HomeMy WebLinkAbout0874 8. To perform, comply with sad abide by each anti every sttpu4tion, agreement, coadit~on and covenant in said promssory note and deed
set forth.
7. la the event the Jurisdiction of the U. S. DIsMet Court shall be invoked by or aga~nit the Mortgagor under any of the provisioru of the
Federal Bankruptcy Act, such action, whether voluntary or involuntary oa the past of the Mortgagor, shall automatically, without notice, so-
celernte the maturity of all sums of money herein described and recur and the same shall thereupon become due and payable forthwith
as fully as iE the said aggregate sums of money were originally stipulated to be paid on such date.
8. To deliver to aid. Mortgagee ao a before March 15th of each year, tar reoetpta evidencing the payment of all lawfully imposed tares
for the preceding calendar year, an~ to deliver to said Mort ee. receipts evidenting the payment of all liens for public improvements within
ninety (90) days after the same shall become due and payab~ard to y a discharge within ninety (90) days after due date, say and all
governmental levies that may be made on the mortgaged propariy, o® this mortgage or note, or is any other way resulting from tt?e. Mortgage
indebtedness secured by this mortgage; and if this caxiition be not complied with and performed, said mortgzgr,$ ,s,zY paY sucb? sum or suau
whidt shall become part of the debbt secured by this mortgage, and shall bear interest at the default rate provided in aid promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
9. It is further covenanted and agreed by aid parties that in the event of a suit being Instituted to foreclose this mortgage, the Mortgagee
shall be entitled to apply at auy time pending such foreclosure suit to the court having Jurisdiction thereof for the apppointment of a receiver
of all and singular the mortgaged pproperty, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source derivecl•
and thereupon it is hereby ezpressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, all
and singular, and of such rents, incomes, profits, issues and revenue thereof. fran whatsoever source derived, with the usual powers -and
duties of receivers is like cases; and such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors,
legal representatives or assigac, and without reference to the adequacy or inadequacy of the value of the p hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of tbe mortgage indebtedness, costs and charges, according to the order of snch court.
1Q if all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written wnsent,
excludiu (a) the creation of a lien or encumbrance subordinate to this ~o~tgage, (b) the creation of a purchase mo security interest for
househo~ applianoas, (c) a transfer by devise or desotat, or by operation of Lw upon the death of a joint tenant, or~d) the grant of any
leasehold interest of three yyears or less not oontainiag an option to purchase, mortgagee may, at its oopptima, declare all the sums secured by
this mortgage to Ua iaunediately due and payable. Mortgagee shall have waived such option to aceeelerate if prior to the sale or transfer,
mortgagee end the person to whom the Property is to be sold or transferred reach agreement in writing that t~re credit of such person iu at-
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 takes 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 Mortgagee 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 pen~nit to be erected any new buildings on the premises herein mortgaged or to add to
or permit to be added to any of the ezisting improvements thereon or make say charges or alterations in said improvements which materially
change 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 lie ~ue 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 a£ a~ obli flan hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terms hereof or of the iastnunent secure
hereby.
14. If foredasure proceedings of any second mortgage or second tnsst deed or asy 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 hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the eztent of the indebtedness of the Mortgagor to the ggaaggeese described herein or secured hereby the Mortgaggee is hereby
subrogated to the lien or lien4 and to the rights of the owners and holde~thereoE of each and every mortgage lien or other incumbrance on the
land described herein which is paid and/or atisfied in whole or in part oat of the proceeds of the kran described herein or secured hereby
and the respective liens of said mortgages, Berns or other incumbrances shall be sad the sore and each of them hereby is preserved and shall
pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the sore
extent that it would have been preserved and would have been to and bees Geld bry? the Mo ggaages had it been drily and regularly
assigned, transferred, set over and delivered unto the Mortgagee bey
edsepuate deed of assignment notWn~dutanding the fact that the same may
be satisfied and canoelied of record, it being the intention of the parties hereto that the same will be atisfied and ~Iled of record by the
holders thereof at or abort the time of the recording of this mortgage.
