HomeMy WebLinkAbout0491 8. '1'o p:riorut, eauply with and abkk by each and every stipttlatfon, agreeutent, extntlitton arw extvenant in said proentssory note and deed
crt forth.
7. In rite event Ute jurisdiction d tbo U. S. INstrict Cant shall bs invoked by or fort the Mortgagor ender any d the provisions of the
F'c•.Iera) Baakrupky .let, such action. whether voluntary or involuntary on the pmt of the Mort~or. alwU autowati~lly, wrtlwut rwtkv, ac-
~•elriat.: Ute uwturfty of all sums d awrte:y herein described and secured and the same sl,aU thrreupar become due and payabk (ortl.wiU.
z, fully as if the sail aggregate sums d moray were originally stlpulateej to be paid oa such date.
8. To deliver to said Mortgagee as nr beforo March 15th of each Year, tat reooeipb evidencing the payatent d all lawfully impoaod taxra
for Ute preceding cakrdar year, tai to delirer to saki Mort' oe, receipts evklcnriug the payment d all liew Eor public impro~^ernents v?nthu,
ninety (410) day. after the same shall becano due and payabb, acrd to pay or discharge within niraty (f10) days after due date, any and all
t:avenunental levies that utay l,e made on the nwrt4caged property, ar this mortgage or note, or in any otl?er way resulting [ran the Mortgage
inlebterlrtess secured by this ~o~t~get and if this condition i,e cwt complied wiUt and performed. said mortKagec may l~Y such toot or sww
K•hich shall INxontc pert d U~c del,t segued by this nwrtgage, and sltaU lmar interest at the default rate provided in saki prwnissory rwtr
payable nwnUdy until paid or saki Aturttea4;ea may elect thst said mortgage debt thereupon become due and payable iorthwit!?.
9. It is furtl~rr coverutnted and agreed by saki parties that io the event d a suit being instituted to foreclose this mortgage, the Mortgagee
shaU~l,e entitled to apply at any time pendLtg such forccloaure suit to the court having jurWiMiao thereof for the appppoointment d a receiver
of all and singular the mortgaged p rty, and of all rho mots, incontetti profi issues and revenues themof, from whatsoever source derired•
and thereupon it is hereby a:presslycovenant~d and agreed that the court shaD forthwith appoint a receiver of saki mortgaged property. alj
and sine, and d such rents, ' profits, issues and raucous thered, from whatsoever sauce derived, with the usual powers and
duties of receivers in like cases; and sue appointment shall be utadr. by such court as a matter d strict right to the Mortgagee, its successors,
Irjtal repr+esenlati~ros or sssigru. tad without reference to the adexltucy ~ irudequacy d the value d the Property hereby mortgaged. or to the
re err insolrertcy of Ute Aortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtednbss, costs and charges. according to the order of wcL court.
to If all or any part d the property or an interest therein is sold or transferred by mortgagor without moreg*gre's prior written car<seat,
e:cludin (a) the cn~ation of a lien or encumbrance subordinate to Utis mat gq, (b) the creatkm d a purchase secyrity interest for
household sppliartces, (c) a transfer by devise or descent, or by operation d law open the death of a joint tenantd) the grant d any
kasehoid interest d Utree yyeeaars a less not containing an option to purchase, mortgagee may, at its option, declare all the swtLS secured by
this mortgage to be immediately due and payaWr. Mortgagee shall have waived such option to accelerate if prior to the sale or transfer,
utortgagcr and the person to whom the property is to l,e sold or transferred reach agreement In writing that t~te credit d sud? person is sat-
isfactory to Alortgagce and that the interest payable on the sums secured by this mortgage shall be at such rate as Alortgageee shall request.
11. That in the event rite premises hereby mortgaged. or any part thereof, shall be ewrtdemned and taken for public use under the power
of eminent domain, the Alortgay;ee shall lave the right to demand that all damages awarded for the taking d or damages to said premises
shall be paid to the Mortgagce up to the amount then unpakl on this mortgage and at the option d the Mortgagee may be applied upon
the payments last payable thereon.
12. The mo:tgagor binds bitnself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to
or permit to Ise added to any d the existing improvements thereon or make any changes ~ alteraUarac is saki improvements which materially
chapge the same or Ute use thereof, without the written consent d the Mortgagee, aril in the event d any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shall immediately bocaate due and ooUectibk at the optktn d Ute Mortgagee.
13. It is specifically agreed that time is of the essence of this contract and that rw waiver d any obligation hereunder or of the obligation
unwed hereby shall at any time be held to be a waiter d the temps hared or d the iastntment secured hereby.
14. ]f forecbsure pfocredin~t d any second mortgage or second trust deed or any junior lien d any kind should be instituted, the Mnrt-
ga};ee Wray, at its option, immediately or tbereaRer declare this nwrtgage and the Indebtexlness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the extent d the indebtedness d the Aortgagor to the Mortggaagce~described herein or secured hereby the Mortgagee is hereby
cubropa~ed to the lien or liens and to the rights of the owners and holders thereof d each and every mortgage lien or other-encumbrance on the
land described herein which is paid and/or satis:ied in whole or in part out d the pra~ecds d the ban described herein or secured hereby
and the respectire liens d said mortgagex, liens or other innunbranoes shall be and the same and each d them hereby is preserved and shall
pass to and be held by the Mortgagee herein as security for the indebtedness to the M~tgagee herein described or hereby secured, to U,c same
extent that it would have been preserved and would have been passed to and been held by the Mortggaagee ~had it been duly and regularly
assigned, transferred, set over and delirered unto the Mortgagee by separate deed d assignment aotwitltstanding the fact that U,e same may
he satisfied and cancelled elf record, it being the. intention d the parties hereto that the same will be satisfied and cancelled of record by the
holders thered at or about the Ume of the recording of this mortgage.
