HomeMy WebLinkAbout2846 ti. '1'o perform, comply with and abide by each and every stipulation, agreement, coudd~on and covenant in said pronrusory note and dead
set fort!?. '
7. In the event the jurisdiction of the U. S. nisstrict Court shall be invoked b or a ~ainst the Mortgagor under any of tt?e rovisio?>, of d?e
Federal llankruptcy AM, such action, whether voluntary or involuntary on the ypart o~ the 111ortgugor, strap sutomatirally, wUrout nosier, no-
celeste the u?aturity of all sunu of money herein describtd anti secured and the same shall thereupon t,econre due and payable (ortl?with
as fully as if the said aggregate sums erE money were originally stipulatet~ to be paid oo such date.
8. To deliver to said Mortgagee as ex before 1•iare~ 15th of each year, tar receipts evieleacing thepayarent of all lawfully imposed tares
for the rrceding calendar year, anti to deliver to said Mortgages, receipts evideacir?g the payment of all liens for public inrprovemeuts within
ninety (p00) days after the ware shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and all
go~•ernmental levies ihat may be made on the nartgaged p rty, oa this mortgage or note, or in any other way resulting from the I~lortgage
indebtedness secured by tt?is mortgage; and if this condition ba not complied with and perEorn?ed, said nortgagee may pay such sum or sums
which strap become part of the debt serurod by this mortgage, and shall bear interest at the default rate provided in said promissory note
payable nanthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable fortt?wid?.
9. It is further rnvenanted and agreed by said parties that to the event of a suit being instituted to foreclose this mortgage, the Mortgagee
shall be entitled to apply at any tune perxlirrg such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver
of all and singular the mortgaged property, and of all the rents, ir?cumes, profits, issues and revenues thereof, from whatsoever source deriveel•
and thereupon it is hereby expressly rnvenantexi and agreed that the court shall forthwith appoint a receiver of said mortgaged property, al~
and singular, and of such rents, incomes, profits, issues null revenue thereof, from whatsoever source derived, with the usual powers and
duties of receivers in like cases; and such appointment shall be grade by such court as a matter of strict right to the Mortgagee, its successors,
le~K al representatives or assigns, and without reference to the adectuacy or inadequacy of the value of the property hereby mortgaged, or to the
solve or insolvency of the Iltortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage inclebteclness, costs. and cl?arges, acconling to the order of such court.
10. if all or any part of the property or an interest therein u sold or transferred by mortgagor without mortgagee s prior written consent,
exclueling (a) tl?e 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 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 containing an option to purel?ase, mortgagce may, at its ophog, declare all the: sums secured by
this mortgage to be immediately due and payable. Mortgagee shall have waived such aptiem to accelerate if, prior to the sale or traruEer,
mort>;agce and the person to whom the property is to be sold or transferredi 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 eminent domain, the Mortgagee shall have the right to demand that all damages awarde~el for the taking of or damages to said premises
shall be paid to the Mortgagee up to the aaaunt then unpaid on this mortgage and at the optiem of the l1lortgagee may be applied upon
the payments last payable ereon.
12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to acld to
or permit to be added to any of the existing improvements thereon or make any Changes or alterations in said improvements which materially
chinge 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 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 obli anon hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument sexuree~ hereby.
14. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the l1lort-
gagee may, at its option, imm ?ately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
may at its option prtxeed to foreclose this mortgage.
15. To the extent of the indebtedntss of the I?lortgagor to the Mortgagce described herein or secured hereby tt?e hiortgagce is hereby
subrogaterl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance on the
land d xcnrx
bed herein whits is paid and/or satisfied in whole or in part out of the proceeds of the loan describt~rl herttia or secured hereby
and the respective liens of said mortgages, liens or other iacumbrances shall be and the same and each of them hereby is preserved acrd shall
pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortga$ce herein dexeribed or hereby se~eured, to the same
extent that it would have been preserved and would have been passed to and been held byr the Mortgagce had it been duly and regularly
assigned, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
be satisfied and cancelled e>f record, it being the intentiex? e>f 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.
