Loading...
HomeMy WebLinkAbout0384 8. 7b Ilrrfarrrr, comply with and abnds by each and every Wpttlatloo, agreement, ccwdrtrou noes wveaant in said promissory note acct deed set forth. 7. to the event the jurisdiction of the u. S. District Cant shall be Involved by or irrtt the I?lortga under any of the provlsioru o[ tbs l:etl.•r:i) Bankruptcy Act, such action, whether voluntary a involuntary on the pad of the 1?lortgagor, atwU autoJUaticaUy, without uuUcr, as c•elcratc the maturity of aU errors of money herein described and secured and the tame shall thereupon become due acct payable torthwitli as fully as if the said aggregate. sums of money were originally stlpulatetl W bo paid oo :rich date. 8. To deliver to raid Mortgagee. oa or betas Mardi 15th of each year. tax reatipb evidencing the payment of all lawfully imposed trzas for the preceding calendar year, and to deliver to saki Aortgagee, receipts evIdencing the payment of all liens for public Improvements within ninety (I10) dada after the same shall become due and payabb, and to pay or discharge within ninety (fl0) days alter due date, any and all quvrrnmcatal levies that nwy be mach on the nwrtgaged Pmpvrty, ao this uartgage or note, a In any other way resulting fraru the Mortga~ indebtedness secured by this mortgage: and IE this condition lie not complkd wIt6 and performed, said mortgagee may pay such sum or sums which shall Ixtiome part o[ the debt secured by this mortgage, and sluiU Deeaar interest at the de[ault corn provided in said pranissory note pa~•abk monthly until paid or sold Ilfortgagce may elect that said mortgage debt thereupon become d4a and payabb forthwith. 9. It is further covenanted noel agreed by sold partles that in the event of a salt being instituted to foreclose this mortgage, the Mortgagee shall be entitled to apply at any lima pending such forec:laturs twit to the avert having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged p rty, and of all the rents, incoriies„ profib, tattier and revenues thereof. from w tsoever source derived- arid theeeu,-con it is hereby e:pressly~oovananted oral agreed that the court shaD .forthwith appoint : receiver M said mor4;aged property: al~ and siri~trlar, and of such rents, intor~ profits, issues and revenue thereof, from whatsoever source derived. with the usual powers and duties ooft receivers In libe a+ses; and s~rch appointment shall be made by such court as a matter of strict right to the Mortgagee, ib successors, le~al representatives or essigm, and without reference to the adequacy or inadequacy of the value of the property hereby mwtgaged. or to the so veacy or insolvency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be app ' by such receiver to the pay- ment of the mortgage indebtedness, cosh and charges, acconiing to the order of such court. 10. If all a any part of the property ~ an Interest therein is sold a transferred by mortgagor without mortgagee's prior written consent, e:cludin (a) the creation of a live or encumbrance subordinate to thin a (b) the creation ~ a purchase rnoriay security interest for hotuehol~ appliances, (e) a transfer by devise or descent, or by operatiat of Lw~npoo the math of a )ofnt tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, uwrtgagee may, at its ooppttion, declare all the suirts secured by this mortgage to be immediately due and payable. I?torigagee shall have waived such option to aooelerate if prior to the sob or transfer, mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that rite credit of such person is sat- isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate az Mortgagee shall rerluest. 11. That in the event the premises lterel,y mortgaged, or any part thereof, shall be condemned and taken public use under the power of eminent domain, the Mortgagee shah have the right to deutand that all damages awarded for the taking of or damages to said premises shall be pakl to the I?lortgaggeeee up to the aniotrnt then unpaid on this mortgage and at the option of the Mortgagee may be applied upon the payments last payable tltereoat. 12. The mortgagor binds himself not to erect or permit to be eructed any new buildings on the premises herein mortgaged or to add eo or permit to he added to any of rite existing improvenrenb thereon or make any dwnges or alteratioru in said improvements which materially change the sane or the use thereof, without the written consent of the Mortgagee and in the event of any violation or attempt to violate this stipulation this mortgage and all sums secured hereby shall immediately becarie ~ue acct eollectibk at the option of the Mortgagee. 13. It is specifically ab~eecl that time is of the essence of this contract acct that oo waiver of any obli tip hereunder a of the obligation secured hereby shall at any time be held to be a waiver of the temu hereof or of •the instrument secured hereby. 14. if foreclosure pmcceddings of any second mortgage or sernnd trust decd or any junior lien of any kind should be instituted, the Mort- gagee may, at its option, im rarely or thereafter declare this uwrtgage acct the indebtedness sxured hereby due and payable forthwith, and may at its option proceed to foreclose this mortgage. - 15. To the eztent o[ the indebtedness of the \fottgagor to the 111ortgagee described herein or se-cured hereby the" Mortgaggeeee rs hereby ;ubroga~ed to the lien or lieru and to the rights of the ov::iers and holders thereof of each and everyry mortgages lien a other irtcumbrarrce on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of We ban described herein ur secured hereby and the respective liens of said mortgages, liens or other incutnbrances shall be acct the same and each of them hereby is preserved aril shah pass to aril be held by the Mortgagee herein az securi for the indebtedness to the Mortgagee herein described or hereb secured, to the same t•xtent that it would have been presencd and would have been passed to and been held by the Mortgagee 1?ad it been duly arwl regularly assigned, transferred, set over and delivered unto the 1lfortgagee by separate deed of assignment notwithstanding the fact that the saute may be satisfied and cancelled of record, it being the intention of the parties hereto 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. 