Loading...
HomeMy WebLinkAbout1877 ' all agreemenb between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall bs a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their sua~essors and assigns. No Uen upon any of said policies of insurance or upon any refund or return premium which may be payable on the cancellation or termination thereof, shall bs given to other than the Mortgages. except by proper endorsement axed to wch policy end approved by Mortgagee. Each policy of insurance shall ha:e a>T:ed thereto a 3taadard Mortgagee Clause acceptable, to the Mortgagee. making all loss or losses under such policy payable to the Mortgagee as itt+ interest may appear. In the event any sum or sums of monrv become payable thereunder the Mortgages shall have the option to receive and apply the same on account of the indebtedness hereby secured. or to permit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of loos or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss it the same is not made promptly by the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in a:tinguiahment of the indebtedness secured hereby, all right. title and inter- est of the Mortgagor in and to any insurance policiea~then in force shall pass to the purchaser or grantee. Upon any default tl~reot. the Mortgagee may Ibut without obligation on its part to do so) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest irom the date o[ payment at the highest legal rate. 4. That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein specifically provided tor, and including any expenses incurred by the Mortgagee in rnllection o[ the sum secured by this mortgage. shag be covered by the lien o[ this mortgage, the same as the auras of money represented by the note which this mortgage secures. 5. To permit. commit or suffer no waste, impairment or deterioration of said property, or any part thereof. and upon the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said buildings, or an increase in the amount of security, or the 'immediate repay- ment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (16) days shall rnnstitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgagee may, without notice, i~~!itute pro- ceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. 6. That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned in said promissory note. together with any and all other sums justly due and owing the Mortgagee by the terms therein, and second to be paid as stated therein promptly when due. If default shall be made in the payment of the said sums of money or any part thereof as provided in the said note or thin mortgage, or it the interest that may become due thereon or any part thereof shall be in default and unpaid for a apace of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of acceleration is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a apace of fifteen (15) days, then and from thenceforth. at the option of the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. 7. That in case it should become necessary to place this mortgage and the note secured hereby or either of them, in th hands of an attorney for collection. the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. 8. That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and/or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of a receiver of said mortgaged property. as well as the inrnme, profits, issues and revenues thereof, and the said income, profits, issues and revenues are hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in any wise entrusted by a court to a receiver, and such appointment shall be made by such rnurt as an admitted equity and a matter of absolute right in the Mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder. 9. The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and laws of Florida. It is specifically agreed that time is of the essence in this contract and that no waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the obligation secured hereby. 10. That in the event that thin mortgage be given to secure a rnnstruction loan, failure on the part of the Mort- gagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed with the Mortgagee, shall con- stitute abreach o[ thin mortgage, and, at the option of the Morgagee, immediately mature the entire amount of princi- pal and interest hereby aerured and- the Mortgagee may immediately institute proceedings to foreclose this mortgage. 11. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, at its option immediately or thereafter declare this mortgage and the indebednesa secured hereby due and payable. 12. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken 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 said premises shall be paid to the Mortgagee, up to the amount then unpaid on this mort- gage and the obligation secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby. 13. That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, after fifteen (15) days from the date thereof, to, and it is agreed Mortgagee shall collect thereon and therewith, a "late charge" in the amount of four per cent (4%) of the installment due upon each such delinquent installment, and . such "late charges" are secured by the lien hereof. 1 Without im 'ng the o galiona of Mort ~ or contained ' paragraphs 'l, 3 d 4 hereof, an r at~pl' ~o tot .purposes th [insofar the same shall. sufficient, M agor shall, in ition to them ly pay nts prin pal and iota t as slat the original eland in the to or notes sec hereby) prov' to be de y a thly sum amoun u to one-twe (1/12) of th timated ann ea, assess and i pre- miu pon rea aecurit amou t thereof de fined time the 300KtJ~~ eaGE~S70 s