HomeMy WebLinkAbout1889 @. To prdpno, comply with sod ibide by each and every stlpulation, agreeruunl, ooadstroa arw ouvetunt is said promissory note and deed
act forth.
T. la the event the Jurisdiction of the U. S. IDl:trict Cant shall be invoked by a lost the M under any of the proviaorrs of the
t'rderal Baakniptcy Act. such action, whether voluntary a Livoluatary ou the pert of the I?tortgaga, shall autwwticaUy. without nutic~o, as
~~ekrate die maturity of all stiau of nwney herein described cad secured and the same siuU thereupon become due and payabW iorihvritt?
as fully as if the said aggregate sums of aaney were originally stlpulate~ to be paid oo :orb data
8. To deliver to aid Mortgagee ao or beforo March LSt6 of each year, ter: recripb evidencing the paYwent of all lawfully imposed to:es
for the preceding cakudar year, aarY to deliver to said Mort~gagce, receipts evidendng the Qayinent of all liens for public Lnproveraenb within
ninety (iq) days after the same shall become dun and payabb, and to pay or dit+chargs wrehia ninety (90) days after due date, nay and all
guvrrnmcntal levies that may be made on rho mortgaged property, on this irartgage or note. or in. any other way resulting Prow the blurtg~igc
inclrbtedness enured by this ~tg~ge; and >E this ootiditioa biea not complied with and performed. said Mwrtgagee aoaY Pay such sum or soma
which shall bccoaie part of the debt secured by this mortgage, and shall tsar interest at the deiaWt rate provided in said pranisaory rate
pagable uaathly until paid or said Mortgagee may elect that said toortgage debt thereupon become due and payabb forthwith.
9. It is further covenanted and agreed by said parties that In the event of a suit being instituted to forecbse this modgage, the Mortgagee
shall be entitled to apply at any time pending such foreclosuro suit to the court hiving Jurisdiction thereof for the apppp~~atment of a receiver
of all and angular the mortgaged pp sty, and of ail ltio rents, inco»ics, pmfi issues and revenues thered, from wlatsaever source derivcd•
and thereupon it is hereby e:pressly~covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, al)
and sin r, and of such rents, profits, issues and revenue thereof, from whatsoever sour+oe derived, with the usual powers and
duties receivers in Wee cases; ~ appointment shall be nude by:uc6 court a: a matter of strict right to the Mortgagees, ib srrecetsors,
legal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the p hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, and that s<ich real, profits, inoomg Issues and revenues shall be applied by such receiver to the pay-
ment of the mortgage indebtedaa;s, coats and chuges, aoconling to the order of such court.
10. If all or nay part of tho property or an interest therein b sold or transferred by mortgagor without mortgagce s prbc written consent,
e:cl~ (a) the creation of a lien or encumbrance subordinate to this ~tgage~. (b) the creation of a purchase nwoex security interest for
hoe appliances, (c) a transfer by devise or descent, or by operatim of Lw upon the death of a joint tenant, or (d) the grant of any
leasehold interest of threey or less rat containing as option to purchase, wortgagee may, at ib ooppttion, declare all the sums secured by
this mortgago to be irnaierliat~ely due and payable. 1?lortgagce shall have waived such option to aooekrrte if prior to the sale or transfer,
mortgagee and the person to whom the property is to !re sold or transferred reach agreement in writing that tie credit of such person is sat-
isfactory to I?tortgagce and that the interest payable on the sums secured by this mortgage shall be at such me as I?lortgagee shall rr.luest.
11. That in the event the premises herebyr mortgaged, or any part thereof, shall be condemned cad taken for public use antler rho power
of eminent domain, the Mortgagee shall luve,die right to darned that all damages awarded for the taking of or damages to said premises
shall be paled to the Mortga~e~e up to the amount then unpaid oa this mortgage and at the option of the Mortgagee may be applied upon "
the payments last payable thereon.
