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HomeMy WebLinkAbout1013 • 8. To perform, comply alto and abide by each and every atipulatlon, agreenneat, ooaditton cad covenant io Wd promissory note cad deed set forth. r T, Ia the event the jurisdiction of the U. S, I)tstriet Court shad be invoked by a last the Mortgagesunder say of the pmvisioas of the Federal Bankruptcy Act, such action, whether vdiuitary or Involuntary oo the pmt o[ the Mortgagor. shall autotnaticaUy, withatt notice, ao- cekrate the maturity of all sums oaf aioriey herein described anti secured cad the same shall thereupon become due cad payabb forthwith as fully as If the said aggregate sums otf money were originally stlpulatt~ to be paid oa such data 8. To deliver to said Mortgagee oo ce tteEore March 15th of each Year. tax reoeipb evidencing the payment of all lawfully impt~sed taus for the preceding caleadtr .Year. and to deliver to said Mortgagee, receipts evsdeaclug the payment M all liens for public Improvements within ninety (90) days after the wens shall become due cad payable, and to pay or discharge within ninety (f10) days after due date, asyy and all govenunrntal levies that aiay be made oa the mortgaged p rty, ~ this mortgage or note. or in any other way malting From the I?iortgage indebtedness secured by this mortgage; and iE this condition be not ~ompliod with and perforated, said mortgagee maY paY such sum or sums i which shall become part of the debbtt secured by this mortgage, and shall bear tatert'st at the default rate provided in said promissory note payable monthly anti) paid or sail Afortgagee may elect that said mortgage debt thereupon become due and payable forthwith. 9. It is further covenanted and agreed by said ptrtks that is the event of a salt being instituted to foreclose this mortgage, the Mortgagee shall be entitled to apply at say time pending such foreclosure s?tit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged pproperty, and of all the nuts, incanms, profst~, issues and revenues thereof, from whatsoever source derived• and thereupon it Ls hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, a>i and singular, and of such rents, incon?es, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and duties of receivers is like cases; tnd such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors, legal representatives tx assigns, and without reference to the aderluacy or iaadegwcy 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 aac# charges, aeeorcling to the order ~ such court. 10. If all or any part of the property or an interest therein ss sold or transferred by mortgagor without mortgagee's prior written consent, excludingg (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase naney security interest for ho?tseho)Id appliances, (c) a transfer by devise or descent, or by opera tiort of law upon the death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing as option to purchase, mortgagee may, at its option, declare all the sums secured by this mortgage to be immediately due and 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 ortransferr+ed read? agreement in writing that t~e credit of such person is sat-' ; isfactory to Mortgagee and that the interest payable oa the su,ru secured by this mortgage shall be at such rate as 1lfortgagee shall request. 11. 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 1lfortgagee shall Kaye 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 oa this mortgage and at the option of the Mortgagee may be applied upon the payments last payable t~iereoa. 12. The mortgagor binds himself not to erect or pemut to be ereMed any new buildings on the premises herein mortgaged or to add to or pemtit to be added to any of the existing improvements thereon or make any ~hanyes or alterations in said improvements which materially _ chance the same or the use thereof, without the written wnsent of the Mortgagee and in the event of any violation or attempt to violate this stipulation this mortgage and aD 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 oantrad acrd that rto waiver of any obli ation hereunder or of ti?e obligation s.-cured hereby shall at any time be held to be a waiver of the temu hereof or of the instrument hereby. 14. If forecousure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the !lfort- { Race may, at its option, immediately or thereafter declare this mortgage and the Indebtedness secured hereby due and payable forthwith, and t may at its option proceed to Foreclose this mortgage. I5. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the 1?fortgagee s hereby subroga~ed to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby and the respectire liens ~ said mortgages, liens or other ir?crunbrartces shall be and the same and each of them hereby is preserved acid shall pass to and be held by the Mortgagee herein as security for the indebtedness to the dfortgagce 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 assi_ned, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the Fact that the same may he satisfied and cartcell~d 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 ers fees, reasonably incurred or paid at any time by the Mort- eagee, because of the failure of the Mortg,•tgor to perform, comply with and abide by each and every the stipulations, agreements, rnaditions, arc1 covenants of said promissory note and this-deed, or either, and every' such payment shaU,bear interest from date at the default rate pro- vided in said promissory note. 17. tVl?cn anyy amount of money