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HomeMy WebLinkAbout0784 e f • • , w~ • - 1 • - - S t all agresmedts botxesn the Mortgagor and Mortgagee relating to insurance. now existing or hereafter anode. shall be :d - i._ writing sad shall be a part of this mortgage agrecmaat a. fully as tbouab set forth verbatim herein and shall Govern both parties hereto and their suocesaors and assigns. No lien upon any of said policies of inwranee or upon Gay refund or refund premium wbich,n~sy bs payable on Ws cancellation or termidation thereof. abaU be given to other than tbs Mortgagee, except by props r~dorssment atBxed to sudt policy and aparovid by Mortgagee. Bach policy of insuraaes shall base affixed tbsrfto a btandard Mortgagee Clause acesptabte to the Mortgagee. making all loos or Ieasar under such policy payable to tbs Mortgagee as its iatsrest rosy appear. In the event any wm or sumr of money become payable tbsreurdee the Mortgagee ahail bans tbs aptior? to receive Gad apply the ascot en account of the indebtedness hereby ssc~teed. or to permit ties Mortgagor to receive and use it. or any part thereof. without thereby wairing or impairicg any equit-~. liar or right under and by virtue of this mortgage. In event of lass or phyaicrl damage to the mortgaged Property the Mortgagor shall give immediate datioe thereof by mail to the Mortgagee Gad the Mortgagee may make- .proof of lass if tbs acme is not made promptly by the Mortgagor.• 'In event of foreclosure of this mortgage or otbar tramfer of title to the nattgaged Property in e:tinguisbmart of-tbe ii?debtedness secured hereby. all right, titb and inter- ed of the Mortgagor is and tc Gay inwrdnce policies~tliea' iir force sball'pass to the purchaser or grantee. Upon say default thereof. the Mortgagee may (but without obligation on its part to •do'so' {,lace insurance od such buiMings and , pay the premium Gad cba:.se such sums so paid to the Mortgagor and such 'e~n~t of money so paid shall bear interest from the date-of payment at tla highest lesal rate. _ _ . . to be id b tbs Mo under the terms of this mortgage and herein 4. Tba! all sums of-money pad or caused Pa y rtgagee t specifically provided for. and including any espensea incurred by We Mortgages in collection of the sum secured by thin mortgage. shall be covered by the lied of tbia mortgage. the same a the wma of money represented by .the note which this mortgage secures. _ _ - 6. To permit. cbrnmit or suffer no waste. impairment or deteraratian of said property. or any part thereof. and upon the failure of the Mortgagor to keep the buildings on said property °e good condition, of repair. the Mortgages _ may demand the immediate repair• of said buildings. or an increase in the snaunt of security. or the immediate repay- meat a~f the debt hereby secured;'and the failure at lire Mortgagor to comply wiW said demand of the Mortgagee for a period of Sfteea (lb) days shall constitute a breach of this mortgage. and, at the option of the Mortgagee, immediately - mahrre the entire unpaid principal and interest hereby secured, and the Mortgagee may..ritbout rwtice, institute pro- eeedings to foredose this mortgage, add apply for the appointment of a receiver,-aa hereinafter provided. 6. That the Mortgagor hereby promises. covenants and agrees to pay the sums of nwney and interest as mentioned in said promissory note,-together with any and all other wms justly due and owing the Mortgagee by the terdr tbereid. and secured to be paid as stated therein promptly when due. If default shall be made in the payment of the said sums of . money or env part thereof as provided in the said note- or this mortgage, or if the interest that may become due Thereon - or any part thereof shall be in default and unpaid for a apace of Sfteen "(15) days. or should the Mortgagor breech or fail to comply with any other covenant or .agreement on the part of the Mortgagor to be complied with (in those cases id which the optiod of the Mortgagee of aooeleration is not otherwise e:Pr'eselY P~~ herein) and such . breach or don-compliance av~tinue is a:iateace for a apace af" fifteen (15) days. then and from thenceforth. at the option of the Mortgagor, the whole of said principal sum a:pressed in said rate. together with all other sums therein as yell as herein provided for. shall become immediately due add payable, without notice to the said Mortgagor. - - 7. That in cane it should bernme neeeseary to .place thin mortgage and the note aearred hereby or either of them, in th hands of an_attorney for .~oltedior•. the said Mortgagor covenants and agrees with the Mortgagee to pay all costs. _ charges and ezpenses of such collection. idduding reasonable attorney's fees whether collected by foreclosure or otherwise. 8. That. in the event any coif is brought upon this mortgage. =vbether to foreclose it, to ieform it: or otherwise, I~ and/o- to enforce payment of any claim hereunder. the Mortgagee may apply to any- court having jurisdiction thereof for the appaintment'of a receiver'of said mortgaged Property. as well as the income. profits,.issues and revenues thereof, and the said income. Profits. Tawas and revenues are hereby mortgaged as if apeciScally Get forth and described in the ` granting and habeadum douses hereof. and such receiver shall have all the broad and effective funebons and" powers. in any wise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity add a matter of absolute right is 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/or the defendant and such rents. proSta, income, issues end revenues shall be applied by the receiver aeoording 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.- _ 9. The Mortgagor- hereby waives all rights of homestead and exemption granted by the Constitur~n and -laws of - Florida. It is speciScally agreed that time is of the essence in this contract and that rw waiver by the Mortgagee of any obligation bet+eunder or of the obligation secured hereby shall at any time: thereafter be held to be a waiver of the terms hereof or of the obligation secured hereby. - - - 10. That in the event that this mortgage be given to secure a cor~atruction loan. failure an the part of the Mort- gagors or their contractor to complete said building in aceordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plods and specifications Sled with the Mortgagee, shall con- stitute a breach of this mortgage. and, at the option of the Morgagee, immediately mature the entire amount of princi- pal and interest hereby secured and the Mortgagee may immediately inditute proceedings to foreclose this mortgage. = 11. Tf foredawre proceedings of any second mortgage or sKCOnrI trust deed or any junior lies of say kind should be - instituted. the Mortgagee may.. at its -option immediately or thereafter ceclare this mortgage and the irrdebedness secured hereby due and payable. . 12. T',jat ir_ the event the premiaea hereby mortgaged. or env part thereof; shall be condemned and taken for 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 premium shall be paid to .the Mortgagee, up to the amweni then unpaid on this mort- gage and the obligation secured hereby and may be applied apon the payments last payable under this mortgage an_ d ~ s the obligation secured hereby. ~ _ 13. That installments, payable under the terms he.eef and the note secured heret+y. not paid when due, shall be ~ subject, after fiftew (15) days from the-date thereof. to. and it is agreed Mortgagee shall collect thereon and therewith. a "Isla charge" in the amount of four per cent (4°~0) of the instalim~t due upon each such delinquent imtallment. and such °late chargee° are secured by the lien hereof. • 14. Without impedring the obligatium of Mortgagor contained in paragcapM 2, 3 and 4 hereof. and for applicatiod _ to tbo purposes thereof insofar as the same :ball be sutTicient, Mortgagor shall. in addition to the modthly payments of _ principal add interest e• stated in the original note (and in the rwte or notes secured hereby) provided to be made. pay a monthly sum and amount equal to one-twel[th (1/I2) of the estimated annual tares. aesessmedts and irswranue pre- miums uposr the real estate security, as the ardount.tbereof is determined from time to time by the Mortgagee. - BI~K~~ PAGE {