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HomeMy WebLinkAbout1143 • 8. To perform, comply with and abide by each acct every stipttlatbn, agreenaeat, oondit?on arxt covenant in said proaucsory rate and deed set forth. the event the jurisdiction of the U. S. District Court shall bs invoked by or against the Matgago~under any of the provisions of the I cal lankruptcy Act, arch action, whether voluntary or involuntary on the part of the !?tortgagor, shall automatically, without notice, acs cele to ?e maturity of all sums of money herein described and secured and the same :hall thereupon become due and payable forthwitb ss f y if the said aggregate atmrs of money were originally stipulated to be paid oa sucb data fi. eliver to said Mortgagee oo ro before Afare6 1Sth of eadr yea. tar receipts evidencing the ~psyment of all lawfully imposed tares for the prec.•eding calendar year, and to deliver to said Mort -ogee, receipts evidencing the payment of aA liens for public unprovements witl?in ninety l4)0) days after the same shall become due and payab~, and to pay or discharge within ninety (f10) days after due date, any and all governu?eut:d lt•aitx that may be made on the n?ortgagecf Property, oa this mortgage or note, or in any other way resulting fran the Aortgaee irxlrbtrclness secured by this awrtgage; and if this caxlitioa l,e not complied with and performed, said mortgagee may pay such stun or sums which shall become part of the debbt secured by this mortgage, and sl?aU bear interest at the default rate provided in said promissory note payable uwnthly until paid or said Aortgagee tnay elect that said nwrtgage debt thereupon become due ar?d payable forthwith. y. It is further covenanted and agreed by acid parties that in the event of a suit being instituted to foreclose this mortgage, the Mortgagee shall be entitled to apply at any time pending such foreclaoure suit to the court having jurisdiction thereof for the appinttnent of a receiver of all and singular the mortgaged property, and of aU the rout:, incomes, profits, issues and revenues thereof, from whatsoever source derived- aud thereulwn it is hereby expressly covenanted and agreed that the court stall forthwith appoint a receiver of said mortgaged property, all • and "singular, ant of such rents, incomes, profits, issues and reseuue thereof, from whatsoever source derived, with dte usual powers and . duties of receivers in like cases; and such appuintutent shall be made by such court as a matter of strict right to tl?e Mortgagee, its successors. Icga) represenlatises or ass- igns, and without reference to the adertuacy or inadequacy of the value of the property 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, accorcGng to the order of such court. 10. if all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent, ezcludinq (a) the creation of a lien or en:tmtbrance subordinate to this wortgage, (b) the creation of a purchase money security interest for hot?sehoW appliances, (c) a transfer by devise or descent, or by operation of law upon tl?e death of a joint tenant, or (d) tl?e grant of any leasehold interest of three years or less not containing an option to purchase, mortgagee may, at its option, declare all the sums secured Ly tl?is mortgage to be line ?ately due and payable. I?fortgagee shall have waived such option to accelerate if, prior to the sale or transfer, mortgagee and the person to whom the property is to 1?e sold or transferred reach agreement in writing that the credit of such person is sat- isfactory to Mortgagee and tl?at the interest payable on tl?e sums secured by this mortgage shall be at such rate as I~tortgagee shall request. 11. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public ttse under the power o~ eminent domain, the 111ortgagce shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the 1lfortgaeee up to the amount then 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 penult to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially cl,an¢e the same or the use thereof, without the written rnnsent of the Mortgagee, and in the event of any violation or attempt to violate this stipulation this mortgage and all stuns secured hereby shall immediately become due and collectible at the option of the !lfort?!agee. 13. It is specifically agreed that time is of the essence of this contract aril that rw waiver of any obligation herettrxier or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or a£ the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or sernnd tuns decd or any junior lien of any kind should be instituted, the \lort- gagce may, at its option, immediately 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 indebtedcess of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is hereby subrotrated to the lien or Dens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance on the land described heroin which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby and the respective liens of said mortgages, liens or other irtcumbrartces shall be and the same and each of them hereby is preserved and shah pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same assent that it would have. been preserved and would have been passed to and been held by the Mortgagee had it been duly aril re~nrlarly assicncxi, transferred, set over and delivered unto the 1?iortgagee by separate cleccl of assignment notwithstanding the fact that t}?e same may he satisfied and rancell_•d of record, it l,eing the intention of the parties hereto that the same will be satisfiedl and cancelled of record by the holders thereof at or abotrt the time of the recording .of this mortgage. 1G. 