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ti. To perform, comply with and abide by each and every stipulation, aga•cment. condition and covenant is said promissory rwte and deed
set forth.
7. In the event the jurisdiction of the U. S. District Court shaD be invoked by or against the Mortgagor under any of the provisions of the
1•'ecleral Bankruptcy AM, such action, whether voluntary or Involuntary oa the part of the Mortgagor, shaD automatically, without notice, no-
celcrate the maturity of all sums of money herein described and secured and the seine shall thereupon become due atxl payable forthwith
as fully as if the said aggregate sums of money were originally stipulate to be paid on such date.
8. To deliver to said Mortgagee on ar before llfarch 15th of each year, taz receipts evidencing the payment of all lawfully imposed tares
for the preceding calendar year, anti to deliver to said Mortgagee, receipts evidencing the payment of all liens for public improvements within
ninety days after the same shat! becotrle due and payable, and to pay or discharge within ninety (90) days after due date, an and all
governmental levies that may be made on the wortgag p riy, on tWs mortgage or note, or in any otl?er way resulting from the Mortgage
indebtedness secured by this mortl;ago; and if tt?is rnadition be not complied with and performed, said mortgagee maY paY sui:h sum or sums
which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate provided is said promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due sad payable forthwith.
9. It is further rnvenanted and agreed by said parties that In the event of a suit being instituted to foreclose this mortgage, the Mortgagee
s'`z!1 be entitled t~ apply at any time per?rlinn ~+.ch foreclosure suit to the court havilut iurisdiction tbereof for the appintment of a receiver
of all and singular the mortgaged property, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source tierived•
and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, elf
and singular, and ~ such rents, incomes, profits, issues and revenue thereof, from wbatsoever source derived, with the usual powers and
duties of receivers in like cases; and such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors,
le al representatives or assigns, and without reference to the adequacy oc inadequacy of the value of the property hereby mortgaged. or to the
so~vency or insolvency of the hortgagor, and that such rent, profits, income, issues and revenues shall be appL'ed by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, according to the order of snc~r court.
10. iE all or any part of the property or as iuterest therein is sold or transferred by mortgagor without mortgagee
a prior written consent,
eccluding (a) the creation ~ a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase rno security interest for
household appliances, (c) a tratufer by devise or descent, or by operation of law upon the death of a joint tenant, or~d) the grant of any
leasehold interest of three yy rs or less not rnntaining an option to purchase, mortgagee may, at its option, declare aD the sums secured by
this mortgage to be immediately due and payable. Mortgagee shall have waived su option to accelerate if prior to the sale or transfer,
mortgagee and the person to whom the property is to be sold or tranuferred reach agreement in writing that t~re 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.
1 i. That in the event the premises hereby wortgaged, or any part thereof, shaD be condemned and taken for public use under the power
of enunent domain, the Mortgagee shall have the right to dtmand that all damages awarded for the taking of or damages to said premises
shall be paid to the Mortgaggee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon
the payments last payable Wereon.
1:~. 'I
he mortgagor binds himself not to erect or perulit io lie ere3i.ted any new bniltZin~ as !tic prernis~ l:~rein .^.:rr*.gagesl ar !o a 1.1 to
or permit to be added to any of the eritting improvements thereon or matte 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 Contract and that no waiver of any obli ation 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 hereby.
14. If foreclosure proceedings of any sernnd mortgage or sernnd taut deed or an junior lien ~ any kind should be instituted, the biort-
pastee Irlay, 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 Mortgaggee is hereby
suhrot;atecl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or otber iricumbraix.•e an 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 scoured hereby
and the respective liens of said mortgages, liens or other incumbrancrs shall be and the same aril each of them hereby is preserved and shall
pass to artd be held by the Mortgagee herein az security for the indebtedness to the I?fortgagec herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to anti been heW by the Mortgagee had it been duly and regularly
assigned, transferred, set aver aril delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
be satisfied and cancelled of rernrd, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the
holders thereof at or about the time of the recording of this mortgage.
ra T....a., All earl c;nairlar the oasts. charges and expenses, including lawyers fees, reasonably incurred or paid at any time by the \tort-
gaCee, because of the failure of the Mortgagor to perform, comply with and abide by each and every the sbpuiaUOns, agreements, Contiiiiuin,
and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
vichYl in said promissory note.
