HomeMy WebLinkAbout2124 6. To perform, comply with and abide by each and every stipulation, ai;rcrment, touUit;on ones covenant in said promissory cote and dead
s~•t forth. r
T. In the event sire jurisdiction of the U. S. Dtstrict Court shall be invoked by or aguirut the 111ortgal;or under any of the provisior of tl?e
1'ederul Ilankruptcy Act, such action, whether voluntary or involuntary on the part of the \lort};ai;or, shall automatically, without nosier, ac-
crh•rate the maturity of nU sours of money herein descrilxd and secured aril the seals shall thereupon become due and payable forthwith
as fully as U the said aggregate sruru of money were originally stipul~tet~ to be paid on such date.
8. To deliver to said Mortgagee oa or before March 15th of each year, tar receipts evidencing the paymcnl of all lawfully imposed taxes
for the preceding calendar year, anc; to deliver to said Mort ages, receipts evidencing the payment of all liens for public irprovements wedeln
nicety (!10) days after the same shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and all
govcrnmcutal levies that may be made on the morti;agecl property, oa this mortgage or note, or in any o!1?er way resrdting from the Mortgage
irxlebtedness secured by this mortgage; and if this condition Ise not courplied with and perfornred, said mortgagee may pay such sum or sacra
w~bich shall lkrome part of the debt secured by this nortl;age, and shall bear interest at the default rate pro~~ded in said promissory note
pa},able monthly until paid or said Mortgagee may elect that said mortgage debt thereupon becv~mc duo acrd payable forthwith.
9. It is further covenanted and agreed by said parties that in the event of a suit being instituted to foreclose this mortgage, the I?fortgagce
shall be entitled to apply at any time pending such foreclosure suit to the court ha~~ng jurisdiction thereof for the appointment of a rccc:iver
of all and singular the mortgaged property, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever wurce derived,
and thereupon it is hereby expressly covenanted and agreed that the court shall (orthwith appoint a receiver of said mortgaged property, a)j
and singular, and of such rents, inrnmes, profits, issues and resenue thereof, from whatsoever source derived, with sire usual powers and
duties of receivers in like cases; and such appoin4nent shall be made by such court as a matter of strict right to the Iltortgajtce, its successors,
le.~al representatives or assigns, and without reference to the aderluaey or inadequacy of the value of the property hereby mortgaged, or to the
sol~•ency or insolvency of the Mortgagor, and tl?at such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, according to the order of such court.
10. If all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent,
~•xcluding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase money security interest for
household appliances, (c) a transfer by devise or descent, or by operation of law upon d?e death of a joint tenant, or (d) the grant of any
leasehold interest of three years or less not containing an option to purchase, mortgagee may, at its option, declare aU the sums secured by
this mortgage to be iron ately due and payable. Mortgagee shall leave 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 in 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 as Mortgagee shall request.
11. That in the event the premises hereby mortgaged, or any part thereof, shall be rnndemned acrd taken for public us^ under the power
of eminent domain, the i<iortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises
-L~!! ha ~»t,I !r 11 c~c.--a :m to !!w ?r_~_~zst ~!un sis=~ i:~ ts:s ll:ic ~ ti:t~~git Rrxl R! sirs` L~•sit:C:t of !hC M4rtCSi'Ce maY b° aQIl12£!1 a!pr.+r!
the payments last payable hereon.
12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to aclel to
or permit to be added to any of the eristing improvements therein or make any changes or alterations in said improvements which materially
chingc t1?e 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 1lfortgagee.
13. It is specifically agreed that time is of the essence of this contract and that no waiver of any obligation hereunder or of the obligation
~...•:cd he .•by shall at any tirnc be held to a sais•cr of lire !c.^rs hs;reof or of lire i :st:.L:.rnt w:^.r:ad hernby-
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 indebtedness 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 Mortgagor to the Mortgagee described herein or secured hereby the rortgaggee is hereby
subrogatecl to the lien or lieru 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 incumbrances shall be and the same and each of them hereby is preserved and shat{
pass to and be held by the Mortgagee herein as 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, traruferrecl, set over and delivered unto the Mortgagee by separate deed of assignment 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 coats, charges and expenses, including Iaaryer
s fees, reasonably incurred or paid at any time by the ~fort-
gages, because of the failure of the Mortgagor to pedorm, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants of said promissory note and this deed, or either, and every srch payment shall bear interest fran date at the default rate pro-
d videcl in said promissory note.
