HomeMy WebLinkAbout1483 6. 7'o q:rtuna, comply with sad abide by each sad every stipulation, ag~eewnnt, e~[rdrUOn sues euverzant in said proartxsory note sad deed
se•t forth.'
7. f n flee event the jurisdiction of the U. S. L)ittrict Court shall be iavokod by or against the Mortgagor under any of the provision: of the
FsYlc•rd llankruptcy Act, such aMioa, Whether voluntary or involuntary on the pad of the I?lortgagur. s1utU automatically, wrtlrout rwtav, acs
.t•Ic:rats~ flee maturity of all Burns of mwrey heroin described and secured suet the saute s1uU thereupon become dues sal payaWr fortlrwitb
es fully as f[ the said aggregate sums of rnarey were originally stipulatee~ to be pald on such date.
8. To deliver tc? said Mortgagee. on ctr before 1?tareh 1Sth of each year, tax receipu evidencing the yment of all lawfully imposed taxes
for fife pnt.•t~ling ealraclar year, aril to deliver to said I?lortgagee, rrceiptc evidencing the payment of aU Beat far public fmprovernrats wttlriu
ninety (flU) days after the same shall become doe and payable, and to ppaay or dixt?arge within ninety days after due date, amy and all
~;ovrrmxntal Icsies that Wray be urade on the mortgaged p rty, on ttris raorigage or note, or in any other way resulting fran tlw Murtgsage
:nnebtedness secured by this mortgage; and if this corrditioa be not complied with and perEonned, said mortgagee rosy pay such sum or sums
which shall Iteconre part of the de. tt see•urecl by this mortgage, and shall bear hrterest at the default raft provided in sestet prwnis~ory ante
pa. able monthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
It is further covenanted and agreed by said parties that is the event of a suit being instituted to foreclose this trtortgage, the Mortgagce
shall lee entitlal to apply at any time pending such foreclosure scut to the court having jurisdiction thereof for the appintment of a receiver
of all and singular flee mortgaged property, and of all the rents. inconx:s, profr issues and revenues thereof, from whatsoever source derived~
steel thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said awrtgagcd Property, alt
anti singular. aril of such rents, inrnmes, Profits, issues and revenue thereof. fran whatsoever source derived, with the usual powers and
duties of receivers fn like cases; and such appointment shall be made by such court a: a matter of strict fight to the Mortgagee, its successors,
legal representatives or en+onc, and without reference to the adatuacy or inadequacy of the value of the prapcr~y hereby mortgaged. or to the
solvency or insolvency of the Mortgagor, and that such rent, profits, income. issues sad revenues shall be applied by such receiver to the pay-
mcat of the mortgage indebtedness, coats and charg~t, according to the order of such court.
1Q if all or fay part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prig written corrseat,
excludin (a) the creation of a hca or encumbrance subordinate to this mortgage. (b) the creation of a purchase money security interest for
househo~ appliances, (c) a transfer by devise or descent, or by operation of Lw upm the death ~ a joint tenant, or (d) the: grant of any
leasehold interest of three rs or less not rnntaining as option to purchase, modgagee may, at its option, declare all the snore secured by
this mortgage to be i lately due and payable. Afortgagce shaA have waived such option to accelerate. if prior to the sale or transfer,
nrortgagre and flee person to whom the property is to be sold or transferred reach agreement fa writing that l~re 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 !tortgagee shall rrtuest.
11. That in the event the premises hereby mortgaged, or any part t6ereM, shall be condemned and taken for public use under the power
of eminent domain, the Mortgagee shall 1?ave the right to demand that all damages awarded for the taking of or damages to said premises
shall be paid to the Mortgaece up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon
t hc• payments last payable thereon.
12. The mortgagor birxls himself not to erect or permit to be erected any rk:w buildings on the premises herein mortgaggd or to add to
or permit to I+e added to any of the existing improvements thereon or make any drams or alteratioru ~in said improvements which materially
change the s:une or the use thereof, without the written consent of the I?lortga andm the event of any violation or attempt to violate this
stipulation this mortgage seed aA sums secured hereby shall immediately become due amd collectible at the optics of the Mortgagee.
13. It is specifically agreed that time is of the essence of this contract and that m waiver of any obligation hereunder or of the obligation
secured hereby shall at any titnc be held to lee a waiver of the terms hereof or of the instrument secured hereby.
l4. if foreclosure proceedin of any second mortgage or second taut deed or an junior lien of any kind should be instituted, the Mort-
Ka};ee may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the a:tent of the indebtedness of the Mortgagor to the 1?fortgogee de.cribed herein or secured hereby the Mortgagee is hereby
,abrogated to the lien or liens and to the rights of the owners and holders thereof of each and everyry mortgage lien or ot1?er incumbrance oa the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of We ban described herein or secured hereby
and the respective liens of said mortgages, lieru or other incrrmbrances shall be and the same sad each of them hereby is preserved and shalt
pass to aril be held by the Mortgagee herein as security for the inclebtedaess to the Mortq~agce herein described or hereby secured, to the same
extent that it would have been preserved and would have bees passed to and been held by the Mortgogee had it bees duly and regularly
assigtned, tranuferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
t,e satisfied and cancelled 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-
16. To pay all sad singular the costs, charges and expenses, including lawyer's fees. reasonably incurred or paid at any time by the Mort-
~a¢ee, because of the failure of the 1?fort Rot to perform, comply with and aorae oy eacn anti evrq• arc auNuiaii~.u, alS.ccu.i::.u, iav+~
~~~:~+••-y+
and covenants of said promissory trote and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
f ~•idecl in said promissory note. - '
17. When any amount of money to be paid by the Mortgagor to the I?iortgagce under the terms hereof shall be in default, or should the
Mortgagor default in any of the other terms, provisions or conditions of this I?fortgage, then acrd in that case the Mortgagee shall have ilia
ri~ht, without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises-the rents, issues and
profits of the real estate hereby nrortgagod and the improvements thereat, and to give pro~ter receipts and acquittances t}rcreEor, and after
paving: all commissaas of any rental agent collecting the same, and any reasomable attorneys fees and other necessary expenses incurred in
oilc•c•tirrg; same, to apply the proceeds of such rnllections upon asy indebtedness, obligation or liability, of the Mortgagor hereunder. The
na;ht g:rantrcl the Mortgagee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
~tortg;agee fn this 1lfortgage.
