HomeMy WebLinkAbout2800 all agreements between the Mortgagor and Mortgagee relating to insurnnce, now existing or hpreu[ter mode, shall be in
writing and sh:+ll be a part of this mortgage :+greement :?s fully us though set forth verbatim herein and shall govern
both parties hereto and their successors and assigns. No lien u{wn any of said {x+licies of insurance or upon any refund
or return premium which may be payable on the cancellation or termination thereof, shall be given to other than the
Mortgagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each l+olicy of insurance
shall haze affixed thereto a Standard Mortgagee Clause arcept:+ble to the Mortg:gee, making all loss or losses under such
policy payable to the Mortgagee as its interest m:+y ap{+ear. In the event any sum or sums of money become payable
thereunder the Mortgagee shall have the option to receive :+nd a{+ply the same on•:+crount of the indebtedness hereby
secured, or to permit the Mortgagor to receive and use it, or any p:+rt thereof, without thereby wuiving or impairing
:+ny equity, lien or right under and by virtue of this mortgage. In event of loss or {:hysic:+l dam:+ge to the mortgaged
property the Mortgagor shall give immediate notice thereof by mail Io the Mortgagee and the Mortgagee may make
proof of loss if the same is not made promptly by the Mortg:+gor. In event of foreclosure of this mortgage or other
transfer o[ title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and inter-
est of the Mortgagor in and to any insurance policies then in torte shall pass to the purchaser or grnntee. Upon any
default thereof, the Mortgagee may Ibut without obligation on ila {met to do so) place inaun+nce on such buildings and
pay the premium and charge such sums so paid to the Mortg:gor and such sums of money so paid shall bear interest
from the date of payment at the highest legal rate.
4. That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortg:+ge and herein
specifically provided tor, and including any expenses incurred by the Mortgagee in rnllection of the sum secured by this
mortgage, shall he covered by the lien of this mortgage, the same as the sums of money represented by the note which
this mortgage secures.
5. To permit, commit or suffer no w:+ste, impairment or deterioration of said property, or any part thereof, and
upon the failure of the Mortgagor to keep the buildings on said property iri good condition of repair, the Mortgagee
may demand the immediate repair of said buildings, or an increase in the amount of security, or the immediate repay-
ment of the debt hereby secured, and the (st)ore of the Mortgagor to comply with said demand of the Mortgagee for a
period of fifteen (15) days shall constitute a breach of this mortgage, and, al the option of the Mortgagee, immediately
mature the entire unpaid princilk+l :+nd interest hereby secured, and the Mortgagee may, without notice, institute pro-
ceedings to [oreclose this mortgage, :+nd apply for the appointment of a receiver, as hereinafter provided.
6. That the Mortgagor hereby promises, covenants and agrees to lmy the sumo of money and interest as mentioned
in said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein,
and secured to be paid as stated therein l+mml+tly when due. If default shall be made in the payment of the said sums of
money or any part thereof as provided in the s•+id note or this mortg:+ge, or if the interest that may become due thereon
or any part thereof shall be in default and unpaid for a spare of fifteen 115) days, or should the Mortgagor breach or
fail to comply with any other covenant or agreement on the part of the Mortgagor to be complied with (in those cases
in which the option of the Mortgagee of acceleration is not otherwise expressly provided herein) and such breach or
non-compliance continue in existence for slmce of fifteen Il5) days, then and from thenceforth, .at the option of the
Mortgagor, the whole of said principal sum expressed in a•+id note, together with all other sums therein as well as herein
provided for, shall become immediately due and l+ayable, without notice to the said Mortgagor.
T. That in case it should become necessary to place this mortgage :+nd the note secured hereby or either of them, in
th hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs,
charges and expenses of such c•ollec•tion, including reasonable attorney's fees whether collected by foreclosure or olherwise_
8. That, in the event any suit is brought upon this mortg:ge, whether to foreclose it, to reform it, or otherwise,
and/or to er.[orce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof
for the appointment of a receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof,
and the said income, profits, issues and revenues are hereby mortgaged as if sl+ecifirdly set forth and described in the
granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and lowers in
any wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and
4 a matter of :+bsolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the
property mortgaged, or to the solvency or insolvency of the 11lortgagor and/or the defendant and such rents, profits,
income, issues and revenues shall be a died h the receiver accordin to the lien and or +
Pl Y g / equity o[ this mortgage and
the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder.
t 9. The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and laws of
Florida. It is specifically agreed that time is of the essence in this contract and that no waiver by the Mortgagee of
i any obligation hereunder or of the obligation secured hereby shall at any time thereafter he held to be a waiver of the
terms hereof or of the obligation secured hereby.
10. That in the event that this mortgage be given to secure a construction loan, failure on the {met of the Alort-
gagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date
herewith. or to build said cronstruction in accordance with plans and specifications filed with the Mortgagee, shall con-
stitute abreach of this mortgage, anei, at the option of the Morgagee, immediately mature the entire amount of princi-
l+a) :+nd interest hereby secured :+nd the Mortgagee may immediately institute proceedings to foreclose this mortgage.
11. If foreclosure proceedings of any sernnd mortgage or second trust deed or any junior !sen of any kind should be
instituted, the Mortgagee may. at its option immediately or thereafter declare this mortgage and the indebedness secured
~ hereby due and {+ayable. ,
I 12. That in the event the +remises hereh mort + ed, or an
I Y R: R y part thereof, shall be rnndemned•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 Rortgagee, up lu the amount then unpaid on this mort-
gage and the obligation ;ecvred hereby and may be applied upon the payments last payable under this mortgage and
the obligation secured hereby.
t 13. That installments. payable under the terms hereof and the note secured hereby, not lurid when due. ;hall he
subject, after fifteen 1 Lil days from the bate thereof, to, and it is aRree+1 Mortgagee shall +•ollect thereon and therewith,
a "late charge" in the amount of four per cent (4";,) of the installment due ul?on each such delinquent installment, and
such "late charges" are secured liy the lien hereof. - -
~ 14. Without impairing the obligations of Mortgagor contained in paragraphs 2, 3 and 4 hereof, and for application
t~ the purlr~ses thereof insof:+r as the s:+me shall be sufficient. Mortgagor shall, in addition to the monthly payments of
principal and interest as stated in the original note tend in the note or notes secured hereby) provided to be made, pay
a monthh• sum and amount equal to one-twelfth 11/12) of the estimated annual taxes, asses.4ments and insurance pre-
miums ul+on the real estate security, as the amount thereof is determined from time to time by the :11ortRaRre-
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