HomeMy WebLinkAbout1221 e. 1o prr(onu, cotuply with and abide by each cad every WgtlWoa, agrueua;ot, Wadepon acre euvetunt in said prantssory mole aced deed
u•t forth.
i. !n the event the jurisdiction of the U. S. District Court sbaD bs invoked by or against the Moctgagor_unrier any of the provisions of the
t•'cYl?•ral 8ankrupt~y Act.:uch action. whether voluntary a involuntary oa the past of the Atortgagur, ssttrwapU autwaatically, without uutrcu. as
~rl~~ata die awturity of all sutra of narrey herein described and secured and tLe same shall thereupon ba.•ome due and payable (orU?witlr
:u fully as iE the said aggregate suau of money were originally stipulatrtj to be paid on such date.
8. To deliver to said Mortgagee. oo nr beforo Afarch ISth of each year. tar receipts evidencing the payment of all lawfully imposed tares
for die pircediag calendar year. and to deliver to said Mortgsgee, receipts evidencing rho payment of all lieru for pubLe iuipmvernonts wrth?n
r?inety (410) dada after the same shall beeara dire and payabb, and to pay or discharKe within ninety (90) days after due date, any and all
gus•rnttrx•ntal testes that may be trade un the utatgaged p rty, rxt this mortgage~or note. a in nay otl?er way resulting from the Murtg:ige
inlubtcdriess secured by this mortgage; and iE this condition t,e not complied with and performed, said mortgagee maY paY such sum or scans
which shall liccw»e part of tl?e debt securer! by this nwrtgage, and s1iaU brar intemst at the default rate provided in said prwniswry note
pa~~abM uanthly until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith.
rJ. It is furtl?er coveorented and agreed by said partks that in the event of a suit being instituted to foreclose this mortgage, the Mortgagee
shall be entitled to apply at coy Bute pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver
of all and singular the mortgaged property, and of all the rents, iucwucs, profi issues and reveaites thereof, from whatsoever source derived•
and thereupon it is hereby expressly oovenaated and agreed that the court abaU forthwith appoint s receiver ~ said nwrtl;aged property, a>j
and singular. and of suds refits, profits, issues and resrnne thereof. from whatsoever source derived, with the usual powers and
duties of receivers in Wee cases; six t appointment shall be made by such court as a matter of strict right to the Afortgagoe, its successors,
!e representatives a assigns. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or insohency of the Mortgagor, and that such rent, profits, in issues and revenues shall be applied by such receiver to the pay-
memt of the mortgage indebtedness, costa cad charges, acconiing to the ceder of such court.
!0. If all or any part of the property a an interest therein is sold or tranderred by mortgagor without mortgagce
s prior written consent, -
e:cludin (a) the creation of a lien or encumbrance subordIoate to this mortgage. (b) the creation of a purdtase Haney security interest for
hoirseb~ appliances, (c) a transfer by devise or descent, or by operation of law epee the death of a joint tenant, or (d) the grant of any
leasehold interest of three or less not containing an option to purchase, tnwtgagce may. at its ooppttea?, declare all die sums secured by
this rnortgage'to be i lately due and payable. Mortgagee shall !rave waived such option to aecekrate if prior to the sale or transfer,
nrortgagce and the person to whom the property is to be sold or traruferred reads agreement G? writing that t}te credit of such person is sat-
isfactory to Mortgagee aril that the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall rr•rtuest.
11. That in die event the premises lierel?y mortgaged, or any part thereof, shall be condemned and taken for public use under rho power
of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for die taking of or damages to said premises
shall be paid to the Mortgagee up to the amount then impale! on this mortgage and at the option of the Mortgagee may he applied upon
the payments last payahk thereon.
1S. The mortgagor binds himself not to eruct or permit to be erected any new buildings on the premises herein mortgaged or to add to
or permit to he added to any of the existing improvements thereon or make any daamges or alterations in said improvements which materially
chapge the seine or the use thereof, without the written consent of the Martgsgee, and in the event of any violation or attempt to violate this
stipulation this mortgage cad all sums secured hereby shall iaunediatcly bececonre due and colkctibk at the option of dte Mortgagee.
13. it is specifically agreed that time is of the essence of this contract and that no waiver of any ob ' rice hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terms hereof or ~ the instnttnent hereby.
14. if forecbsure proceedinggss of any second nartgage or second trust deed or any ju~nar lien of any kind shadd be instituted, the Mort-
¢a•~ce may, at its option, iinmecfiately or thereafter declam this nartgage and the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
l5. To the extent of the indebtedness of the Mortgagor to de Mortgagee described herein or secured hereby the Mortgagee is hereby
uhro ated to the lien or liens and to the rights o[ the owners ud holders thereof of each and every mortgage L'en or other incumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of die lean described herein or secured hereby
and the respective liens of said mortgages, liens or other incumbrances"shall be and die same and each of them hereby is preserved and shah
pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagce herein described or hereby secured, to tl?c same
extent that it would have been preserved and would have been passed to and been Geld by the Mortggaagee had it been duly and regularly
assigr?ed, transferred, set over and delivered unto the Mortgagee by separate decd of assignment notwitMtandinq the fact that the same may
he satisfied and car?ceUV+d of record, it being the intention of the parties hereto that the same will be satisfied and cancelkrl of record by the
holders thereof at or about the three of rite rrxording of this mortgage.
18. To pay all and singidar the costs, charges and expenses, including la er's fees, reasonably incurred or paid at any Hine by the Mort-
eager, l,ccause of the failure of the Atort gor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
p ry this deed, or either, and eve payment shall bear interest. from date at the default rate pro-
~ and covenants of said romisso note a ry such
~I ~~idr~d in said promissory note.
