HomeMy WebLinkAbout0162 0. 'l'o pe:rtonn, cvxnply with sal abide by each and every tdiptilalton. agrceu?aut, ey,net?t?on :uw cvvraaul iu wid praatssory note sex! deed
.~•t forth.
7, fn the event the jurisdiction of the U. S. DLvirict Cant shall be invokod Ly or against Ure Mortgagor u,xlrr any of the provisions of the
t•'e•clrral Bankn?ptey Act, such action. wheU?sr voluntary a iavuluntary on the of the \lotlgagw, stoat autarwlrcally. w+thrwt rruti~~. ??c-
.~•l.•rde the utatwity of all sums of wur?ey lx:rciu described atxl secured, and tl?e samo slwU thrmupour become due soft payablC fo+thwiQr
fully as it the said aggrabate sums of wormy were originally stiptdatetl to be paid on stx:6 date.
8. To deliver to said Mortgagee oa err before March 15th of cede year. tae receipts evidencing Uw payn?enl of all lawfully irnpoacd lases
for U?r prcti.•c~liug calendar year, anc~ to deliver to said Mort~ee, receipts evidencing the payrneut of all lien for public irnprovcments will?in
„inrty (410) days after the saute shall becotrw due aril payal,le, and to ppaay or disclrarRe within ninety (Jb) days after due date, any seed all
Kuvernnx•ntal levies that may be uwde wr tbs mwtitagcd pr rty, a? ti?is uwrigage or note, or in say other way resuttn?g (rwu tl?s [?furtgagr
uulebtetlness secured by this mort}~,age; and if this conditiar i,e not cr,mpGal with ant) performed, sail moriKal;?r may pay stxh sum or swm
~vl?ieh sl?all Ixxoa?a part o! the debt secun~cl by this a?mtgage, atxl shall liar interest at the default rata providee in v?irl puauiswry note
pa>ahle u,oathly until paid or said hfortKagce rosy elect that said mortgage debt thereupon become due arwl payal,k forthwith. -
9. It is further covenanted and agreed by said parties that In the event of a suit being instituted to foreclose this mortgage, U?e 1lfortgagee
shall be entitled to apply at any tiwe pending such fonrlosure s+?it to the court having jurisdiction thereof for the apppoint?nent of a receiver
of all and singular the worigaged pproperty, aril of all the nuts, incon?cs, profit, issues atxl revenues thereof, from wtwtsoever source derivcJ•
and thereupon it is hemby expressly covenanted atxl agreed that the court shall forthwith appoint a receiver of said roortl;agcd property, alb
and singular. and of such rents. incortrr^s, profits, issues arxf revcnrre thereof. from wlrrtsoevtr source derived, with the usual powers and
duties of receivers is Wee cases- 'and such appointment shall be made by sttc6 court as a matter of strict right to the Mortgagee, its suel~essors,
leggal representatives or assigns, and without reference to the adequacy or itndequacy of t1?e value of the property hereby mortgaged. or to the
+dveacy or insolvency of the Mortgagor. and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedr>as, coats and charges, accorclinq to the ceder a~f such court.
1Q If all or any part of the property or an interest therein is sold or transferred by mortgagor without mortgaged prior written rnnsent,
escludin (a) the creation of a lien or er?cumbrar?ee subordinate to this mortgage, (b) the creation of a purchase uwr?ey srctrrity interest for
househo~ appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) the grant of any
lcasebald interest of three years or less not rnntaining an option to purchase, mortgagee may. at its o~tio:r, declare all the s+u??s secured by
this mortgage to be immediately duo and payable. ;.tortgagee shall have waived such option to accelerate if, prior to ti?e sale or transfer.
mortKagce and tl?e person to whom the property Is to I,c sold or transferred reach agreement in writing that the credit of such person is sat-
isfactun• to Afortgagec and that the interest payable on the: sums secured by this mortgage shall be at such rate as Mortgagee shall rerµ+est.
