HomeMy WebLinkAbout2146 8. To perform,'oomply with and abide by e~ and every atipn4tfo0. agreement. oondipoa and covenant fn said promrasory note and deed
set forth.
T. In the event the jurisdiction of the U. S. District Court shall be invoked by or against the Matgagor~~under any of the pmvitions of the
Federal Bankruptcy Act, such action, whether voluntary or Involuntary on the ~*t of the Mortgagor, shall automatically. wtthout notice, no-
celerate the maturity d all sums d u,?K?cy herein described and securai, and the same shall thereupon become due and payable forthwith
as fully as if the acid aggregate sums d money were originally stlpulated to be paid on such date.
8. To deliver b said Mortgagee oa .>r before March 15th of each year. tax receipts evidemcing the payment of all (awfully imposed taxes
for the preceding calendar year, arrcl to de4ver to said pMaort ages. nreippats evfdeoci,rg the payment d all liens for public irnprovemenyts within
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indebtedmess secrued by this mrort}g,age; and if this cax)ition I?e not complied with and performed, said mortgagee maY PaY such sum or suuu
which shall become part d the debt secured by this mrortgage, and shall bear interest at the default rate pro~~ded in said promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
9. It is further covenanted and agreed by said parties that in the event d a suit being instituted to foreclose this mortgage, the Mortgagee
shall be emtitlcYl to apply at any time pending such foreclosure soft to tLa court having jurisdiction thereof for the a pointment of a receiver
of all and singular the mortgagercl property, noel o[ all the nuts, ins»uK•s, Profits, issues and revenues thereof, from whatsoever sou,ce derived•
and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, a~
and singtdar, atrcl of such rents, incomes, profits, issues arnl revenue shared. from whatsoever source derived. with the usual powers and
duties of receivers in like cases; and sudr appoiaUnent shall be reads by such court as a matter of strict right to the Mortgagee, its successors,
legal representatives or assigns, and without reference to the aderyuacy or inadequacy of the value d the properly hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, according to the order d such court.
10. if all or any part of the property or an interest therein is sold or transferred by mortgagor without nwrtgager's prior written c»rsent,
excluding (a) the creation of a lien or encumbrance subordinate to tl?is mortgage, (b) the creation of a purchase money security interest for
household appliances, (c) a transfer by devise or drsceut, or by operation, of law upon the death d a joint tenant, or (d) d?e grant of any
leasehold interest d three yyeeaars or less not containing am option to urcl,ase, mortgagee may, at its s;-,tiom, declare all the sums secured by
tl?is mortgage to lee immediately due and payable. Mortgagee shall have waived such option to accelerate if prior to the sale or transfer.
mortgagee and tl,e person to whom the property is to be sold or trarukred reach agreement in writing that t{re credit d such person is sat-
isfactory to Itlurtgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall request.
11. That in the event the premises hereby mortgaged, or any part shared, shall be condemned and taken for public use under the power
of eminent domain, the I?tortgagce shaA (rave the right to demand that all damages awarclcd for the taking d or damages to said premises
shall be paid to the 1?fortgaeee up to the amount urea unpaid on this mortgage and at the option of the Mortgagee may be applied upon
tl?c payments last payable thereon.
12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to
or permit to be ad~ed to any of the existing fmprovernents thereon or make any changes or alterations fn said improvements which materially
chan~c the same or the use thereof, without the written consent of the Mortgagee, and fn the event of any violation or attempt to violate this
stipulation tbfs mortgage and all sums secured hereby shall immediately become due and collectible at the option d the Mortgagee.
13. It fs sperifically agreed that time is of the essence of this conhact and that no Waiver of any obligation hereurxler or of the obligation
secured hereby shall at any time lie held to be a waiver of flee teens hereof or d the instrument secured hereby.
14. If foreclosure proc~rclinggss of any second mortgage or secor?d trust deed or any junior lien of any kind should be instituted, the Mort-
ga,ce may, at its option, immrccliately 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 d the 1ltortgagor to the Mortgagee described herein or secured hereby the ?Mortgagee is hereby
,ul,rogatecl to the lien or liars and to the rights of the owners and holdenr thereof d each and every mortgage lien or other incKrmbrance on the
land described herein which fs paid and/or satisfied in whole or in part out of Ure proceeds of the loan described herein or secured hereby, .
noel the respective liens of said mortgages, (fens or other ina,mbrances shaD be and the same and each d them hereby is preserved acrd shall
pass to and be held by the Mortgagee hereto as security for the indebtedness to the 1ltortgagee herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to and been held by flee 1lfortgagee had it been duly noel regularly
ascf,r?etd, transferred, set over noel delivered unto the Mortgagee by separate cleecl of assignment notwithstanding the fact that the same may
satisfied need cancell_~d of record, it being the intention d the parties hereto that the same will be satisfied and cancelled of rernrcl by the
holders thereof at or about the time d the recording of this mortgage.
