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HomeMy WebLinkAbout1380 r r PROVIDED, ALWAYS, that if the Mortgages e~1a11 pay ynto the Mortgagee the certain Renegotiable Rate Promissory Note in the principal sum of ,,51.200.00 together witA Interest, hereinafter called the "Note", providing for periodic renewal as set forth in the Note providing for monthly Installments of principal and interest, with balance of the in• debtednesa, If not sooner psld or not sooner due for Borrowers failure to exerpfse renewal options set forth therein, due and payable on March 1, 1984 ,and shall promptly perform, comply with, and abide by each and every the stipulations, agreements, conditions, and covenants of the Note and of this deed. then the estate hereby created shall cease and be null and void. AND the Mortgagor does hereby covenant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of the Note and this Mort- gage, or either, promptly on the days respectively, the same severally come true. 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of every nature on said described property each and every when due and payable according. to law, before they become delinquent, and If the same shall not be promptly paid the Mortgagee may at any time either before or after delinquency pay the same without waiv- ing or affecting the option to foreclose, or any right hereunder, and every payment so made shall bear interest from the date thereof at the same rate as the mortgage note, payable semi-annually. 3. In order to provide for the payment of taxes, assessments, insurance premiums, and other annual charges upon the property securing this indebtedness. I promise to pay monthly to the. Mortgagee, in addition to the above payments, a sum estimated to be equivalent to 1112th of such items, which payment may be held by the Mortgagee and comingled with other funds or its own funds without interest for the payment of such items. If the.amount estimated to be sufficient to pay said items is not sufficient, I promise to pay the difference upon demand. The provisions of this paragraph are solely for the added protection of the Mortgagee and entail no responsibility on the Mortgagee's part beyond the allowance of due credit, without interest, for sums actually received by it. Upon the occurrence of a default under this•Mortgage, the Mortgagee may apply all or any part of the accumulated funds then held, upon any obligation secured hereby. 4. To keep the building and all equipment and personal property now or hereafter on said premises, covered by the mort- gage, insured in a sum at least equal to the unpaid balance of this Mortgage, including both fire and extended coverage in- surance. provided, however, that such insurance by in amount sufficient to comply with any coinsurance requirements cover- ing same under the laws of the State of Florida, and provided further that the policy or policies shall be written in a company or companies and through an agency satisfactory to the Mortgagee and that said policy or policies shall be held by the Mortgagee and shall bear a standard New York Mortgagee Clause without contribution, making the loss under said policies payable to the Mortgagee as its interest may.appear, and in the event any sum of money becomes payable under any such policy or policies. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien, or right under and by virtue of this Mortgage; and in the event the Mortgagor does not comply with this covenant the Mort- gages may place and pay for such insurance of any part thereof without waiving or affecting the option-to foreclose, or any right hereunder and each and every payment so made shall bear interest from the date thereof at the same rate as the mortgage note, payable semi-annually. 5. To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand-the im- mediate repairof said buildings, or an increase in the amount of security, or the .immediate repayment of the debt hereby secured and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of thirty (30) days, shall con- stitute abreach of this Mortgage, and at the option of the Mortgagee. immediately mature the entire amount of principa! and in- terest hereby secured, and immediately and without notice, the Mortgagee may institute proceedings to foreclose this Mort- gage and apply for the appointment of a Receiver, as hereinafter provided. 6. To perform, comply with and abide by each and every stipulations, agreements, conditions and covenants in the Note and deed set forth. - 7. If any of the sums of money herein referred to be not promptly and fully paid within fifteen (15) days next after the same severally become due and payable, or if each and every the stipulations, agreements, conditions and covenants of the Note and this Mortgage, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned in the Note shall become due and payable forthwith or thereafter at the option of the Mortgagee, as fully and completely as if said ag- gregate sum of money was originally stipulated to be paid on such day. anything in the Note or herein to the contrary not- i withstanding. 8. To deliver to said Mortgagee, on or before March 15th of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year, to deliver to said Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall become due and payable and to pay or discharge within ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged property, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage; and if this condition be not com- pliedwith and performed the Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort- gage, and shall bear interest at the same rate as the mortgage note, payable semiannually until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forthwith. 9. It is further covenanted and agreed by said parties that in the event of a suit being instituted to foreclose this Mort- gage, the Mortgagee shall be entitled to apply at any time 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, incomes, profits, issues and j revenues thereof, from whatsoever source derived; and thereupon it is hereby expressly covenanted and agreed that the court shalt forthwith appoint a receiver of said mortgaged property, all and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and duties of receivers in like cases; and such ap- pointment shall be made by such court as a matter of strict right to the Mortgagee, its successors, legal representatives or } assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the payment of the mortgage indebtedness, costs and charges, according to the order of such court. ~ 10. Upon any default under the Note or the Mortgage, at the option of the holder of the Note the unpaid balance of the { t Note and any advances made under it, or the Mortgage, together with interest, shall become due and payable, time being of the ; essence of this contract. Any waiver of any payment under the Note or Mortgage at any time shall not, at any other time, be .taken to be a waiver of the terms of the Note or Mortgage, and the acceptance of payments upon said indebtedness shall not constitute a waiver of the option of the holder of the Note to accelerate repayment of the entire unpaid balance, unless the holder expressly grants such waiver in writing. 11. If all or any part of the property or an interest therein is sold or transferred by Mortgagor without Mortgagee's prior written consent excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) a transfer by devise, descent, or by operation of law upon the death of a joint tenant, or, (c) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (d) the creation of a purchase money security interest for household appliances, Mortgagee may at Mortgagee's option, declare all sums secured by this Mortgage to be immediately due and payable. Mor- tgagee shall have waived such option to accelerate only if, prior to the sale or transfer, Mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that such person is a qualified borrower to the satisfaction of Mortgagee exercised in its sole discretion and that any modifications of terms of the mortgage loan as are required by Mor- tgagee in issold and absolute discretion which modifications may include without limitation the rate of interest payable on the ~ sums secured by the mortgage to a rate as requested by Mortgagee have been agreed upon. f - f iij~A $flt~I J`t~ P!~ 1~ 1;~ eti+ _