HomeMy WebLinkAbout0060 8. To perform, comply with and abkle by each and every atipttlatbn, agreement. conditron anu covenant in said promissory note and deed
set forth. .
7, la the event the jurisdiction of the U. S. District Court shall be tavol:ed by or against the Mortgagor~~under soy of the provisions of the
Federal Bankruptcy Act, such action, whether voluntary a fmvolrmtary on the p~r~ of the Mortgagor, shall autonraticaUy, witlwut rwtica, ao-
ce•Icrate the maturity of all sums of money herein described and secured and khe same shall tt?rreupon become due and payable forthwith
as fully as if We said aggregate sums of money were originally stipulate to be paid oo such data.
8. To deliver to said Mortgagee on eN before March 15th of each year, tax receipts evidencing the paynreat of all lawfully imposed taxes
for the preceding calendar year, and to deliver to said Mort Magee, receipts evidencing the payment of all liens for public iruproveu?ents witl?in
ninety (JO) days alter the same shall becorrre due aril payab~e, and to pay or discharge within ninety (90) days after due date, any and all
go.enunental levies drat ruay Ire made on the nwrtyat;ed pr rty, on this mortgage or nota, or in any other way resulting from the \fortgagc
indebteehress secured by this mortiage; and fl this condition I~u not complied with and performed, said mortgagee may pay such sum or sruru
wl?ic•h shall lrecorne part of dre debt secured by this mortgage, and shall hear interest at the default rate provided in said promissory note
payable uronthly until paid or said Mortgagee may elect that said mortgage debt thereupon become duo ar?d payable forthwith.
9. It is further covenanted ar?el agreed by said parties that In the event of a suit being instituted to foreclose this mortgage. the Mortgagee
shall lee entitled to apply at any time periling sud? fonrlosure suit to the rnurt having jurisdiction tircreof for the apppointu?cnt of a rrceivcr
:.f all and singular the mortgage.•d roperty, and of ail the n•uh, ine~cnnes, profits, issues and revenues thereof, from whatsoever source dcrived•
and thereupon it is hereby expressly covenanted aril agreed that the court sl?aU forthwith appoint a receiver of said mortgaged property, ati
and singular, anel of such rents, inconrrs, profits, issues and revenue thereof, from whatsoever source derived, with U?e ruual powers and
duties of receivers in like cases; and such appuinUuent shall he made by such court as a matter of strict right to the Mortgagee, its suttexsors,
legal representatives or assi~~ns, acrd witl?out refererce to the ackcp?acy or inadequacy of the value of the property hereby nwrtgagcd, or to the
solvency or insolvency of the Mortgagor, aril t!?at such mot, pprofits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and c•harGes, acconling 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,
excluding (a) the creation of a lien or encumbrance subonlinate to this mortgage, (b) the creation of a purchase nroncy security interest for
horrsclwhl appliances, (c) a transfer by devise or dcxcent, or by operation of law upon the death of a joint tenant, or (el) the grant of any
leasehold interest of three years or Iess not containing an option to purchase, mortgagee may, at its option, declare all the sums secund by
chic uortgage to be imnu•c rately due acrd payable. Mortgagee shall have waived such option to accelerate if, prior to the Sale or transfer,
wortgagce 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 drat the interest payable on the sums secured by d?is mortgage shall be at such rate as Mortgagee shall request.
l 1. That in the event the promises hereby mortgaged, or any part thereof, shall be condemned aril taken for public rrse under the power
of eminent domain, the I?tortgagee shall have the right to dcnrarxl that all damages awarded for the taking of or damagex to said premises
shall be paid to the Mortgagee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon
the payments last payable thereon.
!2. The uortgagor binds hirnsclf not to erect or permit to ire erected any new buildings on the premises heroin mortgagccl nr to cell to
or permit to lee added to any of the existing imprm•rrncnts thereon or make any changes or alterations in said improvements which materially
change the clnre or the use thereof, without the written consent of flee 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
src•ured hereby shall at any since lee held to lee a waiver of tlu• teens hereof or of the instrument secured hereby.
14. If foreclosure prexeedin of any second mortgage or second ter t deed or any junior lien of any kind should be iactihrted, the \tort-
ga_cr ueay, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
m,ry at its option pre?ceed to foreclose this mortgage.
15. To the extent of the indebtedness of the Mortgagor to the 11iortRagee described herein or secured hereby the Mortgagee is hereby
suhrogatecl to the lien or liens and to the rights of the owners and holders thereof of eacb and every mortgage lien or other incumFrrance on the
land described heroin 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 inclunhrances shall be and the same and each of them hereby is preserved and shah
pas. to and be helel by tF?e Mortgagee herein as security for the inclehteclness to the Mortgagee herein described or hereby sccurrcl, to the same
extent that it would have been presenecl and would have been pasted to and been held by the Mortgagee bad it lrecn duly and regularly
assicaccl, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
he satisfied and cancel) ~d of record, it lx•ing the intention of the parties hereto that the same will be satisfied and cancelled of record by ilre
holders then•of at or about the time of the recording of this mortgage.
lfi. To pay all and sincalar the costs, charges and ex}~tnses, incbrding la er's fees, reasonably incurred or paid at any time by the Mort-
, caece, lxeausc• of the failure of the ?ltartt!agor to perform. comply with and abide by each and every the stipulations, agreerncnts, conditions,
arni r•nvrnants of said promissor~• note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
! ci~l:d in said promissory note.
