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HomeMy WebLinkAbout0991 ~ r T 4. That. in order to wotect mesa fulltr tM security of trws mortgage. tM Mortgages. together with. and in addition to. tM monthly payments under tM terms of the rwte secured hereby. on tM specified payment date of each month anal tM sad rtoq n fully pad. wdt pay to the Association tM IWbwuig wms lal An ,nstallrrlent of the taxes and assessments levied a to W lowed aga,nst the premises covered try tMS mestgage. and an ir?stallrMnt of tM pemwm a pra,niums tMt v+nll becorM dw and payable to renew 1M rnwrance on the genuses covered hereby aga+nst bas by fire. and wrndstesm. as p?ovrded la IrY aarsgraph 3 precedirtp. es such other haiard as rMY reasonably W required by the Assoaatron._ and an rnsuument of tM prenuum roar will t?ecrxne dw and paYabN to raMw tM mestgage rnwrance. rl any Such rMtaUmertis shall W epual, respsctrvely. to oM~twelhh (fi12th1 0l tM es- trrnated {xemrum es premiums for such mwrarKe. and to:h and assessmMls Mat due less sstrrr?atW by lM Assocratronl less all installments already Dad therefor. dtvded by the number of months that era to elapse oM month pries to tM date when such pemium or premwms and taxes and assessments wrM becorM del:rtquent TM Asroaatron. whoa applyrrtg such payments to rnwranp premiums. taxes and assessments. belay tM sarrle become delrngwnt. shall not pay rntereft to tM Mortgagor on such lands. and all such payments may W commingled by the Assocratron with any other such funds a wrih its own furls TM funds are pledged as additror?al security les the sums secured by true Mortgage end are wgect to use by the Assocratron M payment of "late charges" and Wok COINctrOrt cMrges Ibl All payments rMntres?ed rn the Drecedrng wbsectron of this paragraph and aN payments to W made under the Wort ssculed Mreby shell W added together end the aggregate amount tMreo( shall W pad by the Mortgagor each month m a stogie payment to W applied by the Associatran to the foibwug items m tM esder qt forth 1 Taxes. assessments. and rnwrencepremrums 2 "Late charges" end Wnk collectan charges. unless pad m manner prowled m paragraph 1 Ial 3 Interest on the note secured hereby 4 Amoruration of tM prrrKrpsl of sad note Arty dehaency n tM amount of wch aggregate monthly payments shell. urwess pad by the Mortgagor prior to the due date of the Mat such payment. con• suture an event of d91su1t under tlta mortgage Without waiver o1 arty right. the Association Wray cdlect a "late charge" as provided m the Note 5 That d the teal of the payments made by the Mestpages under lal of paragraph 4 prscedrng shall exceed the amount of payments actusNy made by tM Assocrahar Ior taxes and assessments end utw?ance premiums. as the case may its. such excess shall be credaed by the Assoc+auon on subsequem payments to tx made by the Mortgages If. however. tM monthly payments made by the Mestpagor under Ial of paragraph 4 peceding shall not Mve DeM wfliCMnt to pay taxes and assessments end inwrsnce prenaums. as the case may W. whM the sarM shall become due and payable. then, the Assocutron may. at ds op Iwo. rmmed+ately pay such taxes and assessrnts tnd rnsursnce prsmwm. and the Mortgagor shall pay to the Associaban any amount necessary to make up the deficiency. and wcA payment shell W dw and wysbh wulwn thirty 130) days aha the date of ma,lrng of Mtice by the Association setung lath the amoum of such rfeficiertcy 11. at any brM. tM Mestgapor shall tinder to the Assocratron. rn accordance with the pov+sans of the note secures hereby. full payment of ii~e bi.i.+~ .+vd'vi"w•r iirSS repiesantiid f:fiieti~. ire s:SS(iC..aiwiii I,t+i::, iii ::Viiryuiriiy i'rW ~niyulYi V3 iw.lr riwieiriMirrbii ~./realri iV firO ~1.Lilulrl ul rile rSeri4iiyiytM iriy balance ramairung in the funds accumulated under the provrsans of lal of paragraph 4 6 To perms comma es suNer no waste. rmpsurtrent a deterraatron of sad property. a any part thereof. and upon the ladure of the Mortgages to keep the bur{drnys cvn sad property rn good COrdition es repairr and maintenance. the ASSOCrabesi may demand proper mainteMnce and the ,mmed,ate repair of sad tw,idurys. a an rrxrsase m the amount of secrxdy. a the rmmedrate repayment of the debt hereby secured. and the faro;-.: of the Mortgages to comply wrih sad demand of the Assoc,atron for s period of thirty 130) days shall consutute a breach of this mortgage. and. at the option of the Assoctatron. immediately mature the entire amount of principal and interest hereby secured. and the Association rmmedrateiy and wghout notice may insuwte prOCeed+ngs to lesecbse th,s mortgage and apply for the