HomeMy WebLinkAbout1527 income, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the grouting and hobendum
douses hereof, and such receiver shall hove all the brood and effective functions and powers in ony wise entrusted by o court to 0
receiver, and such appointment shall be mode by such court os an admitted equity and o molter 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/a the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according
to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice
to ony obligor hereunder.
NINTH: The Mortgagor hereby wolves all rights of homestead and exemption grouted by the Constitution and lows of
Florida. It is specifically agreed shot time is of the essence in this contract and shot no waiver by the Mortgagee of any obligation
hereunder or of the obligation secured hereby shall of any time thereafter be held to be o waiver of the terms hereof or of the
obligation secured hereby.
TENTH: If all or ony port of the above described property or on• interest therein is sold or transferred by the Mortgagor,
or his successor in interest, without the Mortgagee's prior written consent, excluding (a) the creation of a lien or encumberonce
subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) a transfer by
devise, descent or by operation of low upon the death of o joint tenant, or (d) the grout of any leasehold interest of three years
o? less not containing on option to purchase, the Mortgagee may, of the Mortgagee's option, declare all the sums secured by this
mortgage to be immediately 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-described property is to be sold or transferred reach agreement in writ-
ing that the credit of such person is satisfactory to the Mortgagee and shot the interest payable on the sums secured by this
mortgage shall be of such rate as the Mortgagee shall request
ELEVENTH: If foreclosure proceedings of ony 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 ony port thereof, shall be condemned and token for public
use under the power of eminent dornoin, the Mortgagee shall hove the right to demand shot all damages awarded for the taking
of or damages to said premises shall be paid to the Mortgagee, up to the amount then unpaid on this mortgage and the obligation
secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby.
THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall
be subject, after fifteen ()5) days from the due date thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith,
o "late charge" in the amount of tW~ per cent Q Q6) of the installment due upon each such delinquent installment, and such "late
charges" ore secured by the lien hereof.
FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH
hereof, and for application to the purposes thereof insofar as the same shall be sufficient, Mortgagor shall, in adddition to the
monthly payments of principal and interest as stated in the original note (and in the note or notes secured hereby) provided to be
mode, pay o monthly sum and amount equal to one-twelfth (1/)2) of the estimated annual foxes, assessments and insurance
premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee.
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FIFTEENTH: That the Mortgagor shall furnish annually, of the request of the Mortgagee, financial statements in form
and certified in o manner satisfactory to the Mortgagee.
SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extentions of the
promissory note referred to herein and secured hereby, and olf 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 indebtedness of the Mortgagor to the Mortgagee,
and this mortgage is also intended to be and is o mortgage to secure payment of any and all future or odditionol 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
odditionol odvonces were mode on the date of the execution of this mortgage, although there may be no advance mode of 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 odvonces ore to be mode within twenty years from the dote of this mortgage, or within such lesser period of time os may
be provided hereafter by law os apre-requisite for the sufficiency of actual notice or record notice of the option of future or oddi-
tionol odvonces as ago~nst the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness se-
j cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured at ony one time shall
not exceed o maximum principal amount of _ _ _ _ _
_ _?'_W~_ H~INI?REI?__ANO_FIFTY_THOtISBND~lR N0~1~0--------- _ _ _ (S 25.0,OOOtQO_ )
j plus interest thereon, and any disbursements mode for the payment of foxes, levies or insurance on the property covered by the
lien of this mortgage, with interest on such disbursements.
SEVENTEENTH: This mortgage is subject to all of the terms of a
Construction Loan Agreement executed simultaneously herewith.
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