18. To pay all and singular the costs, charges and expenses, indeding la s fees, reasonably incurred or paid at any time by the Alort-
iagee, 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 promissory rate and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
~idr•d in said promissory note
I7. When any amount d to be paid by the M~a~r to the Mortgagee under the terra>s hereof shall be in default, or should the
~ ~fort};agor default in any d the outer terms, provisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the '
right. without notice to the AtortKagor, to collect and receive from isny tenant or lessee d said mortgaged premises the rents. issues and
profits d the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances Uterefor, and after
payin}; all commissioru d any rental agent rnllecting the same, and any reasonable attorneys fees and other necessary expenses incurred in
rollr•c:ting same, to apply the proceeds d such ooUectiorts upon an indebtedness obligation ~ liability, d the Mortgagor hereunder. The
riRltt granted the Atortgagce under this paragraph shall be in adt~tion to, and sftall not limit or restrict. a~ othetr right or rights granted the
Mortgagee in this Mortgage.
18. if the Mortgagors at the lime of making this Mortgage or subsx~vent thereto take out life inuurance designating the Mortgagee herein
as he•neficiary with a com4rany approved by the Mortgagee or assigns policiex to the Mortga ee for the purpose d seecuring the mortgage ban
h~•rebv secured. then the !?tortgagee shall have the rig),t to pay env ppremium accruing ~er said pdicies, and all sums so ezpended shall be
added to and become a part of the prirxtipa) indebtedness sectirrd by this Mortgage and :hall be paid by the Mortgagor to the Mortgagee
in twelve erptal conseciitire monthly installments, the first monthly installatertt to be paid as a part d and in addition to the monthly payment
due under this Mortga>;e in the fiat calendar month foUmving the experdinng of saki sum. Such soars so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of this Mortgage ~a0 extend to and secure the: sums so expended
torcther with interest thereon as bereinl,efore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of principal and interest yabk under the terms d the
note secured hereby, Mortgagor shall Qay to Mortgagee each month until said note is frilly paid, ace-twelfth (1/12) of a sum rrlual to the
annual premium due for. fire, extended cmerage, and other haTard insnrance including flood insurance, rnvering rite. mortgaged property,
plus taxes and assessments rtezt due on the mortgaged Property (all as extintated by Mortgagee) less all sums already paid therefor. and to be
divided by the numl,er d matths to elapse prior to the date when such taxes and assessments shall become delingtient. Said suriis shall be
held by Alortgagce in foist or credited to the principal of the loan, to pay saW insurance, tares, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by Mortggaagee wheat saki ban is paid fn full sbaD be paid to Mortgagor, or his assigns,
or personal representatives. In the event d a defaWt or farecleaure, said slims held in trust gray be appleet) on my costs d damages sastai,ied _
in connection with the collection d the note secured hereby whether by suet, forecloanre, or otherwise. Mortgagce may from time to time at
its oopption waive, and after any such waiver, reinstate any or aD provisions beroof requiring such deposits, by notice to Mortgagor in writin& i
~ ;Vhilr any sorb waiver is in e[fed. Mortgagor shall pay taxes, assexsrttmb and insurance. premfaims as herein edsewherre provided.
~0. Mortgagor shall compl • with the Qrovisions d any lease, if this mortgagge is ar a leasehold. If this mortgage b on a oatdominium unit t
rnortgator shall perform all ~ mortgagors obligations under the declaration erf ooodornidum or master deed, fire by-laws and r+eguLtions o~
the• condominium project and constituent dociirrtertts. Mortgagor further eovenartts that be and the associatkm r~o~rbk for the operation
of the condominium will observe aD d ibe provisions of the said dcclaratioo and a>»? aaterdaterits thereto, and of the Condominium law of
the state, and will perform all obligations Utereunder• and a failiire to do so vvf?ich B cwt cored within 30 desys after notice glum by the Atort•
ra;rr•r to rite mortpaRor and the sp}c1 association shall constitute a ckfault under this wortgage Mortgagor further Uy covenants, but not
by way of limitation, that he and the association rviD observe aD d the provision: d said dexlaratknt d condominium relating to lnsnrance
coverage. ~ .
21. Mortgagor further covenants sad agrees that at the request of Mortgagee to furnish a standard termite bond insuring a damage
by infestation oa the buildings now or hereafter bated on the awrtgaged p . In such antoemb and facets, and with puny a:
approved and rextuired by Mortgagee; and in the event Mortgagor doe: not eor with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under. covenant ~3 bercof.
22. That in the event that this mortgage b given to secure a construction failure m the part d the Merrtga or or the Mortgagors
cattractor, architext, engineers, or sub-poutra~tors to comply with the terms d Construedioo I.otn Agreement ~ even date herewith,
which is by reference incorporated herein, :hall, at the option d the M etrtgagee, caistitute a defauk hereunder. '
23. If the mortgaged premises is other than a one to four lamely dwelling, the Afortpgaago~ coveKtartts and agrees that 6e will, not later
than thirty (30).~ays after the end of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and bas
statement reflecting the Mortgagors liabilities as wcl~ as prdit and bas for the fiscal ,and such baLanoe sheet and profit and loss state-
ment shall be prepared by a certified public accountant licatsed in the State d Florida~ind shall be certified as being correct by such ceiL-
fied public aexamtant. - • sooa'~e VtJV P.`.~'~ 4V.f~
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