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HomeMy WebLinkAbout2654 . tt'c~ z. s,... + 4- Tnat in order to protect mea fully tM security of tMS mortgage. IM Mortgagor. topetMr wdh. and m iWdition to tM monthly paymems under tM terms of tM note secured Mraby. on tM specfiad payment data of each month unld IM sa+d raa is luny paid w+u pay td tM Assocaitron tM lotbwing sums Isl An irtsallrMnt of tM taxes and assessments levied a to be lev+ed against !M prem+ses covered by tMS mortgage. srW an installment of tM Wemium or pemrlMq that wiN WcorM dw and psyabla to renew IM inwranca ors tM premises covered MrebY age+nst b:a by lire. and windstorm. as provided la bw paragraph 3 precild+rtp. a such otMr hazard as may aasonsDhr be required by tM Assocwioh. and an instaNment of tM prsm+um that wiN become dw and payable to rartew tM mortgage mwrance. d any Such insauments shah W equal, respecuvely, to one~twslhh I1/t2tn1 0l tM as- timated premium or premiums for such inwrance. and taxes and assessments neat due Ise est+matw by tM Associat+on! less all instatlrnents already pa+d therefor, divided by the nurttbar of maitM tMt era to elapse one month p+a to tM date when such pem+um a premiums Arid texas and assessments will become Mlirtquent TM Associaton. while applying such payments to insurance premiums. taxes and assessments. before tM same become delinquent. sMll not pay mtenst to tM Mortgage on wch funds. and sir such payments may be commirigied oy thr Asstxiation wuh shy other such funds or with its own funds TM funds era pledged as additional security fa tM sums secured Dy tMS Metpspe and are wblect to use Dy ~ tM Association m payment of -'lea charger and bank collection cMrpes r ~ Ibl All payments mentioned in tM preceding subsection of Inis paragraph end ell payments to be made under tM tea secwsd Mraby shalt be edited togetMr and tM aggregate amount tMreof shall W paid by tM Metpape assn month in a :,ogle payment to bs applied by tM Association to tM following items in tM order sat forth 1 Taxes. assessments. end insurance premwms 2 ' Laa charges and Dank collection charges. unless paid m manner provided in paragraph 4 Isl 3 Inarest ors tM rate secured Mraby 4 Amortitalron of tM w+ix+pat of said note payment. con- Any delttrericy in tM amount of such aggregate monthly payments sMN. unless paid by tM Mortgagor prior to tM due date of tM neat such stitute an event of default under tM mortgage Without waiver of any right. tM Associatan may collect a 'date charge-' as provided in tM Note. 5 That i) tM total of tM payments made by tM Mortgagor under tort of paragraph 4 precedirtg shall exceed tM amount o1 payments actually made by tM Associauori for fazes and assessments and msurartce premwms. as tM case may bor. such access shalt be uedited by tM Association on subsequent payments to be made by tM Mortgage If, however. tM monthly payments made by tM Mortgage under la) of paragraph 4 preceding shall not have been wfficient to pay fazes and assessments arW mwrsnce premiums. as tM case may be. wMn tM same shalt become due and payable. then. tM Association may. at its op- tron immediately pay such razes and assessments end insurance premium. and tM Mortgagor shalt pay to tM Associaton any amount necessary to make up the defic+ency and wch payment sMll be due end payable within tMrty 1301 days after tM date of madinp of nonce by the Associatron sarong forth tM amount of such deficierxy If. at any time. the Mortgagor shall tender to tM Associatron. in accordance wdn the proviyon5 of the note secwed hereby. full payment of the ensue indebtedness represented Mraby. the Aisocistion Shall, m computing tM artaum of such indebtedness. uedrt to the accourn of tM Mortgage any balance remaining in the funds accumugted under tM provisions of Is) of paragraph 4 6 To permit. commit a wfter ra waste. impaurnent or deterioration of said property. a any part Ihereol. and upon tM failure of tM Mortgagor to keep tM M;ildings on said property in good condition a repair and ma+ntanance. tM Associatron may demand proper maintenance and tM immediate repair of sa+d buiidinys a an increase :n the amount of security. or the immediate repayment of tM debt hereby :storied and tM fa+lure of tM Mortgagor to cornpty wdh said demand o1 tM Associatron for a period of thirty 130) days shat) constitute s breach of this mortgage. and at tM optron of tM Associaton. immediatNy mature the entire amount of principal and interest Mraby secured. end tM Association immi!diateiy and without notice may instituTa rG~oa::.as to •~rs'-'lose this mortgage and apply for tM apppntment o1 s receiver. as hereinshsr provided. arxf m case of tM refusal. neglect or mabibty of tM Mortgagor to repa+ and main?ain said property. tM Association may. st +ts option. make wch repairs a cause tM same to be made. and advance moneys in that behalf 7 To perform comply with end sb+de by each and every tM stipulations. spreements- conditions and covenants in card promissory rate and this mortgage set lath 