16. To pay all and singular the costs, charges and expenses, including la ens fees, reasonably incurred or paid at any time by the blort-
gacce, lrecattse of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
acul covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
~~chYl in said promissory note.
1.. R'hcn an??• amount of money to be paid by the Mortgagor to the I?tortgagee under the terms hereo[ shall be in default, or should the
!Mortgagor default in any of the other terms, pprovisions or conditions of this Mortgage, then and in that case the 11fort>;agee shall have the
right, without notice to the Mortgagor, to rnlleM and receive from any tenamt or lessee d said mortgaged premises the rents, issues acrd
profits of the real estate hereby mortgaged and the improvements thereon, amd to give proffer receipts and acquittances therefor, and after
paving; all commissions of any metal agent collecting the same, and any reasonable attortrey s fees amd other necessary expenses incurred in
~ collecting same, to apply the proceeds of such collections upon an indebtedmest obligation or liability, of the 1lfortgagor hereunder. The
ri.ht granted the 1ltortgagee under this paragraph shall be im addition to, and s~rall not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
IR. if the Alortgagors at the time of making this Mortgage or subs_-~gguest thereto take out life insurance designating the Mortgagee herein
as }x•ncficiary with a rnmlrany approved by the Mortgagee or assigns policies to the Mortgagee for the purpose of securing the mortgage loan
hcmbv secured. then the Mortgagee shall have the right to pay an premium accruing under said policies, and all sums so expended shall be
adclecl to noel become a part of the principal indebtedness secured by this 1lfortgage and shall be paid by the Mortgagor to the :Mortgagee
=n t.velve er ual rnnsecutive monthly installments, the first monthly installment to be paid as a part of acrd in addition to the monthly payment
due antler t~is btortgage in the first calendar month following the expendia d said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the Iien of this Mortgage shall eztend to ar,d secure the sum so expended
tocether with interest thereon as hereinbefore provided.
19. ~t mortgagee
s option, together with and in addition to the monthly payment d rincipal and interest payable under the terns d the
nose secured hereby, Mortgagor shaii pay to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum equal to the
annual premium due for fire, extended cmerage, and other hazard insurance imcluding flood insurance, covering the mortgaged property,
plus sates noel assessmrents rrezt due on the mortgaged property (all as estimated by Mortgagee) less all sums already paid therefor, and to be
di~•icled by the number d months to elapse prior to the date when such tares and assessrrrents 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 Utort gee when said ban is paid in fuD shall be paid to Mortgagor, or his assigns,
r nr personal representatives. In the event d a default or foreclosure, said sums held in test may be applied om any costs of damages sustair,ecl
in connection with the collection d the note secured hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
its opption waive, noel after any such waiver, reinstate any or all provisions ~treof requiring such deposits, by notice to Mortgagor in writing.
«'hile any such waiver is in effect, Mortgagor shall pay taxes, assessments and intura,rce premiums as herein elsewhere provided.
20. I1tort¢a¢or shall comply with the Qrovfsions of any lease, iF this mortgagge is on a leasehold. If this mortgage is on a rnndominium unit
mortgagor shall perform all of mortgagors obligations under the declaration of condominium or matter deed, the by-laws and regulations o~
Ilse condominium project and constituent documents. Mortgagor further covenants that he and the association responsible for the operation
of the rnnclominium will observe all of the provisions of the said declaration and ar,y amendments thereto, and of the Condominium law of
the state, and will perform all obligations tl?cre?mdcr; and a failure to do so w~rfc6 is not cured within 30 days after notice given by the Mort-
¢agee to the mortgagor and the said association shall constitute a clefauk under this mortgage. Mortgagor further specifically rnvenants, but not
by way of limitation, that he and the association will observe all d the provisions d'said declaration d condominium relating to insurance
rnverage.
21. Mortgagor further covenants noel agrees that at the request of 1ltortgagce to furnish a standard termite bond insuring a jest damage
by infestation on the buildings now or hereafter bested on the mortgaged property, in such amounts and terms, and with such company as
approved and required by Mortgagee; and in the event Mortgagor does rent comply with this covenant Mortgagee shall Gave the same rgghb
to obtain same as insurance coverage under covenant It3 hereof.
22. That in the event that this mortgage is given to secure a construction ban, failure on the part of the Mortgagor or the I?tortgagors
contractor, architect, engineers. or sub-contractors to comply with the terra d the Construction Loan Agreement of even date herewith,
which is by referemce incorporated herein, shall, at the option of the Mortgagx, constitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling. the Mort~Cagor covenants and agrees that he will. not later
than thirty (30) days after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet and profit and )ass
statement reflecting the Mortgagor's liabilities as well as profit amd loss for Ilea fiscal year, and such balance sheet and profit and bas state-
ment shall be prepared by a certified public accountant licensed in the State d F{orida, and shall be certified as befog correct by such certi- .
fied public accountant. n r: AA ~ r~ ~ ~ n