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HomeMy WebLinkAbout1406 all agreements between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as 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 loss or losses under such 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 same 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 o[ loss o~ physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of lass if .the same is not made promptly by the Mortgagor. In event of foreclosure o[ thin mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title and inter- est Qt 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 Ibut without obligation on its part to do so) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums o[ money so paid shall bear interest from the date of payment at the highest legal rate. 4. That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein ` specifically provided for, and including any expenses incurred by the Mortgagee in rnllection of the sum secured by this mortgage, chap be covered by the lien of thin mortgage, the same as the sums o[ money represented by the note which this mortgage secures. 5. To permit, commit or suffer no waste, impairment or deterioration of said property, or 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- went of the debt hereb secured, and the failure of the Mort a or to com l with said demand of the Mort ~ y g g p y gages for a period of fifteen (15) days shall constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgagee may, without notice, institute pro- ceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. 6. That the Mortgagor hereby promisee 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. If default shall be made in.the payment of the said sums of money or any part thereof as provided in the said note oc this mortgage, or it the interest that may become due thereon or any part thereof shall be in default and unpaid [or a space of 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 rnmplied 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 (15) 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 case 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 coats, charges and e:penaes 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 income, profits, issues and revenues are hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective (unctions and powers in '~i any wise entrusted 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 rnntractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance v~~th plans and specifications filed with the Mortgagee, chap con- stitute abreach of 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 to 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 indebedness secured a hereby due and payable. ~ 12. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and-taken for public - k 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 raori- 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 installments, payable under the terms hereof and the note assured 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 four per cent (4%) of the installment due upon each such delinquent installment, and such "late charges" are secured by the lien hereof. i to the purposes t ereo a shall be sufficient, Mortgagor shall ' ' on y payments of principal and interest as stated in the original otes secured hereby) provided to be made, pay a monthly sum a one-twelfth (1/12) of the estimated annua nd insurance pre- "r s~ 333 Pa~E 1404