HomeMy WebLinkAbout1197 8. 1'o parfona, ouraply with aril abide by each and every stipuaatJon, agreewtsat, a,ndttron arrtt txrveaant in said promr:sory Dote and deed
set forth.
i. In the event the~jurisdictiat of the U. S. District Court shall be invoked by or lost the Mortgag __under any of the provisiau of the
t'eeh•ral Ilankruptcy AM, such action, whether vduatsry a involuntary oa the pad of the I?fortgaga, shall autounaticaUy. w:tlwut uuticw, as
.•ekratr the maturity of all sums of mwrry herein described arced secured earl tlro same shall tMreupoa become dun nett payabb lorthwith
as fully as if the said aggregate aunts of rnoaey vrero originally ttipulalo~ to be pakl oo such date.
8. To deliver to said Mortgagee on or before 1?larch 15th of each Year. tax reeeipb evkieacing thepayrueat of aU IawfttUy imposed taxes
for rho preceding calendar year. anr~ to deL'ver to said Aiortgagea, receipts evideariag the payment of all lier~ far publk improvements wiUrin
ninety (Ix1) Jays after the same strap becoute due and payable, aced to pay or discharge within ninety (90) days after due date, any and all
Kovcrwrtt:ntal levies that stay be made oa the ruorlgagcvl p , on this raorlgage of cote, or in any otter way resulting Fran the !\fortgrgr
irxlebtedness secured by this mortgage; and if this condition Le not complied with sod performed, said mortgagee maY paY such sum or awn,
which shall berarte part of Qre debt secured by this mortKage, and shall bear interest at the default me provided in saHl p:ornissory note
payable awnthly until paid or said 1lfortgagee may elect that saki mortgage debt thereupon ba~ome due and payabb forthwith.
9. It is (urtl.er rnvenanted and agreed by said parties that in the event of a suit being instituted to foreclose this mortgage. the Mortgagee
shall be rntitlal to apply at any time pending suds forecleuure writ to the court having jurisdiction thereof for the appmntmeot of a receiver
of all and singular the mortgaged property, and of all the reels, incomes, profit~, ssstres and revenues thereof. from whatsoever source eleriveel•
and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of sakl uortgaged pours
and
and sing~trlar, and of such rent. iprofits, issues and revenue thereof. from whatsoever sotrree derived, with the usual
duties Doff receivers in Wee cases; sort s appointment shall be urade by such carat as a matter of strict right to the Mortgagee, its successors,
legalnrceypresentatives or assigns, and without reference to the pade<ltutcy a inadequacy of the value of the Property hereby mortgaged, or to the
soda of hcim~ort1grt~ indebt Aednt~~gca~saa~nd~charge~,s, ac~•etoreti~ o the
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s>x~~ oourt.ues shall be applied by such receiver to tM pay-
10. if all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgagee's prior written canseat,
e:dudirrrr~~ (a) the creation of a lien or enntmbrance subordinate to this mortgagee (b) the ereatioa of a purchase ntatey security Interest for
houseltokl appliances, (c) a transfer by device or descent, or by operation of law span the death of a joint tenant, or (d) the grant of any
Masehokl interest of three or less not containing an option to purchase, mortgagee may, at its option, declare all the stuns secured by
this mortgage to be imnte~iacetely due and payable. Mortgagee shall have waived stxh option to aocelente if prior to the sale or tnnsfer,
mortgagee and the person to whom the property is to be sold or tnruferred reach agreement in writing that tjre credit of such person is sat-
isfaMory to Mortgagee and that the interest payable on the strrrrs secured by this mortgage shell be at such rate as lfortgtgee shall mgtrest.
11. That in the event the premises hereby mortgaged, or any part thereof. shall be eorrdemned and taken for public use under the power
of eminent domain, the Aiortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises
shall be pakl to the Mortgagees up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon
the payments List payable thereat.
12. The mortgagor binrlt himself not to erect or permit to be erected any new btWdings on the premises herein mortgaged or to add to
or permit to I:e added to any of the existing improvements thereon or make any changes or altentiau is said improvements which materially
changge the same or the use thereof, without the written coasrnt of the Mortgagee, and is the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shall immediately become due and eollectibk at the option of the Mortgagee.
13. ]t is specifically agreed that time tr of the essence of this contend and that rw waiver of any obligation hereunder or of the obl3gatktn
senrred hereby shall at any tune be held to be a waiver of the tarter hereof or of the ir>strunreat senrred hereby.
14. If forecbsure procce8ings of any second mortgage or second trust deed or any jtuuor lien of any kind should be instituted, the Mat-
gaxee may, at its option, ' rarely or thereafter declare this mortgage and the indebtedness secured hereby doe and payable forthwith, and
may at its option proceed to foreclose this mortgagee
15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the 5fortgagce is hereby
:ubro~catecl to the liven or liens and to the rights of the owners and holden thereof of cads and everyry mortgage lien or other incurbrance on the
land described herein which is paid and/or satisfied in whple or in part ont of the proceeds of the ban d sescribed herein or secured hereby
and the respective liens of said mortgages. liens a other inctrmbrances 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 desenbed or hereby secured, to We same
extent that it would have been preserved and wotrW have been passed to and been held 6y the Mortggaagee had it barn dWy and re};ularly
as~igrred, transferred, set over and delivered unto the 1lfortgagee by st;parate deed of assignrrtrnt notwitlutartdinq the fact that the same may
be satisfied and cancelled of earned, it being the intentiar ~ the parties hereto that the same will be satisfied and cancelled of record by the
holders thereof at or abort the time of the recording of this mortgage.
