HomeMy WebLinkAbout2335 8. To perform. comply welsh and abide by each acct every tttlpulatio0. agreement, oooditraa arw covenant in said prorxuswry note and deed
net forth.
7. In the event the jurisdiction of the U. S. DLsirfct Court shall be invoked by or a last the I?fortga r under any of the provisions of the
Federal Bankruptcy Act, such action, whether voluntary or involuntary oo the of the I?loctXagor, shall sutowatically, without notice, as
celerate the maturity of all sums of money herein described and secured and the same shall thereupon baca~ane due and payable torthwit6
as fully as iE the said aggregate scans of [Honey were originally stipulates to be paid oo atrch data
8. To deliver to said Mortgagee ao cx before 1?farc6 15th of each year, tar rec.•eipts evidencing the payment of all lawfully imposed tares
for the preceding calendar year, anti to deliver to said Mort Magee, receipts eviderrciug the payment of all lieru for public improvements within
ninety (fl0) days after the same shall become due and payab~e, and to pay or discharge within ninety (f10) days after duo date, wyy and all
goverrunental k•vies [}rat uray be made on the mortgaged p rty, oa this mortgage or note, or in any other way resulting from the I~lortgage
indebteelnesY secured by this rnort age; and iE this condition Ise not complied with and performed, said tnortRagee may pay such sum or swna
which shall become part of the de~t secured by this mortgpge, and shall bear interest at the default rate provided in said promissory note
payable rrwnthty until paid or said Mortgagee may elect that said nartgage debt thereupon become due anti payable forthwith.
9. It is further covenanted and agreed by said parties that in the went o[ a suit being irutituted to foreclose this mortgage, the I?tortgagee
shall be entitled to apply at any time pending such fonrlusure suit to the court having jurisdiction thereof [or the apppointment of a receiver
of all and singular the mortgaged prope`ty, and of all the nuts, incomes, profits, issues and revenues thereof, from wtratsoever source derived•
arxl thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, al]
aril singular, and of such rents, incomes, profits, issues anti revenue thereof, from whatsoever source derived, with ttre usual powers and
duties of receivers in like cases; and such appointment shall Ire uracte by such mart as a matter of strict right to the I?lortgagee, its successors,
le gal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
so~vency 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 of such court.
10. If all or any part of the property or an interest therein is sold or transferred by mortgagor without mortga8ee
s prior written consent,
excludin (a) the creation of a lien or encrunbrance subordinate to this mortpage, (b) the creation of a purchase money security interest [or
horueho~d appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) the Brant 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 by
This nwrtgage to be immediately due and payable. Mortgagee shall have waived suc.•h option to accelerate if, prior to the sale or transfer.
mortgagee anti the person to whom the property is to l,e sold or transferred reach agreement in writing that the credit of such person is sat-
isfactory to Mortgagee and drat the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall request.
1 1. That in the event the premises hereby mortgaged, or any part thereof, shall be corxtemned and taken [or public use under the power
of eminent domain, the Mortgagee shall have the right to demand that 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 at the option of the Mortgagee may be applied upon
t}re paynneots last payable thereon. -
12. The mortgagor binds himself not to erect or pernvt to be erected any new buildings on the premises herein mortgaged or to aclcl to
or permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially
change tic.' came or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this
stipulation this mortgage and all Bruns secured hereby shall immediately become due and collectible at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of tfiis contract and that no waiver of any obligation hereunder or of the obligation
secured hereby shaD at any time be held to be a waiver of the terms hereof or of the irutrument secured hereby.
14. If foreclosure proceeJings of any second mortgage or semrxl trust deed or any junior lien of any kind should be instihrtecl, the \fort-
ga~ee may, at its option, immediately or thereafter declare this nwrtgage 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 of the ~#ortgagor i'o the I?fortgagec described herein or secured hereby the Mortgaggee is hereby
arborgatecl to the Uen or liens and to the rights of the owners and holders thereof a( each and every mortgage lien or other incmnbrance on the
land described herein which is paid and/or satisfied in whole or in part out of dce proceeds of the loan described herein or secured hereby
anti the n•spective liens of said mortgages, liens or other incumbrarcces shall be and the same and each of them hereby is preserved and shall
pass to and be held by the 11lortgagee herein as security for the indebtedness to the Iltortgagee herein described or hereby secured, to the same
extent that it would have peen preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly
as.irx•cl, transferred, set over anti delivered unto the Mortgagee by separate deed of assignment notwitlutanding the fact that the same may
!x• satisfied and eancell ~d of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the
holders thereof at or about the time of the recording of this mortgage.
Iii. To pay all anti singular the costs, charges anti expenses, including la is fees, reasonably incurred or paid at any time by the Mort-
¢a~'ee. because of the failure of the Iilort agor to perfomc, rnmply with and abide by each and every the stipulations, agreements, conditions,
and co.•enants of said promissory note and this deed, or either, and esery such payment shall bear interest from date at the default rate pro-
; c•idr•cl in said promissory note.
