Loading...
HomeMy WebLinkAbout1607 incon+e, profits, issues orld revenues ore hereby mortgaged os if Specifically set forth and described in the grouting 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 matter of absolute right in the Mortgagee, and without reference to the adequacy w inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/a the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien w+d/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder, NINTH: The Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and lows of Florida. tt is specifically agreed that time is of the essence in this contract and that np waiver by the Mortgagee of any obligation here~x~der or of the obtigation 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 ol~or any port of the above described property or an 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 erKUmberonce subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) o transfer by devise, descent or by operation of low upon the death of o joint tenons, or' (d) the grant of any leasehold interest of three years or less not contoinirg an option to 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 shall hove waived such option to accelerate if, prior to the sale or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ~ng that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust 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 port thereof, shall be condemned and taken for public use under the pourer of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for the taking cf or damages to said premises shall be paid to the Mortgagee, up to the amount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby. THIRTEENTH: Thor installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be subject, otter ~ days from the due dotqhereof, to,ond it is agreed Mortgagee shall collect thereon and therewith, a "lore chorge"~~e nt of7Et~~~ of the installment due upon each such delinquent installment, and such "tote charges' are secured by the lien hereof. SX or $5.00 whichever is.less FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for application to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in adddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be _ mode, pay a monthly sum and amount equal to one-twelfth (I/12) of the estimated annual foxes, assessments and insurance ' premiums upon the real estate security, as the amount thereof is determined from time to time by the Mortgagee. FIFTEENTH: That the Mortgagor shall furnish annually, of the request of the Mortgagee, financial statements in form and certified in a manner satisfactory to the Mortgagee. E ~ SIXTEENTH: This mortgage secures an existing indebtedness and also secures any and all renewals and extentions of the promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been ar may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, and this mortgage is also intended to 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 as if such future or ndditionol advances were mode 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 of the time any advance is mode. ~ /111 such advances are to be mode within twenty years from the dote of this mortgage, or within such lesser period of time os may j be provided hereafter by law os opre-requisite for the sufficiency of actual notice or record notice of the option of future or addi- tional advances as against the rights of creditors or sub~quent 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 of any one time shall not exceed o maximum principal amount of SEVEN THOUSAND FIVE HUNDRED NINETY AND ~q/100 DOLLARS I (S.. 7, 590. ~0 ) f lus interest thereon and an disbursements mode for the ment of foxes, levies or insurance on the p Y PaY property covered by the I~en of this mortgage, with interest on such disbursements. , SEVENTEENTH: The Bank shall be entitled to reasonable attorney's fees and costs { on appeal. f cc~ EGOK JJ6 PAGE1~ -3- -a_ - - - . - _