HomeMy WebLinkAbout0390 e. To pcrfonn, comply wiUt and abide by each sad every stipulation, agroearunt, cwrdrtron and covenant in said pranrssory note aud.deed
sPt forth.
7. la the event the jurisdictiot? of the U. S. District Court :ball be lnvokod by or against the Martaagor under nay ai the provisions o[ the
Fed.•ral Bankruptcy Act. such actioD, whether voluntary a involuntary on the past o[ the I?fortgagor. stroll autouiaticaUy. v~ntlwut rwticu, a~~
~rl.•rrta Ure maturity of all awes of awney boreia described std scoured anti the snore sluill thereupon become due and payabh, fortltvriU,
as fully as if the said aggregate sums of money were orlgGraUy stipulstet~ to be pakl w such date.
8. To deliver to said Mortgagee oo m before March 15th of each Year. tar ceoeipta evidencing the payment of all IawiuUy imposed wzc+s
for the prrcvxling calendar year, nary to deliver to said Mortg~goe, receipts evidencing the payment of all lieru for public improvements w,thur
ninety (4w) dais attar the same shall became due and payable, and to pay or discharge within Dinety (f10) days niter due deco. any and all
Kovcrnmcatal levies that may be made on the arortgagrd p rty, an this mortgage w note, or in any other way resulting Erna Urn I?furtgage
rndebterlness secured by this mortgage; and iE this conJitioa t?e not complied with and perfomral, said mortgagee may pay such sum or sums
which shall lxrorrre part•o( the del,t secured by this Dwrtttage, and shall hear L,terest at the de[ault rate providrd in safd promissory note
payable moDtdtly until paid or said Mortgagee may elect that said mortgage debt thercupoo become due and payabb forthwith.
9. It is further rnvenanted and agreal by safd patties that !n the event of a suit being instituted to forecbse this mortgage, the Mortgagee
shall be entitled to apply at nay time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver
of all and singular the mortgaged y, and of all the mots, incomes, profits, issues and revenues thereof, from whatsoever source derivrd•
and chorea grope shall forthwith appoint a receiver of said narty,aged P~rtY.
pen it is hereby expressly oovenantcd and agreed that the court a1~
and ain~tdar, and of such rents, ' profits, issues and revenue thereof. from whatsoever source derived, with the usual powers and
duties ooff receivers in like cases; ands appoiatmeat shall be nude by such court a: a matter of strict riitht to the I?fortgagee, its stxxessors.
ley rcpre~entatfves or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solveDCy or insolvency o[ the Mottgajsor, sad that such rent, profits, income, issuer and revenues shall be applied by such receiver to the PaY-
meat of the mortgage indebtedness, costs aDd charges, according to the order of such court.
10. if all ~ any part of the property or an interest therein is sold or trans[erred by mortgagor without mortgagee's prior written consent,
e:cludin (a) rho creatioD of a lien or encumbrance subordinate to this mo ge, (b) the creation of a purchase money security interest for
household appliances, (c) a transfer by devise or descent, or by operation of~w neon the death of a joint tenant, or (d) the grant of any
leasehold interest of throe years or less not containing an option to purchase, mort may. at its.o~trar, declare all the sums secured by
this mortgage to be immediately due and payable. Mortgagce shall love waived such option to accelerate if prior to the sale or Lrarufe~,
mortgagee and dre person to whom the property is to be soW or transferred reach agreement in writing thaC t~re credit •o[ such person is sat-
isfactory to 1lfortgagce and that the interest payable on the sums secured by this dartgage shall be at such rate as Mortgagee shall inquest.
11. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned aril takeD for public use under the power
of eminent domaiD, the Alorlgagce shaD hair the right to demand tlwt all damages awarded for tiro taking of or damages to said premises
shall be paid to the Mortgaggce up to the amount rhea unpaid on this mortgage and at the option of the Mortgagee may be applied upon
the payments last payable thereon.
12. The mortgagor binds himself rest to erect or permit to be erected any new buildings on the premises herein mortgaged or to odd to
or permit to I,e added to :ray of the existing improvements thereon or make any ctwn or alterations in safd improvements which materiaDy
~han~te the same or Ure use thereof, -without tbe written content of the 1lfartgagec and in the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby ihall immediately become ~ne and ooDectibk at the option of the 1ltortgagce.
13. It is sprrifically agreed twat time is of the essence of this contract and that no waiver of any obligation hercwtder or of the obligation
.ecured hereby shall at any time be held to be a waiver of the terms hereof or of the iastrurnc-rat secured hereby.
!4. If foreclosure procee,ings of any second mortgage or second taut deed or asy junior lien of any lord should be instituted, tbe Mort-
gagee nay, at its option, immcdutely or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
may at its option protted to foreclose this mortgage.
15. To the extent of the indebtedness of the ??fortgagor to Ure Mort described herein or secured hereby the I~tortgagee is hereby
-ubrogatecl to the lien or liens and to the rights of the owners and holders t~f of each and every mortgage lien or other irrctun rance on the
land described herein which a paid and/or satisfied in whole or in part out of the proceeds of the ban deescribed herein or secured hereby
and the respective Ueru of said mortgages, lieru or other incumbrar~es shaD be and the same and each of them hereby is preserved arrd shall
pass to and be Geld by the Mortgagee herein as security for the indebtedness to the Mort agce herein described or hereby secured, to We sarrxr
extent that it would have been presened and would have been passed to and been hel~ by the Mortg-ogee had it l,eerr duly and regularly
rssignecl, transfcned, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
I,c satisfied and cancell~l 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 ti1DC Of the rooording Of this mortgage.
