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HomeMy WebLinkAbout2313 .a.. tingencies including Quud as may be toluircd by nc~ Atu+rf;aFce in an amewnt to be appruvcal by the Mottfiagre not exccedine in the agr;regatc one hundred pct crnprm o[ their lull inwtahlt raluc so ttut the Mortt;at;ur w+q nrx be deemed a co-ituurer under any such p+>licy and in a company or cum(units and in a fwm or (Deno to be apluuved by the Moat;al;cc, and will as- sign and deliver th:• policy or pr+licira erf such insurance to the Mont;aGce, its sutasa+rs or assigns, loss under which poliq? at jrulific3 Shall !>avp bttn made payable to Ilse Mont;aFre. its successors or assigns, as intcuat may appear, in such nunner and form that it anJ they slull at all times approve, and until the full p3yn-:ent of ssid moneys, tl+c MunFagce shall have anJ hoW the said policy tx policies as collateral and further security hx the payment of said moneys; and in default of so duitig, the MotegaRcr or its wus•uc>rs or aas+t;ns nsay place such insuunce (rnt» close to rime in an amount in the aRrrcgcte nut ex- eteclinR one hundrnl pet crntum of the full insurable valor of said buildings rrectnl on the premises for the purpose aforesaid, asd pap the premium of prrmiuma tlsc•ndnr, and dsr Moneacor will pay to the Aturtcarcr, its successors or assigns such ~rcmium or prrnsiums sn pail, with interest at a roc of interest six (Gc"o) percent pct antrum in excess of the rate sa torch to the bond, but in no Trent mote than the highest rate permitted under the applicable usury law, from the time of paytneac t by Mortgagee. on demand. and the ume shall be deemccl to be secured by the mongage pnor to any claim or lien accruing = or anaching subsequent hetex0. and shall be colltctible thereupon and thereby in like trunner as the principal, and in default of such paymrnt by the Mortgagor or of assignment and delivery of policies a+ade payable u aforeuid, the whole of the f priocipal sum and ineerat soured by the mortgage shall. at the option of the Alortgagcr, its successors or usigns, im- arediately become due and payable. Should the holder of else mortgage by reason of such insurance receive any sum or sums of money for such damage. such amount may be retained and applied by the holder of the mortgage toward payment of the sum secured by the morttagt, or the urge tnay be paid over either avholly or in part to the l~fongagor or to the heirs, successors or auigns of ehe Mortgagor [ot the repair of said buildings or for the erectson of new buildings in their i y:.?:, of fo: nap o+h~. r~+rl>nu or object utis(actory to the holder of the mortgage, and if ehe Afortgagte receive and retain insurance money :or such dartuge to the premtses, ttse iirn ui alw ,i.:.::;,_ge .q..ran.t enlp by a reduction o[ the amount of said lien by the amount o[ such insurance mosey received and retained by the Afottgagee and applied eowaru y,,:y- aunt of the obligations strured hereby. 2ti. The rents, issues :.ud profus of else premises arc hereby transferred and assigned to the Aiongagee u further security for the payment of this mortgage, and the Alortgagce shall have the right t3 t:ttcr upon tree premises for the purpose of collecting the sanx and to la and operate the premises or any pan thereof and co apply the rrnts, louts and profits. tither in sc•hole or in part, as the AiortgaRec elects, to the payment of all charges and expenses of the prctnises or in reduction of any pan of the principal or interest dot or to become due under the bond. This assrgnment and grant shall continue in effect until uid mongagc is paid. The Mortgagee hereby waives the right to enter upon the premises tot the purpose of collecting uid rents, issues and profits, and the .