HomeMy WebLinkAbout0157 encumbrances shall 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 mortgagee had it been duly and regularly
assigned, transferred, set over and delivered unto the mortgagee
by separate deed or assignment, notwithstanding that the
same may be 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.
14. To pay all and singular the costs, charges and
expenses, including lawyer's fees, incurred or paid at any
.time by the mortgagee because of the failure. of the mortgagor
'to perform, comply with and abide by each and every the stipula-
tions, agreements, conditions and covenants of said promissory
note and this deed, or either, and every such payment shall
bear interest from date at the rate of 15 per cent .per annum.
15. Upon the occurrence of the filing of an arrangement
or proceeding in bankruptcy by or against mortgagor, initiation
of insolvency proceedings by or against mortgagor, or assign-
ment by mortgagor for benefit of mortgagor's creditors, all
of the sums secured by this mortgage shall be immediately
due and payable at the option of mortgagee, without notice
or demand.
16. To pay to mortgagee with each. monthly payment
an additional sum estimated by mortgagee to be equal to 1/12
of the annual cost of the following:
a. All real property taxes levied or assessed
against the above described real estate.
b. Premiums on fire and windstorm insurance
as herein required to be carried on the improvements
situate on the above described premises.
Mortgagee... shall. from time to_time_notify mortgagor_
in writing of the amount due and payable hereunder and such
sum shall thereupon be due and payable on the due date of
the next monthly payment and each successive month thereafter
until mortgagee shall notify mortgagor of a change in such
amount. Such sums shall be applied by mortgagee toward the
payment of real property taxes and insurance premiums.
17. To the extent any items of the property or premises
encumbered hereby shall constitute personal property, this
mortgage shall be deemed a security agreement, and the mort-
gagee shall have all the rights of a secured party under
the Uniform Commercial Code of the State of Florida.
18. Mortgagor further covenants with mortgagee that
any breach by mortgagor of the terms, provisions or covenants .
of any separate construction loan agreement by and between
mortgagor and mortgagee shall constitute a default hereunder,
entitling mortgagee to accelerate the indebtedness secured
hereby and to proceed to foreclose this mortgage.
_ 19. Mortgagee may make or cause to be made reasonable
entries upon and inspections of the property, provided that
~ mortgagee shall give mortgagor notice prior to any such inspec-
tion specifying reasonable cause therefor related to mortgagee's
interest in the property.
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FEE. KOBLEGARD 8c TEEL, P. A.
ATTORNEYS AT LAW
~ • POfT OPFICE BOX 1000 pp,,rr~
F T[L ~MONE`1a06) 461-s0~20~ /AY~ 1~
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