18. To pay all and singular the costs, charges and expenses, including la era fees, reasonably incurred or paid at any time by the 11fort- eacee, l?ecatise of the failure of the 1liortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditioaz, and covenants of said prorrrissory note and this deed, or either, and carry such payment shall bear interest from date at the default rate pro- ~"idccl in said promissory note. 17. When an~ amount of monry W be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or should the Mortgagor defau t in any of the other terms, provisions or conditions of this Aortgage, then and in that sue the 1?tortgg~gee shall have the ~i~ht, without notice to the I?tortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and profits of the real estate bereby mortgaged and the improvements them and to give proFer receipts and acquittatrces therefor, and after payying all commission4 of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in :•ollcrting same, to apply the proceeds of such collections upon any indebtobligatioo or liability, of the Mortgagor hereunder. The right grouted the Mortgagee under this paragraph shall be in addition to, and not limit or restrict, any other right or rights granted the ~lortgager in this Mortgage. i 18. If rite I?lortgagors at the time of making this Mortgage or :v aces thereto take out life insnrarice designating the 1lfortgagee herein as beneficiary with a company approved by the Mortgagee or assigns pities to the Mortgagee for the purpose of securing the rnortgaga loan h~•reby secured, then the !Mortgagee shall have the right to pay env premium accruing ender said policies, and all sums so expended shall be added to and become a part of the princr~] rndelitedness secured by this Mortgage and shall be paid by the Mortgagor to the llfortgagee in haelve equal rnntectttive monthly imtalrmenb, the first monthly installrrxrit to be paid as a part of acct in addition to the monthly payment clue under this btortgat;e in the first calendar rrtonth following the erpendiag of said sum. Such sums so expended to bear interest at the rate at which interest 8 payable upon said principal itxlebtedness and the lien of this Mortgage shall extend to and secure the sums so e:perrded tos_ether with interest thereon az bereinbefore provided. 19. At mortgagee s option, together with and m addition to the monthly- payment of pnncipal and interest payable under the ternas of the note secured hereby, 1lfortgagor shhaall psy to Mortgagee each month until said note is ftrUypaid, ono-tvrelfth (1/12) of a sum equal to the annual premium dire for fire, ertended cmerage, and other hazard insurance including flood insrrranoe, arvering the mortgaged Property, plus taxes and assessments Wert due on the mortgaged p (all as estimated by Mortgagee) less all sums already paid therefor. and to be divided by the number of rriontlu.to elapse prior to the da n such tares and ass meats shall becoate delinquent. Said sums shall be held by Mortgagee in trust or credited to the principal of the loan, to pay said insuranc0. lases, acct assessment: and shall ba applied on the payment hereof when due. A~ excess held In snot by I?tortggaagee when tall ben b pall in full shall be paid to Mortgagor. or his assigns. or personal represenbtives. In the event of a default or foredoaure, said sums Geld in trust may be applied on auy co:a of damages stutainal in connection with sire collection of the note secured hereby whether by suit, forafosure,.e otherwise. 1lfortgagee may from time to time at t its option waive, and after any such waiver, reimtate any or all provisions hereof requiring tudr deposits. by notice to lliortgagor in writing. «'hile any such waiver is in effect, Mortgagor shall Pry fazes, assessmenb and imrrrance premiums as herein elsewhere provided. a 20. :lfortgaeor shall armply with the provisions of any kale, if this wortg~ge is a! a leasehold. Tf this mortgage is m a condominium unit 1 mortgagor shall perform all ~ mortgagor s obligations under the dedaratlon of ooodouoinium or master deed. the by-laws and rcgulatioras o~ the cor?dominitrm project std eorsstitueM docurrienb. Mortgagor further eoveaanb that he and the association ra~o~rbk (or sire of the condominium will observe alt of the provlsiom of the said declaret~, and any ameadmenb thereto, acct of the Candominium~lawti~ the state, and will perform aD obligations thereunder; and a fallnre to do to sv6kh fs not cured vrithln 30~ifter notice given by the Mort- ~ ranee to the mortgagor and the said assodation shall constitute • default under t1rl: mortg~e Mortgage spedEically covenants, bet riot ~ by way of Umitatlorr, that he and the association will observe aD of the provislooa of srid declantton of condomidrrrn relating to ir~snrance coverage. 21. Mortgagor further ooveaatib and agrees that at the request of Mortgagee to famish a shndard termite bad Insuring damage by infestatiori on the buildings now a Hereafter boated on the tmortgrtged p , in strclr amounb and terms, and with pony as approved and required by Mortgagee: and in the event 1lfortgagor does not ~ with this covenant Mortgagee shall have the tame righb , to obtain same as insurance arverage under amrrrM ~3 hereof. 22. That in the event that this mortgage b given to secure a coastrnctim facture on the part of the Matga or or the Mortgagors contractor, architect, enginaxs, or sub-contractors to amply with the terms of the Comtrnrdon Loan Agreement ~ even date herewith, avliich is by reference incorporated herein, shall, at the option of the Mortgagee, oorr:iitute a default ha~eunda ! 23. if the mortgaged premises fs other than a one to Farr family dwelling, the Mort gor oovenanb and agrees stint he will, not later than thirty (30) days after tlx end of the fiscal year famish unto sire Association a one and accurate balance sheet and prdit and bat k statement refbcting the Mortgagor's liabilities as we~ as profit and bet fa the fiscal ,and auc:h balance shoes and profit and kiss state- meat shall be prepared by a certified public accountant llaersed in the State of Florld~rand shall be eertiffal as beinpt axrect by such certi- fied publb aooountssoR. X341 P~ 384 - ~~Y q, _ - ~ , - ~ _