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t3. To perform, comply with and abide by each and every stipulation, agreement, condition ant covenant in said prow?usory note and deed
se: forth.
In the event tt?e jurisdiction of the U. S. District Court shall be invoked by.or agairut the Mortgagor under any of the provisier~s of the
1•'cderal Uarrkn?ptcy Act, such action, whetl?er voluntary or ir?voluntary on the part of the I?torlgagor, sUall automatir~lly, witl?out notice, ao-
crlrrate the n?aturity of all sums of money herein drxcrilxd and secured and the same shall thereupon become duo and payable forthwith
as fully as fl the said aggregate sr?r??s of money were originally stipulated to be paid on such date.
8. To de4ver to said 1?fortgagee on or before March 15th of each year, taz receipts evidencing the payment of all lawfully imposed taxes
for the preceding calendar year, arr~ to deliver to said Mort •agce, receipts e~7deaciug the payment of all lieru for public improvements within
ninety (~0) days after the same shall become due oral Qayab~e, and to pay or discharge within ninety (90) days after due date, any and all
governmental levies that uiay be made on the mortgaged p ity, on this mortgage or note, or in any other way raulting from the Mortgage
indebtedness secured by this mortgage; and if this condition, be not complied with and performed, said wortgagee may pay such sum or sums
which shall bernnre part of the debt secured by this uwrtgage, and shall bear L,terest at the default rate provided in said promissory note
payable monthly until paid or said I?fortgagee may elect that said mortgage debt tbereupoa 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 Mortgagee
shall be entitled to apply at any time pending such foreclosuro suit to the court having jurisdiction thereof for the appintment of a receiver
of all suet singular the mortgaged property, suet of all the rents, incomes, profits issues and revenues thereof, from whatsoever source derivc•cl•
and (hereupon it s hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, a)i
and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and
duties of receivers in like cases; and such appointment shall be made by such court as a matter of strict right to the Mortgagee, its suctiessors,
lei;al representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or insohency of the I?tortgagor, and that such rent, grouts, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, according to the order of such court.
10.. if all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent,
excluding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase money security interest for
hor,sehold 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 purclase, mortga may, at its~oopp~ion, declare all the sums secured by
this mortgage to be immediately due anti payable. Mortgagee shall have waived such option to acceelerate if, prior to the sale or transfer,
mortgagce 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 eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said promises
shall be paid to the \tortgagce 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 mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to
or pernrit to be added to any of the existing improvements therein or make any changes or alteratioru in said improvements which materially
change the same or the use thereof, without the written conser?t 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 tbe option of the I?tortgagce.
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 wai~•er of the teens hereof or of the instrument secured hereby.
14. If foreclosure proceedings of any second mortgage or second trust deed or an junior lien of any kind should be instituted, the Mort-
gagee may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured bereby due and 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 berein or secured hereby the Mortgagce is hereby
subroga~ed to the lien or Beat and to the rights of tbe owners and holders thereof of each and every mortgage lien or other incumbrapce on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the ban described herein or secured hereby
and the respective lieru of said mortga es, liens or other incumbrances shaD be and tbe same and each of them hereby it preserved and shalt
pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee berein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly
assigned, transferred, set over and delivered unto the Mortgagce by separate deed of assigrunent notwithstanding the fact that the same may
be satisfied and cancelled of record, it being the intention of tbe parties bereto that tbe same will be satisfied and cancelled of record by the
holders thereof at or about the time of the recording of this mortgage.
j 16. To pay all and singular the coats, charges and expenses, including lawyer's fees, r~eata®ably incurred or paid at any time by the Mort-
gagee, because of the failure of the Mortgagor to QerEorm, comply with and abide by each and every tbe stipulations, agreements, conditions,
and covenants of said promissory note and this deed or eitber, and every such payment shall bear interest from date at the default rate pro-
; vided in said promissory note.
{ 17. When an amount of 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 they terms, pprovisions or rnnditions of this Mortgage, then and in that case tbe Mortgagee shall have the
right, without notice to tbe 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 acquittances tberefor, and after
payling all rnmmissions of any rental agent rnllecting tbe same, and any reasanabk attorneys .fees and other necessary e:peates incurred in
collecting same, to apply the proceeds of such oollectiom upon an indebtedness, obligation or liability, of the Mortgagor hereunder. The
right granted the Mortgagee under this paragraph shaD be in addition to, and shall not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
18. If the Mortgagors at the time of making this Mortgage or su uent thereto take art life insurance designating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assigns policies to the lliortgagee for tbe purpose of securing the mortgage ban
hereby secured, then th fortgagce shall have tbe right to pay an remium accruing under said pob'cies, and all sums so expended shall be
added to and become mart of the prurc~~rppaal1 indebtedness secured by+ this Mortgage and ahaD be paid by the Mortgagor to the Mortgagce
in twelve equal consecutive monthly instaWnents, the first monthly instaDment to be paid as a part of and in addition to the monthly payment
due under this Mortgage in the Hest calendar month following the expending 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 Mortgage shall extend to and secure the sums so expended
toeethcr with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of nncipal and interest payable under the terms of the
note secured hereby, Mortgagor shall pay to 1liortgagee each month until said note is paid, one-twelfth (1/12) of a sum eeqqual to the
annual premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged property,
plus taxes suet assessments next due on the mortgaged property (all as estimated by Mortgagee) less all sums already paid therefor, and to be
divided by the number of months to elapse prior to the date when such tares and aaessnients sbafl become delinquent. Said sums shall be
held by I?tortgagce in trust or credited to the principal of the loan, to pay said insurance, fazes, and assessments and shaD be applied on the
payment thereof when due. Any excess held in trust by Aortgagee when said ban is paid in full shall be paid to llfortgagor, or his assigns,
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages sustained
~ in connection with the collection of the note secured hereby whether by suit, foreclosirrr, or otherwise. Mortgagce may from time to time at
its oopption waive, and after any such K•aiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgagor in writing.
~~'hile any such waiver is in effect, Mortgagor shall pay fazes, assessments and insurance premiums as herein elsewhere provided. '
20. Mortgagor shall comply with die Qrovisions of any lease, if this mortgagge is on a leasehold. If this mortgage is on a condominium unit,
mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulatioat of
? the condominium project and rnnstituent documents. Mortgagor further covenants that he and the association responsible 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, and will perform all obligations thereunder; and a failure to do so w~ich is not cured within 30 days after notice given by the Mort-
; Gaeee to the mortgagor suet the said association shall constitute a defau$ under this mortgage. Mortgagor further specifically covenants, but not
by way of limitation, that he suet the association will observe all of the provisions of said declaration of condominium relating to insurance
coverage.
21. bfortgagor 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 on the mortgaged property, in such amounts and terms, and with such company as
approved and required by Mortgagee; and in the event Mortgagor 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 I?tortgagors
contractor, architect, engineers, or sub-contractors to comply with the terms of t~re Construction Loan Agreement of even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, rnnttitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling, tbe Mort agor covenants and agrees that 6e 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 loss
statement reflecting the Mortgagors liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
i 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-
fled public accountant.
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