8 To comply with tM wbdmsan restrictions and tM mumapil :onirtg ordinances appl:_aDle to the mortgaged property. not to erect or permit to be erected any new lwildirigs on tM premises Mltein metpsped a to add to or perm+t to bB added to. make or permit to be made. any structural alterations to any of tM ex- 4tirtg imprOVernenl5 IMreon WithOUI LM WfitlM Consent 01 lM AsSOtiatiOn. and in tM eV@nt O} anY viblaUOn Or attempt [U vrolate these StipulaLOnS. a my OI them. this mortgage and all sums secured hereby sMll immediately become due and payable at the Option of IM Associatron g That in case of a default in any o1 tM terms of iMS mortgage and tM hhnp of a bill to breclose this or any other mdrtgage encumbering the witMn described property. the A$sociatidn shall be enLlled tO apply- at any time Wilfiput notice pertdirtg such foreclosure sort. to tM QOprt haWng jUh9(fictiOn ih@reof 1e lM ap- ppntment of a receiver of an and singular tM mortgaged property. and of all tM rents. incomes. profits. issues and revenues thereof. from whatsoever source derive(1. and thereupon. n is Mraby expressly covenanted and agreed that tM court shall forthwith appoi^t a receiver of Said mortgaged property. all and singular. and of such rents. +ncomes. profits. issues end revenues thereof. from whatsoever source derived. with the usual powers and dunes of reservers in tike cases. and wch appointment shaft be made Dy such court as a matter o} strict right to the Association and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the sdvency a insolvency of the Mortgagor.-and that such +ents profits. incomes. issues and revenues shall be applied by sur'n receiver to the payment of the mortgage indebtedness. costs and charges. according to the order of such court 10 That in the event the ownership of the mortgaged premises. or any part thereof. becomes vested in a person other than the Mortgagor, the Assoc+ation may. without nonce to the Mortgage. deal with wch successor a successors +n interest with reference to this mortgage and the debt hereby secured. in the same manner as with the MortgagO+ without in any way vitiating or discharging the Mortgagor's babihty hereunder or upon the debt hereby secured No sate of the premises hereby mortgaged and no forbearance on the part of the AsSOCiauon. and no extension of the nine for the payment of the debt hereby secured gwen by the AssociaLOn :half operate to release. dixharge. mgdify. change or affect the ongmal herb+lrty of the Mortgagor herein. either in whole or m part 1 1 That in the event the premises hereby mortgaged. a any part thereof, shall be condemned and taken under the power o} eminent domain. the Association shall have the right to demand [hat alt damages awarded for the taking of or injury to Said premises shall be paid to the Assooation its successors or assigns. up to tFe amount then unpaid on this mortgage and may be applied to any sums last payable hereunder 12 That time is Of the essence of tMs Contract and that no waiver Of any obligation hereunder o+ of the oG!iyat~o•i secured hereby shall at any time thereafter be held to be a waiver of the terms hereof a of the promissory note secured hereby 13 In the event o! any default in anY of the terms of this mortgage o+ +n the note secured hereby and estate+ation by the holder. or any other :float+on that would cause the +nterest Paid or payable under th+s oblegatron to exceed the interest rate auttanred DY law. then in such event all excess interest [heretofore paid shall be credited to principal and alt accrued and unpa+d excess interest shah abate and shall not be an obligation of the maker or o1 any other person 14 That io the extent of the indebtedness of tM Mortgagor to the Association described herein or secured hereby the Association is hereby wbrogated to the hen o+ hens and to the rights of the owner and holder tMreOf of each and every rrartgage. hen or other encumbrance on the land described herein. which is pa+d and saashed in whole or in part, out of tM proeeeds Of tM loan dexnbed hRrem a Secured hereby. and the respective liens of Said mortgages. hens or other en- cumbrances shall be and the same and each o1 them Mraby i5 preserved and shall pass tO and be held by the Association herein as security for [M im ~ debtedness to [he Association hetEin described or hereby secured. to the same extent that it would have been preserved and would have been passed to and teen held by the Association had rt been duly and regularly assigned. transferred. set over and delivered unto the ASSOCiation by separate deed of assignment. notwithstanding the fact that tM same may be satshed and cancelled of record it bung tM intention of the parties hereto that the same wd1 be satisfied and canceled o1 record by the holders thereof at or shout the time of tM recording of tMS mortgage 15 That ii any of the sums of money herein referred to be not promptly and fully paid within thirty (301 days nett after the same severally become due and payable. ( or if each