11. That in the event the promises hereby mortgagctl, or any part thereof, shall be condemned a?,d taken for public use under the power
of eminent domain, the Mortga;.•ee shall have the right to demand that all damages awarded for the taking of or damages to said premises
shall be paid to the 1lfortgagee up to the amount there unpaid on this mortgage and at the option of the lfortgagce may be applied upon
the payments last payable t)tereon.
12. The mortgagor binds himself not to erect or permit to be erected any r+ew buildings on the premises I?ercin mortgaged mr to add to
or permit to he added to any of the euisting impro?•rments thereon or make any changes or alterations in said improvements which materially
chapge the same or the use thereof, without the written rnnsent of the Mortgag and m the event of any violation or attempt to violate this
stipulation this mortgage sad all sums secured hereby shall immediately become due and oolkctibk at the option of the Mortgages.
13. It is specifically agreed that time is of the esser+ce of this contract and that no waiver of any obligation hereunder a• of the obligation
secured hereby shall at any time be held to be a waiver of the ternu hereof or of the instrument sxursd hereby.
14. If forexlosure proceedin of any se+corxl mortga>;c or second trust deed or any junior lien of any kind should be instituted, the lliort-
gagee n?ay, at its option, im lately or thereafter declam this nwrtgage atxl the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the a:tent of the indebtedness of the ;?tortgagor to the Mortgagee described herein or secured hereby the ~iortga ee is hereby
.ubro feel to the lien or liens and to the rights of tl?e owners and holders thereof of each and everyry mortgage lien or other ir?ct?m~rance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan escribed herein or secured hereby
aril the respective lieru of said mortgages, liens or other inc?rmbiantxs~shaU bs and the same and each ~ them hereby is preserved and shall
pass to and be held by the Mortgagce herein as security for the indebtedness to the Mortgagce herein described or hereby secured, to tt,e same
extent that it vaouW have been presen+ad and wo?rkl have been passed to aril been held by the Mortgagee had it been duly and regularly
~,scit;nctl, transferred, set over and delivered unto the 1lfortgagce by separate decd of assignment notwithstanding the fact that the same may
he satisfied and cancellxl of record, it being the intention of the parties heretp that the cams will be satisfied and cancelled of record by the
holders thereof at or about the time of the recording of this n,artgage.
16. To pay all and singular the costs, charges and a:penses, including lawyer
s fees, reasonably incurred or p:?id at any time by the \tort-
tia,ee, lxcause of the failure of the Mortgagor to perform, comply with ,and abide by each suet every the stipulations, agreements, rnnditions,
and covenants of said promissory note and this decd, of either, ant) every -such payment shall bear interest from date at the default rate pro-
. i•lecd in said promissory note.
17. When any amount of to be-paid by the I?fortgagor to the Mortgagee under the terms hereof shall he in default, or should the
\tortstagor default in any of Cher teens, provisions or conditions of this Mortgage, then aril in that case the bortgagee shall have the
ricl,t, without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues area
profits of the real estate hereby nwrtgaged aril the improvements thereon, and to give proper receipts aril acquittances therefor, and after
navin~ :?11 commissions of any rental agent eollectinK the same, sera any reasonable attorneys fees and other r?ece~sary ezpcnsex incurred in
ohertin~ same, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the I?fortgagor hereunder. The
~iti!ht ~rantecl•the \fortgaQce urxler this paragraph shall F+e in addition to, and shaU,rnot limit or restrict, any other right or rights granted the
~tort!,a„ce in this Mortgage.
18. If the Mortgagors at the time of making this *,fortgage or subs-quent thereto take out life insurance dexit~natmg the \fortpagee herein
,c l,eueficiary with a company approved by the \Inrtgagee or assigns policies to the Mortgagce for the purpose of securtyn; the mortgsge loan
!.••rchv secuued, then the Afortgas;rr shall hwp the right to pay any ppremimm accruing under skid policies, sort all sums s!, expended shall be
a~ich•rl to and lx•cmn?e a part of the principal irxlebtexln~s~ ~ernnYl by this Mortgage and shall be paid by the Mortgagor to the ifnrtgakee
in hvehe erp+al rnnsecutice mond?1q installments, the first monthly instalbnent to be paid as a part of and in addition to the monthly p:?y,nent
d„e under this ~tort,aze in ti?e First calendar month following t1?e e~perxling of said sum. Such sums so eipendecl to bear interest at the rate
at which inteetst is payable upon said principal indebtedness aril the lien of this Mortgage shall attend to seed secrus the sums so expended
tnce•iher with interest thereon as hereinl,efore provided.
