HomeMy WebLinkAbout2712 3. To pay aU and singular the costa, charges and expenses, including lawyer's fees, rea•
sonabl incurred or paid at any time by said Mortgagee because ojYhe jailors on tl~e part of the ;
said Mortgagor to perform, comply with and abide by each and every -the stipulations, rnndi-
tions and covenants of said promissory note and this deed, or either, and every such payment
shall bear interest from date at the rate of p~~74xX~t'XOODDit7~OC highest rate
of interest per annum lawful under the laws of the State of Florida.
4. Tp keep the buiJ~in~ no or heres_
jter on said land insured in a sum not less than
Ztaent~ eight Thdusand ($28,00.00) do rs. in a compan or companies to be approved by
said Mortgagee, and the policy or policies held by and payable to said Mortgagee, and ~n the
event any sum of money becomes pa able under such policy or policies, the Mortgagee shalt
have the option to recetue and apply the same on account of the indebtedness hereby secured or
to permit the Mortgagor to receive and use it, or any part thereof, for other purposes, without
thereby uxiiving or impairing any equity lien or right under or by virtue of this mortgage, and
may place and pay for such insurance or an part thereof, without waiving or ~jjecting the
optwn to foreclose or any right hereunder, a~each and every such payment shall bear interest
from date at the rate of 7#~Xll~KKOK highest rate of
interest per annum lawful under the laws of the State of Florida.
5. To permit, commit or suffer no waste, impairment or deteriora#ipn of said property or
any part thereof.
6. To perform, comply with and abide by each and every the stipulations, agreements,
conditions and covenants in said promissory note and in this deed set forth.
7. If any of said sums of money herein referred to be not promptly and fully paid within
thirty (30) days next after the same severally become due and payable, or if each and
query the stipulations, a regiments, conditions and covenants of said promissory note and this
deed or either, are not duly performed, complied -with and abided- by the said aggregate sum
rzentioned in said promissory note shall become due and pa able fort~iwith or thereafter at thgi
option of the Mortgagee as fully and completely as if the sai~aggregate sum of T~nty .eight
t~b~u~~fed aa~~No1~0 '($2~,0~00.00Y g p dollars was onginal~
s i u to pa on suc y, an thin in said romissory note or herein to the contra
notwithstanding.
8. The Mortgagee may, at any time while a suit is pending to foreclose or to reform this
nao?tgugr a: to enforc any. c::ir;,s ariair.g '.crcL.-zdcr, apply tw the court hav ro ;e:risdicfion
thereof for the appointment of a receiver, and such court shaU_ forthwith appoint a receiver of
the premises and aU other property covered hereby, including all and singular the i~u~ome, prof-
its, rents, sssues and revenues from whatever source derived, and such receiver shall have all the
broad and effective functions and powers in anywise entrusted 6y a court to a receiver and such
appointment shall be made by such court as an admitted equity and a matter of absolute right
to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the prop-
erty mortga~ed or to the solvency or :nsoluene~
y of said Mortgagor or the defendants, and such
income, pro tts, rents, issues and revenues shall be applied by such receiver according to the lien
of this mortgage and the practice of such court.
9. Fbr' the first five (5) years un~r this mortgage, the mortgagee shall
pay the real estate ta~aes and the hazzard and fire insurance. Nbrtga9ee shall
be a named insured and payee on the policy up tQ the full aaro~mt owed under the
irtgage by the Nbrtga9or bo the Irbrtgagee. At the end of the first five (5)
1/E~YS igiC~k'.r thre li"RJL~GCJdtjC, fL't tit GvGitt that tit a~tri"~u~iayvr a. irra. c
cY~S.~
said optioai to refinance, then the I~brtgagor shall be responsible for and shall j
pay all real estate ta~oes and ins~sanoe, including fire and haz~,ard and such
other insurance as the Nf~rtgagee may require up to full uLSUrable value, frcm j
~ and after said five (5) year period. It being the intent of the parties that
the Nrtgagor shall pay far the taxes and insurance after the first five (5)
years if they do rat ewercise the .option to refinance. Said wrap around
mcrt~gage shall nat be asstnwd without the egress written oansent of the
Nrtgagee and the I~brtgagee may require that he be paid off in full prior to
giving any oonsalt. Said option referred herein being that the l~brtgagar shall ha
the 'on at the end of five (5) years from ahd including the date of March 9, 1980, to ref'
and in a irortgac~ loan fran an institutional lender in order do pay the Mortgagee off in 1.
In the t that the Mortgagor elects too exercise said option to refilx~noe, the Mortgagor 1
crive tten notice by certified mail return receipt to the I~brtgagee at least ninety (90)
prior the expiration of said five (5) year period. In the event'-that the Nbrtgag~r does
exerci said option to refinance and gives timely notice of said exoercisanrx~t to Nrtgagee
Nsortga r shall obtain the refinancing and the transaction shall be fully closed including
meet full to Mortgagee within ninety (90) days fran, after and including the date upon whi
~Sortga receives the native of the exQxcisement of the option from the Mortgagor.
~n ~i#nesshereof, the said Mortgagor hereunto sets his hand and seal the day and
year first above written.
Signed, Sealed and Delivered in Presence ; f:
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