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HomeMy WebLinkAbout0759 r a i all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or herett/er made, shall be in ~ i writing and shall be a part of this mortgage agreement ~aa fully as though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable on the cancellation or termination thereof, shall be given to other than the Mortgagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall haze affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all lose or losses under ouch policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the acme on account of the indebtedness hereby , secured, or to permit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing any equity. lien or right under and by virtue of this mortgage. In event of loss or pl~yaical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of toes it the same is not made promptly by the Mortgagor. In event of foreclosure o[ this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and inter- est of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part to da so) place inaurnnce on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest from the date of payment at the highest legal rate. 4. That all sumo of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein specifically provided [or, and including any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage; shall be rnvered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures. 5. To permit, commit or suffer no waste, impairment or deterioration of said property, of any part thereof, and upon the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said 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 comply with said demand of the Mortgagee for a period of fifteen (15) days shall constitute a breach o[ this mortgage, and, at the option of the Mortgagee. immediately mature the entire unpaid principal and interest hereby secured, and the 11lortgagee may, without notice, institute pro- ceedings to foreclose thin mortgage, and apply for the appointment of a receiver, as hereinafter provided. 6. That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned in said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. I[ default shall be made in the payment of the said sums o[ money or any part thereof as provided in the said note or this mortgage, or it the interest that may become due thereon or any part thereof shall be in default and unpaid for a space o[ fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of acceleration is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of fifteen 1151 days, then and from thenceforth, at the option of the Mortgagor. the whole of said principal sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. 7. That in cane it should become necessary to place this mortgage and the note secured hereby or either of them, in th hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costa, charges and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. 8: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and/or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of a receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the said inrnme, profits, issues and revenues are hereby mortgaged as it specifically set forth and described in the j granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in any wine entreated by a court to a receiver, and such appointment shall be made by such court as an admitted equity and 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 Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder. 9. The Mortgagor hereby waives all rights of homestead and exemption granted .by the Constitution and laws of Florida. It is specifically agreed that time is of the essence in this contract 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 hereof or of the obligation secured hereby. 10. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mort- gagors or their contractors" to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed with the Mortgagee, shall con- stitute abreach oC 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 Ito foreclose this mortgage. 11. If foreclosure proceedings of any 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 indebednesa secured hereby due and payable. 12. 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 mort- gage and the obligation secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby. f 13. That inatallmenta, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, after fifteen (15) days from the date thereof, to, and it is agreed Mortgagee shall collect thereon and therewith, a "late charge" in the amount of tour per cent 14 0) of the installment due upon each such delinquent installment, and such "late charges" are secured by the lien hereof. 1. to the purposes thereof insofar as the same shall be sufficient, Mortgagor sha ~ ~ e monthly payments of principal and interest as stated in the original not or notes secured hereby) provided to be made, pay a monthly sum and a • we t (1/12) of the estimated annual taxes, assessments and insurance pre- r _ 800KJ~KJ P~ -