HomeMy WebLinkAbout1231 13. [f foreclosure proceedings of any second mortgage or second trust
deed or any 3unior lien of any kind should be instituted, the Association
may at its option immediately or thereafter declare this nartgage and the
indebtedness secured hereby due and payable.
14. To~the extent of the indebtedness of the mortgagor to the Associa-
tion described herein or secured hereby the Association is hereby subro-
gated to the lien or liens and to the rights of the owners and holders thereof
of each and every mortgage, lien or other encumbrance on the land described
herein which is paid and/or satisfied, in whole or in part, out of the pro-
ceeds of the loan described herein or secured hereby, and the respective
liens of said mortgages, liens or other encumbrances shall be and the same
and each of them hereby is preserved and shall pass to and be held by the
Association herein as security for the indebtedness to the Association here-
in 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 Association had
it been duly and regularly assigned, transferred, set over and delivered unto
the Association by separate deed or assignment, notwithstanding that the same
may beysatisfied and cancelled of record, it being tfie intention of the par-
ties 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.
15. To pay all and singular the costs, charges and expenses, including
lawyer's fees, incurred or paid at any time by the Association because of
the failure of the mortgagor to perform, comply with and abide by each and _
every the stipulations, agreements, conditions and covenants of said pro-
missory note and this deed, or either, and every such ayment shall bear
interest from date at the rate of fifteen per cent (15~ per annum.
16. Upon the occurrence of the filing of an arrangement or proceeding
in bankruptcy by or against any mortgagor, initiation of insolvency proceed-
ings by or against any mortgagor, or assignment by any mortgagor for benefit
of a 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.
17. 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 follow-
ing:
I~ a. All real property taxes levied or assessed against the
above described real estate.
b. ~Premiuns on fire and windstorm insurance as herein re-
quired to be carried on the improvements situate on the.
above described premises.
s 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
s month thereafter until mortgagee shall notify mortgagor of a change in such
amount. Such suns shall be applied by mortgagee toward the payment of real
property taxes and insurance premiuns.
18. 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 mortgagee shall have all the rights of a
secured party under the Uniform Commercial Code of the State of Florida.
IN WITNESS WHEREOF, the mortgagor has caused this mortgage and secu-
rity agreement to be executed and thereunto duly authorized, all on the
day and year first above written.
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