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ti. To perform, comply with and abide by each nett every stipulation, agreement, condition and covenant in said prorn?ssory note and deed
srt forth.
7. ]n the event the jurisdiction of the U. S. Dutrid Court shall be invoked by or against the Ittortga or under any of the provision of the
l•'ecleral Bankruptcy Act, such action. whether voluntary or invohintary on the part o[ the Mortgagor, all automatically, without notice, no-
celrrate the maturity of all sums of money herein described nett secured and the same shall thereupon becouie due and payable [orth:vit6
as fully es if the said aggregate scans of money were originally stipulate to be paid oe suc6 date.
8. To deliver to said I?tortgagee o0 or balers march 15th of each year, tar receipts evidencing the payment of all lawfully imposed tares
for tt?e preceding calerMlar year, anc3 to deliver to said Mort ¦agee, receipts evidencing the payu?ent of all lieru [or public irnproveu?ents within
ninety (90) days after the same shall become due and payab~e, and to pay or discl?arge within ninety (90) days alter due date, any and all
governmental levies that may be made on the mortgaged property, on this mortgage or note, or in any other way resulting from the I?tortgage
indebtedness secured by this mortgage; and if this condition be rwt complied with and performed, said mortgagee maY paY such sum or sums
which shall bernme part of /he debt secured by this mortgage, and shall bear interest at the default rate provided in said promissory note
payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become duo and payable forthwith.
9. It is further rnvenanted and agreed by said parties that in the event of a null being instituted to foreclose this mortgage, the ivtortgagee
shall be entitled to apply at anY ti;ue pending such foreclosure suit to the Court having jurisdiction thereof for the a pOintment of a receiver
of all and singular the mortgaged property, nett of all tl?e rents, incomes, profits issues and revenues thereof, from whatsoever source derived•
and thereupon it is hereby expressly covenanted and agreed that the court shah forthwith appoint a receiver of said mortgaged property, all
and singular, and of such rents, incomes, profits, issues nett 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 eclat as a matter of striM right to the Mortgagee, its successors,
le al representatives or assigns, and without reference to the adequacy or inadequacy of the value of the propc hereby mortgaged, or to the
solverry 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, costs and charges, according to tha order of such court.
10. U all ar any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written coruent,
excluding (a) the 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 rnntaining an option to purchase, mortgagee may, at its opt?on, 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 oI transferred reach agreement in writing that t~re 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 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 ereM 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 sussing improvements thereon or make arry changes or alterations in said improvements which materially
chapge 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 obligation hereunder 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 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 hereby 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 Mort a described herein or secured hereb the I?tort ee is hereb
subrogatecl to the lien or liens and to the rights of the owners and holders the
of of each and every mortgaggee lien oyr other incumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respective liens of said wortgages, liens or other incumbrances shall be and Zhe same and each ~ them bereby is preserved and shall
pass to and be held by the Mortgagee hen~in as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed to and been held liy the Mortgagee 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 of record, it being the intention of 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, induding )a s fees, reasonably incurred or paid at any time by the Mort-
gages, because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants of said promissory note and this deed, or either, and every such payment shall bear interest fran date at the default rate pro-
sided in said promissory note.
17. When an amount of money 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 the other terms, pprevisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the
f right, without notice to the I?tortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
r profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
paying all commissions of any rental agent rnllecting the same, and any reasonable attorneys fees and other necessary e:pencns incurred in
collecting same, to apply the proceeds of such collections upon an indebtedness obligation or liability, of the Mortgagor hereunder. the
right granted the Mortgagee under this paragraph shall be in addition to, and not limit or restrict, any other right or rights granted the
Mortgagee in this Mortgage.
18. If the Iltortgagors at the time of malting this btortgage or subs~guent thereto take oat life insurance designating the Mortgagee herein
as beneficiary with a company approved by the Mortgagee or assigns po 'des to the Mortgagee for the purpose of securing the mortgage ban
hereby secured then the Mortgagee shaD have the right to pay an remium aocnring under said policies, and all sums so ezpended shall be
added to and ~iernme a part of the princrpal rndebtedness secured by this Mortgage and shall be paid by the Mortgagor to the Mortgagee
in twelve ual coaurrrtive monthly installments, the first monthly instaDa?ent to be as a
e~ paid part of and in addition to the monthly payment
due under this Mortgage in the first calendar month following the expendin 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 this Mortgage shall ez<end to and secure the sums so ezpended
together with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in additim to the monthly payment of principal and interest yable under the terms of the
note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is full paid, one-twelfth gl/12d of a sum equal to the
annual premium due for Ere, ez<ended coverage, and other hazard insunrno including flood insurance, covering the mortgaged Property,
plris taxes and 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 taxes and assessments shall become delinquent. Said sums shall be
held by Mortgagee in trust or credited to the principal of the loan, to pay said insurance, to:es, and assessments and shall.be applied on the
payment thereof when due. Any excess held in trust by Mortgagee when said ban is paid in full ahaIl 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 casts of damages sustaine~
in connection with the collection of the note secured hereby whether by suit foredasure, or otherwise. Mortgagee may from time to time at
its opption waive, and after a~ such waiver, reinstate any or all provisions ~ereof 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 the revisions of any lease, if this mortgage fs on a leasehold. If this wort a is on a ooirdominium unit,
s mortgagor shaD perform all of mortgagorps obligations order the declaration of condominium or master deed;
t~hge by-laws and regulations of
~ the rnndominium project and constituent documents. Mortgagor further covenants that be and the association responsible for the operation
s of the rnndominium wiIl observe aD of the provision 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~?ich is not cured within 30 da after notice given by the Mort-
! gages to the mortgagor and the said association shall constitute a default under this mortgage. Mortgagor further specifically covenants, bet not
by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
'r coverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring ag damage
by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terns, and with suchaco~mpany as
approved and required by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shaIl have the same rights
to obtain same as iruurance 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 1ltortgagor's
~ contractor, architect, engineers, or sub-contractors to comply with the terms of t~e Construction Loan Agr~ment of even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereu
end r.
23. If the mortgaged premises is other than a one to four family dwellin}t, the I?tortggagor covenants and agrees that he will, not later
tlian thirty (30) days after the end of.the fiscal .year, furnish unto the Association a rnmplete and accurate balance sheet and profit nett bss
statement reflecting the Mortgagor's liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit and bss state-
ment shall be prepared by a certified public accountant licenud in the State of Florida, and shall be certified as being carnets by such certi-
fiecl ublic accountant.
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