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HomeMy WebLinkAbout1437 incorhe, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the grunting and hobendun+ clauses hereof, and such receiver shalt hove all the b?ood and effective functions and powers in any wise entrusted by o court to 0 receiver, and such appointment shall be mode by such court os an admitted equity and o molter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be without notice to any obligor hereunder. NINTH: The Mortgagor hereby waives all rights of homestead and exemption grunted by the Constitution and lows of Florida. It is specifically agreed that time is of the essence in this contract and that no waive. by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall of any time thereafter be held to be a waiver of the terms hereof or of the obligation secured hereby. TENTH: If all or any part of the above described property or an interest therein is sold or transferred by the Mortgagor, or his successor in interest, without the Mortgagee's prior written consent, excluding (oI the creation of o lien or encumberonce subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) o transfer by devise, descent or by ope?otion of low upon the death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, the Mortgagee may, of the Mortgagee's option, declare all the sums secured by this mortgage to be immediately due and payable. The Mortgagee shall hove waived such option to accelerate if, prior to the sole or transfer, the Mortgagee and the person to whom the above-described property is to be sold or transferred reach agreement in writ- ing that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured sy this mortgage shall be at such rote os the Mortgagee shall request. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, of its option immediately or thereafter declare this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged, or any port thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee, up to the.omount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid when due, shall be wbject, offer fifteen ()5) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon oral therewith, o "late charge" in the amount of four per tent (496) of the installment due upon each such delinquent installment, dnd wch "lute cFwrges" are secured by the lien hereof. FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for opplicotion to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in adddition to the monthly payments of principal and interest os stated in the original note (and in the note or notes secured hereby) provided to be made, pay o monthly sum and amount equal to one-twelfth (I / 12) of the estimated annual loxes, assessments and inwrance premiums upon the real estate security, as the amount thereof is determined from time to time by the Mortgagee. FIFTEENTH: That the Mortgagor shall furnish annually, at the request of the Mortgoge~e, financial statements in form and certified in a manner satisfactory to the Mortgagee. ~ SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extensions of the promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, and this mortgage is also intended to be and is a mortgage to secure payment of any and all future or additional advances mode by the Mortgagee of its option to the Mortgagor, or his successor in title, for any purpose, to the some extent os if such future or additional advances were mode on the dote of the execution of this mortgage, although there may be no advance mode of the time of the execution of this mortgage and although there may be no indebtedness outstanding at the time any advance is mode. All such advances are to be mode within twenty years from the dote of this mortgage, or within such lesser period of time as may be provided hereafter by law os opre-requisite for the sufficiency of actual notice or record notice of the option of future or oddi- tional advances os against the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness se- cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of any one time shall not exceed o maximum principal amount of FIFTY-SIX THOUSAND. THREE HUNDRED FIFTY AND NO/100 (S 56.350.0 ) plus interest thereon, and any disbursements mode for the payment of foxes, levies or insurance on the property covered by the ! lien of this mortgage, with interest on such disbursements. SEVENTEETH: This mortgage is subject to all of the terms of the Construction Loan Agreement of even date, the_same as if said agreement were set out herein in full. 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