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HomeMy WebLinkAbout2212 8. To perform, Damply with and abide by each and every =tipttlation, agreement, cort<lit?on ana cuveaant in said promssory note sad deed set Eorih. 7. In tl?e event the jurisdiction of the U. S. District Court shall be invoked by or against the itfortxagor under any of the provisions of the t•'c•cleral [lankruptcy Act, such action. whether voluntary or involuntary oa tl?e part of tl?e Mortgagor, shall autouraticrlly, without rwtice, ao• :<•1+•ratr U?e maturity of all sums oI awaey herein described and secured aril the same shall thrrrupoa lx~.•uu?e due and payable forthwith fully as if the said aggregate scans of money were originally stipulated to be paid on such date. 8. To deliver to said Mortgagee an cx before !March 15th of each year, tar receipts evidencing; tl?e payment of all lawfully imposed tares for the prrerding calendar year, and too deliver to said 1\lort •agre, receipts evidrnciug; the payment of all lirw for public in?pruveu>ruts witl?in ninety days alter the carne shall become due and payab~e, and to pay or discharge within ninety (9U) days after due date, any ar?d all g;ucrnunrutal Ie~ies that may br made on the mortKaxrd property, oa this nwrtxage or note, or in any other way resrdting from the I?fortgat;e iudebtc•dnc•as soured by tl?is wort}'age; and if this condition Ire not complied with and perfonrxd, said mortgagee Hwy pay such sum or suuu ~t6ich shall become part of tl?e debt secured by this mortgage, and shall bear interest at the default rate protidecl in said prow?issory note pa. able u?onthly until paid or said Mortgagee may rlec•t that said nwrtgage debt thereupon become due ai?d payable forthwith. it is further covenanted anti agreed by said parties that in the event of a suit heingz instituted to foreclose tl?is nwrtgage, the Mortgagee shall Ire entitled to apply at any firm pending; such furcrlcrsure suit to the court Laving juriuliction thereof fur the a pointment of a n•eriter ,f all and singular tl?e mortgaKr'd pproperty, and of all the routs, ir?.uun~?ti profits, issues and revenues thereof, from whatsoever source derivrd• .u+?1 thereupon it is hereby expressly coeer?anted aril agreed than U?e court shall forthwith appoint a receiver of said nwrtgaged property, al~ and singular, aril of suc•6 rents, incouus, profits, woes and revenue themof, from whatsoever source derived, with the uwal powers aril duties of receivers in like rases; and such appuintu?ent shall Ire uwd.• by such court as a matter of striM right to the Mortgagee, its sucYrssors, le.!al representatives or assigns, and without reference to the arlc-+luacy or inadcrtuacy of the value of the property hereby mortxag~•d, or to the solvency or insolvency of the \fortgaor, and that such rent, profits, inCOmC, isms and revenues shall be applied by such receiver to the pay- ment of the mortgage incleluedness, Gusts any) charges, accoreling to tl?e order of such court. 10. if all or any part of the property or an interest therein it sold or transferred by mortgagor without mortgagee's prior written corucnt, c•zcluding (a) the ereatiou of a lien or encrw?brancr subordinate to this mortgage, (h) U?e creation of a purchase uwney security iutemst for • household appliames, (c) a transfer by devise or ckscent, or by operation of law upon tl?e death of a joint tenant, or (d) the grant of any I+•asel?old interest of three years or Icss not containing an option to purchase, mortg:agee_ may, at its o~tion, declare all the sums secured by tLis nwrtgage to lee immc•c lately due and payable. Mortgagee shall have waived such option to accr orate if, prior to the sale or tri?rsfer, u,arhtagee and the person to whom the property is to Ire sold or transferred reach agreement in writing that the credit of such person i sat- isfactory to Mortgagee and that the interest payable on the sums soured by tins mortgage shall be at such rate as )\lortgagee 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 u! eminent domain, the 111ortgag:c•e sl?all have tl?e right to demand that all damages awarded-for the taking of or damages to said premises shall be paid to the Mort>;agee up to the amount then unpaid on this mortgage anti at the option of the Mortgagee may be applied upon tiu• payments last payable thereon. - , 12. The mortgagor binds himself not to erect or pemrit to be erected any new builcUn¢s on the prerniscs herein mortgaged nr to add to or gx•nnit to ire added to any of the existing improvements thereon or make any chanKes or alterations in said improvements which materially c•h:u++,e 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 irnmcrliatcly become due and collectible at the option of the Mortgagee. ! 3. It is specifically agreed that time is of the essence of this cout+act aril that no waiver of any obli},~ation hereunder or of the obligation sr. ured hereby shall at any time he held to lee a waiver of the temu hereof or of the instnrmcnt secured hereby. t4. If foreclosure proceedin of any second mortgage or second tn?st deed or an junior lien of any kind should be instituted, the \tort- e:~_ may, at its option, immediately or thereafter declare this rnortgagr and the indebtedness secured hereby due and payable forthwith, and m.. at its option proceed to foreclose this mortgage. I.S. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Jtortgagec is hereby uhro•~ated to the lien or liens and to the rights of the owners and holders thereof of each arxl every mortgage lien or other incumbrance on the i;u„! descriired herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan de•scrihcd herein or secured hereby, aril the: respective liens of said mortgages, Ilene or other incumhrances shall be and the same and each of them hereby is presen•ed and shall pea to and be held b}• the 1ltortgagee herein as security for the indebtnlness to the Jfortgaeee herein described or hereby securctl, to the same ~•af•nt that it would Gave been preserved and «rould have been passed to and been held by the ,torteagc•e had it been duly and regularly .