12. The mortgagor binds himself not to erect or pemut to be erected any new bniklingt: ~ the premises herein mortgagal or to add to
or pernrit to be added to any of the existing improvemerib thereon or nuke any changes err alteratiais in said improvements which materially
change the same or the use thereof, without the written consent of the Martgageg and in the event of any violation or attempt to violate the
stipulation this mortgage cad all sums secured hereby shall immediately beoarnann doe cad ooUectibk at the option of the Mortgagee.
13. It is specifically agreal that time tr of the essence of this contract and that no waiver of anl? obL'gatioa hereunder or of the obligation
secured hereby shall at any tune be held to be a waiver of the terms hereof or of the instrument secured hereby.
14. if foreclosure proceedings of any second mortgage err second trust deed or asy Junior lien of airy kind should be irutituta4, the I?fort-
gagee pray, at its option, utely or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
15. To the ez<ent of the indebtedness . of tl,e Mortgagor to the Mortgagee desrn'bed herein or secured hereby the Mortgaggee is hereby
subroga~ed to the lien or liens and to the rights of the owners and holders thereof of each cad every mortgage lien or other innunbrarrce on the
land described herein which is paid and/or satisfied in whole or in part ont of the proceeds of the loan d
sescribed herein or secured beech
and the respective liens of said mortgages, liens or other incvmbraneES shall be and the same and each of them hereby is preserved and sh~
pass to and be held by the Mortgagce herein as security for the indebtedness to the Mort: ee herein described or hereby secured, to rice same
extent that it avould have been presened and would have berm passed to and been held gby the Mortgagee had it been dWy and regularly
as~i~,ned, transferred, set over and delivered unto the Mortgagee by separate deed of assignroerit notwithstanding the fact that the same may
be satisfied and cancelled of record, it bring the intention of the parties hereto that the same will be satisfied and cancelled of record-by the
holders thereof at or about the lino of the recording of this nartgage.
16. To pay all and singular the costs. charges and expenses, including Lawyers fees, reasonably incurred or at any time by the I?fort- ~
gagce, berao_ce of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulatiorai, agreements, condition,
and covenants of said promissory rate and rs deed or either, and every such payment dull bear interest fray date at the defaWt rate pro-
vided in said promissory note.
I'~ 17. When any amount of ma~ey to be paid by the Mortgagor to the Mortgagee under the tercets hereof shall be in defaWt, or should the
~ Mortgagor default in any of the other terms, pprovisions or conditions of this I?lortgage, then cad in that case the Mortpp~gee shall have the
~ right, without notice to the I?tortRagor. to collect cad receive from any tenant or lessee of said mortgaged premises the rents, issues cad
profits of the r~a1 estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
paying all commissions of any rental agent collecting the same, aril any reasoaabk attorneys fees and other necessaiq? e:perues incurred in
roltecting same, to apply the proceeds of such ooUectiorts upon asp indebtedness obligation or Wbih'ty, of the Mortgagor hereunder. The
right granted the Mortgagee under this paragraph shall be in addition to, and sfiaU not limit or restrict, any other right a rights granted the
I Mortgagee in this Mortgage.
l8. If the 1ltortgagors at the time of making this Mortgage or snb~guent thereto take out li[e insurance designating the )1lortgagce herein
as hPneficiary xvith a rnmpany appmvecl by the Mortgagee or assigns policies to the 141ortgagee for the purpose of securing the mortgage boa
beech secured, then the lliortgagee shall have the right to pay anx premiwn accruing order said policiess and all scans so expended shall be -
added to and become a part of the principal indebtedsMSS secumd by this Mortgage and shall be paid by the Mortgagor to the I?tortga¢ee
in twelve er~ual consecutive monthly installments, the first monthly installment bo be paid as a part of and in addition to the monthly payment
due under this Mort,
age in the first calerxdar month following the expending of said sum. Such sums so expended to bear interest at the rate
at which interest is paysbk upon said principal indebtedness and the lien of this Mortgage shall e:terd to and secure the sum so expended
tocether with interest thereon ss hereinhefore provided.
