HomeMy WebLinkAbout1925 e. To perform. comply with and abide by each and every stipalatbn, agreement, condition and covenant in said promissory note and deed
set forth.
7. In the event the jurisdiction of the U. S. District Court shall be invoked by or init the Mortgagorunder any of the provisions of the
Federal Bankruptcy Act, such action, whether voluntary a invduntary on the part of the Mortgagor, shall automatically. without notice. no-
celeste the maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith
ss fully as if the said aggregate sums of money were originally stIp•.elatec~ to bs paid oo such date.
8. To deliver to said Mortgagee oo ar before [?farch 15th of each year, tax receipts evidencing the psyrnent of all lawfully ianpased fora
for the preceding cak:uJar year, and to deliver to said Mort Magee, receipts evidrnciug the payment of all liras for public improvements within
ninety (l10) days after the same shall bernane due and payab~, and to pay or discharge within ninety (f10) days after due date, anyy and all
govenuneutal levies that pray be made on the mortgaged p rty, an is mortgage or note, or in any other way resulting Fran the 1lfortgage
inclrbtrdness secured by this rnort age; and if this caxlition 1?e not complied with and performed, said mortgagee maY paY such sum or Burris
which shall become part of the de~ seru~ed by this mortgage, and shall bear interest at the default rate provided in said promissory note
payable uronthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due aged payable forthwith.
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 be trrrtitlcd to apply at any Circe pending such foreclosure suit to the court having jurisdiction thereof for the appintrnent of a receiver
of all and singular the mortgaged property, and of all the nuts, inc•oures, profits issues aril revenues thereof, from whatsoever source derived•
aril thereupon it is hereby expressly covenanted and- agreed that the court shah forthwith appoint a receiver of said mortgaged property, al~
anti singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and
duties of receivers in like cases; and such appointurent shall I,e rrradr by such court as a matter of strict rigid to the Mortgagee, its successors,
legal representatives or acsigru, 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?iortgagor, and that such rent, profits, income, issues and revenues shall be applied by such rec.•eiver to the pay-
ment of the rs age indebtedness, costs and charges, according to the order of such court.
1l). If all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written consent,
excluding (a) the creation of a lien or enrwnbrance subordinate to this mortgage, (b) lire creation of a purchase money security interest for
horaehold 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 years or less not containing an option to urchase, mortgagee may, at its option, declare all the Berms securccl by
this mortgage to he 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 or transferred reach agreement in writing that the credit of such person is sat-
isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall request.
11. That in the event the premises herc~:y 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 awanied 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 Mortgagee may be applied upon
the payments last payable thereon.
12. The mortgagor binds himself not to erect or permit to he erected any new buildings on the premises herein mortgaged or to adcl to
or permit to be added to any of the existing impruvernents thereon or make any changes or alterations 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 anti all sums secured hereby shall immediately become due and collectible at the option of the I?iortgagee.
13. It is specifically agreed that tune is of the essen~r of this Contract and that no waiver of any ol,li}r,ation hereunder or of the obligation
secured hereby shall at any tune be heW to be a waiver of the terms hereof or of the instrument secured hereby.
t4. if foreclosure proceedings of any sernnd mortgage or second trust deed or anp j+enior lien of any kind shoedd be irutituteel, lire \Iort-
gagee may, at its option, imm rately or thereafter declare this mortgage and the indebtedness secured hereby due ogre! payable forthwith, and
m;+y at its option proceeel to foreclose this mortgage.
15. To the exMnt of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the :Mortgaggee is hereby
cuhrogatecl to the lien or liens and to the rights of the owners and holders thereof of each and every mortgaGe lien or other incumbrarrce on the
lar+<l described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured herel,v
and the respective liens of said mortgages, liens or other encumbrances shall be and the same and each of them hereby is preserved and shah
pass to and be held by the Alortt;agee herein az security for the irrclebtedness to the Mortgagee herein described or hereby scrurecl, to the same
extent that it would have been presenecl aged would have been passed to and been held by~the Mortgagee had it i,een duly and regularly
assi,nc•d, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact That the same nary
he satisfied and cancelld of record, it !,ring the intention of the parties hereto that the same will be satisfied and cancelled of rttionl by the
holders thereof at or about the time of the recording o[ this mortgage. i
IG. 7'o pay all and singular the costs, charges and expenses, including la ers fees, reasonably incurred or paid at any time by the Mort-
gaccr, t,ecause of the failure of the I1lortgagor to perform, comply with and abiele by each and every the stipulations, agreements, conditions,
and cm•enants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
vicled in said promissory note.