~ 1~ \\'hen au • amount of none~'.}' to he paid by the 1?tortgagor to the Aortgagee under the terms hereof shad be in default, or should the
~tnrtga•,or default in any of the other ternrs, prm•isiotu or rnnditirnu of this Dtorteage, then and in that case the 111orts;agce shall ha+•e the
right, without notice to the \tort,at;or, to collect and receive from any tenant or lessee of said mortgaged premises the rents, iSSnes and
1 profits of the real estate hen•by n?nrtgaged and the imprmerrrents thereon, and to give proffer receipts and acquittances therefor, and after
payin~_ all commissions of any rental agent rnllectinq the Same, and any reasonable attonreys fees acrd other necessary expenses incurred in
c e~llecting slrue, to apply the proceeds of Such collections upon any indebtedness, obligation or liability, of the Mortgagor hereunder. The
ri ~ht granted the Mortgagee ender tlriS paragraph shall lee in addition to, and shall rat limit or restrict, any other right or rights granted the
\fortgaeee in this !mortgage.
~ IS. If the ?lforteagors at the time of making this 1ltortgage or subs--cc~~uent thereto take out life insurance designating the Mortgagee herein
Ire•ncfi~•i:cn• with a cornp:my appm+ed by the htortgagce or assigns ~licies to the Mortga ee for the purpose of securing the mortgage loan
he•mlrv secnrc•cl, then the ;ltorteagee shall have the right to pay arry premium accnring under said policies, and all sums so expended shall be
added to and Ire•crnne a part of the principal indebtedness secured t>y this Mortgage and shall be paid by the llfortgagor to the Mortgagee
in t.+•dve e~tual rnnsecutive monthly installments, the first monthly installment to he paid as a part of and in addition to the monthly payment
du•• under this MortgaLe in the first calendar month fo]lowing the expending of said sum. Such sums so expended to bear interest at the rate
at +vhich interest is payable upon said principal inclehtedness and the lien of this Mortgage shall extend to and secure the sums so expended
to~~ether with interest thereon as hereinhefore provided.
1'1. ~~t mortgagee
s option, together with and in addition to the monthly payment of rincipal and interest payable under the terms of the
ncete• SeCUreel hereby, Mortgagor shall eeay to 1lortgagce each month until said mote is fully paid, one-twelfth (1/12) of a sum eraual to the
annr?a) premium due for fire, extended rnverage, and other haiard 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 lee
di+-ided by the numirer of months to lapse prior to the date when such tares and assessments shall become delinquent. Said sums shall be
held by Mortgagee in tnrst 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 Mrst by 1?iortgagee 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 tout may be applied on any costs of damages sustained
in sconce tine with the colleetiem of the note sc•crrre•d hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
its op lion +caive, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to I?fortgagor in writing.
11•hile any such waiver is in effect, mortgagor shall pay taxes, assessments and insurance premiruns as herein elsewhere provided,
?O. Mortgagor ;hall comply with the Pro+isions of any lease, if this mortga a is on a leasehold. If this mortgage is on a condominium unit,
mortgagor shall rfonn all of mortgagors obli atioru under the dc•e•laration o~ condominium or master deed, the by-laws and regulations of
the condominin project and constituent documents. :Mortgagor farther covenants that he and the association msponsible (or the operation
of eh~ ccrndon?inium will observe all of the prm•isionc of the said declaration and arry amendments themto, and of the Condominium law of
~ tlre• state, creel +vill pc•rfnnn all obligations tlrererrncler; acrd a failure to do so w~rich is not cured within 30 days after notice given by the biort-
gacee M the mortgagor and the said association shall constitute a defauk under this mortgage. Mortgagor further Specifically covenants, but nM
by w•ay of limitation, that he and the association will observe all of the provisions of said declaration of rnnclonrimium relating to insurance
cm•erage.
21. I?iortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bored insuring against damage
Iw infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and teens, acrd with such company as
appmvecl and reetairecl by Mortgagee; and in the event \tortgagnr sloes not comply with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under covenant ~3 hereof.
22. That in the event that this nxrrtgage is given to secure a rnnstnretion loan, failure on the part cif the Mortgagor or the 1ltortgagors
rnntraetnr, architect, eneineers, or sub-contractors to comply with the terms of the Construction Loan Aggreement of even date herewith,
which is by reference incorporated berein, shall, at the option of the Mortgagee, constitute a default 6ereurrder.
23. If the mortgaged promises is other than a one to four family dwelling, the Mortgagor covenants and agrees that he will, not later
th.?n thirty (30) days after the end of the fisca) year, famish unto the Association a complete and accurate balance sheet and profit xnd loss
statement reflecting the lltortgagor
s liabilities as well as profit acrd loss for the fiscal year, and such balance sheet aril profit and loss state-
ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such certi-
fled public accountant. ~t'1