HomeMy WebLinkAbout0207 8. To perform, comply with sod abide by each sad every sdpulstioa, agreement, condition and covenant in said promissory note and deed
set forth.
7. In the @veat the jurisdiction of the U. S. DisMct Court shall be invoked by or against the Mortgagor~~under any of the provisions of the
Federal Barrkrrrptcy Act, such action, whether voluntary or involuntary on the part of the Mortgagor, shall automatically, without notice, so-
celeste the uurturily of all sums of money herein described and recured~ and the same shall thereupon become due and payable forthwith
as fully as if the said aggregate sums of money were originally stipulated to be paid ~ such data
8. To de$ver to acid Mortgagee on or before itlarrh 15th of eadt yen, tax receipts evidendng the payment of all lawfully tmposed lases
for the receding calendar year, a~ to deliver to said Mortgagee, receipts evidendng the payment of all liens [or pubL'c improvements within
ninety 110) day: after the same shall become due and payable, and to pay ~ discharge within ninety (90) days after due date, any and aD
governmental levies that may be made oa the mortgaged Property. on this mortgage or note, or to any other way resulting from the Mortgage
indebtedness secured by thin mortgage; and if this cmrditioa be not complied with and perfornted, said mortgagee rosy pay such sum or soma
which shall become part of the 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 due sad payable forthwttir.
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 ba entitled to apply at any limo pending such foreclosure suit to the court having jurisdiction thereof for the • intmeat of a receiver
of all and singular the mortgaged ppenperty, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source derived•
and thereupon it is hereby eupressty covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property. a)~
and singrlar, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and
duties oo~f receivers in 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 assigns, and without reference to the adequacy or iaadegwcy of the value of tbe property bereby mortgaged, or to tbe
solvency or incolveriry of tbe Mortgagor, and that such rent, profits, in issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, sornrding to the order of such court.
10. if all or any part of the property or an interest therein is sold or tranderred by mortgagor without mortgagee's prim written consent,
excludia (a) the oration of a lien or encumbrance subordinate to this wortgage, (b) the creation of a purchase mo security interest for
horiseho~ 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 yearn or less not containing an option to purchase, mortgagee may, at its option, declare all the sums secured by
this mortgage to be immediately due and payable. Mortgagee ahaII have waived such option to-accelerate if prior to the sale or hantfer,
mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that t~te credit of such person is sat-
isfactory to Mortgagee and that the interest payable on the sums aecttred by this mortgage shall be at such rate as Mortgagee shall request.
11. That is the event the premises hereby mortgaged, or any part thereof. shall be eoademned and taken for public use under the power
of eminent domain, the Mortgagee shall have the right to demand that aII 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 aortgage 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 oT make a~ changes ar alterations in said improvements which materially
change the same a 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 aA sums secured hereby shall immediately become due and collectible at the option nit the Mortgagee.
13. It is specifically agreed that time is of the essence of this oonhact and that m waiver of any obhga~
~)yereunder or of the obligatiai
secured hereby shaD at any time be held to be a waiver of the terms hereof or of the iaihvment secured
14. If foreclosure pra.~eedmgs of any second mortgage or second trust deed a an junior lien of a~ kind should be instituted the Mort-
gagee may, at its option, immediately or thereafter declare this mortgage and the inde~tednen secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the extent of tbe indebtedness of the Mortgagor to the Mortgagee described herein a secured hereby the Mortgaggee is hereby
subro~s~ed to the lies or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incttmbrance on the
land described herein which is paid and/or satisfied in whole or in part oat a~f the proceeds of the loan described herein or secured hereby,
and the respective Lens of said mortgages. hem or other inrumbranoes shaII be and the same and each of them hereby is preserved and ahaD
pass to and be held by the Mortgagee herein as security for tbe indebtedness to the M herein described or bereby secured, lu the same
extent that it would have been preserved and would have bees to and been h~the Mortggaagee had it bees duly and regularly
hansferred, set over and delivered unto the Mortgageesaparate deed of assignment notwithstanding the fact that the same may
be sa~tisf~ted and cancelled of record, tt being the intention of the parties hereto that the same wt11'be satisfied and cancelled of record by tbe
holders thereof at or about the time of the recording of this mortgage.
18. To pay aD and singular the coats, charges and expeaces, including 1a s fees, reasonably incurred or paid at any time by the Mort-
'i ga ee, because of the failure of the M or to dorm, comply with and abide by each and every the stipnlatioas, agreements, conditions,
an~ covenants of said promissory Hole ~ is dee~ or either, and every such payareat shaIl bear interest from date at the default rate pro-
vided in said proaaissory note.
