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HomeMy WebLinkAbout0435 G. 7b perform, comply with and abide by each and every stipulation, agrcrm~nt, corrcht~on and covenant in said promissory note sad deed set forth. i. In the event the jurisdiction of the U. S. District Court shall be invoked by or against the Mortga *or under any of the pro~isioru of the Federal Ilankruptey Act, such action, whether voluntary or involuntary on the part of the Mc~rigagor, S~raU automatically, without notice, so- celeste the maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith as tally as if the said aggregate suuu of money were originally atipulatec~ to be paW on such date. 8. To deliver to said Mortgagee ao or before march 15th of each year, tax receipts evidencing the payment of all lawfully ionposed to:es for the receding calendar year, anr'1 to deliver to said Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (PataO) days after the same shall become due and payable, and to pay or dischargo within ninety (90) days attar due date, any and all governmental levies that may be made on the mortgaged pr rty, oa this mortgage or note, or in any other way resulting from the Mortgage indebtedness secured by this mortgage; and if this condition be cwt complied with and performed, said mortgagee may pay such sum or turns which shall become part of the debt secured by this mortgage, and :hall beat interest at the default rate provided in said promissory. ante payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith. 9. It is further covenanted and agreed by said parties that in the event of a suit being instituted to foreclose this mortgage, the Mortgagee shall bs entitled to apply at any time pending such foreclosuro srrIt to the court having jurisdiction thereof for -the appointment of a receiver of all and singular the mortgaged eroperty, and of all the rents, incomes, profits issues and revenues thereof, from whatsoever source derived• and thereupon it is hereby expressly covenanted and agreed that the court shah forthwith appoint a receiver of said mortgaged property, alb and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with tt?e usual powers and duties of recei~rers fn like cases; and such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors, togga] representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to dre 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, acconling to the order of such court. 10. If all or any part of the progeny or an interest therein is sold or transferred by mortgagor without mortgagee's prior written conssat, excluding (a) the creation of a lien or encumbrance subordinate to this wortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not corataiging an option to purchase, mortga 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, mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that t~?e credit of such person is'sat- isfactory to Mortgagee and that the interest payable on the sums 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 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 Mortgaggce up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon. 12. The mongagor binds himself not to erect or permit to be eructed any new buildings on the premises herein mortgaged or to add to or pemut to be added to any of the existing improvements thereon or make a~ changes or alterations in said improvements which materially change the same or the ate thereof, without the written rnrssent of the Mortgages 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 is specifically agreed that time is of the essence of this contract and that »o waiver of any ob ' ation~hereunder or of tbe obligation secured hereby shall at any time be held to be a waiver of the ternu hereof or of the instrument hereby. 14. If foreclosure proceedings of any second mortgage or second trust dead or soy junior lien of any kir?d should be instituted, the btori- gagee may, at its option, immediate or thereafter declare this court a and the indebtedness secured hereb due and h' g ge y payable forthwith, and may at its option proceed to foreclose this mortgage. 15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is bereby subrogaled to the lien or liens and to the rights of tbe owners and holders thereof of each and every mortgage lien or other incumbrance on the land described herein which is paid and/or satisfied in whole or in part ont of the proceeds of the ban described herein or secured hereby and the respective liens of said mortgages, liens or other innrmbrances shall be and the same and each of them hereby is preserved and shah pass to and be held by the Mortgagce herein as security for the indebtedness to the Mortgogee 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 tbe Mortggagce had it been duly and regularly assigned, transferred, set over and delivend unto the Mortgagee by separate deed of asstgnnrerrt notwitlutandfng the fact that the same may be satisfied and cancelled 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. 