HomeMy WebLinkAbout0042 all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in
writing and shall be a part of this mortgage agreement as Cully ua though set forth verbatim herein and shall govern
both parties Iiereto and their successors and assigns. No lien upon any of said policies of insurance or upon any refund
or return premium which may be payable on the cancellation or termination thereof. shall be given to other than the
Mortgagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance'
shall haze affixed thereto a Standard Mortgagee Clause ameptable to the Mortgagee, making all loss or losses under such'
policy payable to the Mortgagee as its interest may appe:?r. In the event any sum or sums of monrv become payable
thereunder the Mortgagee shall have the option to receive and apply the same on amount oI the indebtedness hereby
' secured, or to permit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing
any equity, lien or right under and by virtue of this mortgage. In event of long or physical damage to the mortgaged
property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make
proof of loss it the same is not made promptly by the Mortgagor. In even! of foreclosure of this mortgage or other
transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and inter-
est of /he Mortgagor in and to any insurance policies then in tome shall Ix?ss to the purchaser or grantee. Upon any
default thereof, the Mortgagee may Ibut without obligation on its tart to do so) place insurance on such buildings and
pay the premium and charge such sums so paid to the Mortgagor and such sums of money so Maid shall bear interest
from the date o[ payment at the highest legal rate.
4. That all sums of money paid or caused to he Ik?id by the Mortgagee under the terms of this mortgage and herein
slxrifically provided for, and including any expenses incurred by the Mortgagee in collection et the sum secured by this
mortgage, shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which
this mortgage secures.
5. To permit, commit or suffer no waste, impairment or deterioration o[ said properly, or any part thereof, and
upon the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee
may demand the immediate repair of said buildings, or an increase in the amount of security, or the immediate repay-
L_---!-~• .~^^::c~d Ar_d the failure of the Mortgagor to comply with said demand of the Mortgagee [or a
period of fifteen (15) days stroll ,constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately
mature the entire unpaid principml and interest hereby secured, and the Mortgagee may, without notice, institute pro-
ceedings to foreclose this mortgage, and apply for the appointment of a receiver, :?.g hereinafter provided.
6. That the Mortgagor hereby promises, covenants and agrees to Ix?y the sums of money and interest as mentioned
in said promissory note, together with any :ind all other sums justly due :?nd owing the Mortgagee by the terns therein,
and secured to be paid as stated therein promptly when due. If default _shall be made in the payment of the said sums of
money or any part thereof as provided in the said note or this mortq:?ge, or it the interest that may hernme due thereon
or any part thereof shall be in default and unik•?id for sl?ace of fifteen 115) days, or should the Mortg:gor breach or
tail to comply with any other covenant or :?greement on the part of the Mortgagor to be complied with (in those cases
in which the option o[ the Mortgagee of acreleralion is not otherwise expressly provided herein) and such breach or
non-compliance continue in existence for a st+ace of fifteen 115) days, then and from thenceforth. at the option r,t the
Mortgagor, the whole o[ said principal sum expressed in slid note, together with all other sums therein as well as herein
provided [or, shall become immediately due and payable, without notice to the said Mortgagor.
7. That in case it should become necessary to place this mortgage and the note secured hereby or either o[ them, in
th hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay atl costs.
charges and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise.
' 8. That, in the event any suit is brought ul?on This mortgage, whether to [orec•lose it, to reform it, or otherwise,
and/or to enforce payment of any claim hereunder, the Mortgagee may apply to any mart having jurisdiction thereof _
for the appointment of a receiver of said mortgaged 1roperty, as well as the income, I~rofits, issues and revenues thereof,
and the said income, profits, issues and revenues are hereby mortgaged as i( specifically set forth and described in the
granting and habendum clauses hereof, :?nd such receiver shall have all the broad :?nd effective functions and powers in
any wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and
k a matter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the
~ property mortgaged, or to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, profits,
~ income, issues and revenues shall be applied by the receiver amordinq to the lien and/or equity of this mortgage and
the practice of such court, and such appointment of receiver sha0 be without notice to any obligor hereunder.
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~ 9. The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and laws of
Florida. It is specifically agreed that lime is of the essence in this contract and that no waiver by the Aortgagee o[
any obligation hereunder or of the obligation secured hereby shall al any time thereafter be held to be a waiver of the
terms hereof or of the obligation secured hereby.
10. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mort-
gagors or their contractors to complete said building in amordance with Construction Loan Agreement, of even date
~ herewith, or to build wgid construction in accordance with plans and specifications filed with the Mortgagee, shall con-
stitute abreach of this mortg:ge, and, at the option of the Aorgagee, immediately mature the entire amount of princi-
pal and interest hereby secured and the Mortgagee may immediately institute proceedings to foreclose this mortgage.
11. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be
instituted, the Mortgagee may, at its option immediately or thereafter declare this mortgage and the indebedness secured
~ hereby due and payable.
12. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public
use under the 1?ower of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for
the taking of or damages toaaid premises shall be paid to the I?icrtgagee, up to the amount then unpaid on this mort-
gage and the obligation secured hereby and may be applied upon the p:?yments last 1>•~yable under this mortgage and
~ the obligation secured hereby.
13. That installments, lu?yable under the terms hereof and the note secured hereby. not I>.~id when due. .hall be
subject, after fifteen 1151 days from the date thereof, to, and it is agreed Mortgagee shall rollec•t thereon and therewith,
a "late charge" in the amount of four I+er cent f4',';,? of the installment due ulx,n each such delinquent installment, and
such "late charges" are secured by the lien hereof.
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to the par{x?ses t ereo shall be sufficient, Mortgagor shall, in .addition to the monthly payments of
principal and interest as stated in the original no a otes secured hereby) provided to be made, pay
a monthly sum and amount egna) to one-twelfth 11/121 of the estimated annua and insurance pre-
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