Loading...
HomeMy WebLinkAbout0112 i~ ' ~ r.. Abstract & Title Corp, pf Florida Y ~ 1 . - ? ~:~;,:02.251 4• That +n order to protect inOra fully tM security of this mortgage ilia Mortgagor. togetMr with. and in addmori to. the monthly paymems under the terms of the Holy secured hereby. on tM spatihad payment date of each month until tM sad note is fully pa+d will pay to tM Associat+on the Iolbw+rtg sums test An instatlmant of tM texas and assessments bvrad or to Oa Nviad against tM pram+ses covered by this mestgaga. and an +nstaltment of the Wemium or prem+unts that rnN become dw and payabM to renew tM mwranCd Orr ttis premises covered hereby ags+nst bas by f+re. and wrndstesm. ss povit+ed fa by paragraph 3 pracading. a such otMr F;aiard as may reasonably be required by the Associston, and an installment of the premium that wily become due and payable to rantw tM mortgage mwrarky. d any Such mstaiimants sha0 W equal. respectively. to one twelfth Itit2th? of the es timatad premwm p ptartuums for such rnwranca. and texas and assessments next due less estimated by the Associatanl less all installments already pad tnerela. divded by tM numbly of months that era to elapse es.e nanth pior to tM date when such premium or premiums and tames and assessments well become delinquent TM Association. while applying such payments to insurance premwms taxes and assessments. before the same become dehrgwnt. shall not pay interest to the Mortgagor on such funds. and all such payments may be comm.ngled by the ASSOCiauon with any other wch iunds or with its own funds The hinds era pledged as additional security for the sums secured by the Mortgage and are wbiect to use by the Association in payment of ~~lata cMrgei and bank collection charges Ibl All payments mantarted m tM preceding sunsactiort of this paragraph and all payments to be made under the note secured hereby shall be added • together and the aggregate amount thsreol shall bs paid by the Mortgagor each month in a s+ngle Payment to be applied by the AssociatiM to the tolbwing items in tt?e order set lath 1 Taxes. assessments. and inSUraMe premiums 2 "Late charges' and bank coilectar. charges. unless paid rn mariner provdsd in paragraph 4 lest 3. Interest txt the note secured hereby 4 Amorti:atan of the pr+ncipal of said note Any deficiency in the amount of won agyregate monthly payments shall. unless pad by the Mestyagor pier Io the due date of the next such paymem. con- stitute an event of default under the mortgage Wdhout waver of any right. the ASSOCiation may collect a late charye as provided m the Note S Tnat it the rural of the payments made by the Mortgagor undM Is) of paragraph ~ prKeding shall exceed the amount of payments actually made by the Assoc+ation for taxes and assessments and insurance premiums. as tM case may be. wch excess shall be credited by the Association on subsequent payments to be made by the Mortgagor It, ftowwer. the monthly payments made Dy the Mortgagor under Ia1 0l paragraph 4 prated+ng shall not have been wllicient to pay taxes and assessments and insurance premiums. as tM case may be. when the same shall become due and payable. then. the Association may. at its op~ tan. immediately pay such taxes and assessments and inwrance premwm, and tM Mortgage shall PaY to the ASSOtiatiOn any amount necessary to make up the deficier?Cy. and wch payment sMll be due and payabN within thirty 1301 days aher the date of mailing of notice by the Association setting forth the amount of wch defic+ency If. at any time. the Mortgagor shall terirler to the Association. in accordance with the provisan5 of the note secured hereby. full payment of the entire indebtedness represented hereby, tfte Association shall, m computing the amount of such indebtedness. credit to the account of the Mortgagor any balance remaining in the funds accumulated under the provisans of lest of paragraph 4 5 To permit. commit or suNer no waste. impairment w deterarstior ~f sad property. or any part thereof. and upon the failure of the Mortgagor to keep the buildings on Sad property in good condition or repau and maintenarxe. the Association may demand proper maintenance and the immediate repau of said lwildmgs. a an irxrease in the amount of security. a the immediate repayment of the debt hereby secured. and the fads-.: of the Mortgagor to comply with sad demand of the Associaton for a pared of thirty 130) days shall constitute a Meech of tMS mortgage. aril. at the optan of the Associaton, immediately mature the entire amount of principal and interest Mreby secured, and the Association immed+ately and without ratite may inst+tute proceedings to tesecbse elite mortyage and apply for the appdntment of a receiver. as hereinafter provided. and in case of the refusal. neglect es +nability of the Mortgagor to repau and maintain Sad property. the ASSOCiatlOfl may. et its Option. make wch repairs es cause the same to be made. and advance moneys in that behalf i TO periurm comply with artd abde by each and every tits siipuiaiiwts. 