18. To pay all and singulu the costs, charges and expenses, including lawyer's fees, reasonably incunred or at any time by the Mort-
gagee, because of the failure of the M to perform, c~t~y, with and abr'de by each and every the stipu~tsoai, agreements, conditions,
and covenants of said promissory note a~ deed, or either, and every such payment shall bear interest from date at the default rate pro-
vided in said promissory note.
17. When say amount of to be paid by the M~t~
ggoarr to the Mortgagee corder the terms hereof :ball be in default, or shonid the .
Mortgagor default in any of the other terms, pprevisions or conditions of this Mortgage, then and in that 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 acquittances therefor, and after
pa all commissions of say rental agent collecting the same, and any resuonable attorneys fees and other necessary expenses incurred in
g same, to apply the proceeds of such collections upon an mdebtednas~obL'gstion or liability, of tbe I?Iortgagor hereunder. The
right granted the Mortgagee under this pangrap6 shall be in addition to, and not limit or restrict, aW other right or rights granted the
Mortgagee in this Mortgage.
18. If the Mortgagors at the time of making this Mortgage or uent thereto take oat life insurance designating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assignsdes !n the Mortfggee for the purpose of securing rtgage ~
hereby secured then the Mortgagee shall have the right to pay an re~mium aoanring Wader said polities, and all sums so ed shall -
added to and ~ecome a part of the p ' pa1 indebtedness secured by this Mortgage and shall be paid by the Mortgagor to the Mortgagee
In twelve equal consecutive monthly i,istaliments, 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 month following the ~pendiag of said sum. Snch sums so expended to bear interest at the rate
at whidr interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to a~ secure the sums so expended
together with interest thereon as hereinbeEore provided.
19. At mortgagee's option, together with and in additim to the monthly payment of and interest yable under the terms of the
note secured hereby, Mortgagor s~hl~a]llJ ply to Mortgagee each month until said note is • paid, one-twelfth 1/12) of a sum equal to the
annual premium due for fire, ertended coverage, and other harard insurance including insurance, covering the mortgaged Property,
plus taxes and assessments Wert due on the mortgaged p (all as estimated by Mortgagee) less all sums already paid therefor, and to be
divided by the number of moatlrs to elapse prior to the des en sack tales and assessments shall become delinquent. Said sums shall be
held by I?iortgagee in trust or credited to the principal of the loan, to pay said insrrranee, fazes, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by Mortggaagee when said ban is paid in full shall be paid to Mortgagor, or his assigns
or personal representatives. In the event of a default or foreclosure, said soma held in trust may lre applied on any coats of damages sustained
in connection with the collection of the note secured hereby whether by suit, f~leaure, or othervvise. Mortgagee may from time to time at
its option waive, and after any such waiver, reinstate any or aIl provisiaru hereof requiring auch deposits, by notice to Mortgagor in writing.
While any such waiver is in effect, Mortgagor shall pay taus, assessments and irssuranoe premiums as herein elsewhere provided.
20. Mortgagor shall comply with the provisions of any lease, if this mortgage 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 regulations of
the condominium project and constituent 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 declaratiar and any amendments thereto, and of the Condominium law of
the state, and will perform all obligatioru thereunder; .and a failure to do so w~ich is not cured within 30 days after notice given by the Mort-
~ gages to the awrtgagor z<nd the said association shall constitute a default under this awrtgage. Mortgagor further specifically covenants, but not
` by way of limitation, that be and the association will observe all of the provisions of said declaration of oandominium relating to insurance
f rnverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring agamst damage
by infestation on the buildings now or hereafter located on ills mortgaged property, in such amounts and terms, and with sud? company as
approved and required by I?iortgagee; and in tbe event I?Tortgagor does not comply with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under covenant it3 hereof.
22. That in the scent that this mortgage is Oven to ~rrc a cvrsirvction I failure on the part of the 1liortga~or or the Mortgagor's
contractor, arch~tecY, engineers, or sub-contractors to comply with the terms of~e Consinrction Loan t even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute,a default here
23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor covenants and agrees that lre 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 lass
statement reflecting the Mortgagor's liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
I meet shall be prepared by a certified public aocouatant licensed in the State of Florida, and shall be certified as being correct by such certi-
fied public aocaratant.
800K ~ P1tGE 874