HomeMy WebLinkAbout1536 ti. 1'o perform, comply with and abide by each and every stipulation, agrrwuut. eti,udrtroa ales a,vrnamt in aid proarrssory note and deed
set forth.
7. In the event the jurisdiction of the U. S. DisWct Court shall be invoked by a a rtinst the Mangagor~~under any of the provisions of the
h•cdrral Bankruptcy Act, such act,oo, whether voluntary or involuntary on lbe ppaart of tLa Mortgagor, st,aU autauatically, wrthart uuticu, ac-
cr•I~r,rtc ll,r maturity of all scans of mwr,ey herein described suet secured and tl,e canes sl?all thereupon becv,are due and payable (ortl,vrillr
fully as if the said aggregate sane of uwrwy were originally stipulatutj to be paid ou suc:h date.
8. To deliver to said Mortgagee, o0 or before March 15th of each year, tar receipts evidencing thepsyment of all lawfully irnpused tares
for Ure pneti~Lng calrmtlar year, and to deliver to said Mortgagce, receipts evidencing the payment of all 4ens for public impmveuxnts within
ninety (fril) days after the sauce shall become due and payal?!e, and to pay or dischagrge witWn ninety (fl0) days after due date, any and all
Kuvrnunrutal levies that may be wade on the u,ortt;aged pr rty, on this mortgage ur note, or iu any other way resulting from U,e Mwtgage
ir,clebtrclrress secured by this mortgage; and if this condition I,e not complied with and performed, said mortkagre n,ay pay such scan or corm
.vlrich shall tx•cou,e part of the debt secrrrecl by this u,artgage, arx) d,aU bear tutenst at the default rate provided in said prwnissory note
pa>aL•k monthly wail paid or said I1lurtytagce may elect that said mortgage debt thereupon became due and payable forthwith.
c?. It is further rnvenanted and agreed by said parties that im the event of a suit being instituted to foreclose this awrtgage, the Mortgagee
shall I,e entitled to apply at any time pending such fonx•lasure Brut to the court having jurisdiction thereof for the appintmemt of a receiver
of all and singular the mortgaged pp rty, suet of all the routs, tnromMt, profit, assuos and revenues thereof, from whatsoever source derivcd•
suet thereupon it is hereby expressly~covenauted and agreed that the court shall forthwith appoint a nsceiver of said mortt;agecl property. alb
suet singular, and of such rents, incwnes, profits, issues arnl revcuue thereof, from whatsoever source derived, with the usual powers arxi
duties of receivers in like cases; and such appoir,tmcnt shall be made by such court as a matter of strict sight to the Mortgagee, its succeswrs,
legal representatives or assigns, and without reference to the adectuacy or inadegwcy of the value of the properly hereby mortgaged, or to the
.olvency or insolvency of the Mortgagor, ant) that such rent, rofits, income, issues and revenues shall be applied by such receiver to the pay-
ment of tl?e mortgage fmkbtedness, costs arrJ charges, acconling to the order of such o~urt.
10. If all or any part of the property or an interest therein is sold or erre:l by mortgagor without mortgagee's prior written consent,
excluding[ (a) the creation of a lien or encumbrance suborlinate to this moge; (b) the creation of a purchase u,oney security interest for
houschokl appliances, (c) a transfer by devise or descent, or by operation of w upon the death of s joint tenant, or (d) the great of any
leasehold interest of three yyears or lest not containing an option to purchase, mortgagee may, at its o~hon, declare all t),e cone secured by
this mortgage to be immediately due and payable. Mortgagee shall have waived such option to accelerate if prior to the sale or transfer,
n,orty;a};ce and fire pawn to whom the property is to be sold or transferred reach agreement in writing that t~,e credit of such person is sat-
isfactory to Mortgagee anti that the interest payable on the suers secured by this mortgage shall be at srch rate as 1lfortgagce shall rectuest.
1 L 7•hat in the event the premises 1?ereby rnortQaged, or any part thereof, shall be condemned and taken for public use antler the power
of eminent domain, the >\lortgagce shall have the right to demand tiwt all damages awarded for the taking of or damages to said premises
shag be paid to the Mortgaece up to the amount then unpaid on this mortgage suet at tbe option of the Mortgagee may be applied apse
the payments last payable tlrerrorr.
12. The mortgagor binds himself not to erect or permit to be erected any new buildings om the premises herein mortgaged or to add to
or permit to lee added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially
than}•e the carne or the use thereof, without the written mnsent of d,e Mortgagee and in the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shat) immediately becane rue and oollectibk at the option of the Aortgagee.
13. It is spc>cifically agreed that time is of the essence of this contract aril that no waiver of any ol,ligatiom hereunder or of the obligati
secured hereby shall at any time be held to be a waiver of the terra hereof or of the iastruuzent secured hereby.
l4. if foreclosure proc.•edings of any second mort~aCe or second trust deed or an junior lien of any kind should be iratituted, the I?fort-
Kas;ee u,ay, at its option, iumrcdiately or thereafter dolare this nwrtgage and the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this mortgage.
l5. To the extent o[ the indebtedness of the Alortdagor to the Mortgagee described herein or secured hereby the Mortgagee is he
ubrogatecl to the lien or liens and to the rights of the oa-r,ers and holders thereof of each and everyry mortgagge lien or other encumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respective liens of said mortgages, liens or other incrnnbrances shall be and the same and each of them hereby is preserved and shah
pass to suet be held 1>y the \fortgagce herein as security for the indebtedness to the Mortgagce herein described or hereby secured, to the same
~•stcnt that it would have been preserved ar,d would have I,ecn passed to and been held by the Mortgagee had it keen duly and regularly
as~ir;ned, trar,sfcrrecl, set over and delivered unto the Jortgagee by separate deed of assignment notwithstancling the fact that the same may
tM satisfied and cancell•d of record, it being the intention of the parties bereto that the same will be satisfic•.1 and cancelled of record by the
holders thereof at or about the tune of the recording of this mortgage.