17. When airy amount of tD be paid by the Mor~ag~ to the Mortgagee order the terms hereof shall be in defauh, or should the
I?tortgagor default in any of tbe other- terms, pprovisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the
right, without notice to the Mortgagor. to ooIIect and receive from any tenant or lessee of said mortgaged premises the rents, issues ands
profits of the real estate hereby mortgaged and the improvements tber+eeo, and to give proffer receipts and acgnittanoes therefor, and after
pay_ ing sIl commissions of a~ rental agent collecting the same, sad any reasoaabk attorneys fees and other necessary e:peases incurred in
co g same to apply the proceeds of such collections upon an indebtedneu~obligation or liabdity, of the Mortgagor hereunder. The
right granted t~e Mortgagee under this paragraph shall be in addition tq sad not.liadt ~ restrict, a~ other right or rights granted tbe
Mortgagee in this Mortgage.
i
18. If the Mortgagors at the time of making thin Mortgage or a~guent thereto tube out life insurance designating the Mortgagee herein
as beneficiary with a nompany approved ~y the Mortgagee or assigas~s
poh'dea to the Mort/sgee for the purpose of securing the mortgage _ban
E hereby then the Mortgagee shall have tbe right to pay an remium aaxuing order said pdides, and all sums so expended ahaII be
j added ton~and~~iecome a part of the pri>xa indebtedness secured by this Maatgage and shall be paid by the Mortgagor to the Mortgagee
~ in twelve equal consecutive monthly installments, the first monthly ins6sIlment to be paid as a part of and in addition to the monthly Payment
i due under this Mortgage in the Pint calendar month foIIawirg the expending of said sum. Such sums so expended to bear interest at the rate -
i at which interest is Payable upon said ~princfpal indebtedness and the lien of this Mortgage shaD extend to and secure the sums so expended
together with interest thereon as hereiabefore provided.
~ 19. At mortgagee's option, together with and m addition to the monthly payment of n~ndpal and interest gable ender tbe terms of the
note secured hereby, Mortgagor sshhaalltt pay to Mortgagee each month until said note is fu?ypaid, one-twelhh ~/12) of a sum equal to the
annual premium due for fire. extended coverage. and other hazard insurance including flood insurance, covering the mortgaged Property,
lux tares and a~ssments nest due on the mortgaged p (aD as estimated by Mortgagee) less all sums ah~eady paid therefor, and to be
divided by the number of months to elapse prior to the date w such to:es and asaesmreats shaD become delinquent. Said sums shaD be
held by Mortgagee in trust or credited to the principal of the ban, to pay said inirrraaoe, tares, and assessaents and shall be applied oa the i
payment thereof when due. A~ excess held in trust by Mortggaagee when said ban is paid in full shall be paid to Mortgagor, or his asstg~
or personal representatives. In •tbe event of a default or foreclosure, said sums held in irust may be applied on ant's coats of damages sustained
in connection with the collection of the note secured hereby whether by suit, foredeaure or otherwise. Mort' y
its option waive, and after any such waiver, reinstate any or aD provisions hereof requiring such d 8agce ma from time to time at
~;'hile any sudr waiver is in effect, Mortgagor shaII ~posita, by notice to Mortgagor in writing.
• P$Y assessments and insurance premiurm as herein elsewhere pro~•i ed.
20. Mortgagor shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium u~,
mortgagor shall perform all of mortgagors obligations under the declaration of oondomiaium or master dced, the by-laws and regulations of
the condominium project and constituent documents. Mortgagor further covenants that be and the assodation resportsrble for the operation
of the condominium will observe aIl of the provisions of the said declaration, and any amendments thereW, and of the Condominium Iaw of
the state, and will perform all obligations thereunder and a failure to do so which is not cured within 30 days after notice given by the Mast-
gagee to the mortgagor and the said association shal~coastitute a default under this mortgage. Mortgagor further apecificaDy covenants, but not
by way of limitation, that be and the association will observe all of the provlsiom of saW declaration oaf condominium relating to insurance
rnverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring aga~ut 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 1?iortgagor does not comply with this covenant Mortgagee shaII have the same rights
to obtain same as insurance coverage under covenant #3 hereof.
22. That in the event that this mortgage is given to secure a oorrstruction failure on the paw of the Mortgap~or or the Mortgagors
contraMor, architect, engineers, or sub-contractor to comply with the terms of the Construction 7.oanhcn:»t of even date herewith,
;vbich is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default er.
23. If the mortgaged premises is other than a one to four family dwelling, the I?tortgag~ covenants and agrees that be will, not later
than thirty (30) days after the sod of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and loss -
statement reflecting the 1liortgagors liabilities as well a, profit and loss for the fiscal ,and such balance sheet and profit and bas state-
meet shall be prepared by a certified public aooountant licensed in the State of FlorW~and shaD be a7tified as being correct by such certi-
fied public aeoormta~. hII
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