to be paid by the Mortgagor to the 1?tortgogee under the tenors hereof shall be in default, or should the ~ Mortgagor clcfault ur any of the other terms, provisioru or conditioru of this Mortgage, then and in that case the Mortgagee shall have the ~ ris;ht, without ratite to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issacs and profits of the real estate hereby mortgaged and the improvements thereon, ant! to give pro~rer receipts and acquittances therefor, and after p.iyinG 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 collections upon an indebtedness obligation or liability, of the Mortgagor hereunder. The ri ~ht granted t~?e Mortgagee under this paragraph shall be in addition to, and s~all not limit or restrict, a~ other right or rights granted the Mortgagee in this tifortgage_ 1$. If the Mortgagors et the time of making this Mortgage or subs~~gg~ent thereto take out life irtsurartce designating the Mortgagee herein as I~eneficiary with a company approved by the Mortgagee or assigns policies to the Mortgagce for the purpose of securing the mortgage loan hereby scrttred, then the I?fortgagee shall have the right to pay. env ppremium accruing under said policies, and all sumt so eapendecl shill be added to aril bernme a part of the principal indebtedness securt~ by this Mortgage and aball be paid by the Mortgagor to the Mortgagee in twelve equal consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment due under this Ilfortgage in the first calendar month folbwing the expends:g of said sum. Such sums so expended to bear interest at the rate ! at which interest is payable upon said principal indebtedness anti the lien of this Mortgage shall euteod to and secure the sums so expended together with interest thereon as bereinl.efore provided. 19. At mortgagee s option, together with and in addition to the monthly yraent of principal and interest yabk render the terms of the note secured hereby, Mortgagor shall Say to Mortgagee each month until said note is fully pard, one-twelfth 1/12) of a sum eeryryual to the annual premium due for fire, extended coverage, and other haiard insurance including flood insurance, covering the mortgaged Property, ph,s taxes and aaessments nest dire on the mortgaged property (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 when such tares and assessments shall become delinquent. Said sums shall be held by Mortgagee in trust or credited to the principal of the loan, to pay said b>,t?rrance, taxes, and assessments and shall be applied on the payTrient thereof when due. Any excess held in trust by Mortgagee when said loan 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 trial may be applied on any casts of damages sustained in connection with the collection of the note secured hereby whether by cast, foreclosure, or otherwise. Mortgagee may from time to time at its oopption waive,-acrd after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgag~ in writing. «'hile any such waiver is in effect, Mortgagor shall pay lases, assessments and insursrtce premium as herein elsewhere p ~0. Mortgagor shall comply with the provisions of arty Iease, if this mortgagge is ~ a leasehold. If this mortgage is on a condominium unit mortgagor shall perform all of mortga>Zors obligatiorss under the declaration of condominium to master deed, the by-laws and regulations o~ the condominium project and constituent documents. Mortgagor further covenants that he and the association r~~w le for the operation of the condrnniniam will observe all of the prm~siorts of the said declaration and a~ amendments thereto, and of tbe~Condominium law of the state, aril will perform all obligations thereunder; and a failure to do so w~tich is not cured within 30 days after notice given by the Mort- ¢agee to the mortgagor and the said association shall rnnstitute a default under this mortgage Mortgagor further specifically rnveriants, but not by way of limitation, that he and the association will observe all of the provlsioas of said derLrstIon of condominium relating to insurance 1 coverage. 21. Mortgagor further covenants and agrees that at the request of Mortgagce to furnish a standard termite bond insuring agarnst damage $ by infestation on the buildings now or hereafter located oo the mortgaged Property, in such amounts and terms, and wsth such company as approved and required by I?tortgagee; acrd in the event :Mortgagor does cot comply with this covenant Mortgagee shall have tbe same rights to obtain same as iastirarice coverage under covenant 1t3 hereof. 22. That in the event that this mortgage is given to secure a constructiaa loan, failure oo the part of the Mortgagor or the 1lfortgagor~ contractor. architect, engineers. or sub-oontraetors to comply with the terms of the ConstnrcKion Loan Ageeme t of even date herewith, +vt?ich is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a defauh hereunder. n 23. If the mortgaged premises h other than a one to four family dwelling, the Mortgagor covenants and agrees that be will, not later than thirty (30) days aher the end of the fiscal year furnish unto the Association a complete and accrirate balance sheet and profit and lass statement reflecting the Mortgagors liabilities as wel~ a: profit and bss for the fiscaf year. tad such balance :beet and profit and krss state- 1 meet shaD be prepared by a certified public aooountant licensed is the State of Florida, tnd shaII be certified as being correct by snch certi- fied public atxoriattsnt. nit 80~1(e~e)V PAGE~~ ~ . t - . - - - - - - - - - - - - - - ..,.x -