19. At aartgagee
s option, t with and in r?dditloo to the monthly payment of Qrinclpal and tnlerese payable order the terms of the
note secured hereby, d?lortgagor pay to Mortgagee each month until said note is fully p-aid, one-twelfth (1/12) of a sum equal to the
annual premium dire for fire, erterded cavenge, and other heard insurance including flood insorance, covering the mortgaged Property,
phis taxes and assGUments next due on the mortgaged Property (all as estimated by Mortgagee) less all sums already paid therefor, and to be
di.~ded by the number of aantlu to elapse prior to the-date when such tares and ass~meab shall become delingnenL Said sums shall be
held by Mortgagee In trust or credited to the principal of the ban, w pay said insurance, taus, and asressnreab cad shall be applied ai the
payment thereof when due. A~ cocas held in trust Ly I?lortgagee when said ban is paid in full shall be paid to Mortgagor, or his assigns.
or personal representatives. Ia the event of a dehult or foreclosure, said stuns held io trmt may be applied on any cosh of damages srutairied
in connection with the ooUecteon of the note secured hereby whether by snit, firet~oarrre, or otherwise. Mortgagee any from time to time at
its ~pteon waive, and after'aay such waiver, reinstate nay or all provisbus hereof requiring sric6 depasib. by notice to Mortgagor in writing. .
tVhdc any such waiver is in effect. btrxtgagor shall pay taus, assessments arid in:trrmoe premiuim as herefa elsewhere provided.
20. I?iortgagor shall comply with the provisions of any lease, iE this wortgaga b oo a lesseboid. TE this mortgage is ore a ooodomidum relit
mortgagor shall perform all of aartgtgor's obligations under the declaration of ooadomidum or master deed, the by-Lws and regulations of€
the condominium Project and eoostit»ent docuarenb. Mortgagor further ooveaanb that he and the association re~oass'bk for the operation
of the eoodominium will observe all of the provisions of the aid derlaratloa and nay ameadmeab thereto, and of the Concdominimrr law of
the state, and will perform all obligations thereunder; and a faihae to do so w~ich b not creed within 30 days after notfoe given by the Mort-
~•:r¢ee to the mortgagor and the said association shall coristiture a default under this aartgage. Mortgagor ftaUrer spa~IfiaDy covenants, hue rat
by every of limitation, that be cad the a:sot•iation will observe all of the provisions of said declaratbn of condomidnm relating to in~nrance
coverage.
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21. Mortgagor further oorenanb and agrees that at the request of Mortgagee Do furnish a alsndard termite bond insuring damage
by infestation oa the briildings now or hereafter bated ao the mortgaged , m sud? amorwts and terms, and with pony as t
approved and required by Mortgagee; and is the everrt Mortgagor does note with this covenant Mortgagee sbaD Gave the same righb
to obtain same es iosnranoe coverage under covenant x3 beeeof.
22. That in the event that this aartgage b given to secure a rooslroctbn berg failnn oa the put of the Mortgagor or ifre Mortgagors
contraMor, architect, engineers, orsub-oootractors to cvmpdy with the tercets of the Comtrnstioo 7.wa Ay~reemoot of even date herewith,
rviric6 Is try reference incorporated herein, shall, at the option of the Mortgagee, constitute a defauk hereunder.
23. Tf the mortgaged premises is other than • one to four family dweWng, the Mortgagor oovenanb and agrees that he will, cot later
than thirty (30) day: after the end oI the fiscal year furnish unto the AssocLtioo a armpkte and aocarate balance sheet and profit and loo
statement reflecting the Mortgagor's liabilities u welj as profit and bss for the f~iscal~,year,cad snob balance sheet cad profit and bas state-
meet shall be Prepared by a certified public aorountant ltccrised in the Sbte of Fsorid4 and shall be oertlffed as being correct by such oerti-
fled public aooountanR.
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