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HomeMy WebLinkAbout0643 income, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the gr ~nting and habendum clauses hereof, and such receiver shall hove all the broad and effective functions and powers in any wise entrusted by o court to a receiver, and such appointment shall be mode by such court os on admitted equity and o molter 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 wch appointment of receiver shall be without notice to any obligor hereunder. NINTH: The Mortgagor hereby waives all rights of homestead and exemption granted by the Cc+?+stitution and lows 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 of any time thereafter be 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 is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of o lien or encumberance subordinate to this mortgage, (b) the creation of o purchase mo-~ey security interest for household appliances, (c) o transfer by devise, descent or by operation of low upon the depth 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, of the Mortgagee's option, declare all the sums secured by this mortgage to be immediately due and payable. The Mortgagee shall hove waived such option to 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 satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shall be of such rote 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 s~ ..Ss ~5.. i. - -:t---o - ..i t!-. -..ic..las.~ :act ct: r Ue Inst~tUieU, ine iviorigayee rnuy, ui iii uNi,~iti ,~,~ilcu~.:iC:~ ..a.:T... ......:z ...,,..y~y...... .e _,:tE z e- 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 power of eminent domain, the Mortgagee shall hove the right to demand that olf domoges awarded for the taking of or domoges 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 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 subject, otter fifteen ()5) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, o "late charge" in the amount of four per cent (496) of the installment due upon each such delinquent instolfinent, and such "late charges" are secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in porogropha SECOND, THIRD and FOURTH hereof, and for application to the purposes thereof insofar os the same 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 notes secured hereby) provided to be made, pay o monthly sum and amount equal to 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- I ~ 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. I 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 rote which may hove been ~r may hereafter 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 o mortgage to secure payment of any and all future or additional advances made by the Mortgagee of its option to the Mortgagor, or his successor in title, for any purpose, to the some extent os 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 Sime Gf the execution of this n-ri,rtgayc aTid oitli~iiyl-i there may b2 n~ iidc^ISta^.'.:^£55 ^viit5t^vr:'Siiit^y ai tl'L' time any aaYa^~e i5•^ade. All such advances are to be made within twenty years from the dote of this mortgage, or within such lesser period of time os may be provided hereafter by law os opre-requisite for the sufficiency of actual notice or record notice of the option of future or Addi- s tional advances os against 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 _ _ _ . _ ~nlp HUNI)RID AMID EIGEITY--FIVE ~OUS~I~ID AND NO/100 DOLI~IRS - _ 285, 000.00 ) plus interest thereon, and any disbursements mode for the payment of foxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disbursements. SEVIIJI~J'IH: his irortgage is subject to all of the terms of a Construction Loan Agreanent executed simultaneously herewith. - - - - ~ ~ I 3~~iK ''~318 p~~f 642 -3-