'syrenitient5. cOrdihons arxi wvarimita ui aeiri ywi mawiy torte anti tine imwrtyage aei forth 8 To comply with the subdivision restrictans and the murnupal zoning ordinances applicable [o the mortgaged property. no: to erect or permit to be erected any new bu.ldings on the premises harem mortgaged or to add to or permit to be added to. make es permit to be made. any structural operations to any of the ~ istmy improvements thereon witftout the written consent of the Associatan, and m the event of any violation or attempt to valeta these stipulatans. a any of them this mortgage and alt wins secured hereby shall immediately become due and payable at the optan o! the Associat+on g That iii case of a default in any of the terms of this mortgage and the filing of a bill to foreclose th+s w any other mortgage encumbering the within described property the Association shall be entitled to apply. at any time without notice pending such foreclosure sort. to the court having lunsdiction thereof for the ap- pomtment of a receiver of alt and singular the mortgaged property. and of ail the rents. +rxomes. profits. issues and re+enues thereof. horn whatsoever source derived and thereupon. rt is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of Said mortgaged property. alt and singular and of such rents. incomes. profits. issues and revenues thereof, from whatsoever source derived. with the usual powers and duties of rece+vers in I+ke uses and such appointment shall be made by such court as a matter of strict right to the Association. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the Mortgagor, and that wch rents. profits. incomes. issues. and revenues shalt be applied by such reserver to the payment of the mortgage indebtedness. costs and charges. according to the order o} such court tO That the event the premises hereby mortgaged. or any part [hereof. shall be cesdemned and taken untler the power of eminent domain. the Associat+on shalt nave the right to demand that all damages awarded for the~tak+ng of or intury to sa+d premises snail be paid to the Association. ins successors or assigns. up to the amount then unpaid On this mortgage. and may be appiied to any sums last payable hereunder t 1 That nine is of the essence of this contract and that no waiver of any obligation hereunder. a of the ub4gatwn secured Hereby shall at any erne thereafter t>e Held to be a waver of the terms hereof or o) the promissory note secured hereby 12 In the event of any default +n any of the terms of this mortgage. or in the note secured hereby. and acceleration by the holder. or any other situation that would cause the ,merest pa+d or payable under this Obligation to exceed the interest rate authorised Dy law then +n such event all excess +nterest theretofore paid shall be creelited to pnnapal and ati accrued and unpaid excess +nterest shall abate and Shall not be an obligation of the maker or Of any Oilier person t 3 That to the extent of the indebtedness of the Mortgagor to the Assoc+atiori described herein or secured Hereby. the Associat+on is hereby wbrogated to the lien or !.ens and to the rights of the owner and holder thereof of each and every mortgage. Hen or other encumbrance on the land deSCribed herein, which is paid and ear sf.ed m whole or +n part. out of the proceeds of the loan described herein or secured hereby. ar-d the respective liens of saiC mortgages. hens or other en cumbrances. shall be and the same and each of them hereby is preserved and shat! pass to and be held by the Association herein as security fa the in debtedness to the AssOCiatron herein described or hereby secured. to the same extent that it would have been preserved and would lave been passed to and it been Held tri the Assxiat:on had d been duty and regularly assigned. transferred. set over. and delivered unto the Associatan by separate Geed of assignment. no[w~tnsrand+ny the fact that the same may be satisfied and cancelled of record. A be+ng the intention of the parties hereto that the same well be sat+sfied and f cancelled of record by the holders thereof at or about the time of the recording of this mortgage . I 1 a 'Hat ~f any of the sums of money harem referred to be rwt promptly and fully pa+d wrthrn tinily 13Ci days next after the same severally become due and payable. or if each and every the SUpuiaLOnS. agreements. COrdrtani and COVenants of said promisaOry note and this mortgage or either. are not duly performed. cOm~ plied with and abded by. the aggregate sum unpad under said promissory note and this mortgage shau become aue and payable forthwith or thereafter. at the option of the Association. as fully and completely ss it said aggregate sum of money were oriyina;ly stipulated