HomeMy WebLinkAbout1819 e. To perform, comply with tad abide by each and every stipulation, agreement, cY,rxl?t~on acrd covenant in said promrssory note and decd
set forth.
T. In the event tbe jurisclictiun of the U. S. District Court shall be invoked by or a ainst tbe Iifortgagor~ under any of the provisioru o[ ttre
Fecierai Bankruptcy Act, such action, whed?er voluntary or involuntary on the part of tho Mortgagor, s]?all automatically, without notice, ao-
celeste the nwturity of all sums o1 money herein described aril secured and the sane sl?all thereupon beconw due arui payable forthwith
as fully az # the said aggregate sums of money were originally stipulated to be paid on ouch date.
8. To deliver to said Mortgagee on cx heloro March 15th of each year, tar receipts evidencing the payment of all ]aw[ully imposed tares
for the preceding calendar year, and to deliver to said Mortgages, receipts evidencing the payment of all licas for public unprovements wrthin
ninety (1110) days after the same shall become due and payable, and to ppaay or discharge within ninety (90) days alter due date, any and all
governmental levies that may be made on the mortgaged p rty, on this mortgage or note, or in any other way resulting from the Mortgage
indebtedness secured by this mort}•,age; and if this condition be not complied with and performed, said mortgagee may pay such sum or sums
wl?ich shall becoure part of the debt secured by this mortgage, and shall bear Interest at the default rate provided in said promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
9. It is further covenanted and agreed by said parties tlwt Ia the event of a suit being instituted to foreclose this mortgage, the Mortgagee
shall be entitled to apply at any tune pending such foreclosure suit to the court having jurisdiction thereof for the a pointrnent of a receiver
of all and singular the mortgaged pproperty, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source derived•
and U?ereupon it is hereby expressly rnvenanted 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 revenue thereof, from whatsoever source derived, with the usual powers and
duties of receivers in like cases; and such appointment shall be made by such court az a matter of strict right to the Mortgagee, its successors,
leggal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency o: insohency of the Mortgagor, aril that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and char8~. according to the order of such court.
10. If aA or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written rnnsent,
excluding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase moo security interest for
household appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, orry(d) the grant of any
leasehold interest of three years or less not rnntaining an option to purchase, mortgagee may, at its option, declare all the sums secured by
this mortgage to be immediately due and payable. -Mortgagee shall have waived such option to accelerate if prior to the sale or transfer,
mortgagee and the person to whom the property is to be sold or transferred reach agreement is writing that the credit of such person is sat-~
isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate az Mortgagee shall request.
11. That in the event the premises bereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power
of eminent domain, the 1lfortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises
shall be paid to the Mortgagee up to the amount then unpaid on this mortgage ar?d at_ the option of the 1ltortgagee may be applied upon
the payments last payable t~rereon.
12. The mortgagor binds himself net to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to
or permit to be added to any of the existing improvements thereon m make any changes or alterations in said improvements which materially
change the same or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of this rnntraM and that no waiver of any obliganon hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby.
14. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mort-
gagee may, at its option, immediately or thereafter declare this mortgage and the indebtedr?ess secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the extent of the indebtedness of the I?iortgagor to the Mortgogee described herein or secured hereby the Aiortgagce is hereby
suhrogatecl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respective liens of said mortgages, liens or other incumbranccs shall be and the same and each of them hereby is preserved and shalt
pass to and be held by the Mortgagee- herein az security for the indebtedness to the Mortgagee herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly
assigned, transferred, set over and delivered unto the 1ltortgagee by separate deed of assip~rment notwithstanding the fact that the same may
be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of rernrd by the
holders thereof at or about the time of the recording of this mortgage.
16. To pay all and singular the costs, charges and expenses, including la er's fees, reasonably incurred or paid at any time by the }ltort-
gagee, because of the failure of the Mortgagor to perform, rnmply with and abide by each and every the stipulations, agn•ements, conditions,
and rnvenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
vidc~tl in said promissory note.