16. To pay all earl singular Ure costs, charges and expenses, including la er's fees, reasonably incurred or paid at any tune by the I?fort-
+;a~.
ee, because of the failure of the Mortgagor to perform, rnmply r<~th and abide by each and every the stipulations, agreements, rnmlitiont,
an(1 covenants of said promissory note and this deed, or either, arNl every such payment shaD bear interest from date at the default rate pro-
~ iderl in said promissory note.
11. When an amount of mo~~y to be paid by tLe Mp~agor to the I?fortgagce under the temp hereof shall be in default, or should the
Mortgagor default in any of the other terms, prov~~ioat or conditions of this I?iottgage, then and in that case the Mortgagee shaD have the
right, v?~thout notice to the 1ltortgagor, to collect and receive from any tenant or lessce of said mortgaged premises the rents, issues and
` profits of the real estate hereby mortgaged and the improvements thereon, and to give projrer receipts and acquittances therefor, and after
f payyinfi all commissions of any rental agent rnllecting Ure same, and any reasonable atton?ey s fees and other necessary experues incurred in
collecting same, to apply the proceeds of such collections upon an indebtalDess, obligation or liability, of the Mortgagor hereunder. The
-i~ht granted the Mortgagee under this paragraph shaD be iD addition to, and shall oat limit or restrict, any other right or rights granted the
j Mortgagee in this Mortgage.
I 18. If the ?lfortRagors at the time of making this I?fortgage or su~uent thereto take out life in_n.~.+ce designating the Mortgagee herein
as t,eneficiary with a company approved by the Iltortgagee or assigns policies to the Mortgaggce for the purpose of securing the mortgage ban
f:~~rehp secured, then the 1lfortgagee shaD have the right to pay any premium aecrrring mrder said policies, and aD sums so expended shall be
added to and become a part of the principal indebtedness secured ~y this 1?fortgage and shall be paid by the Mortgagor to the Mortgagee
i:. t~°elv4 equal rnnsecutive moDthly instaDments, the first monthly installnrerrt to be paid as a part of and in addition to the monthly pa)tinent
clue under this Mort~~age in the first calendar moDth following the expending of said sum. Such surm so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness-and the lien of this Mortgage shaD extend to earl secure the sum so expended
to~cther with interest thereon as hereinbefore provided.
19. At mortgagee
s option, together with sod in addition to the monthly payment of principal and interest payable under the -terms of the
note scarred hereby. Mortgagor shall Qav to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum eerq~ual to the
aronral premium due for fire, extended coverage, and other hazard insurance including flood insurance, covering the mortgaged Property,
plus taxes and assessments neat due on the mortgaged p (all as. estimated by Mortgagee) less aD some already paid therefor, and to be
divided by the numl,er of months to elapse prior to the dat?eD such taxes and auesvneats shall become delinquent. Said sums shall be
held by Mortgagce in tout or credited to the principal of the ban, to pay said insurance, tares, and assessnreats and shall be applied on the
payment thereof when due. A~ excess held in trust by Mortgagee when said ban b paid in fuD shall be paid to Mortgagor, or hit assigns,
or personal representatives. In the event of a dehult or foreclosure, said sums held in trust may be applied on any mats of damages sustained
in connectioD with the ooDection of the note secured hereby whether by snit~foredeaure, or otherwise. Mortgagee may from time to time at
'ts oopption waive, and aher soy such waiver, reinstate any or aD provisions requiring such deposits, by notice to Mortga or in writing.
tVhile any such waiver is in effect, Mortgagor shall pay tares, assessments and insnraooe premiums as herein elsewhere p~ed.
?0. Mortgagor shall axmply with Ure Qrovisiau of any lease, if this b on a leasehold. If this mortgage is oo a condominium unit
' mortgagor shall perform aD of mortgagors obligations under the declarattan of cY,odominium or master deed, the by-laws and regulations o~
the condominium Project .and constituent documents. Mortgagor further covarants that 6e and the association respo~rbk for the operation
of the condominium will observe aD of the provisions of the said declar~t~o, and any amardmeats thereto, and of the Condominium law of
the state, and rota perform all obligation: thereunder, and a faihme to do so ahkh is not sued within 30 days after notice gives by the Mort-
rat[ee to the mortgagor and the said assodation shall constitute a default under this mortgage. Ufortgagor ftrrtlrer specificaDy covenants, bat not
~ by way of limitation, that be and the association wiD observe all of the provtsioat of said declaration of condominium relating to tmnrance
E coverage. - -
21. Mortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite hood insuring a damage
by infestatioD oo the buildings raw or hereafter heated oo the mortgaged p . is such arrrounts and terms, and with pony as
approved and required by Mortgagee; and in the event Mortgagor does not ca~np~y with this covenant Mortgagee shall Gave the same rights
to obtain same as iustrranoe coverage under oovenard ~3 hereof.
22. 77rat in the evert that this mortgage is given to secure a eonstructloo ban, hilare on the pmt of the Mortgagor or the Mortgagor's ~
contactor. architect, engineers. or sub-contractors to comply with the terms of the Cao:trrraiort Loan Atcreemeat of even date hetevvith, ` 1
which fs by reference incorporated herein, shall, at the option of the Mortgagee, easrstltute a defauh hereunder.
23. If tiro mortgaged premises is other than a one to four family dwelling, the Mortggaagor ooverrants std agrees that be will, not later l'
than thirty (30) days after the end of rho fiscal year furnish unto tdre AssociatioD a complete and aecnrato balance sheet and profit and loos
statement reflecting the Mortgagors liabilities as vrel~ as profit and bas for the Hscslyea ,and snob balance sheet acct profit earl bas sGrte-
~ meat shall be prepared try a certified public aocounhnt licensed in the State of Florida, rard s1wD be certified as being oorroct by such oerti- {
fled public aooountaat nA f
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