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HomeMy WebLinkAbout0102 8. To perform, comply with and abide by each and every atiputatba, agreement, cor?ctit?oo and wveaant in said promassory note and deed set forth. la the event the jurisdiction of the U. S. DL~trid Court shall be Invoked by or against the Mortgagor under any of the provisions of the Feeleral liaakruptey Act, such action, whether voluntary or iovolwrtary on the part of the Mortgagor, strati autou~atically, witl?out rwtice, acs celeste tl?e uraturfty of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith as fully as if the said aggregate stuns of uaray were originally stipulate to be paid on such date. 8. To deliver to said Mortgagee oa cx helots [?larc6 15th of each year, tat rereipb evidencing the payment of all lawfully imposed taxes for tFre prceedmg calendar year, ar?+i to deliver to said Mort Magee, receipts evidencing the pxy?nent of all 4errs [or public iroproveu?ruts witl?ia ninety (JO) days alter the same shall becorrre due noel payab~e, and to pay or discharge within ninety (f10) days after due date, any and all govrmunutal levies that uwy Ire nwde on the narigaged p rty. oa this mortgage or cote, or in any other way resulting from the Mortgage indebtedness second by this nwrt}}',age; aril if this rnnclition l+e not complied with and perfonoed, said mortgagee n?ay pay such sum or soon which sl?u0 beronre part of the deft sec:urec) by this mortgage, aril shall bear interest at tl?e default rata provided in said promissory rate p:r~able rmontldy until paid or said Mortgagee gray elect that said nartgage debt thereupon become due noel payable forthwith. It is further covenanted and agreed by said parties that in the event of a soft being Instituted to foreclose ttris nartgage, the Mortgagee shall lm entithd to apply at any tints pending such foreclosure soft to the court havimg jurisdfMion thereof for the apppoiutu?ent of a receiver of all and singular the mortgaged property, and of all the ruts, incu:ues, profits, issues and revenues thereof, from whatsoever sourer. derived• noel thereupcm ft is hereby expressly covenanted and agreed that the court slwll forthwith appoint a receiver of said mortgaged property, ale aril singular, and of such mots, inrnnxs, profits, issues surf revenue thereof, from whatsoever source derived, with the tonal powers ar?d duties of receivers in like c.•rses; and such appoiutmm~t shall he made by such coral as a matter of strict right to the Mortgagee, its successors, legal representatives or acciytns, and without rc[ererxe to the adecµ+acy or inadequacy o! the value of the property hereby nartgaged, or to the sowency or insohency of the \lortgagur, 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, aeconlinR to the order of such court, l0. If all or any part of the property or an interest therein u sold or transferred by mortgagor without mortgagee's prior written c•mnsent, excluding (a) the creation of a Ifen or encumbrance subonlinate to this mortgage. (b) the creation of a purchase moray security intcr~st for hmrsclaW appliances, (c) a transfer by devise or dcxcent, or by operation o[ law upon the death of a joint tenant, or (d) the grant of any leaseboll interest of three years or kss not containing an option to purchase, mortgagee may, at its option, declare all the sums second by this uartga}e to F,e imuu rately dun and payable. Mortgagee shall leave waived such option to accelerate ff, prior to the sale or transfer, Morgagee and the person to whom the property fs to Fee sold or trarferred read? agreement fn writing that the credit of such person is sat- isfactory to \lortgagee and tl+at the interest payable on the sums secrrrcd by this mortgage shall be at such rate as I?fortgagee shall request. t 1. That fn the event the prewises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent don+ain, the lltortga+;re shall have the right to demand that all damages awareled for the taking of or damages to said premises • shall be paid to the Mortgagee up to the amount then unpaid on tl?is mortgage and at the option of the Mortgagee may l,e applied upon the payments last payable thereon. 12. The mortgagor binds himself not to erect or permit to I,e erected any new buildings on the premises herein mortgaged or to add to or pe•nnit to he added to any of tl?e existing imp+ovememts thereon or make any changes or alterations fn said improvements whfch materially change the enure or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this stipulation the. mortgage and all sums secured hereby shall immediately become due and rnllectible at the optfon of the ;Mortgagee. l3. It fs specifically agreed that titre is of the esa•nce of this cor+tract and that no waiver of any ol,ligation hereunder or of tl?e obligation scrurecl hereby shall et any tints be held to I,e a waiver of the Icons hereof or of the fnstnunent secured hereby. l4. If foreclosure proceedings of any second mortgage or second trr>_st deed or any prnior Ifen of any kind should be instihrtecl, tl+e \Iort- ga,ce u~ay, at its option, immediately or thereafter declare tl?is mortgage and the indebtedness secured hereby due and payable forthwith, and may at its optfon proceed to forcrlose this mortgage. 