~<,i_•necl, transferred, set over and delitend unto the !lfortgagce by separate deed of assignment notwithstanding the [act that the same may L+~ s;+tisfic•d and cancel) d of recorcl, it teeing the intention of the parties hereto that the same will Fee satisfied and cancelled of rec-nr•1 hp ti?e 4,+,1,1+•rs they+•uf at or about the time of the recording of this mortgage. lE;. Tu pay all and sin~nrlar tLe cods, charges and c:penses, inducting lawyers [ees, reasonably incurred or paid at any time by the Mort- n:r~+ irecau.e of the failure of the Mortgagor to perform, rnmply with and abide by each and every tLc stipulations, agreements, conditions• ~,~.I cotenants of said promissory note and this dec•cl, or either, and every such payment shall bear interest from date at the default rate pro- yi~l~•d in said promissory note. ~Cben :urv amount of moneeyy to ire paid by the Mortgagor to fire Mortgagee under the terms hereof shall Ire in default, or should the i \inrt~,aEOr cli•fault in any of flee office ternrs, provisions or conditions of this ltortttage, then and in that case the ~torts!aLCr shall ha~-e the ri,l+t. without notice to tl?e \lort^_at<or, to co c•ct and receive from any tenant or lessee of said mortgaged premises the rents, issues and profit; of the real estate hereby mortgaged and the improteu?ents thereon, and to give proffer receipts and acquittances therefor, and after t,.,. in_ all commissions of any motel agent collecting the same, and any reasonable atton?e}• s Fees and other necessary expenses incurred in ~,,'b~c•ting same, to apply the prcxeecls of such collections upon env indebtedness, obligation or liability, of the Mortgagor hereunder. The n_ht granted the \tortgagc•e under this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the \tort,agee in this Atort¢age. Iti. If flee I?tortgagors at the time of making this Mortgage or subsequent thereto take out life insurance desi¢nating the Mortgagee herein I,+•nefic•iary kith a crnnpany approted by the Mortgagee or assigns policies to the Mortgagee for the purpose of securing the mortgake loan -.•hv >c•cnrr•d, then the \fortgaeee shall halm the right to pay any ppremium acrnring under said policies, and all sums so expended shall lee . : .r:~,l<•rl to and Irecrnue a part of the principal indebtedness secured l,y this ;Mortgage and shall be paid by the Mortgagor to the \lortgagee r i~~ taclse e+tual consecutive monthly instalLnents, the first monthly installment to he paid as a part of and in addition to tl?e monthl}• payment d„<• under this MmtLa>;e in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate at .chick interest is payable upon said principal indebtedness and the lien ~ this Mortgage shall extend to and secure the sums so expended to nether with interest thereon as hereinbefore provided. lq. .fit mortgagee's option, together with and in additia? to the monthly payment of rincipal and interest ~agable under the terms of the ~ ;,r,t•• ce•curecl h,•rehy, Mortgagor shall ppay to Mortgagee each month until said note fs firlly paid, one-twelfth (i/12) of a sum eriual to the ~ annual premium due for fire, ettencie<l cotera¢e, and other hazard insurance including flood insurance, covering the mortgaged property, I•i~r. fazes and assessments Heart core on the mortgsged property (all as estimated by Mortgagee) less all sums already paid there[or, and to be ! +iividrd by the number of months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall be h: ld by Mortgagee in foist or credited to the principal of the loan, to pay said insurance, taxes, and assessments and shall {re applied on the p.r}anent thereof when due. Any excess held in tout by ;`tort.~agee when said loan is paid in full shall he paid to Mortgagor, or his assigns, i or personal representatives. In the event of a default or foreclosure, said awns held in tnsst may be applied on any costs of damages sustained 9 connection with the collection of the note secured hereby whether by suit, foreclosure, or otherwise. Mortgagee may fmm time to time at it. op lion zvaiz-c, and after any such waiter, reinstate any or all provisions hereof requiring such deposits, by notice to !~iortga}lor in writing. i t~ bile any such waiver is in effect, Mortgagor shall pay taxes, assessments and insun?nce premiums as herein elsewhere provided. ?0. !lfortCagor shall ccmrpl}- with the Qrovisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominimn unit, :nom:talagor shall pc•rfonn all of morts•acors obligations under the declaration of condominium or master deed, the by-laws and regulati.~ns of tL•• condominium project and cvnstihrent <locuments. \tortcaeor firrther covenants that he and the association responsihie for the operation +,f the condnn?ininm will ol,serve all of the provisions of the said declaration, and any amendments thereto, and of the Condominium law of tl+•• state, and will perform all obligations thereunder: and a failure to do so which is not cured within 30 days after notice given by the I?fort- S e,.c•e to the mortgartr,r and the said association shall constitute a defauk under this mortgatte. I?tortgagor further specifically rnvenants, 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 f rnverage. , 21. Mortgagor further cmenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring against damage 1 infestation on the buildings now or hereafter located nn the mortgaged property, in such amounts and terms, and witb such company as aj,prm•ed and required by Mortgagee: and in the event Sfortr:a•,or does riot comply with this covenant Mortgagee shall have the same rights m obtain same as insurance coverage under covenant #3 hereof. 22. That in the event that this mortgage is given to secure a constnrction loan, faihrre on the part of the 1?tortgaKOr or the i\tortgaFors contractor, architect, eni:ineers, or sub-contractors to comply w•id? the terms of the Construction Loan Agreement of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, COnctltrrte a default hereunder. 23. If the mortgaged premises is other than a one to four family dwelling, the I?lortga¢or covenants and agrees that he will, not later tti:rn thirty 130) nays after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet and profit and loss st:+ten?ent reflecting lire Mortgagors liahiliNes as wet) as profit and loss for the fiscal year, and such balance sheet and profit and loss state- t moot shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being rnrrect by such certi- fied public accountant. ~t x32`7 P~~E221~.