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HomeMy WebLinkAbout1006 • • 8. To perform, comply with and abide by eacL sod every Wpnlation, agreement, ooadlaon and covenant ld said promrssory note and deed set forth. 7, fa the event the jurisdiction of the U. S. IHstrict Court shall be invoked by or amt the btortgagor~~under an of the provialoru of the Federal Bankruptcy Act, such action whether vdrentary a involuntary on the of the Mortgagor. atoll automatically. without notice, as celeste the maturity of all sutrts of money herein described and secured, and p~ ~ :vim ~ ~ pan beeorae due and payable forthwitb as fully as if the said aggregate sums of riooreey were origiwUy stipulated to bs e, To deliver to s.id Mortgagee. an or before I?farc6 113th of each year. tas receipts evidencing the payaueut of all lawfully imposed tarp Eor the preceding calendar year, aril to deliver to Bald Mort Magee, receipts evtdeocing the payment of all Betas for public improvements within ninety (iJ0) days after the ume shall become due and payab~e, and to pay or discharge within ninety (90) days after due date. am end all governmental levies that Wray he made oa the urortgag p rty, on this mortgage or note, or in any other way restating from the Mortgage ir,clebtedness secured by this ~w~tgage; and if this coorlitioo ire not complied with tad performed. said mortgagee awy paY such sum or swu. which shall become part of the debt secured by this mortgage, and shall bear interest at the de[atat rata provided in said promissory note payable monthly until paid or acid Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith. It is further covenanted and tgreed by and parties that in the event of a suit being instituted to foreclose thin mortgage, the 1?fortgagee shall tee entitled to apply at any time pending such [oreclosure suit to the court having jurisdiction thereof [or the a pinteneat of a receiver of all and singular the mortgaged pproperty, and of all the n•rrts, incon,cs, profits issues and revenues thereof, from whatsoever source clerivrd• and thereupon It is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, a!i and sin~u1ar, and of such rents, incomes, profits, issues anc) revenue thereof, from whatsoever source derived. with tlee usual powers and duties of receivers Ia like cases; and such a(epointurent 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 inadequacy of the value of the property hereby mortgaged,, or to the solvency or insolvency of the I?fortgagor, and that such rent, protlts, 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 a prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this mortga~ (b) the creation of a purchase money security interest for household appliances, (c) a trarufer by device or elescent, or by operation of law upon the death of a joint tenant, or (d) sire grant of any leasehold interest of three years or less not containing an option to purchase, rrwrtgagee may, at its option, declare all the sums secured by this nartgage to be immediately dire aced 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 I,e sold or transferred reach agreement in writing that t~e credit of such person is sat- isfactory to .Mortgagee and that [he interest payable on the sums secured by this aeortgage shall be at such rate as )?fortgagee shaD request, I1. That in dre event the premises~herel,y mortgaged, or any part thereof, ahaD be condemned and taken for public use under the power oc eminent domain, the Mortgagee shall (rave the right to demand that all damages awanled 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 Iltortgagee 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 or make any changes or alteratioru 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 due serf collectible at the option of the Mortgagee, l3. It is specifically agreed that time is of the essence of this contract and that no waiver of any obUgation hereunder or of sire obligation secured hereby shall at any time be Geld to be a waiver of the scorn hereof or of the instrument secured hereby. 14. if foreclosure proceedings of any second mortgage or second tnrst deed or anyy junior lien of any kind should be instituted, the ~tort- ga~ce may, at its option, imm eately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option praceecl to foreclose this mortgage. i5. To the extent of the inclebtedreess of the Mortgagor to the Mort gee described herein or secured hereby the Mortga ee is hereb g Y subrogatecl to the lien or liens and to the rights of the owners and holders erect of each and every mortgage lien or other incrrmbrance on the land described herein which u paid and/or satisfied in whole or in part out of deg proceeds of the loan described herein or secured hereby and the respective liens of said mortgages, 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 llfortfiagee herein described or hereby secured, to the same extent that it would have been preserved and wotad have been passed to and been held by the 1?tortgagee had it Ix~en dWy and regular assiy:necl, transferred, set over and delivered unto the Mortgagee by separate deed of assignment reotwithstamling the fact that the same may l,c• satisfied and cancell d of retard, it axing the intention of the parties hereto that the same will be satisfied and cancelled of rernrd by the holders thereof at or about the time of the rewrcllr,g of this mortgage. 16. 