HomeMy WebLinkAbout2757 all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or herentter merle, shall he in
writing and shall be a {)art of this murtg:+ge agreen+enl as fully :+s though set forth vrrlu+tim herein and shall govern
both parties hereto and (heir sucresvon? and assigns. No lien u1N)n any of laid Ix?lir•irs of insuranc•P or a{x)n any refund
or return premium which may be tx+yable on the cancrllalion or termination thereof, shall he given to other than the
Mortgagee, except by proper endorsement affixed to such policy and appmvev) by Mortgagee. Rash Ix)licy of insurance
shall haxe affixed thereto a Standard Mortgagee Clause nn•epU+ble to the Mortgagee, making all loss or losses under such
policy Ixtyable to the Mortgagee as its interest may apl)ear. In the event any sum or sums n( money hernme fx+yable
thereunder the Mortgagee shall have the option to receive and apply the w+me on an•rntnt of the indebtedness hereby
aer-ured, or to permit the Mortgagor to receive and use it, or any Dart therrr,f, without (hereby waiving or im{miring
any equity, lien or right under and by virtue of this mortgage. In event of loss or physical damage to the mortgaged
property the Mortgagor shall give immediate notice thereof by mail to fhr Alortgagcr and the Mortgagee' may rnake
proof of loss it the same is not made promptly by the Mortgagor. In event of torec•losure of this mortgage or other
transfer of title to the mortgaged pmI)erty in extinguishment n( the inrlehteelnew.s seti•+)revl hereby, :+II right, title sort inter-
est of the Mortgagor in and to any insurnnce policies then in force shall t):+ss to the purc•h:>ser or grantee. Ufx,n any
default thereof, the Mortgagee may (but without obligation on its 1,:+r1 to dc, sr,) plan insurance on sur•h huildings and
pay the premium and charge such sums so 1):+id to the Morlg:+gor and such sums of money .w? lu+id sh:+ll hear interest
from the date of tueyment at the highest legal rate. •
4. That all sums of money 1):+id or causcei to tx• lurid by the C4lortgagee• antler the terms of this mortgage and herein
specifically provided tor, and including am• ext>rnses interred by the Mortgagee in c•ollcction of the sum secured by this
mortgage, shall be rnvered by the lien of this mortgage, the s:+me :+s fhr sums of money representce) by the note which
this mortgage secures.
5. To I)ermit, commit or sufTer no waste, impairment or deterioration of s:+id property, or any f)r+rt thereof, and
upon the failure of the Mortgagor to keep the buildings on a+id proterty in gcxxl condition of repair, the Mortgagee
may demand the immediate retu+ir of s:)id buildings, or an increase in the amount of security, or the immediate repay-
ment of the debt- hereby secured, and the failure of the Mortgagor to rnmply with s:+id demand of the Mortgagee for a
pericxl of fifteen 1151 days shall rnnstihtte a breach of this mortgage, and, at the option of the Mortgagee, imtnMiately
mature the entire unpaid principal and interest hereby sec•urrel, :+nd the Mortg:+ger may, without notice, institute pm-
ereriings to foreclose this mortgage, and apph• for the aplx)inlment ~f a ree•eiver, as hereinafter provided.
6. Thal the Mortgagor hereby promises, rnven:+nts and agrees to 1?:+y the sums of money and interest as mentioned ,
in said promissory note, together with am• and all other sums justly der and owing the 1Norlgagee by the terms therein, .
and secured to he lu+id as stated therein promptly when der. It default shall ~ made in the I):ryment of the said sums of
money or any t~.•+rt thereof as provided in the s:+id Holt or this mortgage, or it the inlerrst (hat may bte•ome due thereY,n
or ar+y part thereof shall t+e in default and un1):+id for sl,:+rn of fifteen 1151 days, or should the Mortgagor breach or
fail to rnmply with any other rnvenant or agreement nn the I):+rl of the Mortgagor In be rnmplirrl with tin those cases
in which the option of the Mortgagee of an•eleralion is not otherwise expressly pmvideel herein? and such breach or
non-compliance rnntinue in existence (or a space of fifteen 1151 days, then and from thenceforth, at the option of the
Mortgagor, the whole of said principal sum expres•+ed in s:+id note, together with all other sums therein as well as herein
provided for, shall become immediately due and t)aynblr. without notice to the w+id Mortgagor.
