HomeMy WebLinkAbout1092 !i. '1 o pPrforu, comply with and abide by each and every stipulation, agrttimcnt, coud?t:on and covenant in said pronuswry uota and deed
set forth.
In tl?e went the jurisdiction of the U. S. District Court shall be invoked by or a •aiaut d?e 1•fortgagor under any of tl?e proa•isioru of the
Fc-decal It:urkruptcy Act, such action, wl?ether vuluntary or involuntary on tl?e part ~ the l+lortg:a};or, sl?aU autowaticaUy, witl?out notice, ao-
ccle?ate the n?aturity of nU sums of money herein described aucl sclcured, and the same shall thereupon I?ecuuw due and payable Eortf?with
as fully as if the said aggmt;ate s?u?u of money were originally stipulated to be paid oa such date.
8. To deliver to said 1lfortgagee, oa cx before March 15th aF each year, tau receipts evidencing tho ayurcnt of all laaa•fully imposed taxes
for the preceding calcrrcfar year, and to deliver to said Mort ogee, receipts evidencurg the payu?ent of aA liens for public in?proven?rnts avitl?in
ninety (JO) days after the same shall become due and payab~e, and to pay or discharge within ninety (cJ0) days after due date, any and all
govenuuentat levies that may be made on the mortgaged property, on this mortgage or note, or in any other way resulting from the Mortgage
inclebteclness secured by this mortgage; and iE this condition lee not complied with and performed, said nwrtgagee may pay such swn or swas
which shall bcco?ne part of the debt secured by this n?ortguge, and ahaU bear interest at the default rate provided in said promissory note
payable monthly until paid or said 1lfortgagee may elect that said urortgage debt thereupon become due and payable forthwith.
It is further covenanted and agreed by said parties that in the event of a suit being instituted to foreclose this mortgage, the ?1ortgagee
shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a rcc.•eiver
of all and singular the mortgaged rupcrty, and of all tl?e rents, incomes, profits, issues and reaenucs thcrewf, from whatsoever source clerive<I•
and thereupon it is hereby cxpress~y coveuantecl and agrer,~d that the court shall forthwith appoint a receiver of said mortgaged property, a)i
anal singular, and of such rents, incomes, profits, issues and revenue thereof, from wl?atscever source derived, with the aucnil powers anti
duties of receivers in like cases; and such appointment sl?a11 be made by such court as a matter of strict right to the ]?fnrtgagce, its sucerssors,
legal representatives or assigns, and witl?out reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or insolvency of the \1ortGa};or, and tl?at such rent, pprofits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indel>tc~clness, costs amd charges, acrnnfing to the order of such court.
10. lE all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent,
exe•luding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase money security interest for
household appliances, (c) a transfer by dea•ise 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 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,
mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that the 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 ~ miment clanain, the I?tortgagee shalt have the right to demand that all damages awarcfed for the takimg of or damages to said premises
shall be paid to the I?tortgagee arp 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 mortgagor binds himself not to ereM or permit to be erected any new builclings on the premises herein mortgaged or to add to
or permit to lee added to any of the existing improvements ther+ean or make any charges or alterations in said improvements which materially
c}.:?nge the same or the arse 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 stuns 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 no waiver of any obligation hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terns hereof or of the instrument secured hereby.
14. If foreclosure proceedings of any second mortgage or second taut deed or an junior lien of any kind should be instituted, the Ttfort-
gagee may, at its option, imm ?ately or thereafter declare this mortgage and the indebtedness secured hereby due and payable Eorthavith, and
may at its option proeeecl to foreclose this mortgage.
15. To the extent of the indebtedness of the Mortgagor to the Mortgogee described herein or secured hereby the Mortgagee is hereby
subrogatecl to the lien or liens amd to the rights of the owners and holders thereof of each and eaeryry mortgage lien or other iracumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of We loan described herein or secured hereby
and the respective liens of said mortgages, liens or other incumbranees shall be and the same and each of them hereby is preserved and shalt
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 drat it would have been preserved acrd woaild have been passed to amd been held by the Mortgagee had it been duly and regularly
assigned, transferred, set over and delirered unto the Mortgagee 6y separate deed of assignment notwithstanding 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 nxardirrg of this mortgage.
18. To pay all and singular the msis, charges and e:perrses, including lawyers fees, reasonably incurred or paid at any time by the ~fort-
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, acrd every such payment shall bear interest fran date at the default rate pro-
vidcYl in said promissory note.