17. When an amount of to be paid by the Mortgagor In the Mortgagee under the terms hereof shall be in default, or should the
:Mortgagor default in any of Cher terms, provisions or conditions of this Mortgage, then and in that case the Mortggagee shall have the
right, without notice to the Mortgagor, to collect and receive from any tenant or k~see of said mortgaged premises the rents, issues and
profits of the rear estate hereby morteaged and the improvements thereon, atxl to give proffer receipts and acquittances therefor, and after
pa ng all rnmmicsions of any rental agent rnllectin~ the same, and any reasonable attorneys foes and other necessary ezpenses incurred in
collecting same, to apply the proceeds of such collections upon an indebtedness, obligation or liability, of the Mortgagor hereunder. The
right granted the 1?tortgagee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
18. If the I?tortgagors at the time of making this I?tortgage or su uent thereto take out life insurance designating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assigns porkies to the Mortgagee for the purpose of securing the mortgage loan
hereby secured then the Mortgagee shall Gave the right to pay any premium scenting under said policies, and all sums so ezpended shall be
added to and ~erome a part of the prince Indebtedness secured by this Mortgage and shall be paid by the Mortgagor to the Mortgagee
in twelve equal rnnsecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment
due under this Mortgage in the first calendar month following the ezpending 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 eztend to and secure the sums so expended
together with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of rincipal and interest payable under the terms of the
note secured hereby, I?tortgagor shall ay to Mortgagee each month until said note is folly paid, one-twelfth (I/12) of a sum eecq~ual to the
annual premium due for fire, extende~ coverage, and other Hazard insurance including flood insurance, covering the mortgaged property,
plus taxes and assessments next due on the mortgaged property (all as 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 faxes 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. 1?tortgagee may from time to time at
its opption waive, and after any such waiver, reinstate any or aII provisions ~rereof requiring such deposits, by notice to Mortga~or in writing.
ll'hi)e any such waiver is in effect, Mortgagor shall pay taxes, assessments a~ insurance premiums as herein elsewhere picot ed.
20. I?iortga~gor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit,
mortgagor shaD perform all of mortgagors obliRationc under the declaration of condominium or master deed, the by-laws and regulations of
the condominium projeM and rnnstiment documents. 11orty;agor further covenants That he and the association re~onsible for the operation
of the condominium will observe all of the provisions of the said declaration and any amendments thereto, and of the Condominium la~v of
the state, and will perform all colt.^_ations thereunder; and a failure to do so w~rich is not cured within 30 days after notice given by the llfort-
eagee to the mortgagor nail the said association shall constitute a default under this mortgage. I?tortAagor further specifically rnvenants, but not
by uay of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
covera>e.
21. Mortgagor further covenants and a;:recs that at the request of 1ltortgagee to furnish a standard tern»te bond insuring against damage
by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such company as
approved acrd re~iuircd by 11IortKagce; and in the event Mortgagor does not comply with this cmenant lltortgagee shall have the setae rights
to obtain saute as insurance coverage under covenant ~s3 hereof.
22. That in the event that this mortgage is given to secure a construction loan, failure on the part of the Mortgagor or the 1ltortgagori
contractor, architect, eni,~neers, or sub-contractors to comply with the terms of the Construction Loan Agreement of even date herewith,
which is by reference incorporated herein, shall, at tbe option of the 2ltortgaRee, rnnstitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling, the MorttCagor covenants and agrees that he will, not later
than thirty !30) days after the end ,.r `he fiscal year furnish unto the Association a complete and accurate balance sheet and profit and loss
statement reflecting the Iltortgav,,ir's liabilities as wel~ az profit and loss for the fiscal year, and such balance sheet and profit and loss state-
ment shall be prepared by a «rtifid public accountant licensed in the State of Florida, and shaD be certified as being correct by such certi-
fied public accountant.
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