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HomeMy WebLinkAbout2898 i ~ { . _ i a income, profits, issues and revsnues ore hereby mortgaged os if specifically set forth and described in the granting and hobendum douses hereof, and such reuiver sFwll hove all the brood and effective functions and~powers in ony wise entrusted by o court b a receiver, and such appointment shop be mode by such court os an admitted equity and o nwtter of absolute right in the Mortgagee, and without reference b the adequacy a inadequacy of the value of the property mortgoped, a to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, Profits, income, iswes and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of wch court, and such appointment of receiver :boll be without notice to ony obliges hereunder, t NINTH: The Mortgagor hereby waives all rights of homestead and exemption grouted by the Constitution and tows of Flwido. It is spscificolly agreed that time is of the essence in this contract and that rw waiver by the Mortgagee of ony obligation hereunder or of the obligation secured hereby shall at any time thereahe? be held b be a waiver of the terms hereof or of the obligation secured hereby. TENTH: If all or ony port of the above described property or an interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (a) the creation of o lien or encumberonce subordinate b this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) o transfer by devise, descenf or by operation of low upon the death of o joint tenant, or (d) the grant of any leasehold interest of three years i or less not containing an option to purchase, the Mortgagee may, at the Mortgagee's option, declare all the sums secured by this mortgage b be immediately due and payable. The Mortgagee shall hove waived wch 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 at such rote as the Mortgagee shall request. i ELEVENTH: If foreclowre proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, of 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 ony part thereof, shall be 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 b said premises :boll 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 wbject, aher fiheen (15) days from the due dote thereof, to,ond it is agreed Mortgagee shotl collect thereon and therewith, a "tote charge" in the amount of four per cent (496) of the installment due upon each such delinquent installment, and such "late charges" are secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for application to the purposes thereof insofar os the same shall be wfficient, Mortgagor shall, in odddition to the monthly payments of principal and interest os :toted in the original note (and in the note or notes secured hereby) provided to be made, pay o monthly wm and amount equal to one-twelfth (1 / 12) of the estimated annual taxes, assessments and inwronce premiums upon the real estate security, as the amount thereof is determined from time to time by the Mortgagee. it FIFTEENTH: That the Mortgagor shall furnish annually, at the request of the Mortgagee, financial statements in form and certified in o manner satisfactory to the Mortgagee- SIXTEENTH: This mortgage secures on existing indebtedness and also secures ony and all renewals and extentions of the promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereahec 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 a mortgage to secure payment of ony and all future or additional advances mode by the Mortgagee at its option to the Mortgagor, or his wccessor in title, for ony purpose, to the some extent os if such future or additional advances were mode on the date of the execution of this mortgage, although there may be rw 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 rrwde. All such advances are to be mode within twenty years from the dote of this mortgage, or within such lesser period of time as may be provided hereaher by law os opre-requisite for the wfficiency of actual notice or record notice of the option of future or odds- tionol advances as against the rights of creditors or subsequent purchasers for valuable consideration. The tool indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of ony one time shall not exceed o maximum principal amount of FIItT'Y'SIZ T~10 H(~1DR~ FIFTY ~D IiO~l.l~---------- plus interest thereon, and any disbursements made for the payment of foxes, levies or inwronce on the property covered by the lien of this mortgage, with interest on such disbursements. SBVB~i~i~s his ittortgage is snb3sot to all 0! the ts~s of the Construction Loan /lgrse~eat o! siren data, the sass as if said agrse~sat hers set ant herein in !t>tll. ~ t7 - _ .r STATE ~i= FL~~Ri~~-~ DOCUMENiARY~-`-.,:;, STAMP ~ r.I c~ - - 4Ea;, 'F RfVENU4 t-ti o P.B. ,~iio2t'79t'~r.'.: ~ ~ ~ O aal)rnRC3~~ Pa~E2'~. - -3-