apporntment of s rece,va. as herernaher provided: and in case of the refusal, neglect a rnabibty of the Mortgagor to repair and - maintain card Woperty. the AssoC,ation may. at its option, make wch repairs es cause the same to be made. aril advance moneys in that behalf 7 To perform. comply with and abide by each and every the sUpulatrons. agreements. corid,[+ons and covenants ,n sad promissory riots and iMi mortgage set lath 8 To comply wrih the wbdrvrsrori restrictions and the municipal ron+ng ordinances applicable to the mortgaged property. not to erect a permit to be erected any Mw twrllrnys on the premises hereto nwrtgaged a to add to es permit to W added to. make a permit to be made. any structwal altsrahons to any of the ax- rstrng improvements thereon without the written conseot of the Assoaat,on. and in the event of any violation or attempt to vrOlatelhese sbpulatrons. a any of them this mortgage and all wins secured hereby shall immediately become due and payable at the Option of the Assocratron g Tnat in case u/ a default in any of the terms of this mortgage and the hhng of s bill to foreclose the a any other mortgage encumbering the witnm described prut+ert•r the AssOCration shall be snarled to apdv. at any Lme without ripirce peridirig such ieseclowre Burt. to the court havens iunsdictron thereof la the ap puuHmenf Ot d recover Of all and singular IitE mortgaged property. aril OI all the fM:S. iriCOrtieS. prOfriS. iSSUeS and revenUlS therepl. from WhatSOEVer SOUrCE derivrd and thereupon. +t is hereby expressly covenanted and agreed that the court shall forthwith appoint a rece,ver of sad mortgaged poperty. art and s:••yular and of such rents. incomes. poh!s. laves and revenues thereof. from whatsoever source derived. wits the uwal powers and duties of rscervers m hke uses. arxf such appointment shall be made try such court as s matter of strict rpht to the AssocraLOn- and without re}erence :L the adequacy es inadequacy of the value of the property hereby mortgaged, es to the solvency a ,nsolvency of the Mortgage. and that wch rents. profits. incomes. ,ssues. and revenues shall ne applied by wch receiver to ttx payment of the mortgage indebtedness- costs and charges. accad.ng to the bider of such court 1 O That rn the event the pemrses hereby mortgaged. a ary part thereof. shalt be condemned and taktri under the power of eminent domain. the Assoc,ation shalt ; have the right to demand that all damages awarded for the tabrig of a rn;ury to sad premises shall be paid to the AssocraLOn its successors or ass,gns up to the amount then unpaid on tells mortgage. and may be appl,ed to any wins last payable hereunder 1 1 That hn,e iS of the essence Of this COrilraC[ and that rip waiver Of any Ob1+gaU00 hereunder. or of the Obl:galiOn secured hereby. shall at any Line therlaft@r be held to tie a waver of the terms hereof es of the pomissory rwte secured t+ereby r t? In she event of any default in any of the terms of this mortgage. es in the note secured hereby. and accelera'.iest by rile holder a any other situation that would cause the interest pad es piYablE under this obligation to Exceed [lie mterest rate aultwrired by law. then in such event all excess mterest theretofore pad shaft be credited to pnr,tipal and al: accrued and angel excess ,merest Shall abate and shall not be an obl,yauon of the maker a of any other person 13 That to the extent of the irdebtedriess of the Mortgagor to the Association described herein or secured nereby. the Associat,on is hereby wbropated to the bM a liens and to the rights of the owner and holder thereof of each and every mortgage. lien a other encumbance on the land described herein. which is pad and ~ satishel m whole w in pail. out o1 the proceeds of the ban described herein a secured hereby. and the respective Lens of sa+d mortgages. hens or othe• en- cumbrances. shall be and the same and each of them hereby is preserved and shall pass to and be held by the Association herein as security fes the in- tlebteifriess to the Assocratiori harem described es hereby secured. to the same extent that it would have been preserved and would have been passed to and Lean held by the ASSOC,ation had it been duly aril reguiarfy sssipned. transferred. set over. and delivered unto the AssocratrOn ny separate deed of Ssslgnrnent. notwrthstaridirig the fact that the same may be satisfied and cancelled of record. d being the intenLtxi of the parties hereto that the same wdl De satistiel and cancelled of record M the holders thereof at es shout the time of the recordir+g o! th.s mortgage i 14 That d any of rile wms of money herein referred to be not promptly and