17. When an?• amount of money to be paid by the 1ortgagor to the Mortgagee under the terms hereof shall he in default, or should the
Mortgagor default in any of the other terns, provisioru or conditions of this Morteaste, then and in that case the Mortgagee shall have the
:ie6t, without notice to the ~fort~,agor, to collect and receive from any lemons or lessee of said mortKaged premises the rents, issues aged
profits of the real estate hereby mortgaged and the improver.,ents thereon, and to give proffer receipts anti acquittances thereoe-, and after
E p:n~ing all commissions of any rental agent rnllecting the same, and any reasonable attorneys fees and other necessary ezpenses incurred in
colh•ctinq same, to apply the proceeds of such rnllections upon an indebtedness, obligation or liability, of the Mortgagor herenrrder. The
ri~,6t granted the :Mortgagee under this paraKraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
i \fort~„agee in this Mortgage.
I 18. If the !lortgagors at the tinge of making this Mortgage or subs_ vent thereto take out life insurance desiraratinq the 1ortgagee herein
~ +s Fx•ncfician• with a company approved by the Mortgagee or assigns policies to the I1lortgagee for the purpose of securing the mortgnee loan
he•rc•b)• serurecl, then the Mortgagee shall have the right to pay anz• premium accruing under said policies, and all sums so expended shall be
acicled to and t,ecocue a part of the principal indebtedness secured by this lfortgage and shall be paid by the Mortgagor to the \tortgatCee
in twelve e~tual rnnsecutive monthly installments, the first monthly installment to be paid as a part of and in addition to fire monthly payment
due under this MortKage in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness ant) the lien of this Mortgage shaD ertend to and secure the stuns so ezpended
tocether with interest thereon az hereinhefore provided.
19. at mortgagee's option, to ether with and in addition to the monthly payment of rincipa) and interest payabh: urrcier the terms of the
not•• secured hereby, Mortgagor shall pay to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a Berm equal to the
annual premium due for firs, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged property,
plus tares and assessments nezt doe on the mortgaged property (aD as estimated by Atortttagee) less all sums alreaciy paid therefor, anti to be
disiclecl by the numl,er of months to elapse prior to the date when such fazes 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 insurance. taxes, and assexsrrrents and shall be applied on the
payment thermf when due. My excess held in trust by Mortgagee when said ban is paid in fuD shat) be paid to I?tortgagor, or his assigns,
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages sustained r
~ in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
it, oopption waive, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to Mortgagor in writing.
«•hile any such waiver is in effect, I?tortgagor shall pay tares, aaessments and innrrance premiua~t az herein elsewhere provided.
?0. Mortgagor shall comph• with the Qrovisions of any lease, if this mortgage is on a leasehold. If this mortgage is on s condominium unit, i
mortgagor shall perform all of mortfiastors obligations under the dec•laratiom of condominium or master deed, the by-laws and regulations of
thN condominium projeM anti constituent documents. 1lortga~or furdrer covenants that he and the assoeiaNon msponoble for the operation
~ of the rnnclnminium will observe all of the provisions of the said declaration and any amendments thereto, and of the Condominium law of
s the state, and will perform all obligations thereunder; and a failure to do so w~rich is rat cured within 30 days after notice given by the I?1ort-
¢acee to the mortgagor and the said association shall constitute a default under this mortgage. Mortgagor further specifically covenants, but not
by .vay of limitation, that 6e and the association will observe all of the provisions of said declaration of condominium relating to insurance
coverage. •
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21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring against damage
~ }.y infestation on the buildings raw or hereafter located on the mortgaged property, in such amounts and terms, and with such compam• as
approved and reryuired by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shall have the same rights
to obtain same az iruurance coverage under covenant ~3 hereof.
22. That in the event that this mortgage it given to secure a construction ban, hilure on the part of the Mortgagor or the Aortgagors
contractor, architect, engineers, or sub-contractors to comply with the terms of the Construction Loan Aggrr t of teen date herewith,
shish is by reference incorporated herein, shag, at the option of the Mortgagee. constitute a default hercunderce.~
- 23. If the mortgaged premises is other than a oce to four family dwelling, the Mort~tastor covenants and agrees that he will, not later
than thirty (3U) days after the end of the fiscal year, furnish unto the Association a complete and accurate balance sheet and profit and lass
statement reflecting the Mortgagor's liabilities as web as profit and bss fm the fiscal year, and such balance sheet aged profit and bss state-
' ment shall be prepared by a certified public aooountant licensed in the State of Florida. and shall be certified as being correct by such certi-
fied public aoconntaM.
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oK~~ PaGE1919
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