HomeMy WebLinkAbout0194 is
income, profit:„ issues and rever+uts ore hereby mortgaged os if spetificolly stt forth and described in the grontirp and Iwbendurn
douses hereof, and such receiver :boll how all the brood and effective functions and powers in ony wise entrusted by o court to 0
receiver, and such appointment :boll be mode by such tours os on odrnitted equity and a matter of absolute right in the Mortgagee,
and without reference to the adequacy a inadequacy of the valve of the property mortgaged, or to the solwrxy or insolvency of
the Mortgagor and/o? the defendant and such rents, profits, income, issues and revenues :boll be applied by the receiver according
to the lien and/a equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice
to ony obligor hereunder.
NINTH: The Mortgagor hereby waives oli rights of homestead and exemption granted by the Constitution and lows of
Flo?ido. It is specifically agreed that time is of tF+t essence in this contract and that no waiver by the Mortgagee of ony obligation
hereunder or of the obligation secured hereby shalt of any time thereafter bt held to be o waiver of the terms hereof or of the
obligation secured hereby.
TENTH: If all or any port of the above described property or on interest therein .s sold or transferred by the Mortgagor,
or his successor in interest, without the Mortgagee's prior written consent, excludirq (o) the creation of a lien or encumberonce
subordinate to this mortgage, (b) the creation of o purchase money security interest for household opplionces, ic) a transfer by
devise, descent a by operation of low upon the death of o joint tenons, or (d) the grout of any leasehold interest of three yours
a less not containing on option to purchase, the Mortgagee may, of the Mortgagee's option, declare all the sums secured by this
mortgage to be immediately due and poyobte. The Mortgagee shall have waived such option ro accelerate if, prior to the sale 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 sotisfoctory to the Mortgagee and that the interest payable on the sums secured by this
mortgage shall be of such rote as the Mortgagee shall request. .
ELEVENTH: If foreclosure proceedings of ony 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 indebtedness secured here-
by due and payable.
TWELFTH: That in the event the premises hereby mortgaged, or any port thereof, shall be condemned and token for public
use under the powe? of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for tM tokirq
of or donwges to said 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 lost payable under this mortgage and the obligation secured hereby.
THIRTEENTH: That installments, payable ur?der the terms hereof and the note secured hereby, not paid when due, shall
be subject, after fifteen 5) days from. the due dote thereof, to,and it is agreed Mortgagee shall collect thereon and therewith,
o "lots charge" in the amount of four per cent (496) of the installment due upon each such delinquent installment, and such "bte
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 some shall be sufficient, Mortgagor slwll, in adddition 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
mode, goy a monthly sum and amount equal fo one-twelfth (1/12) of the estimated annual foxes, assessments and insurance
premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee.
FIFTEENTH: That the Mortgagor shall furnish annually, at the request of the Mortgagee, financial statements in form
and certified in a manner sotisfoctory to the Mortgagee.
SIXTEENTH: This mortgage secures an existing indebtedness and also secures any and all renewals and extensions of the
promissory rate referred to herein and secured hereby, and all installments thereof, and also ony other note which may how been
or may hereaher be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee,
and this mortgage is o)so intended to be orxf is o mortgage to secure payment of any and all future or odditiortol advances mode
by the Mortgagee at its option to the Mortgagor, or his successor in title, for any purpose, to the some extent as if such future'or
odditiorwl advances were mode on the dote of the execution of this mortgage, although there may be no advance mode of the
time of the execution of this mortgage and although there may be no indebtedness outstanding of the time ony advance is mode.'
/111 such advances ore to be made within twenty years from the dote of this mortgage, or witf,~n such lesser period of time as may
be provided hereafter by low as ogre-requisite for the sufficiency of actual notice or record ratite of the option of future or oddi-
tionol advances os against the rights of creditors or wbsequent 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 at ony one time shall
not exceed o maximum principal amount of SIXTY THOUSAND_EIGHT_HUNDRED SEVENTY-FIVE AND NO/100------
•
plus interest thereon, and any disbursements made for the payment of taxes, levies or inwronte on the property covered by the
lien of this mortgage, with interest on such disbursements.
e
SEVENTEENTH: This mortgage is subject to all of the terms of the Construction Loan
Agreement of even date, the same as if said agreement were set out herein in full.
- 3 - ~c~~K3i~ p~E i93