fully paid within thirty 130; days next after the same severally become due and payable. or d each and every the stipulations. agreements. corrd+tioris end covenants of sad promrsspry note and this mortgage. o+ either. are rtOt duly pertained. coin- plied .v.th and abided by. the aggregate win urged under sad promissory note and this mortgage shall become due aril payable lathwitn or thereafter. at the ' option of ti+e Association. as fuGy and comWe:ely as d sad aggregate win of money were esiginally stipulated to be paid on such day. anything in sad prornrssory note a herein to tM contrary notwdhStarding - j t 5 chat rn order to accelerate the maturity of the indebtedMSS hereby secured because of the lailwe of the Mortgagor to par any ta¦ assessment. 6adhtY. obbga nra• encumbrance upon seed property as herein-provided. it shall riot be necessary nor regws+te that the Assoc•atian shall first pay trio same ?6 liar »ie abstract or abstracts of title covering the mestpaged property shall at a!1 Lines. during the fife of this mortgage. remain rn the possession of the A•so,,+a•wn a•id. m event of the forecbwre of this mortgage, a other transfer of td1E to the mortgaged property. in eatingwshment of the rrdebtedMSS secured hereby au •gtht. title and interest of the Mortgagor rn and to any such abstracts of title shall pass [o the purchaser a grantee t 7 $h;,uiJ tritr vai•dity or Wen of this mortgage. es the riots SCUred thereby. be contested by IrtigatiOn a otherwise- the Mortgages agrees to pay to the Association the cost of clelerding the same iriNu~ng a reasonable attesMy's Ise 18 :o pay all .rid singular the costs. charges and expMSes. including attorney's tees reasonably incurred, a pad at any time by the Assoaabesi, because of the iailnre of ttna Mortgagor to perform, comply with and able by each and every the stitwlatioris. agreements. i:oridrtions and covenants of card promissory note and ihrs rr.~•ylage. a either. and every such (except for the payment of the monthly installment as required by the Promissory Note) shall bear mterest from .wte at the rate o! per annum until fully paid t 19 The Associat•ixi shall have the right at any Lme end from time to Lme and without notice to a consent of any person to lal re:esse any portion Of the premises from [he iron of ihrs mortgage. Ibl release any person i,sWe fa payment of any irdebtedriess secured hereby- !cl extend the Lme of payment Or alter the terms of payment of ail or any part of rile irtdebtedriess, withOUt aHEtbrig es rebesrrig the personal habihty of any person liable (other than any person reeased pur- want hereto) for the payment of any win or interest secured hereby and without in arty wise altering. varying. or diminishing the tortes. effects. a IiM of tMs f murtgege on all the premises not specifically released from the ben of this mortgage by the Association 20 Any agreement hereaher made by Mortgages and Association purwani to this mortgage shall tx wperee to the rights of the holder of any intervemrig Iron es encumbrance . 3 21 lrpun request of Mortgagor, the AssocrsLOn may. at its soM option, from time to time. befo•e (ail payment of all ,ndebtedness secured hereby, make (urther ad- !a} yentas to Mortgagor; provded, however. thsi the total pnnupsl secured hereby and remarrnng unpaid. rnciud,ng any such advances. shaif not at any Lme ex- ceed the original prinapal win secured hereby Mortgagor shall pay all such further advances with mterest and the same shall be secured hereby All pov,sions of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby Noth,ng hereon contained. however. shall briar the amount secured by tlws mortgage if such amount is mussed Dy advances made by the Association. as herein elsewhere provided for to protect the sacunty ?2 In rtie event the Mortgagor herein, a any wbsequent Mortgagor, es any person a corporation owniriy any ,merest whatsoever. should encumber the property j harem moKyaged by an instrument commonly referred to and known as a "wrap around mortgage" wnthout first obta,rung the written consent of the Assocra- ItE iron itwn at the option of the Assaciatron. the obirgatwn secured by this Mortgage shall rmmedrately become due and payable ~ 23 To provide the Association with Flood IrisuraM:e Coverage •1 the real property is now a hereafter determined 10 be vntMn a sootier fbod harard area as shown on Flood Narard BOOMIary Map/FbOd Inwrance Rate Map as puWislietl by the Federal Inwrance Adminrstra:,ori FLED ANO AECOROEO E-76 S .LUC1E G:?UNT~.FLA. ROGEP FCi! i k~.5 TiP-A CLERK C'".;a~T G~U_RT Q M`~"" ~ Nou 5 12 os PM'80 lHELSEA TITLE 8 GUARANTY COI~1pANY W~VS ~i X342 P~ ~ R ~_-..~z_.__