18. To pay all and singular the costs, charges and expenses, including lawyers fees, reasonably inrnrred or paid at any time by.the Mort-
gagee, because of the faJure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants e>f said promissory note and this dt~od, or either, and every such payment shaD bear intert~t from date at the default rate pro-
~•ided in said promissory note. r
1T. When an amount of moneys to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the
[morgagor default in any of the other tertat, provisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the
right, without notice to the I?iortgagor, to collect and receive from any tenant or lessee e>f said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
paving all commissions of. any rental agent collecting the same, and any reasonable attorneys foes and other necessary expenses incurre{rl in
collecting same, to apply the proceeds of such collections upon asp indebtedness obligation or liability, of the Mortgagor hereunder. The
right granted the Mortgagee under this paragraph shall be in addition to, and s)ball not limit or restrict, any other right or rights granted the
Jortgagee in this Mortgage.
€ 18. If the Mortgagors at the time of making this Mortgage or su uent thereto take out life insurance designating the Mortgagee herein
as beneficiary with a rnmpany approved by the Mortgagee or assigns poticit~ to the Mortga ee for the purpose of securing the mortgage ~l~oan
hereby secured then the lliortgagee shall have the right to pay any premium aocnring un~er said policies, and all sums so tu<perxied shall be
added to and ~ecome a part of the princi mdebtedness secured by this Mortgage and shall be paid by the Mortgagor to the Iltortgagce
in twelve ec~ua) consecutive monthly installments, 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 rrionth foUenvir?g the expending erf said sum. Such sums so e'xpende'd to bear interest at the rate
~ at which interest is payable upem said principal indebtedness and the lien of this Mortgage shall t~rtend to and secure the sums so expended
together with interest drereon as hercir?beEore provided.
~ 19. At mortgagee's option, together with and in addition to the monthly payment of rincipal and interest gable under the temu of the
i note secured hereby, t?lortgagor shall pay to Mortgagee each month until said note is fully paid, one-twelfth ~/12) tsf a sum equal to the
f annual premium due for fire, eztended coverage, and other hazard insurance including flood iruurance covering the mortgAged property,
€ plus taxes and assessrrrer?ts next due on the mortgaged property (all as estimated by Mortgagee) less all srur>s already paid therefor, and to be
[ di.idrd by the number of months to elapse prior to the date when such taxes and assexsments shall become delinquent. Said sums shall be
held by I?tortgagce in trust or creditexl to the principal of the loan, to pay said insurance, tares, and assexsments and shall be applied on the
payment thereof when due. Any excess held in trust by I?iortr!agce wher? said loan is paid in full shall be paid to Mortgagor, or his assigns
or personal repre;entativtx. In the event of a default or forec~osuie, said sums held in trust may be applieci on any costs of damages sustaine~
in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. 1liortgagce may from time to time at
its oopption waive, and after a~ such waiver, reinstate any or all pros~sions ~rereof requiring such depe>sits, by notice to Mortga or in writing.
«'hile any such waiver is in effect, Mortgagor shall pay tares, assessments and insurance premiums as herein elsewhere provi~ed.
s 20. Mortgagor shall comply with the provisions of any lease, if this mortgagge is on a leasehold. If this mortgage is ex? a condominium unit
mortgagor shall perform all of mortgagors obligations under _the dexlaration erf condominium or master deed, the by-laws and regulations e~
the condominium project and rnnstitucnt documents. liortgagor further covenants that be and the association responsible for the operatiem
of the condominium will observe all of the provisions of the said declaration and any amendments thereto, and of ttre Condominium law of
the state, and a~U perform all obligations thereunder- and a failure to do so w~rich is rat cured within 30 days after notice given by the Mort-
t!agee to the mortgagor and the said association shall constitute a defauk under this mortgage. lltortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisions of said dexlaration of oondomintum relating to insurance
coverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring against damage
by infestation on the buildings now or hereafter located em the mortgaged property, in such amounts and tenors, and with such company as
approved and requirexl by Mortgagee; and in the event I?fortgagor does not comply with this covenant I?lortgagce shall have the same rights
to obtain same as insurance coverage under emenant #3 hereof.
22. That in the event that this mortgage is given to secure a construction loan failure txr the part of the Mortgagor or the Mortgagors
l contractor, architeect, engineq?s, or sub-contractors to comply with the terms of t~?e Corcttructitm Loan Aggr t e>f even date herewith
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereunder~n ,
~ 23. If the mortgaged premises is other than s one to four family dwelling, the Mortgagor covenants and agrees that 6e will, not later
than thirty (30) days after the end of the fiscal year famish unto the Association a complete and accurate balance sheet and profit and loss
statement reflecting the Mortgagors liabilities as wei~ as profit and loss for the fiscal year, and such balance sheet and profit and lass state-
ment shall be preparexl by a certified public accountant lioerued in the State of Florida, and shall be certified as being correct by such certi-
fied public accountant.
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