7'o pay all aril singular the costs, charges and expenses, including la era fees, reasonably incurred or paid at a~ time by the Mort- ¢agee, because of the failure of the Mort¢agor to perform, comply with and abide by each and every the stipulations, agreements, rnnditions, an<1 covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the defaWt rate pro- vidc•d in sail promissory note. 1 ~ . ~~'hcn any amount of money to be paid by the Mortgagor to the 1\lortgagee under the temps hereof shat! be in default, or should the \tortgaf;or default in any of the other tennc, provisions or concHtions of this Mortgage, then and in that case the I?iortgagee shall have the right, without notice to the Afort,agor, 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 pm~er receipts and acquittances therefor, ar,d after pa inG all commissions of any rental aKent collecting the same, and any reasonable attorneys fees and other necessary expenses .incurred in collecting same, to apply the proceeds of such colleetioess upon an indebted obligation or liability, of the .Mortgagor hereunder. The ri _ht granted the lliortgagee under this paragraph shall be in addition to, and not limit or restrict, a~ other right or rights granted the Mortgagee in this Ilfortgage. 18. If the 1?tortRagors at the time of making this I?tortgage or antes.-,gvent thereto take out life insurance designating the Mortgagee herein as bc~r,r•fic•iary with a company approved by the I?iortgagee or assigns policies to the Mortgagee for the purpose of securing the wortga~e ban hereby secured, then the I?tortgagee shall have the right to pay any premium accruing under said policies, and all sums so expended shall be added to ar?d bea„ne a part of the princi I indebtedness secured by this Mortgage and shall be paid by the 1liortgagor to the Mortgagee in t~veive erjual rnruecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment due under this Mortgafe in the first calendar month following the expendir, of said sum. Such surrxs so expended to bear interest at the rate at which interest is payable upon said principal Indebtedness and the lien of this Mortgage shall e:tead to and accrue the sums so expended to~ether with interest thereon as hereinbefore provided. 19. at mortgagee s option, together with and in addition to the monthly payment of rincipa) and Interest ysbk under tbe terms of the note secured hereby, Mortga¢or shall pay to Mortgagee each month until said note is fu~p paid, one-twelfth ~/12) of a sum er~ual to the annual premium due for (ire, extended cmerage, and other hazard Insurance inclrxltng EMod insurarrco, covering the mortgaged property, pl+,c taxes and assessments next due on the mortgaged p (.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 en such taxes next assessments shall become delinquent._Said sums shag be held by Aortgagee in taut or credited to the principal of the loan, to pay said iruurarroe, tares, and assussments and shall be applied on the payment thereo whom due. Any excess held in tout by Mortggaagee when acid loan is paid in feel! shall be paid to Mortgagor, or his assigns, or personal representatives. In the event of a defaWt or foreclosure, said sums held ld snot may be applied oa any casts of damages sustained ;n connection with the collection of the note secured hereby whether by sui foreclosure, or otherwise. Mortgagee gray from time to time at its oplion waive, and after any ruck waiver, reinstate any or all provisions hereof requiring such depoafb, by notice to Mortgagor in wetting. ti'hilc any such waiver is in effect, Mortgagor shall pay tares, assessments and iasnraace premiums as herein elsewhere provided. 20. 1lfortgagor shall comply with the ~rosdsions of any lease, if this mortga~e is on a leasehold. If this mortgage is on a condominium unit, mortgagor shall perform all of mortgagors obligatioru under the declaration ca,dominium or master deed, the by-laws and regulations of t}~P coreclomininm proi~ and constituent documents. Iltortfiagor further covenants that he and the association responsible for the operation of the condominium will observe all of the provisions of the said declaration and arty amendments thereto, sand of the Condaninium Iaw of t the state, and will perform all nhliKations thereunder, and a failure to do so w~ilch B not cured within 30 days after notice given by the Aiort- ~ ¢agee to the mortgagor and the said association shall constitute a default under this mortgage. Mortgagor further specifically covenants, but not t by way of limitation, that he acrd the association will observe all of the provisions of said decLration of condominium relating to insurance f coverage. 21. Mortgagor further covenants and agrees that at the request of Mortgagee to fumts6 a standard termite bond Insuring aga,nst damage by infestation on the buildings now or hereafter located on the mortgaged property, in suc3e amounts and terms, and with such company as approved and rectuired by Mortgagee: and in the event MortcaKor does not canply with this covenant Mortgagee shall 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 construction fallurt ore the part of the Mortgagor or the Mortgagors contraMor, architect, engineers, or sub-rnntracton to comply with the terms of the t:onstructlorr Loan Agreement of even date herewith, ,vhich is by reference incorporated herein, shall, at the option of the Mortgagee. ooostttute a defauh 6ereurder. 23. If the mortgaged premises ~ other than a one to four family dweDing, the Mortga Covenants and agrees that he will, not later than thirty (30) days after the end of the fiscal year fumish unto the Association a complete sod accurate balance sheet and profit and loss , statement reflecting the Mortgagor's Ilabilltlea as we13 as profit and bas for the fiscal year, and such balance sheet and profit and bas state- ment shaII be prepared by a certified pubUc aocountaat lfoensed fa the State of Florida, sad shaD be oertifkd as being correct by such certl- Bed public accouabwt. B00 ~ PAGE . - a. _ _ ..~A