HomeMy WebLinkAbout1639 e. To perform, comply with and abide by esxL wad every stiptttation, agrcement, oorxiit?on ana covenant in said promissory pole wad deed
set forth.
7, In the event the Jurisdiction of the U. S. District Court shall be invoked by or a inst the btortgagor~~under any of the provisions of the
t;'ecteral 13amkruptcy Act, such action, whether voluntary or involuntary oa the ppaart of the 1?tortKagor. shall automatically, without notice, no-
celeste Ute maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith .
as fully as if the said aggregate sums of money .were originally stipulated to be pakl oo sorb date.
8. To deliver to said Mortgagec+ on or hetore Ntarch 15th ai each year, tax receipts evidencing the payment of all lawfully imposed to:e~
fur the prcY.+ediug caleaclar year, aril to deliver to said Mort ~Magee, receipts evidencing the pay??remt of all liens for public i?nprovernents wiU?in
ninety days alter the same shall become due aril payal'le, and to pay or discharge within ninety (f)0) days after due date, any and all
t{ovenunruLd k vies U,at u?ay tee made on the n?ortgagecl pr rty, on this mortgage or note, or in any other way resulting Fran the Mortgabe
inclrbtealr?rss secured by this urort}g,age; ar?d if this rnndition I,e not complied with and performed, Bald nwrigagee may pay Such sum Or su1rU
which shall t?eronre part of the debt secured by this mortgage, and shall bear interest at the default refs provided is said promissory torte
payable monthly until paid or said I?tortgagee may elect that said nwrtgage debt U?ereupom became due and payable forthwith.
9. It is further rnvenanted and agreed by said parties that is the event of a suit being Itutituttd to foreclose this mortgage, the Mortgagee
shall be entitlacl to apply at any time pending such foreclmure writ to the rnurt (raving Jurisdiction thereof for the apppointment of a receiaer
of all and singular the mortgagatil pproperty, and of all the n•nt., inc-onres, pro{its, issues and revenues thereof, from wl?atscever source derived•
noel thereupon it is hereby exprea~ly covenanted ar?d agreed that U?e court shall forthv.•ith appoint a receiver of said ?nortgaged property, all
and singular, and o[ such nets, irnouxs, profits, issues and revenue thereof, from whatsoever source derived, wiUr lire rrsuat powe,s arnl
duties of receivers in like cases; arrct such appoinduent shall ?,e ?nade by such court as a matter of strict right to the \lortgagee, its successors,
IcFal representatives or assigns, and without refen:ncr to the ade+tuac>• or inadequacy of the value of the property hereby mortgagecd, or to the
solvency or insolvency of the Mortg:r};or, and that such rent, pmfits, income, issues and reaenues shall be applied by sum receiver to ti,e pay-
ment of the mortgage inclebteclncss, costs and charges, acconlinQ to the order of such court. -
10. if all or any part of the property or an interest therein at sold or transferred by mortgagor without mortgagee's prior written cYrnu:nt,
exc•ludinq (a) the creation of a lien or encun?brance subordinate to this mortgage, (b) the creation of a purchase money security interest for
household appliances, (c) a transfer by devise or dexcent, or by operation of law upon the death of a joint tenant, or (d) the grant o[ any
leasehold interest of three years or Icxs not containing an option to purchase, mortga ee may, at its oqprtion, declare all the sums secured by
this mortgage to be immediately clue and payable. Mortgagee shall have avaived suc~ option to aeceelerate if, prior to the sale or tea„sfer,
mortt;agce and the perwn to whan the property is to be sold or transferred reach agreement in writing that the 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 I?tortgagee shall request.
l 1. That in the event the premises 1?ereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power
ul eminent domain, the btortgagce shall have the right to demand that all damages awarclcd for the taking aE or damages to said premises
shall tae paid to the Ilfortgagee up to the amount thou unpaid on this mortgage need at the option of the 1ltortgagee may be applied upon
the payments last payable thereon.
l2. The mortgagor binds himself not to erect or permit to tee erected any new buildings on the premises herein mortgaged or to acid to
or permit to he added to any of the existing unprove?nents thereon or make any changes or alterations in said improvements which materially
cF,anve tlu• same or the use thereof, without the written consent of the I?tortgagee, and in the event of any violation or attempt to violate this
,tipulation chic mortgage and all sums secured hereby shall immediately become due acrd collertibk at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of this contract acrd that rro waia-er of any ol>li ration hereruxler or of Uae obligation
secured hereby shall at any time be held to l,e a waiver of fire terms hereof or of t:':-a' imslr•,tmiret secu~ hereby.
}4. if foreclosure proceedings of any second mortgage or sernnd trust deed or any junior lien of any L-irrcl should be instituted, the \tort-
t~•+r u,ay, at its option, inner cutely or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
m:+y at its option proceed to foreclose this mortgage.
15. To lire ezter?t of the indebtedness of the Rortgagor to the Mort agce described herein or secured hereby the hortgaggee is 1?ereby
+ubro ~ led to the• lien or liens and to the rights of the oaarrers and holders ~ereof of each and every nwrtgage lien or other encumbrance on the
lan,l c~escrilred herein which is paid acrd/or satisfied in whole or in part out of Ure proceeds of the loan dcscril,ed herein or secured hereby,
and the respective liens of suer) mortgages, liens or other encumbrances shall be and the same and each of them hereby is preseraed and shall
pass to aril be held by the Mortgagee herein as security for the irxlebteclness to the Mortgagee herein described or hereby secured, to the same
extent that it avoulcl leave been presen•ecl acrd avould have keen passed to and been held by the 1lfortgagee had it been duly and regularly
a.tii,n+vl, transferred, set over need delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
1~+• .atisfiecl and cancell'd of record, it being U?e intention of the partite hereto that the same will be satisfied and cancelled of record by the
ho,'ders thereof at or about the time of the recording of this mortgage.