16. To pay all and singular the costs, charges and expenses, inducting lawyer's fees, reasonably incurred or paid at any tiu,e by the Mort-
LaRer, because of the failure of the Mortgagor to perform, comply with and abxle by each and every the stipulations, agreements, conditions,
eras covenants of said promissory note aril this deed, or either, and every such payment shall bear interest from date at the default rate pro-
.•id:•tl in said promissory note.
i 17. When any amount of to be paid by the 1lfortgagor to the I?lortgagce under the terra hereof shall be in default, or should the
\lurtgagar default in any of ther terms, provisions or conditiora of this 1?fortgage, then and in that case the liortgagcr shall have the
right, without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances th••rr>for, aril alter
~ pavin% all commissions of ar_y rental agent collecting the same, and any reasonable attorney s fees and other necessary expenses incurred in
niiertirrg sanm, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the Mortgagor hereunder. The
rigid granted the Mortgagee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the
j \lortgageg in this Mortga~e-
E 18. If the Mortgagors at the time J making this Mortgage or subs.`.quent thereto take out life insurance desicnating the Ilfortgagce herein
~s lx>neficiary with a rnmlxrny apprmecl by tl,e 1ortgagee or assigns policies to the Mortga ce for the purpose of souring the mortgage loan
?~••rehv secured, then the '\fortgagce shall have the right to pay any premium securing un~rr said policies, and all sums so expended shall I,e
a~ldcd to and become a part of the principal indebtedness sound cry thic 1ltortgage and shall be paid by the Mortgagor to the AtortpaCce
in twelve ectual consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly pa)~urent
.hre under this Afort~:age in the first calernlar month following the expeodmg of said sum. Such sums so expended to bear interest at the rate
r at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so expended
rn~•c>ther with interest thereon as hereinl,efore provided.
19. At mortgagee s option, together with and in addition to the monthly payment of principal and interest psyabk under the terms of the
nntc secn;ecl hereby, iortgagor shall pay to Mortgagee each month until said note is fully paid, one-twelfth (1/12) of a sum equal to the
annual premium drre for fire, extended coverage, and other barred insurance including flood iraurarrce, covering the nwrtgageel property,
p plus Caves ant) assessments next drre on the mortgaged property (all as estimated by Mortgagee) less all sums already paid therefor- aril to be
r divided by the numl,er of months to elapse prior to the date when such lases and asse7sarents shall become delinquent. Said sums shall be
held by hortgagee in trust or credited to the principal of the loan, to pay said insurance. to=es, and assessments and shall be applied on the
payment themof when due. Any excess held in tnut by Mortggaagee when said loan is paid fn full shall be paid to Mortgagor, or his assigns,
or pcrsor,al representatives. In the event of a defauh or foreclosure, said sums held M trust may be applied on any coats of damages sustained
in connection with the collection of the note secrrrecl hereby whether fry suit foredosure, or otherwise. Mortgagee may from time to time at
e its opption waive, and after any such waiver, reinstate any or all provisiaa ~ereof requiring such deposits, by notice to Mortgagor in writing.
\t'Irile any such waiver is in effect, Mortgagor shall pay tares, assessments and inurance premiums as herein elsewhere provided.
~0. ~lnrtgaCOr shall comply with the provision of any kale. if this wortgage is on a leasehold. If this mortgage is on a condominium unit,
€ :mortgagor sh.•rll perform all of mortgagors obligatiora under the declaration d condominium or master deed, the by-laws and r~gulatiaa of
the condominium project and constituent documents. Mortgagor firrther eovarants that be and the association r ible for the operation
of the cor,dnminium will observe aD of the provisions of the said declaration and say amendments tbtreto, and of the Condominium law of
the state, and will perform all obligations thereunder: and a failure to do so w~tich is not cured within 30 days after notice given by the 1ltort-
f ~,¢ce to the mnrtgaRr?r and the said association shall constitute s defaut under this mortgage. I?iortgagor further specifically rnvenants, but not
by vvay of limitation, that be and the association will observe all of the provLsiars of saM dedaratton of condominium relating to inmrance
i coverage.
3 21. Mortgagor further covenants and agrees that at the request of Mortgagee to furnish a standard termite bond irarrring a damage
by infestation on the buildings now or hereafter located oo the mortgaged groper~, in such amounts and terms, and with company as
approved and required by btortgagce; and in the event Mortgagor does not carrrply with this covenant Mortgagee shall have the same rights
to ul?tain same as insurance coverage under coverrarrt 1t3 hereof.
22. 77wt in the event that this mortgage is given to secure a construction loaey failure oo the part of the Mortgagor or the Mortgagors
contractor, architect, engineers, or sub-contractoa to comply with the terms of the Construction Loan AgrKment of even date herevvitb,
which is by reference incorporated herein, shall, at the option of tl,e Ut ortgagce, constitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling. the Mortgagor covenants and agrees that he will, not later
than thirty (30) days after the end of the Eisca! year furnish w,to d,e Association a complete and accurate balance short and profit rind loss
statement reflecting the 1lfortgagors liabilities as wel~ as profit and bss for the fiscal year, and such balance sheet and profit seed loss state-
' meat shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified as being correct by such certi-
fied public aoooumtant.
y 8343 PAGF153'~
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