18. If tl:e Mortgtt9gors at the time of making this Mortgage or subs_ vent thereto take out life insurance desigrnating the !~iortyagee herein
u beneficiary with a company approved by the I?torigaKee or assigns pe~cies to the 1lfortgagee for the purpose of securing the rnorigage loan
h••r~by s!rrrrevl. then the !ltoriga~ee shall have flee right to pay arty premium accruing under said policies, and all scans so expended shall be
a~l~le•d to sent Ixcome a part of the principal rrrdebtedness secumcl }ty this Mortgage srtd shall be paid by the Mortgagor to the 1?1ortQagee
in twelve equal consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthh• pad ment
chr^ antler this ~lort>;ae fn the first calcrrdar month folbsving the experxlin of said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien this Mortgage shall extend to and secure the sums so expended
tocc:L•cr with interest thereon as hereinbefore prmided.
19. At mortgagee
s option, together with acrd in addition to the monthly ymemt of principal and interest gable under the terms of the
note secntrcl hereby, Mortgagor shall pav to Mortgagee each month until saxplamote is fully paid, one•twelfth 1/12) of a sum e~ua) to the
anuua) premium dtte for fire, extended cmvrage, and other harard irrsurarrce including flood insurance, covering the morigag;ed Property. 3
plus taxes and asceccments next due on the mortgaged property (all as estimated by Mortgagee) less all sums already paid therefor. and M be
dis•ided by the number of months to elapse prior to the date when such taxes and assessments shall become delinquent. Said sums shall be
held by llfortgagec in tnrst or credited to the principal of the loan, to pay said insurance. taxes, and assessatexts and shall he applied on the
payment thereof when due. Aay excess held in tnut by 1?fortgagee when said ban is paid is full shall be paid to Mori~agor, or his assigns.
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on aay costs of damages sustained
in connection with the collection of the note secured hereby whether by suit foredoaure, or otherwise. Mortgagee may from Nme tb time at
its option avaive, and after any such waiver, reinstate any or aD provisions hereof requiring such deposits. by notice to 1?forigagor in writing.
While any such waiver is fn effect, I~fnrtgagor shall pay taxes, assessments sad insurance Premiums as herein elsewhere provided.
30. \tortg;acor shall comph• with the Provisions of any lease, if this mortgagqe is on a leasehold. If this mortgage is an a ooadominium unit, ~ i
mortgpgor shall perform all o~ tnortgaga s obligations under the declaration of condominium or master deed, the by-laws and regulatirnu of ,
the condominium project and constituent documents. Mortgagor further covenants that he amd the association responsible for the operation
of the condominium will observe all of the provisioms of the said declaration and aay amendments thereto, and of the t.,ondominium law of
the state, and will perform all obligations thereunder; and a failure to do so w~kh is not cured within 30 desys after notice given by the 1?fort-
••.~s<ce to the mortgagor and the said assodation shall constitute s default under this mrrrtgage Mortgagor further specifically covenants, but riot
by sway of limitation, that he and the assocfation will observe all of the provisiors of said declaration of condominium relating to insurance
coverage.
21. Mortgagor further covenants and agrces that at the request of Mortgagtee to furnish a standard termite hood insuring a damage
by infestation om the brrilclings raw or hereafter bated on the mortgaged Property. In such amounts and terns, and with company as
approved and required by Mortgagee: and in the event Mortgagor does not comply with this covenant Mortgagee shall Gave the same rights
to obtain same u insuraaoe coverage under covenant ~3 hereof.
22. That in the event that this mortgage is given to secure a constnrctian ban, failure ao the part of the Mortga~or or the 1lfortgagor's
contractor. architect, enRincers, or sub-contractors to comply with the terror of the Comtrrrrxion Loan Aqq meat evert date herewith,
which is by reference incorporated herein. shall, at the option of the M ortgtaRce, conutitute a default bereuncler~
23. If the mortgaged premiss t<t other than a one to four family dwelling. the 1?fortgagor covenants and agrees that be will, not later
than thirty (30) days after the end of the fiscal year famish unto flee Association a complete and accurate balance sheet and profit and bss
statemrent reflectrrrg the Mortgagor's liabilities as wcl~ as profit and bss for the fi~scalyear, and such balance sheet and profit and bss state-
ment shall be prepared by a certified public accountant licensed in the State of Florida, and shaII be certified as being correct by such certi- .
fled public aooountant. BC~~KJJ / Y~:~i4`74 ,
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