17. When an amount of to be paid by the I?fortgagor to the Mortgagee atrader the terms hereof shall be in default, or should the
I~tortgagor default in any of then terms, provisions or conditions of this Mortgage, then and in drat case the Mortgagee shall have the
right, without notice to the mortgagor, 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 proffer receipts and acq»ittances therefor, and after
pa}-ing all commissions of any rental agent. collecting the same, and any reasonable attorney s fees and other necessary ezpenses incuned is
collecting same, to apply the proceeds of such collections upon an indebtedness obligation or liability, of the Mortgagor hereunder. The
right granted the Mortgagee under this paragraph shall be in addition to, and s~aall not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
i8. If the I?fortgagors at the time of makir?g this ifortgage or su uent thereto take out life insauance designating the 1lfortgagee herein
as lx•neficiary willr a company approved by the Mortgagee or assigns policies to the Mortgayer. for the purpose of securing the mortgage loan
hereby secured, then the I?iortbagee shall have the right to pay any ppremitun accruing under said policies, and all sums so ezpended shall be
added to acrd become a part of the princi rndebtedness secured by this Mortgage anti shall be paid by the Mortgagor to the \frtgagce
in tavelve equal consecutive monthly instaWnents, the first monthly installment to be paid as a part of and in addition to the monthly payment
due under this I1lortgage in the first calendar month fallowing the expendrng of said sum. Such sums so ezpemded 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
to:;ether with interest thereon as hereinbefore provided.
19. At mortgagee
s option, together with and in addition to the monthly payment of principal and interest yable under the terms of the
note secured hereby, Ilfortgagor shall pay to Mortgagee each month until said note is fallp paid, one-twelfth ~/12) of a sum eerc~~ual to the.
annual premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged pro rty,
plus taxes and assessments nest due on the mortgaged property (all as estimated by Mortgagee) Less all sums already paid therefor, and o be
di~•ided by the number of months to elapse prior to the date when such taxes and assessments shaD become delinquent. Said sums shall be
held by Mortgagee in trust or credited to the principal of the loan, to pay said insurance, taxes, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by }Mortgagee when said loan is paid in full shall be paid to Mortgagor, or his assigns,
or personal representatives. In the event of a defaailt or foreclosure, saki sums held in trust may be applied on any costs of damages seutained
in connection with the collection of the note secured hereby whether by writ foreclosure, or otherwise. 1lfortgagee may from time to time at
its np lion waive, and after any such waiver, reinstate any or all provisioru ~aereof requiring such deposits, by notice to Mortgagor in aa•riting.
~~'hile any such avaiver is in effect, Mortga¢or shall pay taxes, assessments and insurance premiums as herein elsewhere provided.
20. 111ortga_gor shall comply with the ~ro ~•i~ions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit,
mortgagor slra perform all of mortgagors oonKatiofu under t„~ de:la~tior. o rnndaminium oz rrasler deed, the by-Iaavs acrd reallatirrnc .
the condornininm project and constituent documents. Mortgagor further covenants that he and the association re~onsible for the operation
of the condominium will observe all of the provisions of the said declaration and any amendments thereto, and of the Condominium law of
the state, arnl a:-ill perform all obligations thereunder and a failure to do so w~aich is not cured within 30 days aker notice given by the Mort-
ca¢cr to the mortgagor and the said association shall constitute a cle(a+?h under-this mortgage. ?Mortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
co~•erage.
21. }Mortgagor further coaenants and ay:rees that at the request of 1lfortgagee to furnish a standard termite bomd insuring against damage
by infestation nn the buildings now or hereafter located on the mortgaged property, in such amount_a and terms, and with such company as
approved and re~tuired by Mortgagee; and in the event hfortgagor does not comply with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under covenant #3 hereof.
22. That in the event that this mortgage is given to secure a construction loan, failure on the part of the Mortgagor or the Ilfortgagors
contractor, architeM, engineers, or sub-contractors to rnmply with the terns of the Constnrction Loan A reement of even date hereavitb,
which is by reference incorporated herein, shall, at the option of the I?fortgagee, constitute a defaailt hereu~er.
23. If the mortgaged premises is other than a ome to four family dwelling, the Mortgagog covenants and agrees that he will, not later
t}?an thirty (30) days after the end of the fiscal year furnish unto the Association a complete acrd accurate balance sheet anti profit and lens
statement reflecting the Mortgagors liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such certi-
fiecl public accountant.
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