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HomeMy WebLinkAbout1865 _ r income, profits, issues and rovenues ore hereby mortgaged os if specifically set forth and described in the grouting and hobendum clausss hereof, and such roceiwr :boll hove all tM brood and effective functiohs and powers in ony wise entrusted by a court b o receiver, and such appointment :boll be mode by such court as on.odmitted equity and o matter of absolute right in the Mortgogse, and without roferonce b the adequacy or inadequacy of the value of the property mortgogsd, or b the solvency or insolvency of the Martgagor and/or the defendant and such rents. Profits, income, issue: and revenues shall be applied by the receiver according F to the lien and/ar equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice f to ony obligor hereunder. j NINTH: The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and lows of Florida. It is specifically ogread that time is of the essence in this contract and that no waiver by the Mortgagee of or?y obligation hereunder or of the obligation secured hereby shall at any time thereoher be held to be o waiver of the terms hereof or of the obligotion~secured hereby. TENTH: If all or ony port of the above described property or on interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of a lien or encumberonce subordirwte b this mortgage, (b) the creation of o purchosc money security interest for household appliances, (c) o transfer by devise, descent a by operotian of law upon the depth of o joint tenant, or (d) the grout of any fouehold interest of three years or less not combining on option to purchase, the Mortgagee may, at the Mortgagee's option,~declore all the sums secured by this mortgage b be immediately due and payable. The Mortgagee shall have waived such option to accelerate if, prior to the sole or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ing that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shall be of such rote os the Mortgagee shall request. f ELEVENTH: If foreclosure proceedings of ony second mortgage or second trust deed or ony junior lien of any kind should be instituted, the Mortgagee may, at its option immediately or thereoher declare this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged, or any part thereof, shall 'ae condemned and token 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 sold premises shall be paid to the Mortgagee, up to the amount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, oher fifteen (15) dogs from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, a "lots charge" in the amount of four per cent (496) of the installment due upon each such delinquent installment, and such "lots charges" are secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD grid FOURTH hereof, and for application to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in odddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be mode, pay a monthly sum and amount equal bone-twelhh ()/12) of the estimated annu~ol taxes, assessments and inwrance premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee. I FIFTEENTH: That the Mortgagor stroll furnish annually, at the requesf of the Mortgagee, financial statements in form and certified in a manner satisfactory to the Mortgagee. SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and alt renewals and extensions of the promissory note referred to herein omd secured hereby, and all installments thereof, and oleo ony other note which may hove been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, and this mortgage is also intended to be and is o mortgage to secure payment of any and all future or additional advances mode by the Mortgagee at its option to the Mortgagor, or his successor in title, for ony purpose, to the same extent os if such future or additional advances were mode on the dote of the execution of this mortgage, although there may be no advance mode at the time of the execution of this mortgage and although there may be no indebtedness outstanding of the time ony advance is mode. , All such advances ore to be mode within twenty years from the dote of this mortgage, or within such lesser period of time os rr?oy be provided hereaher by-law os opre-requisite for the wfficiency of actual notice or record notice of the option of future or oddi- } tional advances os against the rights of creditor or subsequent purchasers for valuable consideration. The total indebtedness se- + cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of any one time shall + not exceed o maximum principal amount of FIFTY NINE TEiOUSAND AND NO/100 _ (s 59, 000.00 ) plus interest thereon, and ony disbursements mode for the payment of taxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disbursements. F~ BOOK3~.4 PacE1858 -3-