I 17. Nhen any aaaunt of money to be paid by the Aortgagor to the Mortgagee under the feints hereof shall be in default, or should the
Mortgagor default in any of the other terms, provisions or conditions of this Mortgage, then and in that case the Aortgagee shall have the
right, without notice to the Mortgagor, to rn ect cad receive from any tenant or lessee of said mortgaged premises die rents, issues and
profits of the real estate hereby mortgaged and the improvements dicreon, and to give proffer receipts and acquittances therefor, and after
pa~)•ing all rnmmissions of any rental agent rnllecting the same, and any reasonable attorneys fees and other necessary expenses incurred in
collcc•ting sanrc, to apply the proceeds of such rnllections upon an indebtedness, obligation or liability, of the Mortgagor hereunder. The
-ieht granted die 4ortgagee ender this paragraph shall be in addition to, and shaD not limit or restriM, any other right or rights granted the
tortgagee in this Mortgage.
18. If the Mortgagors at the time of making this Mortgage or subs_-~gguent thereto take out life insurance designating the Mortgagee herein
as l,eneficiary with a company apprmed by the Mortgagee or assigns policies to the Mortgage for the purpose of securing the mortgage loan
h~•rchv secured, then the Afortgagee shall have the right to pa}• any premium accnring under said policies, aril all sums so expended shall l,e
addr~ to and 1?ecome a part of the principal indebtedness securr•rl ?,y this Mortgage and shall be paid by the Aortgagor to the Alnrtgaeee
in tsrclve equal rnnsecutive monthly installments, the first nanthly installment to be paid as a part of and in addition to the monthly paynrcnt
due under this Afortr;age in the first calendar month following the espendiag~
~ .Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of gage shall e:ttad to and secure the sums so a:perrded
toeether with interest tlreremi as hercinbefore provided.
1~. At mortgagees option, together with and in additiat to the monthly payment of principal acrd'interest ppaayable airier the terms of the
n„te scarred hereby, Mortgagor shall pay to Mortsagee each marsh until said note is fully paid, one-twelfth (I/!2) of a sum equal to the
annual premium due far fire, extended cmerage, and other hazard insurance including food insurance. covering the mortgaged property,
plus fazes and assessments nit dire on the mortgaged property (all as estimated by Aortgagee) less all sums already paid therefor, and to be
divided by the number of months to elapse prior to the date when such taxes and assessments shall become delinyueot. Said sums shall be
held by Mortgagee in tnsst or credited to the principal of the lance, to pay said insurance, tares, and assessments and shall Le applied mt the
payment thereof when due. A~ excess held in trust by Mortggaagee whey said loan is paid in full shall be paid to Mortgagor, or his assigns,
or personal representatives. In the event of a default or foredosure, said :erns held in taut tray be applied on any costa of damages srutained
in cvnnectioo with the collection of the note secured hereby whether by suit foredoaure, or otherwise. Mortgagee may from time to time at
its oopption waive, and after any such waiver, reinstate any or all provisions ~ereof requiring such deposits, by notice to Mortgagor in writing.
tVhile any such waiver is in effect. Afortgagor shall pay taxes, assessmeab and iasuraaoe premiums as herein elsewhere provided.
°_0. AG,rtgaCor shall comply with die pprovisimu of any lease, if this wortgage is on a leasehold. If this mortgage is on a eorrdominium unit
mortgagor shall perfonn all ot~ mortgagors obligations under the declaration of oondomidum or master deed, the by-laws and regulatiau o~
thr• eordomininm project and constituent documents. Aortgagor further covenants that 6e and the assoctiation res~or~il,k for the operation
of the condominium will observe all of the provisions of the said declaration and nay amendments thereto, and of the Condominium law of ,
the state, and will perform all obligations thereunder; and a failure to do so w~tich is not cured within 30 days after notice given by the A1ort- !
eacr•e to the mortgagor and the said association shall constitute a default under this mortgage Mortgagor further specifically covenants, but not
by .vay of limitation, that he and the association will observe aD of the provisions of 'said decLration of condominium rrlating to insurance
coverage.
21. Mortgagor further oovaiants a»3 agrees that at the request of Mortgagee to furnish a standard termite bad insuring a damage
by infestation on the buildings now or hereafter located on the mortgaged property. in such amouob and terms, and with puny as
approved and required by Mortgagee; and m the event Mortgagor does not comply Frith this ooveoant Mortgagee shall have the same rights
to ul,tain same as iruuranoe covenge• under otrvenant ~3 hered.
22, That in the event that this mortgage is given to secure a corutrnetion long failure on the past of the Mortgagor or the Mortgagors
contractor, architect, eng4neers, or sub-contractors to comply with the terms of the Corutntetitioo -I~.~o~an~ Agreement of even date herewith,
which is by reference incorporated herein, shall, at the option of the Mortgagee, cautitute a defauh hereunder.
23. If the mortgaged premises is other than a one to four family dwelling, the Mortggaagor "covenants and agrees that be will, not later "
than thirty (30) days after the cad d the fiscal year furnish unto the Assoclation a complete and accurate balance sheet and profit and less
statement reflecting the Mortgagor's liabilities as welt as profit and loss for the fiscal ,and such balance sheet and profit and bas state-
ment :ball be prepared by a certified public accountant licer?sed in the State of Florida~ard shaD be certifier! as being correct by such certi-
fied public accountant. e~~~ cc~~
b~f ~ Pa6f 1~~
-
. - -
4