~fotrfiagor shall have a license to collect and receiae said rents, issues and profits until default hneunder, but such License of the Mortgagor tray be revoked by the Atoacagte upon any default. In the event of any default hereunder. the \fongagor aa•ill pay monthly in advance to the Mortgagee, or co any receiver ap- _ pointed to collect said ernes, issues and profits, the fair and reasonable rental value for the use and occupation of the premises, or of such part thereof as rr?ay be in the possession of the \foneagor, and upon default in such payments will vacate and sur- render the possession o[ the p:ernisrs to the Afotrgagee or such receia-er. , neither the Aforrgagor nor any tenant of the premises, or buildings or structures or any part of rJ tither shall have the right or power, a against the holder o[ d+is nsott+;age without his (or its) consent to cancel, abridge or otherwise modify tenancies, subtenancies, )rases or subleases now or hereafter in effect in respect of all or any part of ~y such premises, buildings or structures or eo sccept or make. u the case racy be, prepay menu of ensnllments of rent to be- come due thereunder. ~ 21. Nothin~ herein conuiacd shall be coruttued u depriving the Mortgagee of any right or advantage available under ~ ~ the laws Oa. fine Si dte G~ Florida but all covenants herein differing thtrc(rom shall be con- p strutd u confernnG aawa~anu'll and not substitute rights and advantages. LIP 22. In addition to the bond, this mortgage is Intended to scYUrc and provide for the payment and performance of any and al! oblieatiotu now due and owing or which may hereafter be or baome due or owing by the Mortgagor to the Afore- ~ U v, nd it is stipulated that the maximum amount secured by this ore a e ac execution or which under anv ton- ty tingency cosy be secured thereby at any time in the future shall not ex c t prmapa amount erect, pus interest. e ~ ~j obligation of the Atortgagce to make further or [utuce adaances or re-advances shall be optional with the Mortgagee. Re- advances may be nude under the provisions hereof, or otherwise, to the present or any future owner of the ptemsses. ~ 23. if this mortgage is made pursuant co Title III of the Servicemen s Readjustment Act, the AfortgaRor rnvenanu O and agrees that should this mo:tgagc and the bond not be eligible for guaranty- under the Servicemen's Readjustment Act of ~ 1944, u amended, within Wintry (90) days from the date hereof (writt.n statemtnt of any officer or authorized agent o[ •he Vnenns Administration dated subsequent to the ninety (40) day period commencing with the date of this mortgage, -s declining to gsrarantec the said bond and mortgage, being domed conclusive proof of such ineligibility), the Aortgagee or 1 holder of the bond and mongagt may, at its option, declare all sums secured hereby immediaeelq due and pay:blt. IJ 24. Tht Mongagor covenants and agrees not to execute or file [or record any tnstrumrnc which imposes a restriction upon the sale or occupancy of the premises on the buss of race, sex, religion, national origin. color or creed. Upon any violation of this undertaking the Aiongagex may, at iu option, dalare the unpaid balance o[ the debt secured hereby im- mediately due and payable. 2S. of each tenant of all or any pan of the premises, buildines or srruttures alTihat,••d with c>r owned in tart by the Aiortgagor or any guarantor, and of each fisiarantot of the bond, such statenrenr to ^ sans attory to the :~Sortgagce and to be dated u of D:ccmber 31, of the last day of any fiscal a ca endar year, of each year during the seem of this morr,Gage. Esch such sutement shaft ins! ~ rmsntion, all contingent liabilities, shall be trrtifed as correct by a certified public accountant to the \torteaCee, and dull be delivered to the Sto:tcaget na ?atet than nincry (90) days of _ e Mortgagee shall have the right to inspect the books and records of the Aortgagor at reasonable 2G. This mortGace may not be changed or modified orally, but only by an agreement in writing and signed by the party against w•lsem enforcement of any waiver, change, modifintion or discharge is sought. The Mortgagor acknowledges delivery co it, w•iel+out char~ee therefor, of a copy hereof and of the bond. 27. This morr_~aGe alv> i+ ititrnded to be a secu•iry agreement under the Uniform Commercial Code and the Afott- ga1CK shall br entitled to all the rights and remedies o[ a Secured Party under said Uniform Commercial Code in addition to all of its rights and remedies hctcundrr or under other applicable law and agreement with the Atorcpagor. The Afortgagee is hereby authorizes-.