IG. To pay all and sinFrdar the costs, charges and expenses, includin~e lawyers fees, reasonably incurred or paid at any time by the \lort-
eaec, becau+c• of the failure of the ;~torteagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
and c•ovenamts of said promissory cote and Uric deed, or either, and every such payment shall bear interest From date at the default rate pro-
~i~led in swirl promi~:;.:; r!tatc.
[7- 11'1,+•n anv amount of money to be paid by the Mortgagor to the Alortgagce under the terms hereof shall ?,e in default, or should the
Mortgagor default in any of the other terms, pproatisioru or conditionu of this Mortgage, then and in that rase the ittorty:asce shall haa-e the
ri<_l,t, aa~thout notice to the \fort•~aeor, to rnllect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to give pro~rer receipts and acquittances therefor, and after
p;,a int• all -commissions of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurrec) in
cn~l+rting same, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the I?iortgagor hereunder. The
right };ranted the Mortgagee antler Uris paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
~fort•; ogee in this 1lfortgage•
IS- If the Mortgagors at the time of making this Mortgage or solo„-r~ uent thereto take out life inanrance desi~rating Ure Mortgagee herein
ct I,e•ne•ficiary with a rnmpany approved by the Mortgagee or assigns policies to the Mortgagee for the purpose of securing the mortga•e lawn
h+~rebv se•crrred, then the Afortga¢c•e shall have the right to pay any ppremium accruing under said policies, and all sums so expended shall be
a:!<le•tl to acrd become a part of the princepal indebtedness secured by this Mortgage and shall be paid by the 111origagor to the Mortgagee
in tw•ehe e+pral rnnsecutia•e monthly installments, the first nwnthly instaUrr?ent to be paid as a part of and in addition to U?e monthly payment
du~• antler this Atortgaee in the first calendar month following the experxlin of said sum. Such s»ms so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so expended
to<_•cther with interest therrnn as hereint,efore provided.
19. At mortgagee s option, to ether with acrd in addition to the monthly payment of principal and interest payable antler the temu of the
not~• secured hPrehy, IlfortgaXOr s~all pay to :Mortgagee each month until said note is fully paid, orre-twelfth (1/12) of a sum e+ ual to the
anneal premium due for fire, extended coverage, and other hazard insurance including flood insurerrce, covering the mortgage property,
plus taxes and assessments nert due on the mortgaged property (all as estimated by Mortgagee)1e<s all sums already paid therefor, and to be
divided by the nmml,er of months to elapse prior to the elate when such taxes and assessments shall become delinquent. Said sums shat) be
hotel by ;\fortgagce in trust or credited to the principal of the loan, to pay said inct?rar?ce, 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 I?iortgagor, 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 sustained
ir, connection with the rnlleetion of the mote secmred hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
its npLion avaive, and after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgagor in writing.
~t'hile any such w-aivrr is in effect, t?fortgagor shall pay taxes,. assessments and incurar?ce premiums as herein elsewhere provided.
20- \tortgas!or shall comply aaith the Provisions of any lease, ff this mortgage is on a leasehold. If this mortgage is on a rnnclominium unit,
mortgagor shall perform all of mortgar;ors obligations under the declaration of condominium or master deed, the by-luaus and regulatioac of
tl,«• conclominsam project and rnnstituent documents. \lortgagor further covenants that he and the association n•sponsible for the operation
of the condominium will observe al] of the proaisions of the said declaration, aril any amendments thereto, and of the Condominium law of
tLe state, and avill perform all obligations thereunder; and a failure to do so which is not cured within 30 days after notice given by the I?tort-
eacee to the mortgagor and the said association shall rnnstihrte a defauk under this mortgage. Mortgagor further specifically rnvenamts, but not
by way of limitation, that he and the association will observe all of the provisions of said declaretion of condominium relating to insurance
roverege.
21- Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond ir~sa?rimq against damage
~y infestation ou the buildings now or hereafter ]orated on the mortgaged property, in such amounts and terms, and with such company as
approved and re+tnired by ~lortgagec; and in the event ~fortFauor does not comply with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under covenant #3 hereof.
22. Th:?t in the eaent that this mortgage is given to secure a constnrction loan, failure oo the part of Ure Mortgagor or the Afortgagors
contractor, architect, engineers, or sub-contractors to rnmply with the terms of the Construction Loan A reement of even date herewith,
,vhicb is by reference incorporated herein, shall, at the option of the Mortgagee, coactitute a default 6ereu~er.
23. If the mortgaged premises is other than a one to four family dweUiuq, the Mort agor covenants and agrees that he will, not later
than thirty (30) days after the end of the fiscal year, furnish unto the Association a complete and accurate balance sheet acrd profit and loss
statement reflecting the MortKagor's liabilities as well as profit and loss for the fiscal year, and sr?ch balance sheet acrd profit acrd 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-
fied public accountant.
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