18. To pay all end singular the costs, dtarges and expenses, iaduding la is Ices, reasonably incurred or paid at any time by the I?lort-
zaeee, becatue of the failure of the Mortgagor to perform, comp)Y with and abide by each and every the stipulations, agreements, conditions,
and covenants of said promissory note and this deed, or either, aril every such paymrnt shall bear interest fran date at the default me pro-
. .•i<lc•d in said promissory rate.
''I I7. \Vhen anyy amount of to be paid by the 1?iortgagor to the I?fortgagee tinder the tercets hereof shall be in default, or should the
~lort~;agor defatdt in any of the o temu, p»visions or conditions of this I?fortgage, then and in that case the Mortl~agee shall have the
ris;ht, without notice to the Iltortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements llteretro, and to give pro)rer receipts and acquittances therefor, and after
~ pavins; all commissions of any rental agent collecting the same, aril any reasonable attorneys fees and other necessary expenses incurred in
~•o(le•cting same, to apply the proceeds of such collections upon an indebtedness obligation or liability, of the Mortgagor heretuder. The
-i;:ht r;nnted the Mortgagee under this pangnph shall be in addition to, and s~taU not limit or restrict, any other right or rights granted the
j \lori>;agee in this Mortgage.
~ 18. If flee Mortgagors at the time of making this Mortgage or subs-r~eent thereto take out life insurance designating the Mortgagee herein
is beneficiary with a rnmpany appmveel by the I1lortgagee or assigns policies to the Matgagee_for the purpose of securing the mortgafie ban
h~•rebv secured, then the ~fort~;a¢ee shall have the right to pay env premium accruing ender saki pdicies, arttl all sums so expended shall be
a~lcleel to and become a part of the prirtcrpal indebtedness scrunvl !iy this Mortgage and shall be paid by the I?fortgagor to the 5tnrt¢as[ee
in twelve e~ua) rnnsecutive monthly installlments, the first monthly installmrnt to be paid as a part of and in addition to the monthly payment
clue antler this :~lort;:as;e in the first calecdar month folbtving the expending of said sum. Such sums so expended to bear interest at the me
at which interest is payable upon said principal indebtedness noel the lien of this Mortgage shall extend to and secure the stuns so expended s
~ to%Mher with interest thereon as hereinlmfore provided.
leJ. At mortgagee's optiar, together with and in addition to the monthly payment of prux3pal and interest payable order the terms of the
note secured hereby, Mortgagor shall pay to Mortgagee each month tmfi'1 sakt note is fully paid, ate-twelfth (1/12) of a sum erlua) to the
annual premium duet for fire, etrtended coverage, and t><her harard iraunnce including flood instrranre, emering the mortgagged property, ,
plus tares and ncsessmrnts next due ar the rrrortgaged property (all as estimated by Mortgagee) less all sums already Irairl therefex, and to be
divided by the number of months to elapse prior to the date when such taxes and assess,oaents shall becaae delinquent. Said stints shall be
held by I?fortgagee in tout or credited to the principal of the ban, to pay said insurance. taxes, and assessments sad shall 1te applied on the
payment thereof when due. Any excess held in trust by lltortgagee when said bin is paid in full shall be paid to Mort~,:agor, or his assigns,
or personal representatives. In the event of a defatilt or foreclosure, sakl sums held io trtut may be applied oa any coats of damages sustained
in connection with the collection of the note secured hereby vv}tetlrer by suit~eredostrre, or otherwise. Mortgagee may from time to time at
its opption waive, and after nay such waiver, reinstate arry o< all pravisiats requiring such deposits, by notice to Mortgagor in writing.
~l7tile any such waiver is is effect, llfatgagor shall pay taxes, assessments and insarance premitmu as herein elsewhere provided.
20. !1lortgator shall compl}r with the Qrovisions of any lease, if this wortgage is on a kaselroW. U this mortgage is on a oadominium Holt
mortgagor shall perform all of mortgagors obligations under the declaration
the conrlaninium project and constituent documents. Mort of ooodominirrm or master deed. the by-L1ws and regulatioru o~
gager further eoverranb that he and the association raporutbk (or the operation
of the oondomininm will observe aD of the provisiars of the said dedaratian and any amendments tlxreto, and of the Gondaninium law of
~ the state, and will perform all obligations thereunder; and a failure to do so w~rteh is not cured within 30 desyyss after notke g(vrn by the 1?iort-
^~¢ee to the mortgagor and the said association shall constitute a defatr>< under this inert 1lfortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisions of said declaration of condominium relating to insonnce
If cmenge.
21. Mortgagor further covenants noel agrces that at the r+egtrest of Mortgagee to famish a standard termite bond ir~t»riag damage
h}- infestation oa the buildings now or hereafter heated on the mortgaged praper~. in such amomts and tertas, and .with pony as
approved and required by ilfortgagee; and in the event Mortgagor does not canMY with this covenant Mortgagee shall Gave the same rig6cr
to obtain same as insurance coverage under coverwnt ~3 hereof.
22. That in the event that this mortgage is given to secure a constrndion failure on the p~r~ of the Mbctgayor or the Mort
contractor, architect, engineers, or sub•cantradors to comply with the terror of the Co~utlon Loan Agqrareena~ of even date her~ewgrth,
+vhic6 is by reference incorporated herein, shall, at the optkrn of the Mortgagee, carstitute a default hemrnder. t
23. If the mortgaged premises is other than a are to fav family dwelling, the Mortggaagor covenants and agrees that 6e will, not later
than thirty (30) days after the end of the fiscal year furnish unto the Assocation a oompkte sad accurate balance sheet and profit and bss
statement reflecting the Mortgagor's liabilities as well as profit and bas for the fiscal .and streh balance sheet and profit and bas state-
ment shall be Prepared by a certified public accountant licensed in the State of.Florid~and shall be certified as being correct by such oerti-
fled public atxxrtmtaat.
339 p~1197
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