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HomeMy WebLinkAbout1174 • income, profits, issues and revenues ore hereby mortgaged as if specifically set firth and described in the granting and hobendum clauses )~ereof, and such receiver shall hove all the brood and effective functions end pawers in any wise entrusted by o court to 0 receiver, and such appointment shall be mode by such court os on admitted equity and o molter o/ absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the pre;.erty mortgaged, or to the solvency or insolvency of _ the Mortgagor and/or the defendant and such rents, profits, income, issues end revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, end su~h appointment of receiver shall be without notice to any obligor hereunder. NINTH: The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and lows of Florida. It is specifically agreed that time is of the essence in this contract and that np waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall of any time thereafter be heed to be o waiver of tt~e terms hereof or of the obligation secured hereby. TENTH: If all or any port of the above dexribcd property or on interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, e~:lading (o) the creation of o lien or encumberonce s~~bordinote to this mortgage, (b) the creation of o purchase mosey security ir.:erest for household appliances, (c) o transfer by devise, dexent or by operation of low upon the death of o joint tenant, or (d::he grant of any leasehold interest of three years or less not containing on option to purchase, the Mortgagee may, of the M.o:'y~gee's option, declare all the wms secured by this mortgage to be imtnediotely due and payable. The Mortgagee shall hove waived such option to accelerate if, prior to the sole or transfer, the Mortgagee and the person to whom the above-des:ribed prop~rt ~s :o be sold or transferred reach agreement in writ- ing that the credit of such person is satisfactory to the Mortgagee and that rye interest payable on the sums secured by this mortgage shall be of such rote os the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, of its option immediately or thereafter declare this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged, or any Fort thereof, shall be condemned and taken for public use under the power of eminent dorinoin, the Mortgagee shall hove the right to demand that all damages awarded for the taking of ar damages to sold premises shall be paid to the Mortgagee, up to the omo~nt then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments last payable under this rnortgoge and the obligation secured hereby. THIRTEENTH That ' t 7lments, payable under the terms hereof and :ne note secured hereby, not paid when due, shall be subject, otter f~afrom the due dot hereof, to,ond it is cg:eed Mortgagee shall collect thereon and therewith, a "late charge" in the amount of f~r~(*Q~~ of the installment due upon each such delinquent installment, and such "tote charges' ore secured by the lien hereof. SX or $5.00, whichever is less . FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOJRTH hereof, and for application to the purposes thereof' insofar os the some shall be sufficient, Mortgagor shall, in odddition to the monthly payments of principal and interest as stated in the original note (end in the note or notes secured hereby) provided to be mode, pay a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual foxes, assessments and inwronce premiums upon the real estate security, os the amount thereof is determined f:gym time to time by the Mortgagee. FIFTEENTH: That the Mortgagor shall furnish onnuoll~•, of the requ:~t of the Mortgagee, financial statements in form i~ and certified in o manner satisfactory to the Mortgagee. - € I ~ SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extentians of the t p•omissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereafter be given to the Mortgagee by the Mortgagor, and any other i:tidebtedness of the Mortgagor to the Mortgagee, - ond this mortgage is also intended to be and is o mertgoge to secure poyrrent of any and all future or additional advances made by the Mortgagee of its option to the Mortgagor, or his successor in title, for any purpose, to the some extent os if such future or additional advances were mode on the date of the execution of this mortgage, clthough there may be no advance mode at the time of the execution of this mortgage and although there may be no indebtedness outstanding of the time any advance is mode. All such advances ore to be mode within twenty years from the dote of this mar:loge, or within such lesser period of time os may ( be provided hereafter by law os opre-requisite for the sufficien-y of actual no;i:e or record notice of the option of future or oddi- tionol advances os against the rights of creditors or subsequent purchasers for voluob!e consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the ta;ol unpaid balance so secured of any one time shall not exceed a maximum principal amount of _ SEVEN_ THOUSAND_ TWO HUNDRED THREE DOLLARS AND GO/100---------- - 7,203.60---- plus interest thereon, and any disbursements mode for the poyrnent of toyes, I>vics or insurance on the property covered by the I.en of this mortgage, with interest on such disbursements. t • SEVENTEENTH: Mortgagor expressly agrees to comply with each and every provision of a the Declaration of Condominium of the condominium of which the instant unit is a part. This - includes the provisions of the Articles of Incorporation of the Condominium Association, 1 together with the provisions of the Condominium Association's By-Laws, and includes, if applicable, the provisions of the Long Term Lease (if any) and the provisions of the f Management Agreement (if any). In the event of default on the part of the Mortgagor in any one or more of the provisions of the aforesaid Agreements, Mortgagee may, at Mortgagee's sole option, declare the default of any of the aforesaid Agreements mentioned in this instant Article, to be a default under the provisions of this instant Mortgage, and may further, at Mortgagee's sole option, accelerate the indebtedness due hereunder, declare the entire indebtedness due and payable in full and/or seek judicial remedies under the provisions of this instant 2•fortgage, BonK322 PACE1173 }