13. To the extc•rrt of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the ~tortga~~{{ee is hereby srrl,rogatecl to the Ifen or liens steel to the rights of the owners and holders thereof of each and every mortgage lien or other incrrrnbrar?ce on the land deserihed hereto whfch is paid and/or satisfied in whose or in part out of the proceeds of the loan described Lerein or secured hereby, noel the respective liens of said mortgages, liens or other encumbrances shall t,e nerd the same ar?cl each of them hereby fs preserved and sl?all pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee hereto described or hereby secured, to the same extent that it would 1?as•e been preserved and would have been passed to and been held by the hfortgagce had it been duly and mgularly assi_md, transfertcd, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may l,e s:+tisfiec) noel cancell d of rernnl, it lxxing the intention of the parties hereto that the same will be satisfied and cancelled of rernrcl 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 lawyers Fees, reasonably incurred or paid at any time by the Mort- ~ ¢agc•e. Fx•c:?ue of the failure of the Mortgagor to perform, rnmply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the default rate pro- s~ide•d in s:+id promissory note. I ` ! : - \\'hen am• amount of mosey to be paid by the 1lfortgagor to the Mortgagee under the terns hereof shall F,e in default, or should the ~ \tortgaenr defau~t in any of the other ternrs, provisions or conditions of this Mortgage, then and in that case the Mortgagex shall h:+s•e the right. without notice to the Mortagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and profits of the real estate hereby mortgaged and the improsements thereon, and to give pro~?er receipts and acquittances therefor, and alter paying all commissioac of any mntal agent collecting the same, nerd any reasonable attorneys fees next other necessary expenses incurred in rollc•cting same, to apply the proceeds of sucL collections upon any indebtedness, obligation or liability, of the Mortgagor hereunder. The ri_6t granted the Mortgagee nncler this par.?graph shall I,e in addition to, and shall not limit or restrict, any other right or rights granted the Mortgagee fn this Ilfortgage. !fl 18. if the Mortgagors at the time of making this Mortgage or subs vent thereto take out life insurance designating the Mortgagee herein ac l~•neficiary .with a company approved by the 1?lortgagee or assigr?s pe~icies to the Mortgagee for the purpose of sec+rring the mortgnee loan hire>hv urured• therm the rFortgafirr shall have the right to pay any ppremium accruing under said policies, and all sums so ezpendecl shall l,e acldeti to and I,erorne a part of the principal indebtedness securrcl by this I?lortgage and shall be paid by the :Mortgagor to the Mortgagee in tsvehe e•tual rnnsecutive monthly installments, the first monthly installment to be paid as a part of and in additiom to the monthly payment due under this 1ltortgaee in the first calendar month following the expending of said sum. Such sums so ezpended to bear interest at the rate at whfch interest is payable upon said principal indebtedness and the Ifen of this llfortgage shall ezterrd to and secure the sums so expended together with interest thereon as hereinbefore provided. 19. ~.t mortgagee s optfon, together with and in addition to the monthly payment of principal and interest yable under the terms of the nat~• secured hereby, Afortgagor shall pay to Mortgagee each month until said note is fully paid, ogre-twelfth ~/12) of a sum equal to the annual premium due for fire, extended crnerage, and other hazard insurance including flood insurance, emering the mortgaged property, plus tares and assessments next due on the mortgaged property (all ffi estimated by Mortgagee) less all sums already paid therefor, and to be dis•irled by the member of months to elapse prior to the elate when such lazes 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 irrsvrance, fates, and essessmenb and shall be applied on the payment thereof when doe. My ezcess held in trust by lliortgagee when said ban is paid in fuD shall be pafd to Mortgagor, or his assigns, , or personal representatives. In the event of a default or foreclosure, said sw-ns held fn trust may be applied on any costs of damages sustained • m connection with the rnllection of the note warred hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at its opptiara waive, and after any such waiver, reinstate any or aD provisions ~rereof requiring such deposib, by notice to ~tortga or in writing. While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere provi~ed. ?0. \torigaQOr shall comply with the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit, mortgagor shall perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of the condominium project and constihrent documents. lltortgagor further covenants that he acrd the association responsible for the operation of the condominium swill observe all of the prosisions of the said dedaratioo and any amendments thereto, and of the Condominium law of tLc• state, and .sill perform all obligations thereunder, and a failure to do so w~rich is rat tared within 30 days after notice given by the lMort- eagee to the mortgaeor and the said association shall rnnstitute a default under this mortgage. 1lfortgagor further specifically covenants, but not z by way of limitation, that he and the associaNoo will otnerve all of the provisions of said declaration of condominium relating to insurance coverage. 21. Mortgagor further covenants and agrees that at the request of Mortgagee to fumis6 a standard termite bond insuring against damage by infestation ou the buildings raw or hereafter located on the mortgaged property, im such amounts and terms, and with such rnmpam as approved and reclmired by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagee shall have the same righb to obtain same as insurance Coverage under covenant ~3 hereof. a 22. That in the event that this mortgage is given to secure a construction loan failure on the part of the Mortgagor or the 1lfortgagora contractor, architect, engineers, or sub-contractors to rnmply with the temrs of t~re Corutnretion Loan Aggreement of even date herewith, :which is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default bereunder. r 23. IE the mortgaged premises is other than a one to four family dwelling, the I?fortgagog oovenanb and agrees that he will, not later than thirty 130) days after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet and profit acrd bss j statement reflecting the Mortgagors liabilities as well as profit and loss for the fiscal year; and such balatrce sheet and profit and loss state- ' rnent shall be prepared by a certified public aooountant lioeased in the State of Florida, and shall be certified as being correct by such certi- 3 Pied public aocountaM. Bf)~K PdGE 1~2 :Y ;