HomeMy WebLinkAbout2547 ti. 1 o perform, comply with and abide by each and every stipulation, agn.•ement, condition and cow:nant in said promussory note and deed
set forth.
7. In the event the jurisdiction of the U. S. District Court shall be invoked by or against the I?fortgagor under any of the provisions of the
r'cderal Bankruptcy Act, such action, whether voluntary or involuntary on the past of the Mortgagor, shall automatically, without notice, no-
celeste the maturity of all sums of money herein dcscribecl and secured and the same shall thereupon become duo and payable forthwith
as fully as If the said aggregate sours of money were originally stipulated to be paW on such date.
8. To deliver to said Mortgagee oa or before I?farch 15th of eadr year, tar receipts evidencing the payment of all lawfully imposed tares .
for the preceding caleidar year, an~ to deliver to said I•fortgogee, receipts evidencing the payment of all liens for public impruveurents within
ninety (90) days after the same shall become due and payable, and to y or discharge within ninety (90) days after due date, asyy and atd
governmental levies that may be made on the nrortgaBed Property. an ~ mortgage or rwte, or in any other way resulting from the lifortgage
indebtedness secured by this mortgage; and if this condition be not complied with and performed, said Mortgagee may pay such sum or sums
which shall become part of the debt secured by this mortgage, sod shall .bear interest at the default rate provided in said promissory rwte
payable monthly until paid or said 1ltortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
9. 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 pendim,: such foreclosure suit to the court having jurisdiction thereof for the appintment of a receiver
of all and singular the mortgaged pproperty, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source ilerived•
and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, alt
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 successors.
leggal 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, 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) tl?e creation of a lien or encumbrance subordinate to this wortgage, (b) the creation of a purchase coo 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 purchase, mortgagee may, at its ap~ion, declare all the sums secured by
this mortgage to be immediately due aril 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 tie credit of such person is sat-
isfactory to Mortgagee and that the interest payable on the sums warred by this mortgage shall be at such rate as Mortgagee shall request.
11. That in the event the premises hereby mortgaged. or spy 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 llfortgagee 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 eristing improvements thereon or make any 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 become ~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 of any obligation hereunder or of the obligation
secured hereby sball at any time be held to be a waiver of the terms hereof or of the instrument secured hereby.
14: If foreclosure proceedings of any secord 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 Mortgagee described herein or warred hereby the Mortgagee is hereby
subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other inaunbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of We loan described herein or secured hereby
and the respective liens of said nwrtgages, liens or other incumbrances shall be and the same and each of them hereby is preserved and shalt
pass to and be held by the Mortgagee herein as security for the indebtedness to the M~gagee herein 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 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.
16. To pay all and singular the costs, charges and expenses, including la 's foes, reasonably ioerrrred or paid at any time by the Mort-
gagee, because of the failure of the Mortgagor to ~om~, eomp~y with and abide by each and every the stipulations, agreements, rnnditions,
and rnvenants of said'promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
vided in said promissory note.
17. When any amarnt of nrorrey 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, previsions or con Irons of this Mortgage, then and in that iz;se 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
paying all commissions of any rental agent collecting the same, and any reasonable attorneys foes and other necessary expenses incurred in
collecting same, to apply the proceeds of such coUectiorts 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 dtmit or restrict, arty other right or rights granted the
j Mortgagee in this Mortgage.
18. If the Mortgagors at the time of malring this Mortgage or su a~
uent thereto take out life insurance designating the_ Mortgagee herein
' as beneficiary with a company approved by the Mortgagee or atsigasbpolicies to the Mortgagee for the purpose of securing the wortgage _ban
~ hereby warred then tbe 1?tortgagee shaII have the right to pay any premium accruing under said policies, and all sums so a:pencled shaII be
added to and {~ecome a part of the p~
_palnindebtedness secured by this Mortgage and shaII be paid by the Mortgagor to the Mortgagee
in twelve equal consecutive monthly i tallme ts, the first monthly instaDment to be paid as a part of and in addition to the monthly payme~
due under this Mortgage is the first calendar month following the impending 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 ertend to and secure the sums so expended
together with interest thereon as bereinbefore provided.
19. At aortgagee
s option, together with and in addition to the monthly payment of rincipal and interest payable under the terms of the i
rote secured hereby, Mortgagor shall pay to Mortgagee each month until said note is peed, one-twelfth (1/12) of a sum equal to the
annual premium due for fire, ertended coverage, and other 1ra7ard insurance including -insurance, covering the mortgaged Property,
pplus taxes and assessments next due on the mortgaged property (aII as estimated by Mortgagee) less all sums already paid therefor, and to be
di~lded by the number of months to elapse prior to the date when such fazes and assessments shalt become delinquent. Said sums shall be
held by lltortgagce 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 1limtgagee 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 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 foreclosure, or otherwise. Mortgagee may from time to time at
its oopption waive, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to Mortgagor in writing.
«'hile any such waiver is in effect, Mortgagor shall pay fazes, asseunrents and insurance premiruns as herein elsewhere provided.
~ 20. Mortgagor shall rnmplp with the ~rovisioas of any lease, if this mortgage is an a leasehold. If this mortgage is on a condominium unit,
r mortgagor shaD perform all of mortgagors obligations under the declarati~ of condominium or master deed, the by-laws and regulatiom of
the condominium project and constituent documents. 1lfortgagor 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 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 sued within 30 days after notice given by the Mort-
¢agee to the mortgagor and the said association shall constitute a default under this mortgage. lliortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insurance
coverage.
s 21. 1lfortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring aga~sst damage
by infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and temss, and with such company as
approved and required by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shaII have the same rights
to obtain same as irssurance coverage under covenant Jt3 hereof.
i 22. That in the event that this mortgage is given to secure a const ruction loan failure on the part of the I?fortgagor or the Mortgagor
s
contractor, architect, engineers, or sub-contractors to comply with the terms of tie ('.instruction Loan Agg t of even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereundn
23. If the mortgaged premises is other than a one to four family dwelling, the 1?fortgagor covenants and agrees that be 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 collecting the Ilfortgagor's liabilities 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 shaA be certified as being correct by such certl-
fiecl public accountant.
Gr,~xe3~ ~~~2545