgagee from becoming ~ a co-insurer, covering .loss from fire, windstorm and other hazards; said policy or policies shall contain a clause making the monies due thereunder payable to the Mortgagee, to the extent of its interest, the policy or polities being held by the Mortgagee. The Mortgagee may place and pay for such insurance or any part thereof without waiving or affecting its option to foreclose or any other right hereunder. The Mortgagor agrees to deliver renewal policies of insurance to the Mortgagee at least ten (10) days prior to the expira- lion of said polities of insurance. In the event of a loss the Mortgagee shall have the option to receive and apply. the proceeds of the insurance on account of the indebtedness ~ hereby secured, or permit the Mortgagor to receive and use the same, or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien or right under and by virtue of this Mortgage. 5. To permit or commit no waste, impairment or deterioration of said property, or any part thereof, and, upon the failure of the Mortgagor to keep the bulldings on said property in good condition of repair and maintenance, the Mortgagee map demand proper maintenance and the immediate repair of said buildings, and increase in the ~ amount of security or the immediate repayment of the debt hereby secured, or the Mortgagee may at its option make such repairs or cause the same to be made and , advance the necessary monies for such purpose. 6. To comply with all ordinances applicable to the mortgaged property; not to make or permit to be made any major structural alterations to any of the existing improve- ments thereon without the written consent of the Mortgagee. 7. Until default in the performance of any of the covenants or agreements of this Mortgage and the Note or advances which it secures, the Mortgagor shall then be entitled to collect the rents, issues and profits from the premises hereby mortgaged- In the event of a default in any of the terms of this Mortgage and the filing of an action to foreclose this Mortgage, the Mortgagee shall be entitled to apply at any time without notice, pending such foreclosure suit, to the Court having jurisdiction thereof, for the appoint- ment of a receiver of all and singular the mortgaged property and of all rents, incomes, profits, issues and revenues thereof, from whatever source derived; and thereupon it is hereby expressly covenanted and agreed that the Court may forthwith appoint a receiver for said mortgaged property, and of such rents, incomes, profits, issues and revenues thereof, with the usual powers and duties of receivers in like cases; and such appoint- ment shall be made by such Court as a matter of strict right due the Mortgagee, and without reference to the adequacy or inadequacy of the value of the properly hereby mortgaged, or to the solvency or insolvency of the Mortgagor; and such rent, profits, issues, income and revenue shall be applied by the receiver to the payment of the Mort- gage indebtedness, costa and charges, according to the order of such Court. QR s~mc 3~4 P~6E 1038 NELLIwtLL. MELRO~E a DsWOLF 1101 DRICKELL AVENUE. NINTH FLOOi1. MIAM1. FLOIIIDA lint 1471 NARTFOIID ~UILDINO. !00 EAlT RO~INiON fTRELT. ORLANDO. FLORIDA !!W1 i