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HomeMy WebLinkAbout0360 7 s 8. To perform. ~pb• with and abids by Bich and clear atlpolation, agreement, oondi4oa acct covenant in aid pro»ussasy note and deed i set forth. . 7. In the event the jurisdictioa of the U. S.1)istrkt Cant shall be invoked by a tress the Mortgagorunder any of the provisions of the Federal Bankruptcy Act, such action. whether voluntary a involuntary on the p~ of the Mortgagor, s1wU automatic~Uy, vmthout nobca. so- f celeste the maturity of all sums of money herein described and scene and the same shall thereupon becou~e due and payabb forthwith as fully a if the said aggregate sums of money were originally ttipula~ to bs paid eo such date. 8. To deliver tD aid Mortgagee. oo err trefore Afareh 15th of each year, tax receipt: evicleocing the payment of all lawfully imposed taxes for the preceding calendar year, and to deliver to said Afoorrttggagee, receipts evidencing the payment of all tiara for public iruprovements within ninety (4l0) days after the same shall become due and payable, and to pay a discharge within ninety (90) day: after due date, an and all govenunental Irvies that gray be made oa the mortgaged Property. m this mortgage or note, a in toy other way resulting from the 1?tortgage indebtedness secured by this avertgage: and iE this emdition be not complied with and perfom~ed. said mortgagee maY paY such sum or surw which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate pro~ticled in said pranissory note payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon became due and payable forthwith. 9. It is further covenanted and agreed by aid parties that in the event of a suit being instituted to foreclose this mortgage, the Mortgagee shall be entitled to apply tt any time pending such foreclosuro suit to the eourt•having jurisdiction thereof for the appppoointment of a receiver of all and singular the aartgaged property, and of aU the rents, irxonres, profrtt~s,, issues and revenues thereof. from whatsoever source derived• ar?d thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, al] . and singular, and of such rents, incomes, profits. issues aril revenue thereof, from whatsoever source derived, with the usual powers and duties of receivers in Uke cases; and such appointment shall be made by such court as a matter of strict right to the 1?tortgagee, its successors, legal representatives or assigns, and without reference to the adequacy or inadegwcy of the value of the property hereby mortgaged, or to the solvency or inwiverrcy 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 and charges, aocordinq 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's prior written content, excludin (a) the creation of a lien a encumbrance subordinate to stets wortgage, (b) the creation of a purchase money security interest for 6orrseho~ appliances, (c) a transfer by devise or descent, or by opestion of law upon the death of a joint tenant, or (d) the gent of any leasehold interest of three years or less not rnntaining an option to purchase, mortgagee may. at its oopptia?, declare all the sums secured by this mortgage to be immediately due and payable. Mortgagee shall have waived such option to aoceleste if prior to the sale or tsrufer, mortgagee suet the person to whom the property is to be solo a transferred reach agreement in writing that t~re credit of such person is sat- isfactory to I?lortgagee 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 hereby mortgaged, a any part thereof, shall be condemned aril taken for public use under the power of eminent domain, the Mortgagee shall bees 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 mortgage and at the option of the Mortgagee mty be applied upon the payments last payable thereon. 12. The martga =or birds himself not to eruct or permit to be erected any new buildings on the premises herein mortKagecl or to add to or permit to be ad~ed to any of the ezisting improvements thereon or make any Changes or altestions in said improvements which maten'ally char~~tLee the same or the use thereof, without the written coruent of the Mortgagee andm the event of any violation or attempt to violate this stipcdation this nwrtgage and all sums secured hereby shall immediately become ~ne and collectible at the option of the Mortgagee. 13. it is specifically agreed that time is of the essence of this contract and that ao waiver of any obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof a of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or anpp junior lien of any kind should be instituted, the \tort- Qa;:ce may, at its option, i rarely a thereafter declare this mortgage and the irdebtedness secured hereby due and payable. forthwith, and may at its option proceed to foreclose this mortgage. 15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the !Mortgagee is hereby wbro~cared to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other incumbrance 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 anal the respective liens of said mortgages, liens or other incumbrarrces shaD be and the same and each of them hereby is preserved and shall ' pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee 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 lltortgagee had it been duly and regularly assigned, transfen~ed, set over and delivered unto the I?tortgagee by separate deed of assignment notwithstanding the fact that the same may ]re satisfied and cancell•~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. j 16. To pay all suet singular the casts, charges and expenses, irrduding 1a rs fees, reasonably incurred or paid at a~+ time by the itfort- ~ gaece. because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conclitiont, suet covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default ste pro• i ~~dcd in said promissory note. f7. When an amormt of matey to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in defardt, or should the ' Mortga¢or default in any of the other lama, provisioru or conditions of this 1?fortgage, then and in that case the Mortgages shall have the right, without notice to the iortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issncs and profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after pa ing all rnmmissioru of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in collecting same, to apply the proceeds of such collections upon any indebtedness obligation or liability, of the Mortgagor. hereunder. The i right granted the Mortgagee under this paragsph shall be in addition to, and a~aD not limit or restrict, any other right or rights granted the ~ 4ortgagee in this Mortgage. s 18. If the Iifortgagors at the time of making this Mortgage or snbsx~uent thereto take out life iruurance designating the Aortgagee herein as beneficiary with a company approved by the Iifortgagee or assigns P etas to the Mortgagee for the purpose of securing the mortgage loan i hereby secured, then the I?fortyagee shall have the right to pay any premium accruing under said policies, suet all sums so expended shall be { added to and become a part of the princi 1 indebtedness secured y this Mortgage and shall be paid by the hortgagor to the Mortgagee in tWehe crtua) contecntive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment dap under this Mortgage in the fiat calendar month following the expending of said sum. Such sums so expended to bear interest at the rate at which interest it payable upon said principal indebtedness and the lien of this Mortgage shall estend to and secure the sums so ezpended together with interest thereon as hereinbefore provided. 19. At mortgagee s option, together with and in addItlon m the monthly payment of rincipal and interest payable under the terms of the note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is pad, aye-twelfth (1/12) of a sum equal to the annual premium due for fire, extended coverage, and other hazard iacuranoe induding flood insusnce, covering the mortga ed property, plus taxes and assessments nest due on the mortgaged (aD as estimated by Mortgagee) less all sums aL•eady paid there~or, and to be divided by the member of months to elapse prior to the dates eawhen such tares and its shall become delinquent. Said sums shall be held by llfortgagee in surer or credited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the ~ payment thereof when due. Any excess held in trust by Mortgagee when said ban b paid in full shall be paid to Mortgagor, or his assigns or personal representatives. In the went of a default or foreclosure, said sums held in trust may be applied on any casts of damages sustaine~ in connection with the collection of the note secured hereby whether by snit, fore:~osure, or otherwise. Mortgagee may from time to time at 's its oopption waive, and after any such waiver, reinstate any or aD provisions hereof requiring such deposib, by rrotlce to Mortga$or in writing. F ~t'hile any such waiver is in effect, Mortgagor shall pay taxes, assessments and intnranoe premiums as herein elsewhere provided. 20. MortQa¢or shall comply with the Qrovitiont of any lease, if this mortgage is on a leasehold. If that mortgage is on a condominium unit, f mortgagor shall perform all of mortgagors obligations under the declastian of condominium or matter deed, the by-laws and regulations of the condominium project and constituent documents. Mortgagor further covenants that 6e and the association resporuibk for the opestion of the condominium will observe aD of the provisions of the said declastion and any amendments thereto, and of the Condominium law of the state, next will perform all obliAationt thereurrcder• and a failure to do so w~»ch is not cured within 30 days after notice given by the Mort- gagee to the mortgagor and the said association shall oorutitute a default under this mortgage Mortgagor further specifically covenants. but not by way of limitation, that be and the association will observe all of the provitiaat of said decLratlon of eonclominium relating to insvsnce coverage. 21. Mortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring against damage by infestation on the buildings now or hereafter heated on the mortgaged p , in such amounts and terms, and with such company as l apprmed and ttquired by Mortgagee; and in the event 1ltortgagor does not with this covenant Mortgagee shall have the same rights to obtain amp as insurance oovesge order covenant ~3 6ereef. 22. That in the event that this mortgage is given to s ~ s construction ban, !'allure oo the part of the Mortgagor or.the Mortgagor contractor, architect, engineers, or sub-contractors to can with the terms of the Conttrrrctioo Loan ~gree~~t of even date herewi ~ ~vhic6 is by reference incorporated herein, shall, at the option of the Mortgagee, ooostitute a default hereunder. 23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor covenants and agrees that he wfU, not later than thirty (30) days after the end of the fiscal year furnish uMo the Association a complete and accuste balance sheet and profit and bss statement reflecting the Mortgagors liabilities as welj as profit and bas for the fiscal year, noel soc6 balance sheet and profit and bas state- , mans shall be prepared by a certified public accountant licensed fn the State of Florida. and shill be certified as bring correct by such certi- fled public accountant. g~.~ 334 ~