~ to sstin an.i file one or more financinG st.ttemenrs covering all or any part of the property within this mon- gagr on b°hs(f o[ the Afara;asor and at the ex{>eftce of the Dortgagor. 2R. - rtes the premises or any part thermf or, if AforcGaGor be a corporation, a majors ~o scot be sold, trans- /rrreal or plydGcd, or if by o^ezation of law. einc~•r c > a•onnG shares be sold, rransfrrred or pledced, then the l?torteacce may at a sums secured hereby immcdiatrly due and -payable. Consent to one such 29. Tlie whale of said principal sum and interest shall immediately become due ac the option of the ASortSacK if a receiver or trustee shall be appointed in respect of the prcmices or the fixtures or articles o[ personal property hereby mortCaGed, or if the MottCacor or any guaranror of all or ant ponien of said principal sum of interest shall tall a meeting of creditors, nr if a petitipn in bankruptcy shall be filed against the MonGaGor or any such Guarantor or a rcceirer or trustee shall be appointed in tes=ter o! all or any subsantial pe>rrian of the property of the AfottGacor or any such guarantor, which - filinc or appointment is Woe dismissed or disrharGed within thirty (30) days, nr if the ;IortRacor or any such fisiarantor shall file a pc•rition in bankruptcy of fa: rcorGanizuion of an arranGemcnt under any of the provisions of the Bankruptcy Att or of any other law rf the United States or of anv start thereof, or if the Morts;acor or any such Guarantor shall make an assignment for the benetst of creditors, or i( the Afottcacor or any such Guarantor shall be adjudGed insolvent of bankrupt by any court, or if else \to:tcaeK, in Good faith, shall be dissatisfied with the financial condition of the AtottGarCOr or any such Guarantor, rr stall deem itself insecure. lJ1tEr@St 30. Ulu>n the occuren;c of any dcfautr hereunder, the bored and all other sums sm+red heee--by shall bea~ar a rate six (G n) percent ht•r annum in excess of the rate set forth in the band, but in no event mote than the highest race permined by law in respect of the Mortgagor. 31. All remc.!ic: petal: r,i in this mua:;ace art distinct and cumulative to any other right or remedy under this mottGagt, the band, any Cva+snty of the indrbte.lness secured hereby or any other agreement 1>etw•ecn, anions; onc~•rc, if any, the Alort• RaGor aml rhr ,lfo:rp-s:•c•c ccmitcl simulwncoualy ar in rnnncctinn hcrc•nirh, or a$ordt•d by law ur equity, ani may be cxcr- eised umcurrentlc, irr.l;{~c•n,lrnth• ~~r succe'asively- \\'hetcvet in this mnrt~.rrr• the priest tonst•nt of the Atottc.a,.^,ct is tequircd, the amse•nt of the \lr~rteaG.e Gicrn as r.> Drat- such tranuttion shall nr.t l+c• decme.f to he a w•aia•rt of dst right to [rquire such consent to future or su:a-czice tunsattiuns. Any such t~~n•rnts shall hc• in writinG. 32. Any fat!>earancr M the Martc.ipxr in exe•rcidnr any right or n•me.ly hereunder, or aherw•ise aftnrdrd by applicable (aw, shall not he a M-airer of (>r prech:dr the ezercise of any such right or rc•mcdy. The prexarensen+ of insurance or tlx pay- ment of t.>xa•s rr other liens or ch+rgrs by the A[ures;aFrr shall ncx bc• a waiver o[ the AluztGarees right ro accelerate the maturity of the indchtrdncss secured hereby. 33- If mote th+n ,+nr p_rc.m jr~ina in rhr czcvution n/ this mattGaGr, and if any be of the ferrule set, the relative avoids herein sh.i?I !r ::•~d ac if w•rirtca :n the plural, n: in rhr fr^.~ir.i^.~ 'c rF.^ race may he. ' - 34. Thc• cnn n.+ntc. agrc~•mc•nr: anJ nlaions l+crc•in a~nrainct{ shall hin.l an.l inure to the l>:•nefit of the heirs, di~tY~[wiets_t% exmirors, admini.tratots, succeswrs an,l aai,;ns of rhr parties hereto. 35. $t_'E.- R1C3('r RttaCtl(~ci • Y>eY1LfrO a17R' IIY~dr a 1N Il"'17"N!?S:S lI'•IIFRI:UF this mortgaGc has been duty executed by the Mortgagor. ~ hereof. IN PRL'~hNCG O d~~X 319 PacE 2301 t t e S t - ocs~ Dt~s ncvr•.r~on~?~rrr-; ~ ooN . ~ _ . • ...$y.. ~ .........fir.. K°~::. . y .