to be paid on such day. anything in said promissory note or harem io the contrary notwithstanding 15 That .n order to acceterate the maturity of the indebtedness hereby secured because c) the IaJure of the Mortyayor to pay any tax assessment. Iiabil+tq. Oblrga- t~on or encumbrance upon sad property as herein provded. it shalt not be necessary nor requisite that the Association shall first pay the same 16 That the abstract or abstracts o1 title covering the mortgaged property stall at all times during the life of this mortgage. remain in the possession of the Association and in event of the fesecbwre of th+s mortgage. or other transfer of title to the mortgaged property. in extinguishment of the +ndebtedness secured hereby alt right title and interest of the Mortgagor in end to any wch abstracts of title shall pass to the purchaser or grantee 1 7 Should the vahdrty or hen of this mortgage. or the note secured thereby, be contested by I+Lgation or otherwae. the Mortgagor agrees to pay to ttie Association _ rha rncr of rlnfonA,nn rho esmw url~.rf,ng 2 r~acnnw~iin attrvnwy'c_ torn t 8 To pay all and singular the costs. charges and expenses. including attorneys fees reasonably incwred. or pa+d at any time by the Association. because of the fai~ure of the Mortgagor to perform comply with and able by each and every the stipulations agreements conditions and covenants of said promissory note arA this mortgage es either, and every wch (except for ilia payment of the monthly mstal!ment as regwrerl by the Promissory Notel shall bear interest from Aare at the rate of ten per cent (10961 per annum until fully paid t 9 The Association shall have the right at any time and from lime to time and wrtfaut notice to or wnsent of any person to lest release any portan of rha premises 'ro^+ the I~en of tn+s mortgage. Ib1 release any person bable for payment of any +ndebtedness secured hereby. Its extend the time of payment or alter the terms of trap merit of all o+ any part of the +ndebtedness. without affecting or releasing the personal bab,hty of any person liable lo[her than any person released pur- suant heretoY for the payment of any sum or +nterest secured hereby and w+tfiout en any wise altering vary,ny or diminishing the forces. effects. or lien of this mortyage on a? the premises not specficaay released from the hen of this mortgage by the Association 20 Anv ayreemen; hereafter made Dy Mortgagor anrf Association pursuant to this mortgage shall tie superior to the nynis of the holder of any ~ntervenmy hen or encumbrance s 21 Vpon request of Mortgagor. the Association may. at its cola optan. from Ume to Ume. before full payment of al! indebtedness secured hereby. make loaner ad Dances ro Mortgagor provided. however. that the total pnnupal secured hereby and remaining unpaid indud.r:y any such advances shau not at any time ex teed the original pnnupai sum secured hereby Mortgagor shall pay all wch lwther advances with ,nterest and the same shat) be secured hereby All provisions of this mortgage shall apply to each lurther advance as well as to all other +ndebtedness secured hereby Nothing herein contained however. shall limit the amount secured by this mortgage if such amount is increased by advances made by the Associat+on, as herein elsewhere provided for to protect the security a 22 in the event tt+e Mortgagor herein or any wbsequent Mortgages. or any person or corporation owning any interest whatsoever. shoutA encumber the property herein mortgaged by an instrument commonly referred to and known as a 'wrap around mortgage w+thout first obtaininy the written consent o/ the Associa uon then. at the u;.tion of the Association. the obligation secured by this Mortgage shall +mmediately become due and payable + 23 To provide the Association with Flood Insurance Coverage if the real property is now or hereafter determmetf to be within a special flrxxf hararA area as shown on flood Harard Boundary Map~Ftood Insurance Rate Map as published by the Federal Insurance Admmsfrauon 24 At the request of the Mortgagor, the Association egress to waive tM provisions of paragraph 4 relative to the creation of a hazard inwrance account: provided. however. that the Association rsuins the right. at its optan. to re-instate wch provisions of sad paragraph 4 as an obligation of the Mortgagor hereunder upon ~ the happening of any of the fdiowing y payment required under the farms of the mote on or before tM d e date thereof. `I A Failure to make an Y B Failure to comply with the inwrance provisions of paragraph 3. or of any o1 the other terms aril cpnditions of this mortgage or note. or with the insurance requirements contained in tM Declaration of Condominam and related documents should the mortgaged property be commrtled to condominium development 'n nn ; _ ^ • fC)-Nl-7t 5. ~l~~,i-, ~ 1 ROGER P F ' :(~'I ~ ~ ~ n rf rnr,..n,.01Tw,..