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HomeMy WebLinkAbout1109 infome,,profits, issues and revenues ore hereby mortgaged os if specifically set forth and dexribed in the granting and hobendum clauses~hereof, and such receiver shall hove all the brood and effective functions and powers in any wise entrusted by o court to 0 receiver, and such appointment shall be mode by such court os on admitted equity and a molter of absolute right in the Mortgagee, and without reference to the adequacy or iradequocy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/or the deferxknt and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/o? equity of this mortgage and the practice of such court, and such appointment of receiver shall be without ratite to any obligor hereunder. NINTH: The Mortgagor hereby wolves all rights of homestead and exemption grouted by the Constitution or+d lows 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 of any time thereafter be held to be o waiver of the terms hereof or of the obligation secured hereby. TENTH: If all or any port of the above dexribed property or on interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of o lien or encumberonce subordinate b this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) a transfer by devise, dexent or by operation of low upon the depth of a joint tenant, or (d) the grout of any leasehold interest of these years or less rat containing on option b purchase, the Mortgagee may, of the Mortgagee's option, declare all the sums secured by this mortgage to be immediately due and payable. The Mortgagee shwll have waived such option to accelerate if, prior b the sole or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ing that the credit of wch person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shwll be ~ot such rote os the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second tent deed or any junior lien of any kind should be instituted, the Mortgagee may, of its option immediately or thereafter declare this mortgage and the indebtedness secured here- . by due and payable. ~ - TWELFTH: That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and token for public use under the power of eminent domain, the Mortgagee shall hove the right b demand that all damages awarded for the bking of or damages b sold premises shall be paid to the Morigogee, up to the amount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, after fifteen O5) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, a "tote charge" in the amount of four per cent (496) of the installment due upon each wch delinquent installment, and such "late charges" ore secured by the lien hereof. - FOURTEENTH: Without impairing the obligations of Mortgagor combined in paragraphs SECOND, THIRD and FOURTH hereof, and for application b the purposes thereof insofar os the some shall be wfficient, Mortgagor shall, in adddition b the monthly payments of principal and interest as stated in the original mote (and in the note or notes secured hereby) provided to be made, pay a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes, assessments and inwronce premiums upon the real estate security, os the amount thereof is determined from time to time by the Mortgagee. FIFTEENTH: That the Mortgagor shall furnish ~annuolly, at the request of the Mortgagee, financial statements in form and certified in o manner satisfactory to the Mortgagee. SIXTEENTH: This mortgage secures an existing indebtedness and also secures any and all renewals and extentions of tl~e promissory note refr: red to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor b the Mortgagee, f and this mortgage is also intended b be and is o mortgage to secure payment of any and all future or additional advances mode by the Mortgagee of its option to the Mortgagor, or his successor in title, for any purpose, -to the some extent os if such future or additional advances were made on the dote of the execution of this mortgage, although there may be no advance mode at the ~ time of the execution of this mortgage and although there may be no indebtedness outstanding at the time any odvonce•is mode. All such odvonces'are to be made within twenty years from the dote of this mortgage, or within such lesser period of time as may be provided hereafter by low os opre-requisite for the wfficiency of actual notice or record notice of the option of future or addi- tional advances os ggoinsi.the rights of creditors or wbsequent purchasers for valuable consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured at mry one time shall not exceed o maximum principal amount of THIRTY SEVEN THOUSAND EIGHT HUNDRED and no/100 ~ 37,800.00 _ ) plus interest thereon, and any disbursements mode for the payment of foxes, levies or inwronce on the property covered by the lien of this mortgage, with interest on such disbursements. i c 't t t i 4 i Ba~x331 P~~E1109 ItR ~~~K 329 p~E 276 r~:--~ - 3 -