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HomeMy WebLinkAbout1184 e. To perform, comply with and abide by each and every acra~ltjoa sgreetneat. ooodi~on and oovcnant in said Promissory voce and deed set forth. , 7. In the event the jurisdiction of tbs U. S. District Court shall be invoked by or trot the Mortgagor.under any of the proveions of the Federal Bankruptcy Act. such action, whether voluntary a involuntary on the pmt of the Mortgagor, shau autonwticaUy, wtthout mtrce, ao- - r celeste the maturity of all sums of money herein described and scenerd, and the time dull thereupon beoane due and payable forthwith as fully a: if the said aggregate sums of money were originally stipulated to be paid oo such date. 8. To deliver to raid Mortgagee. oo a treforo itlarch 15th of each year, tax receipts evidencing the payment of all lawfully imposed tare: for the preceding calendar year, and to deliver to said Mort~ggages, receipts evidencing the payuicnt of all liens fa public improvements within ninety (110) days after the same shall become due and payable, sad to ppaay or discharge within ninety (90) days after due date, any and all govrnuriental levies that may be made on tho mortgaged p , oo shit mortgage or note, or in any other way resulting from the I?lortgage indebtedness secured by this mortgage; and if this condition l,e not ~omelied with and performed, said mortgagee may pay such sum or sums ~ which shag become part of the debt secured by this mortgage, and shall ben interest at the default rate provided in said promissory note payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith. t 9. It is further covenanted and agreed by acid parties that in the guest of a suit being instituted to foreclose this nartgage, the Mortgagee shall be entitled to apply at any time pending such forrrlosrrre scut to thR cornet having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged pp rty, and of all the n uts, incomes, profits, issues sad revenues thereof, from whatsoever source derived~ and thereupon it is hereby a:pressiy~venanted and agreed that the court shaA forthwitb appoint a receiver of said mortgages Property. a)i and singular, and ~ such rents, incomes, profits, issues anti revenue ihereaf, from whatsoever source de;rivcd, with tires carnal powers irrid duties of receivers in like cases; sad such appointment shall be made by such court as a matter of striM right to the Mortgagee. its successors, legal representatives or assigns, and without reference to the adeetua~y or inadequacy of the value of the property hereby mortgaged, or to the soleency 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 nwrtgage indebtedness, costs and charges, aocorciing 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 cortcent, ezcludinR (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase rangy security interest for household appliances, (c) a twrufer by devise or descent, or by operation of law uPco the death of a joint tenant, or (d) the grant of any leaschokl interest of three years or Iess not containing an option to purchase. mortgagee may, at its option, declare all the sums secured by this mortgage to be immediately due and payable. Mortgagee shall have waived such option to accelerate if prior to the sale or transfer, mortL~agee and the person to whom the property is to be sold or transferred reach agreement in writing that tie credit of such person is sat- isfactory to Mortgagee and that the interest payable on the scans secured by this mortgage shall be at such rate as Mortgagee shall request. 11. That in the event the premises hereby mortgaged, or any part thereof, shall.be condemned and taken for public use under the power of eminent domain, the I?iortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the 1ltortgagee up to the amount then unpaid om this mortgage and at the option of the Mortgagee tray be applied upon the payments last payable thereon. 12. The mortgagor binds himself not to erect or permit to be erected any cew buildings on the premises hernia mortgaged or to add to or permit to be added to any of the a:fisting improvements thereon or make any changes or alteration in said improvements which materially change the .same 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 sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. 13. It fis specifically agreed that time is of the essence of this contract and that no waiver of any obliganon hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof ~ of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or airy junior L'en of any kind should be instituted, the 1ltoit- Ka>;ce uray, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable fortlia-ith, and may at its option proceed to foreclose this mortgage. 15. To the extent of the indebtedness 'of the Mortgagor to the Mortgalter described herein or secured hereby the Mortgagee is hereby rubrogated to the lien or lien and to the rights of the owcers and holders thereof of each and every mortgage lien or other encumbrance on the land described herein 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, lien or other innrmbranoes 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 extent that it would have been preserved and would have been passed to and been held by the I?tortgagee had it been duly and regularly assiLnerl, transferred, set over and delivered unto the I?fortgagee by separate deed of assignment notwithstanding the fact that the same may !~e satisfied and gncelld of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of rernrd by the holders thereof at or about the time of the recording of this mortgage. 