1T. When any amount of to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the
~ Istortgagor default in any of ther terms, pprovisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the
[ right, without notice to the 1ltortgagor, to eoDect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
! profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
pa ng all commissions of any rental agent collecting the same, and any reasonable attorney a fees and other necessary expenses incurred in
collecting same, to apply the proceeds of such rnllections upon an indebtedness obligation or liability, of the Mortgagor hereunder. The
' right granted the 1liortgagce under this paragraph shall be in addition to, and s~taU not limit or restrict, any other right or rights granted the
:Mortgagee in this Mortgage.
18. If the Mortgagors at the time of making this Mortgage or subs., cent thereto take out life insurance designating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assigns pa~cies to the Mortga ee for the purpose of securing the mortgagge loan
i hereby secured, then the 1?lortgagee shall have the right to pay any premium accruing un~er said policies, and all sums so expended shall be
added to and become a part of the princi~ rndebtedness secured by this Mortgage and shall be paid by the Mortgagor to the tlfortgagee
in tsrlve e~cal consecutive monthly instalrments, the first monthly instaWnent to be paid as a part of and in addiiion to the monthly payment
clue under this Mortgage in the first calendar month following the expending of said sum. Such nrms so expended to bear interest at the rate
3 at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so expended
toGether with interest thereon as hereinbefore provided.
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~ iy. At mortgagees option, i ether with and in adaiaon to the monthly yment of rirxap-al - udcsc5i `r- -r .r._
note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is fully paid, one-twelfth 1/12) of a sum equal to the
annual premium due for fire, extended rnverage, and other hazard insurance including flood insurance, coverinfi the mortgaged property,
plus taxes and assessments next due on the mortgaged property (aII as estimated by I?tortgagee) less all sums already paid therefor, and to be
di~•ided by the number of months to elapse prior to the date when such taxes and assessments shall become- delinquent. Said sums shall be
held by Mortgagee in trust or credited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by Mortgagee 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 sustaine~
in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. bortgagee may from time to time at
its nplion waive, and after any such waiver, reinstate any or all provisions ~?ereof requiring such deposits, by notice to Mortgagor in writing.
«'hile any such waiver is in effect, Jortgagor shall pay taxes, assessments and insurance premiums as 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,
a mortgagor shaD perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and mgulations of
the condominium project and rnnstituent documents. Mortgagor further covenants that he and the association responsible for the operation
n of the condominium wiD observe all of the provisions of the said declaration and a~ amendments thereto, and of the Condominium law of
the state, and will perform all obligations thereunder and a failure to do so w~ich is not cured within 30 days after notice given by the Mort-
¢a Gee to the mortgagor and the said association shall constitute a clefauh under this mortgage. Mortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
~ co~•erage.
21. }Mortgagor further covenants and agrees that at the request of 1ltortgagee to furnish a standard termite bond insuring against damage
e by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, acrd with such rnmpany as
approved and required by 1ltortgagee; and in the event Mortgagor does not comply with this covenant 1ltortgagce shaD 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 construction loan failure on the part of the I?tortgagor or the Ilfortgagors
contractor, architect, engineers, or sub-contractors to comply with the terms of t~re Corsstruction Loan Agreement of even date herewith,
,vhich is by reference incorporated herein, shall, at the option of the Mortgagee, rnnstitute a default hereunder.
23. I[ t}re mortgaged premises is other than a one to four family dwelling, the lltortgagor covenants and agrees that 6e will, not later
i than thirty (30) days after the end of the fiscal year, furnish unto the Association a complete and accurate balance sheet and profit and loss
statem+•nt reflecting the 4tortgagor
s liabilities as well as profit acrd loss for the fiscal },ear, and such balance sheet and profit and 1osc state-
ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall he certified as being correct by sash certi-
ficd public accountant. ti, A
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