HomeMy WebLinkAbout0644 13. If 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 mortgage 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 subrogated
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 here-
in which is paid and/or satisfied, in whole or in part, out of .the proceeds
of the loan described herein or secured hereby, and the respective liens of
said mortgages, liens or other encu~rances 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 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 Association had it been duly
and regularly assigned, transferred, set over and delivered unto the Associa-
tion by separate deed or assignment, notwithstanding that the same may be
satisfied and cancelled of record, it being the intention of the parties here-
to 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 payment shall bear in-
terest 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 suns 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: -
a. All real property taxes levied or assessed against
the above described real estate. -
b. Premiums on fire and windstorm insurance as herei n re- i
~ quired 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 dale of the next monthly payment and each successive
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 premiums.
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 security
agreement to be executed in their names and thereunto duly authorized, all
on the day and year first above written. ~
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