l9. At mortgagees•option, together with and in addition to the monthly payment of rirrcipal and interest payable ur+clr•r the terms of the
note secured hemby. Mortgagor shall pay to Mort~ager each month until said note is (ally paid, one-twelfth (I/12) of a sum equal to the
annual pn•mium due for fire, eztended corcrage, and other hazard insurance inchxling flood insurance, covering the mortgagee) property,
plot taz,s and assSessments next due on the mortga~,ed property (all as estimated hY Mortgagee) less all sums almady pai•1 therefor, and M be
divided by the member of months to elapse prior to the date when nrch taxes and assessments shall become delinquent. Said sums shat) he
held by llfartgagee in trust or creditccl to the principal of the loan, to pay said insurance, taxes, and assessments and shall Ix• applicr) nn the
payment thereof when due. Any excess held in tout by Mortggaagee when said ben is paid in full shall be paid to Mort::agor, mr his assigns,
or personal representatives. In the event of a default or forecbsure, said sacra held in trust may be applied on any costs of damages sustained
in connection with the collection of the note sex;?uerl hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
its oplion waive, and sleet any such waiver, reirntate any or all provisions ~ereof requiring such deposits, by notice to I?fortgrgor in writing.
t~'hile :my such waiver is in eiEect, 1?fortgagor shall pay taxes, acse~srr?ents and insurance premiums as herein elsewhere provided.
20. ~fn:tgaeor shall comply with ti?e Qrovisions of any lease, if this mortgage it on a leasehold. If this mortgage is on a condominium unit, 1
mortgagor sh.•tU perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regrrlatioirs of
the condominium project and constituent documents. \tortt;agor further covenants that 6e and the association re. ihk for the operation
of the condominium will observe all of the provisions of the said declaration and any amendments thereto, and of the Corxlominium law of
thr• state, and will perform all obligations theretrnder• and a fa0nre to do so wf?ich is not cured within 30 days after notice given by the \fort-
e:?gec to the mortgagor and the said association shall rnnstih?te a default under this mortgage. Mortgagor farther specifically covenants, but not
by :vay of limitation, that lee and the acsociatitra will obsern all of the provttiorn of said declaration of condominium relating to insurance
coverafte.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to famish • standard termite I,orrd insuring a ant damage
by infestation oo the buildings now or hereafter bated oo the mortgaged properrttyy in such amounts and terms, and with such company as
approved anti required by Mortgagee; and in the event 1?fortgagor does not rnr»pFy'with this covenant Mortgagee shall have the same rights
to obtain same as insurance coverage under onvenaM 1t3 hereof.
?.2. That in the event that this mortgage is given to secure a rnrrst nrctlon loan, failure oo the part of the Mortgagor or the Mortgagor s
contractor, architect, en4tineers, or sub-contractors to comply v<~dr the terms of are Corrstrrretion Loan Aprcemer+t of even date herewith,
.vh;ch is by reference incorporated herein, shall, at the option of the Mortgagee, constitute a default hereurxler.
23. If the mortgaged premises is other than a one to four family dwelling, the Mortgagor covenants suet agrees that 1?e will, not later
than thirty (30) days after the end of the fiscal year furnish unto the Association a complete and accurate I,alar?ce sheet ar?el profit sal bas
statement refkctinq the MortKagor's liabilities as well as profit and loss for the fiscal year, and such balance sheet and profit aril loss atatr-
ment shall be prepared by a certified public accountant lice?ued in the State of Florida, and shall be certified as being correct by etch certi-
fied public aocorwtatu. - '
sua~340 ~u~ 1~~
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