'fo pay all and singular the costs, charges and expenses, including la era fees, reasonably incurred or paid at any time by the Aiort- gaece, becaerse of the failure of the I?4ortgagor to perfomt, comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and this deed, or either, and every suds payment shall bear interest from date at the defatdt rate pro- a•idcc) in said promissory note. 17. When an amount of money to be paid by the Mortgagor to the ]lortgagee under the terv?s hereof shall be in default, or should the \lortgagor default in any of the other terms, pprovisions or rnnditions of this Mortgage, then and in that case the Aortgagee shall have the right, without ratite to the ~fortg:ts;or, to rnllect and receive from any tenant or lexsee of said mortgaged premises the rents, issues and profits of the real estate hereby mortgaged anti the improvements thereon, and to give proffer receipts ar?d acquittances therefor, and after p.,vin}; all commissions of any rental agent collecting the same, and any reasonable attonrey s fees and other necessary expenses incurred in c•oflccting same, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the Mortgagor herenrtcler. The ri,ht granted the Mortgagee under this paragraph shall be in addition to, and shall cwt limit or restrict, any other right or rights granted the iortgagee in this I?fortgage. 1R. If the \tortKagors at the time of making this Mortgage or subs vent thereto take out life insurance designating the Mortgagee herein as beneficiary with a company approved by the 1lfortgagee or assigns po~es to the I?iortgagee for the purpose of securing. the mortgage loan hereb soured, then the 1lfortgagce shall have the right to pay any premitun accruing under said policies, and all sums so expended shall be a~lclcd to and become a part of t1?e principal indebtedness secured by this I?tortgage and shall be paid by the Mortgagor to the Mortgagee in twelve ec ual rnnsecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment . due under t~is Mortgage in the first calendar month following the expending of said stem. Such sums 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. suau so expended together with interest thereon as hereinbefore provided. 19. At mortgagee s option, together with and in addilim to the monthly payment of rincipal and interest payable under the termv of the note secured hereby, Mortgagor shall pay to Mortgagee each month until said rate is fully paid, one-twelfth (1/12) of a sum equal to the annual premium due for fire, extended rnverage, and other hazard insurance inducting flood insurance, covering the mortga ed property, plus faux aril assessments next dire on the mortgaged property (all rs estimated by Mortgagee) less all sums already paid there~o ,and to be dia•icied by the number of months to elapse prior to the date when such tares and assesnnents shall become delinquent. Said st~ shall be held by Mortgagee in trust or credited to the principal of the loan, to pay said insurance, taxes, and assessments and shall be applied ao the payment thereof when due. Any excess held in taut by Mortggaagee whey said loan is paid in full shall be paid to Mortgagor, or his assigns, or personal representatives. In the event of a defatilt or foreclaavre, said sums held in trust may be applied on any costs of damages sustained in connection with the collection of the note secured hereby whether by sui foreclosure, or otherwise. Mortgagee may from time to time at its oopption aaaiVe, and after any such waiver, reinstate any or all provisions~ereof requiring such deposits, by rwtice to Mortgagor in writing. «'hile any such waiver is ir. effect, Mortgagor shall pay to:es, assessments and insurartoe premiums as henrin ekewhere provided. 20. I~lortgagor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit } mort¢agor shall perform all of mortgagors obligations under the dolaration n condominium or master deed, the by-laws and r+equlations o , the- condominium project and rnnstituent documents. Mortgagor further covenants that he and the association res~ronsible for flee operation of the condominium will observe all of the provisions of the said declaration and any amendments thereto, and of the Condorrrinium law of the state, and will perform all obligations ihereur?der• and a failure to do so w~?ich is not cured within 30 days after notice given by the Mort- ¢a¢ee Mthe mortgaKor and the-said association shall constitute a default tinder this mortgage. Mortgagor further specifically covenants, but not c by way of limitation, that he and the association wit) observe aD of the provisions of said declaration of condominitun relating to insurance coverage. ~ ` 21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond irutrring against damage by infestation on the buihlings now m 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 not comply with this cotrenant Mortgagee shall have the same rights to obtain same as insurance coverage tinder covenant lt3 hereof. 22. That in the event that this mortgage is given to secure a construction bam, failure; an the part of the Mortgagor or the Mortgagors • contractor, architect, engir?eers, or sub-contractors to rnmply with the terms of the Construction L~oan Aggreement of even date herewith, , +vhic6 is by reference incorporated herein, shall, at the optiom of the Mortgagee, constitute a defatilt heretmder. 23. If the mortgaged premises IS other than a oce to four family dwelling, the Alort¢agor covenants and agrees that he will, not Teter than thirty (30) days after the end of the fiscal year, fumis6 unto the Association t complete and acetrrate balance sheet acrd profit and loss ; g statement reflecting the Mortgagors liabilities as well as profit and bss for the fiscal year, and such balance sheet acrd profit and lass state- ; mans shall be prepared by a certified public accountant licensed in the State of F{orida, and :haD be certified as being rnrreat by such certi- fied public accuountant. e~oK 323 PEKE 1 ~ 4