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HomeMy WebLinkAbout0107 • : income, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the granting and hobenc;.:m clauses hereof, and such receiver shall hove all the brood and effective functions and powers in any wise entrusted by o court too _ receiver, and such appointment shall be mode by such court as an admitted equity and o molter of absolute right in the Alortgogee, and without reference to tre adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/or 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 any obligor hereunder. NINTH: The Mortgagor hereby waives all rights of homestead and exemption granter by the Constitution and lows of Florida. It is specifically agreed that time is of the essence in this contract and that 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 any 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 o 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 or 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 sale 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 ueciii of such person is satisfactory to t)ie Mortgagee and th^_t the interest paydb~e on tno sums secured by this mortgage shall be at such rate 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, at 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 part thereof, shall be condemned and taken for public use uncle: the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to sold 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, offer fifteen (15) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, _It____~ .J _ _L •~1~.~ O "late charge" In the amount Ot tour per Cent (4`701 Of the InSTallment due upon each Sulu tiCiirlyuC~ii ~i~5iunn~cn~, unu aii~~~ w~c 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 some shall be sufficient, Mortgagor shall, in odddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be made, poy.o monthly sum and amount equal to one-twelfth (1/12) of the estimated annual foxes, assessments and insurorxe 'i premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee. ~ 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 all installments thereof, and also any other note which may have been 2 Jr may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, end this mortgage is also intended to be and is o mortgage to secure payment of any and all future or additional advances mode 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 odvonces were made on the dote of the execution of this mortgage, although 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 odvonces are to be mode within twenty years from the date of this mortgage, or within such lesser period of time as may be provided hereafter by low as opre-requisite for the sufficiency of actual notice or record notice of the option of future or addi- tional odvonces os against the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall not exceed o maximum principal amount of _ _ _ _ - - TWO THOUSAND F_OUR_HUNDRED DOLLARS AND NO/100--------------------fib 22400_._00 ) plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the property covered by the ~u lien of this mortgage, with interest on such disbursements. - BOOK~~•.! PAGE 1O t -3- ~ -