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HomeMy WebLinkAbout2506 R. To perform, comply with sad abide by each and every stipulation, agn.~ement, condition and covenant in said promissory note and dead set forth. 7. In dre event the jurisdiction of the U. S. District Court shall be invoked by or against the Mortgagor~~under any of the provisions of the Federal Bankruptcy Act, such aMion, whether voluntary or invohmtary on the part of the Mortgagor, slwll automatically, wilhout notice, no- celeste the maturity of all sums of money herein described and secured and the same ahaU thereupon become due and payable forthwith as fully as if the said aggregate scans of money were originally stipulated to bo paid on such date. 8. To deliver to said Mortgagee on ar before March 15th of each year, tax receipts evidencing the payment of all lawfully imposed fazes for the preceding calendar year, sad to deliver to said Mortg$agce, rec.-eipts evidencing the paytinent of all liens for public improvements wrthia ninety (90) days after the same shall become due and payable, and to ppaay or discharge within ninety (90) days after dun date, any and all governmental levies that may be made on the mortgaged p rty, oo this mortgage or note, or in any other way resulting from the I~fortga indebtedness secured by this mortgage; and if this condition be ~t complied with and performed, said mortgagee may pay sudr sum or . which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate provided in said promissory payable monthly until paid or said Mortgagee may elect that said mortgage debt Wereupon became due and payable forthwith: 9. It is hrrther covenanted and agreed by said parties that in the event of a salt being instituted to forecbse this mortgage, the Mortgagee shall be entitled to apply at any time pending 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, incomes, profits, issues and revenues thereof, from whatsoever source derived~ and thereupon it is hereby expressly rnvenanted and agreed drat the court shall forthwith appoint a receiver of said mortgaged property, al~ 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 1lfortgagce, its successors, legal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property 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 the mortgage indebtedness, coats and charges, acconling 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, exchrdin (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase men security interest for househo~d appliances, (c) a transfer by devise or descent, or by operation of Iaw upon the death of a joint tenant, or~d) the grant of any leasehold interest of three years or less rat containing an option to purchase, mortgagee may, at its ap~ion, declare all the sums secured by this mortgage to be immediately due and payable. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, mortgagee 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 talang 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 permit to be erected any new buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially chapge the same or the use thereof, without the written consent of the 1liortgagee, and in the event of any violation or attempt to violate this stipulation this mortgage and aD 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 essecee of this rnntract and that no waiver of any obligation berermder or of the obligation secured hereby shall at any time be held to be a waiver of the teens hereof or of the instrument secured hereby. 14. If forecbsure procMiinngs of any second mortgage or second trust deed or an junior lien of a~ kind should be instituted, the bfort- 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 extent of the ialebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgaggce is hereby subroga~ed to the lien or lienc and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the ban described berein or secured hereby and the respective liens of said mortgages, liens or other incumbrances shaII be and the same and each of them hereby is preserved and shah pass to and be held by the Mortgagee herein as security for the indebtedness to the Mpr~agee herein described or hereby secured, to the same , extent that it would have been preserved and would have been to and been held by the Mortgagee had it been duly and regular assigned, tranden~ed, set over and delivered unto the Mortgagee-by separate deed of assignment notwithstanding the fact that the same m y holders thereof at oar about the~me~ of the grecordin of t>us wort Ito that the same will be satisfied and cancelled of record by the 8 gage- 18. To pay all and singuLr the costs, charges and i~penses, including lawyer's fees, reawnably incurred or4sid at any time by the Mort- gagce, because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions, j and cvvenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro- ~~ded in said promissory note. 17. When an amount of money to be paid by the Mortgagor b the Mortgagce corder the terms hereof shall be in default, or should the ~ Ttfortgagor default in any of the other terms, prwisiora 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 there, and to give proffer receipts and acquittances therefor, acrd after pa aII rnmmissions of any rental agent rnllecting tbe same, and any reasonable attorney a fees and other necessary expenses incurred in _ ~ collecting same, to apply the proceeds of such collections upon an indelbtednesss~anobligation or liability, of the Mortgagor hereunder. 'The right granted the Mortgagce under this paragraph shall be in addition to, and not limit or restrict, arty other right or rights granted the Mortgagee in this bfortgage. ~ 18. If the Mortgagors at the time of making this Mortgage or subsequent thereto take art life insurance designating the Mortgagee herein as beneficiary with a company approved by the Mortgagee or assigns ties to the Mortga ee for the purpose of securing the mortgage ban ~ hereby secured then tbe Mortgagee shaD have the right to pay an premium aotnring under said policies, and all sums so expended shaII be added to and ~ecome a part of the princ~i a1 indebtedness secured by this Mortgage and sbaIl be paid by the Mortgagor to the Mortgagee in twelve equal rnasecrrtive monthly installments, the first monthly installment to be paid as a part of and in addition to the coon due under this Mortgage in the first calendar month followin the ending ~ said sum. Such sums so ~ Payment at which interest is payable upon said principal indebtedness and the lien g of this Mortgage shaD extend to amend secvn~the msums so tezpended together with interest thereon as hereinbefore provided. 19. At mortgagee s option, together with and in addition to the monthly payment of nncipal and interest yable under the terms of the note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is pard, one-twelfth ~/12) of a sum equal to the annual premium due for fire, ez<ended coverage, and other hazard insurance including flood. insurance, covering the mortgaged Property, plus taxes and assessments pert due on the mortgaged property (all as estimated by Mortgagee) less all sums aUeady paid therefor, and to be divided by the number of months to elapse prior to the date when such tares and assessments shall become delinquent. Said sums shall be held by Mortgagce in trust or credited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the payment thereof when due. Any excess held in trust by Mortgagee when said ban b paid in full shall be paid to Mortgagor, 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 sastaine~ in connection with the collection of the note secured hereby whether by suit, foreclosure, or otherwise. Mortgagee may from time to time at its option waive, and after any such waiver, reinstate any or aD provisions hereof requiring such deposits, by notice to Mortgagor in writing. R'hi a any such waiver is in effect, Mortgagor shall pay fazes, assessments a«l insurance premiurat as herein elsewhere provided. 20. Mortgagor shall rnmpl with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium ~n~, mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of the rnndominium project and constituent documents. Mortgagor further covenants that he and the association responsible for the operation s of the condominium will observe aIl of the provisions of the said declaration and a~? amendments thereto, and of the Condominium law of the state, and will perform all obligations thereunder, and a failure to do so w~cich is rat cured within 30 days after notice given by the Mort- ! Qagee to the mortgagor and the said association shaD constitute a default under this mortgage. Mortgagor further specifically covenants, but not by way of limitation, that he and the association rviII observe all of the proviciaos of said declaration of condominium relating to insurance coverage. f 21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond imvring 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 1t3 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 Mortgagors contractor, architect, engineers, or sub-contractors to comply with the terms of t~e Construction Loan AgBement of even date herewith, which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereunder. ~ 23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor covenants and .agrees that he 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 acrd bas statement reflecting the Mortgagors IiabiliHes as welj as profit and loss for the fiscal year, and such balance sheet and profit and loss state- 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- fied public aooountaM. f~K '