16. To pay all and singular the costs, charges and expenses, including lawyers fees, reasonably incurred or paid at a~ time by the Mort- i gagee, becau..e of the Failure of the 1ltort qor to perform, 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 such payment shall bear interest from date at the default rate pro- vidcd in said promissory rime. ~ 17. ii'hen any amount of to be paid by the Mortgagor to the ]iortgagee under the terms hereof shall be in default, or should the ifortgaQor default in any of the teens, pprovision or conditions of this Mortgage, then and in that case the Mortgagee shall have the right, without notice to the •111ortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and profits of the real estate hereby mortgaged and the improvements thereon, and to give proFer receipts and acquittances therefor, and after paving all commissions of any rental agent rnllectinq 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 right granted the Mortgagee under this paragraph shall be in addition to, and s~all rat limit or restrict, any other right or rights granted the. ??fortgagee in this Mortgage. ~ lA. If the I?tort¢aeors at the time of making this Mortgage or subs~uent thereto take out life insurance designating the 1lfortgagee herein as lx•neficiarv with a company appmvecl by the 1lfortgagee or assigns poL'cies to the Mortgagee for the purpose of securing the mortgaCe ban hereb secured, then the Mortgagee shall have the right io pay an premium accruing under said policies, and all sums so expended shall be added to and become a part of the principal indebtedness secured by this Mortgage one) shall be paid by the Mortgagor to the iortgagee in twelve e~rral rnnsecutive monthly installments, the first monthly installment to be paid as a pail of and in addition to the monthly payment due under this 1lfortgage in the first calendar month following the expending 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 of this Mortgage shall extend to and secure the sums so expended together with interest thercon as hergiinhefore provided. 19. At mortgagee i option, together with and in addition to the monthly payment of nrrcrpal and interest payable under the terms ~ the note secured hereby, Mortgagor steal) pay to Mortgagee each month until said note ~ paid. one-twelfth (1/12) of a sum equal to the . annual premium due for fire, extended coverage, and other hazard insurance including hood insurance. covering the mortgaged property. plus taxes and assessments nett due on the mortgaged p (all as estimated by Mortgagee) less all sums already paid therefor, and to be di.~ded by the munber of months to elapse prior to the date w such fazes and assessments shall become delinquent. Said sums shall .be held by 1?iortgagee in trust or credited to the principal of the ban, to pay said iaiuranoe, tares, and assessments and shall be applied on the payment thereof when due. Any excess held in Mist by Mortggaagee when said ban is paid in full shaD be paid to Mortgagor. or his assigns or personal representatives. In the event of a default or foreclosure said scam held in trust may be applied on any coats of damages sustairiee~ in connection with the collection of the mote secured hereby whether by strit~~rgidoaure, or otherwise. Mortgagee may from time to time at its oopption waive, and after any such waiver, reinstate any or aD provision requiring such deposits, by notice to Mortgaggor in writing. ii'hile any such waiver is in effect, Mortgagor shall pay taxes, assessments and imnrance premirum as herein elsewhere provided. 20. 1?tortgagor shall comply with the poividon of any lease, if this mortgage it on a leasehold. If this mortgage is on a corxlomininm unit, ~ mortgagor shall perform all of mortpat;ors obligation under the declaration of condominium or master deed, the by-laws and regulations of the condominium project and constituent documents. 1lfortgagor further covenants that he and the association respomibk for the operation of the condominium will observe all of the provision of the said declaration and airy amendments thereto, and of the t..ondominium law of the state, serf will perform aB obligation thereunder- and a failure to do so w~iich is not cured within 30 days after notice given by the Mort- ¢aRee to the morigat~nr and the said association shall constitute a default under this mortgage. Mortgagor further specifically covenants, but not by way of limitation, that he and the association will observe aD of the provLaom of said declaration of condominium relating to inuurance cvverage. 21. Ilfortgagor further covenants and agrgies that at the request of Mortgagee to famish a standard termite bond inuring agamss damage ~ by infestation on the buildings now or hereafter heated on the mortgaged property. in such amounts and terms, and with such canpany as approved and required by Afortgagee; and in the event Mortgagor does-not canply with this covenant Mortgagee shall have the same righb to obtain same as iruurarrce coverage under covenant it3 hereof. 22. That in the event that this mortgage is given to secure a comtruetioo ban, hilure as the part of the Mortgagor or the Mortgagors contractor, architect, engineers, or sub-contractors to comply with the temrs of the C.onstnxtion Laen Agregiment oaf even date hemwith, which is by reference incorporated herein, shall, at the option of the Mortgagee, ooostitute a default hereunder. f 23. if the mortgaged premises is other than a one to font family dwelling, the I?fortgago~ covenants and agrees that he will, not later than thirty (30) days after the end of the fiscal year furnish unw the Associatiao a complete and accurate balance sheet and profit and bas statement reflecting the Mortgagors liabilities as wel~ as profit and bas for the fiscal year, and such balarice sheet and profit seed bas state- , meet shall be prepared~by a certified public aeoountant 6oeased in the State of Fbrida, and shaD be certified m being correct by such certi- fied public aooonntant. ~~~1 l Dnn~~/tf1 DshC11R~ i