7. That in rase it should txc-ome ncrY•sc+n• to place this mortgage and the note ser•urrd hereby or either of them, in
th hands of an attorney for rnllertion, the s:+id Mortgagor covenants and agrees with fhr Mortgagee to p:+y all rnsts,
charges and expenses of such rnllec•tion, including reasonable attorney's fees whether rnllec•ted by forec•Iosure or otherwise.
8. That, in the event any suit is brought ul>,)n this mortgage, whether In forec•Ic?se it. to reform it, or Mherwise,
and/or to enforce payment of any claim hereunder, the Mortgagee may apply In any court having jurisdiction thereof
for the appointment of a receiver of said mortgaged pm1)erty, as well :+s the income, pmfits, issues and revenues thereof,
and the said inrnme, pmfits. issues and revenues are hereby mortgaged as if spee•+fically set forth and described in the
granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in
any wise entrusted by a rnurt to a receiver, and such aPlx,intment shall he made by such rnurt as an admitted equity and
I; a matter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the
property mortgaged, or to the solvency or insolvency of the 111ortg:+gor and/or fhr defendant and such rents, pmfits.
~ income, issues and revenues shall be applied by the receiver acrnrding to the lien and/or equity of this mortgage and
the practice of such rnurt, and such appointment of receiver shall he without notice to any obligor hereunder.
~ 9. The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and law's of
Florida. It is specifically agreed that time is of the essence in thi§ crontract and that no waiver by the Mortgagee of
any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the
terms heteof or of the obligation secured hereby. .
lQ. That ir: the event that this mortgage be given to secure a construction loan, failure on the part of the ~1ort-
gagors or their contractors to rnmplete said building in accordance with Construction Loan Agreement, of even date
herewith, or to huild said rnnstruction in acrnrdance with plans and specifications filed with the Mortgagee, shall rnn-
stitute abreach of this mortgage. and, at the option of the Morgagee, immediately mature the entire amount of princi-
pal and interest hereby secured and the Mortgagee may immediately institute proceedings to foreclose this mortgage.
11. It torexlosure proceedings of am• second. mortgage or second trust deed or any junior lien of any kind should be
instituted, the Mortgagee may, at its option immediately or thereafter declare this mortgage and the indebedness secured
hereby due and payable.
12. That in the event fhr premises hereby mortgage-d, or any {x+rt thereof, shall tx• rnndemned :rod taken for public
use under the power of eminent domain, the Mortgagee shall have the right to dem:+nd that all damages awarded for
the taking of or damages to sa+d premises shall Ix' paid to the Mortgagee, up to fhr amount then unlz+id on this mort-
~ gage and the obligation secured hereby and may be applied ul)on the payments last p:+yable under this mortgage and -
~ ~ the obligation secured hereby.
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13. That installments. payable under the terms hereof and the note srY•und hereby, not paid when due, shall F,e
~ sublec•t. after fifteen 115) days from the date thereat, b,, and it is :?grewl Mortgagee shall c•c,llec•t thereon .end therewith,
a "late charge" +n fhr• amount of (our per cent t4°;,? of the installment due ul,c,n each such dehnyuent installment, and
such "late charges'' are secured by fhr• lien hereof.
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l4,_VVithout +mtx+innR the obliKatiuns of Mortgagee cuntacnerl in parcgr:+phs a and -1 herercf, real (or at>i,lirahon
~ to the purf?usrc thereof insofar xs ~l+r -••~w ~h~ll be sufficient, Morlgagu_r ~1):.ll, +n :+dd+t+on to the monthly p:n'ments of
~ princ•+pal and )nterest as stated u, the un in• ..note Inrtt1 1rt Ihe-7lnte or outer srxvrt•cl hereby) provided k, tx> made, pay
monthly sum_~d_+u+emnt eyuaT"lo one-twelfth tl/1'L? of the e~trmateYl annual trues, :+s.,esments and insuran.•v pre-
tmUtus u{x,n the real estate sec•unty. as the amount Ihereuf a determnuKl from time h, I+me by the Stortgagre.
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~2~ Y~~E 2755
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