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HomeMy WebLinkAbout2535 w~? . - . r_ _ ~ income, profits, issues and revenues ore hereby mortgaged as if specifically set forth and described in the granting and hobendum clauses hereof, and such nceiwr shall how all the brood and effective functions and powers in any wise entnnted by o court' b a _ reuiwr, and such appointment shall be mode by such court os an admitted equity and o molter of absolute right in the Mortgagee, and without nhrenu b the adequacy or inadequacy of the value of the property ngrtgoged, a ro the solvency or insolvency of•- tM Mortgagor and/or tM 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, ~ NINTH:- The Mort he wcrves all ri hts of homestead and exemption granted by the Constitution and lows of _ 9~r ~Y g • . Florida, It is spatif~~-ally agreed that time is of the essence in-this contract and that rq waiver by the Mortgagee of any obligation t- . hereunder a of the obligation secures; hereby shall at any time thereafter be held to be o waiver of the temps hereof a of the ! obligation secured hereby. - _ TENTH: If all Qr any 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 creotiori of a lien or entumberonce subordinate td this mortgage, (b) the creation of a purchase money security interest for household opolionces, (c) a transfer by devise, descent or by operation of low upon the death of o joint tenant, or (d) the grant of any leasehold interest of three years _ 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 such option b accelerate if, prior b 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 shot) be at such rate os the Mortgagee shall request. ELEVENTH: 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 indebtedness secured here- by due and payable. _ TWELFTH: That in the event the premises hereby mortgaged, crony port thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for the taking of or damages b sold premises shall be paid to the Mortgagee, up b the amount then unpaid on this mortgage and the obligation - secured hereby arxi may be applied upon the payments lost 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, after fifteen t15) days from the due dote thereof, toand it is agreed Mortgagee shall collectthere~n and therewith, _ o "tote clwrge" in the amount of four per cent (4~) of the installment due upon each such.delinquent installment, and such "lots charges" ore 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 as the some shall be sufficient, Mortgagor shall, in adddition to the monthly payments of principal and interest os stated in the original note (and in the note or rates secured hereby) pnyvided to be mode, pay a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes, assessments and insurance- premiums upon the real estate security, as the amount therto# is determined from time to time by the Mortgagee. - FIFTEENTH: That the Mortgagor shall famish annually, at the request of the Mortgagee, financial statements in form and certified in o manner satisfactory b the Mortgagee. _ - SIXTEENTH: This mortgage secures an existing indebtedness and also secures any 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 how been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor b the Mortgagee, and this mortgage is also intended to be and is o mortgage to secure po rL-meet of any and all future or additional advances made 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 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 olthough~there may be no indebtedness outstanding of the time any advance is mode. All such advances ore b be mode within twenty years from the dote of this mortgage, or within such lesser period of time os may be provided hereafter by krw as apre-requisite for the wfficiency of actual notice or record notice of the option of future or oddi- - tionol advances os ogairut the rights of creditors 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 a maximum principal amount of TWENTY-FIVE ~4i0USAND SZX HUNDRED AND NO/100--_______~_M (:25,600.00 ) plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disbursements. _ aocani~~ r~F~ -3-