16. - To pay all and singular tbe coats. charges and expenses, induding la 's fees, reatooably incurred or_paid at a~ time by the Mort- gagee, because of the failure of the Mortgagor 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- ~~ded in said promissory note. 17. When any amount of money to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the Mortgagor default in any of the other terms, pprovisions or co lions of this Mortgage, then and in that case the Mortggaagee shaII•have the right, without notice to the Mongagor, to aoIIect and receive from any tenant or lessee of said mangaged premises tiro rents, issues and profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after paying all commissions of a~ rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in erttng ssrae io apply the grotrrxle of such collections upon env indebtedness, obligation or liability, of the Mongagor hereunder. The right granted t~re Mortgagee under this Paragraph shall be in addition to, and shaII not limit or restrict, any other right or rights granted the Mortgagee in this Mortgage. 18. If the 1?fortgagors at the time of making this Mortgage or sub~guent thereto take out life inrrrar?ce designating the Mortgagee herein as beneficiary with a comP~y aPProved the Mortgagee or assigns policies to the Mortgngee for the purpose ~ securing the mortgage 1 ben hereby secured then tbe 1liortgagee shall have the right to pay an remium aocnring under said policies, and all aunos so expended shall added to and ~ecome a part of the p~_pai indebtedness secured byr this Mortgage and ahaD be paid by the Mortgagor to the Mortgagee in tx-elve ual eontecrrtive monthly i llments, the first monthly installment to be paid as a part of and in addition to the monthly payment due under this Mortgage in the first calendar month folbwing the ezpendia 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 Mongags shaD extend io and aecur~e the sums so expended together with interest thereon as hereinbefore provided. 19. At mortgagee's option, tog _ether with and in addition to the monthly payment of ppnncipal and interest payable under the terms of the note secured hereby, Mongagor shall pay to Mortgagee each month until said note is fuDy paid, one-twelfth (I/I2) of a sum equal to the annual premium due for fire, extended coverage, and other hazard insurance including ffllood insurance, covering the mortgaged Property, plus tares and assessments nest due on the mortgaged property (all as estimated by Mongagee) less all sums already paid therefor, and to be divided by the number of months to elapse prior to the date when such fazes and assessments shall become delinquent. Said sums shall be held by lltortgagee in lust or credited to the principal of the loan, to pay said insurance, fazes, and assessments and shall be applied on the payment thereof when due. Any excess held in trust by Mortgogee when said ban is paid in full shall be paid to I+iortgagor, or his assigns or personal representatives. In the event of a default or foreclosure, said sums held in test may be applied on any costs of damages sustained in rnnnection with the collection of tbe note secured hereby whether by suit, foreclosure, or otherwise. Mongagee may from time to time at its oopplion waive, and after any such waiver, reinstate any or all provisions hereof requiring such depasiis, by notice to' Mortgagor in writing. ~Vhr'le any such waiver is in effect, Mongagor shall pay tares, assessments and insurance premiums as herein elsewhere provided. _ 20. Mort~ga~gor shaD comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit, mortgagor shaII perform all of mortgagors obligations under the .declaration of condominium or master deed; the by-laws aril regulations of the condominium project and constituent documents. 1lfortgagor further covenants drat be and the association nsible for the operation of the condominium will observe all of the provisims of the said declaration and a>n? amendments thereto, and of the Condominium law of the state, and will perform all obligations thereunder aril a failure to do so w~rich is not cared within 30 days after notice given by the Afort- gaRee to the mortgagor and the said association shall corutitute a default under this mortgage. Mortgagor further specifically covenants, but not by way of limitation, that be and the association will observe all of the provisions of said declaration of condominium relating to insurance coverage. 2I. Mortgagor further covenants and agrees that at the request of I?tortgagee to furnish a standard termite bond insuring against damage by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such company as approved and required by T?fortgagee; and in the event Mortgagor does not c~rply with this covenant Mortgagee shall have the same rights to obtain same as insurance coverage under covenant Jf3 hereof. 22. That in the event that this mortgage is given to secure a coast ruction loan failure on tbe part of the Mortgaggor or the Mortgagor s contractor, 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, constitute a default hereunder. 23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor covenants add agrees that he will, not later than thirty (30) days after the end of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and lass statement reflecting the Mortgagor's liabilities as well as profit and loss for the fiscal year, and such batarrce sheet and profit and loss state• maul shaD be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such ca~ti- fied public aooounta~. - - 8~~x327' P~ 434 ~.~~-:=~ri ~ - - - - - - - - - - - - - - - R,:`~