and every the stipulations. agreements. conditons and covenants of said promissory note and this mortgage. or either are not duly performed. coin C pied with and ab+ded by. tM aggregate sum unpa+d under said promissory note and th+s mortgage shall become due and payable forthwith or thereafter- a: the I option of the Assoc+anon. as fully and compl8tely a5 rf Said aggregate vim Of money were originally shputated to be paid on such dory any[h+ng +n sa+d promissory note or herein to tM contrary notwithstanding 16 That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. habdnY. oblige lion or encumbrance upon said property a5 herein provided. q shat! nOT be necessary nor regwsrte that the AssOCiatiun shall first pay [he same 1 7 N a conveyance should be made by the Mortgagor of the premises herein dexribed or any part hereof. and the grantee named in such conveyance fails e refuses to assume the payment of the obligatron evidenced by said promissory note and secured by tMS mortgage. and in accordance wch their respective terms. and abide by tM rules and regulat+ons of tM Associaton including payment o1 a reasoi:able transfer fee. then. and in that event at the option and upon the demand of the Association all sums of money secured Mraby shall immediately become forthw+th due and payable 18 That the abstract or abstracts of title covering tM mortgaged property shall at all times. during the life of this mortgage. remain in the possession of the _ e AssouaOOn and. in event o1 tM forectowre 01 tMS mortgage. or Other transfer of calla to the mortgaged property. m extinguishment o1 the indebtedness secured 05 hereby. au .ght. title and interest of tM Mortgagor in arW to any such abstracts of ntle shal+ pass to the purcF.aser or g+antee 19 Should tM vatediry M Men O) tins mortgage. a the note secured thereby. be contested by litigation Or otherwise. the Mortgagor agrees iu pay to the Assoc+ation the cost of defend+ng tM same including a reasonable attorneys fee 20 To pay alFartd singular t~la costs. charges and expenses, including attorney's fees reasonaWY incurred. or paid at any time by the Association. because of tM failure of tM Mortgagor io perform, comply vnth and abide by each and every the stipulat+ons. agreements. conditions and covenants of said promissory rate and this mortgage. w,~iher. and eve wch (except for tM payment of tM monthly installment as requ+red by the Promrssury Note) shall bear interest from date at tM rate of per cent Ij~961 per annum until fully paid 21 The Associaton shall have the right at any bme and from time tb time and without ratite to a consem of any person to tort release any portion o! the premises Iron the lien of this mortgage. (b) release any person liable for payment of any indebtedness secured hereby- Icl extend life time of payment or after tM terms of payment of all a any part of the indebtedness. without aNectinp or reless+np the personal liab+lity of any person liable (other than any person released pur :norm hereto) fe the payment of any vim a interest secured hereby and without in any wise altering varying, a dimirnshing the faces. effects. or ben of tMs mortgage on all the premises not specfically released from the lien of this mortgage by the Association 22 Any agreement hereafter made by Mortgagor and Association purwsnt to tMS mortgage shall be superior to the rights of tM holder of any intervernng ben e encumbrance t ~ 23 Upon request of Mortgagor. the Associatron may. st As sole option. from time to time. bebre full payment of all indebtedness secured hereby. make further ad- vances to Mortgagor- provided. however, that the tool principal secured hereby and remaining unpaid. including any wch advances. shall not at any bme ex- ceed the original principal vim secured Mraby Metpagor shall pay NI wch Iur1Mr advances with +nterest aM tM same shall be secured Hereby All provisans of this mortgage shsN apply to each further advance as well as to ail other indebtedness secured hereby Notbmg Mtein contained. however- shall hind tM amount secured by tMs mortgage H such amount is increased by advances made by tM AssOtiat+On, as herein elsewhere provided for to protect tM securely I 24 In tM event tM Mortgagor Mrein. or any wbsequent Mortgagor- or arty person a corporstan Owrnrtg any interest whatsoever, should encumber tM property Mrein mortgaged by art irtstrurtient wmmonly referred to and known ss a -'wisp-around mortgage" without brat obta+mng tM wrdten consent of tM Associa- tiGrt- then- at tM option tsf :tie Associatior, the ob!sgatiort :Muted by this Mortgage shat! rmrrtedsately become due and payable 25 To provide tM Association with Flood Insurance Coverage H tM real property is raw or Mreafter determined to be witMn a sptrcral flood hazard area as shown on Flood Hazard Boundary Map flood Insurance Rats Msp as published by tM Federal tnwrance Admimstration - ~ 463260 `~19 ~~T 22 ~'i 37 FII:Q AN!,- F_Ct,NUi t/ ~ ST. LUCIE CO'J!i TY. Fl A. ROGER POITR/tS CK ~q ~ !'~1~ CLERK CIF:il11T CCU.~T~