17. When an amount of money to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the
t Mortgagor default in any of the other tome, pprovisions or conditions of this 1ltortgage, then and in that case.the Mort ages shall have the
f ri¢ht, without notice to the Mortgagor, to rnllect and receive from any tenant or lessee of said mortgaged premises ~ rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, aril to give proffer receipts and acquittances therefor, and after
pa ing all commissions of any rental agent rnllecting the same, and any reasonable attorneys fees anti other necessary expenses incurred in
~ collecting same, to apply the proceeds of such rnllections upon env indebtedness, obligation or liability, of the I?fortgagor hereunder. The
right granted the Aortgagee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
! 'ifortgagee in this 1liortgage.
~ 1$. If the I?tortgagors at the time of making this Mortgage or su neat thereto take out life insurance designating the I?fortgagce herein
as beneficiary with a company approved by the I?tortgagee or assigns policies to the Iltortga ee for the purpose of securing the mortgage loan
hereby secured, then the I?lortgagee shall have the right to pay any ppremium accnring undger said policies, and all sums so expended shall be
added to and bernme a part of the principal indebtedness secured by this Mortgage and shall be paid by the Mortgagor to the :lortgagee
in twelve equal consecutive monthly installments, the first monthly installment to be paid az a part of and in addition to the monthly payment
due under this Mortgage in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so expended
to;ether with interest thereon az hereinbeEore provided.
19. At mortgagee's option, together with and in addition to the monthly yment of principal and interest payable under the terms of the
note secured hereby, Mortgagor shall p.,y to Mortgagee each month until said note is fully paid, one-twelfth (I/12) of a sum equal to the
annual premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged property,
plus tacos and assessments next due on the mortgaged property (all az estimated by Mortgagee) less all sums already paid therefor, and to be
divided by the number of months to elapse prior to the date when such taxes and assessments shall bernme delinquent. Said sans shall be
held by lltortgagee in rout or credited to the principal of the loan, to pay said inuvrance, lazes, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by Sfortgagee when said loan is paid in full shall be paid to Mortgagor, or his assigns
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages sustained
in connection with the collection of the note secured hereby whether by suit foreclosure. or otherwise. Mortgagee may from time to time at
its oopption waive, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to Mortgagor in writing.
ii'hile any such waiver is in effect, Mortgagor shall pay fazes, assessments and Insurance premiums az herein elsewhere provided.
20. Mortgagor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit,
~ mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of
y the condominium project and constituent documents. Mortgagor further covenants that he and the association re~~onsible for the operation
of the condominium will observe all of the pro~~sionc of the said declaration and any amendments thereto, and of the Condominium law of
the state, and ssdll perform all obli;tatians thereunder; and a failure to do so w~?ich is not cured within 30 days after notice given by the Mort-
- ";1QM' to the mortgagor an<i the said association shall constitute a default under this mortga¢e. Mortgagor further specifically rnvenants, but not
by way of limitation, that he arcl the association will observe all of the provisions of said declaration of condominium relating to insurance
coverage.
21. litorts~a~or further covenants and acres that at the request of Mortgagee to furnish a standard termite bond insrnng against damage
Dy infestation on the buildings now or hereafter located on the mortgaged property, in srch amounts and terms, and with such company az
~ approved and rc.iuirecl by'.ifortKahce: and in the event Mortgagor does not comply with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under covenant ~3 hereof.
22. That in the event that this mortgage is given to secure a coast ruction loan, failure on the part of the Iltortgagor or the Aortgagor
s
rnntractor, architect, engineers, or sub-contractors to comply with tl?e terns of the Construction Loan Agreement of even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor rnvenants and agrees that he will, not later
than thirty (30) days after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet acrd profit and loss
statement reflecting the Mortgagor's liabilities as well az profit aril loss for the fiscal year, and srch balance sheet and profit and loss state-
ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified az being correct by such certi-
fied public accountant.
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