17. \~'ben an amount of money to be paid by the 1?iortgagor to the Mortgagee under the terms hereof shall lcc in default, or should the
{ \fortQagor default in any of the other terms, provisions or conditions of this Mortgage, then and in that case the Mortgagee shall has•e the
ric;ht, without notice to the \fort~•agor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby nwrtgaged and the improvements thereon, acrd to give proffer receipts aril acquittances therefor, anti after
paying all commissions of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in
collecting same, to apply the proceeds of such collections upon anv indebtedness, obligation or liability, of the Mortgagor hereunder. The
ri:;ht granted the Aiortgagce under this paragraph shall be in addition to, and shall not liucit or restrict, any other right or rights granted the
\iort~,agee in this Mortgage.
1't. If the Mortgagors at the time of making this 1lfortgage or subs vent thereto take out life insurance designating the Mortgagee herein
a; Ix•neficiary wtith a company approved by the I?fortgagee or assigns pe~cies to the 1llortgaggee for the purpose of securing the nwrtgaee loan
beech)• secured. then the 1lfortgagee shall have the right to pay any ppremium accruing under said policies, aced all sums so expended shall ice
added to and lxrome a part of the princippal indebtedness secured by this Mortgage and shall be paid by the Mortgagor to the \mrtgagee
in t..•elve e. ua) rnusecutive monthly irutalUnents, the first monthly installment to be paid as a part of and in addition to the monthly payment
dne under t~is Mortgagee in the first calendar month folbwing the ezpending of said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien a[ this Mortgage shall e~rtead to and secure the sums so ezpended
together with interest thereon as herefnbeEore provided.
19. At mortgagee
s option, together with and in addition to the monthly payment of prirripal and interest payable under the temps of the
note secured hereby, Iliortgagor shall pay to I?tortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum equal to the
annual premium due for fire, ertendecl coverage, and other hazard insurance inducting flood insurance, covering the mortgaged property,
plus tapes anti asse_csments nezt dne on the mort¢aged property (all as estimated by Mortgagee) less all sums already paid therefor, and to be
dioicled by the mcmlcer of months to elapse prior to the date when such tares and assessments shall become delinquent. Said sums shall be
held by :lfortga ee in [nut or credited to the principal of the loan, to pay said insurance, tares, and assessments and shad be applied on the.
payment thereof when dne. Any excess held in trust by Mortggaagee when said soon is paid in fuD shall be paid to Mortgagor, or his assigns,
or personal representatives. In the event of a default or forecousure, said sums held in taut may be applied on any costs of damages sustained
~ in conncc•tion with the rnllection of the note secured hereby whether by suit for~ecloaure, or otherwise. Mortgagee may from time to time at
ca y y {r eposits, by notice to Mort
it; opption waive, and after an such waiver, reinstate an or al! provisions ereof requiring such d gagOr in writing.
[['bile any Beech waiver is in effect, Mortgagor shall pay to:es, assessments and insurance premiums as herein elsewhere provided.
20. Mortgaror shall comply with the provicions of any lease, if this mortgagge is on a leasehold. if this mortgage is on a condominium unit,
mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of
the c»rxlominium project and constituent docuuumts. llfortgagor further covenants that 6e and the association resporuihle for the operation
of the condominium will observe ail of the provisions of the said declaration and atry avicendments thereto, and of the Condominium law of
the state, and will perform all obligations thereunder; and a failure to do so w~Cich is rat cured within 30 days after notice given by the Mort-
¢acee to the mortgagor anti the said association shall constitute a ctefauk under this mortgage. Mortgagor further specifically covenants, but not
~ by sway of limitation, that he and the association will observe a0 of the provisions of said declaretion of condominium relating to insurance
coverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond irurcrinq agairut damage
by infestation on the buildings now or hereafter located on the mortgaged property, in such arrroccnts and terms, and atith such company as
approved and recprirccl by Mortgagee; and in the event Ilfortgat;or does not comply with this covenant Mortgagce shall have the same rights
to obtain same as insurance coverage under covenant #3 hereof.
22. T}rat in the event that this mortgage is given to secure a construction loan, hilure on the part of the Mortgagor or the 1lfortgagors
contraMor, architect, engineers, or sub-contractors to comply with the terms of the Construction Loan Agreement of even date herewith.
which is by reference incorporated herein, shall, at the option of the Mortgagee, onstitute a default hereunder:
23. If the mortgaged premises is other than a one to four family dwelling, the Mort~aRoe covenants and agrees that he will, not later
~ than thirty (30) days after the anti of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and loss
statement reflecting the Mortgagors liabilities as wets as profit and loss for the Ksca) year, and such balance sheet and profit and lass state-
men[ shall be prepared by a certified publlie accountant licensed in the State of Florida, and shall be certified as being correct by such certi-
fled public accountant. noe~etie~ r~nnr '