HomeMy WebLinkAbout1502income, profits, issues and revenues ore hereby mortgaged os if specifically set forth and described in the grouting and hobendum
clauses hereof, and such receiver shall hove alt the brood and effective functions and powers in ony wise entrusted by o court to 0
receive, and such appointment shall be mode by such court os on admitted equity and o molter of absolute right in the Mortgagee,
and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of
the Mortgagor and/or the defendant and such rents, profits, income, issues and revenues shall be applied by the receiver according
to the lien and/or equity of this mortgage and the practice of wch court, and such appointment of receiver shall be without notice
to ony obligor hereunder.
NINTH: The Mortgagor hereby wolves all -ights of homestead and exemption grouted by the Constitution and lows of
Florida. It is specifically agreed that time is of the essence in this contract and shot np waiver by the Mortgagee of ony obligation
hereunder or of the obligation secured hereby shall at any time thereafter be held to be o waiver of the terms hereof o- of the
obligation secured hereby.
TENTH: If all or ony port of the above described property or on interest therein is sold or transferred by the Mortgagor,
or his successor in interest, without the Mortgagee's prior written consent, excluding (o) the creation of o lien or encumberonce
subordinate to this mortgage, (b) the creation of o purchase money security interest for household appliances, (c) o transfer by
devise, descent or by operation of low upon the depth of o joint tenant, or (d) the grout of any leasehold interest of three years
or less not containing on option to purchase, the Mortgagee may, at the Mortgagee's option, declare ail the sums secured by this
mortgage to be immediately due and payable. The Mortgagee shall hove waived such option to occelernte if, prior to the sole or
transfer, the Mortgagee and the person to whom the above-described property is to be sold pr transferred reach agreement in writ-
ing that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this
mortgage shall be of such rote os the Mortgagee shall request.
ELEVENTH: If foreclosure proceedings of ony second mortgage or second trust deed or any junior lien of ony kind should
be instituted, the Mortgagee may, of its option immediately or thereafter declare this mortgage and the indebtedness secured here-
by due and payable.
TWELFTH: That in the event the premises hereby mortgaged, or ony port thereof, shall be condemned and token for public
use under the power of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for the taking
of or damages to sold premises shall be paid to the Mortgagee, up to the amount then unpaid on this mortgage and the obligation
secured hereby and may be applied upon the payments lost payable under this mortgage and the obligation secured hereby.
THIRTEENTH: That installments, payable under the terms hereof and the note secured hereby, not paid whertdue, shall
be wbject, after fifteen (15) days from the due dote thereof, to,ond it is agreed Mortgagee shall collect thereon and therewith,
o "tote charge" in the amount of four per cent (4~) of the installment due upon each such delinquent installment, and such "late
charges" ore secured by the lien hereof.
FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH
hereof, and for application to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in odddition to the
monthly payments of principal and interest os stored in the original note (and in the note or notes secured hereby) provided to be
mode, pay o monthly sum and amount equal to one-twelfth (1 /) 2) of the estimated annual foxes, assessments and insurance
premiums upon the rent estate security, os the amount thereof is determined from time to time by the Mortgagee.
FIFTEENTH: That the Mortgagor shall furrnsh annually, of the request of the Mortgagee, financial statements in form
and certified in a manner satisfactory to the Mortgagee.
SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extensions of the
promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may hove been
or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee,
and this mortgage is also intended to be and is o mortgage to secure payment of any and all future or additional advances mode
by the Mortgagee at its option to the Mortgagor, or his successor in title, for ony purpose, to the some extent os if such future or
odditionol advances were mode on the dote of the execution of this mortgage, although there may be no advance made of the
time of the execution of this mortgage and although there may be no indebtedness outstanding of the time ony advance is mode.
All such advances ore to be made within twenty years from the dote of this mortgage, or within such lesser period of time as may
be provided hereafter by low as opre-requisite for the wfficiency of actual notice or record notice of the option of future or oddi-
tionol advances os against the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness se-
cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured of ony one time shotl
not exceed o maximum principal amount of ~~ 3IX TI-)bi15~ND EIQiP H[>rTDItID SE~IIIJI'Y FIVE AND NO_f100---
_,--- ---- ~ ~ -- (5..46,875.00 )
plus interest thereon, and any disbursements mode for the payment of foxes, levies or insurance on the property covered by the
lien of this mortgage, with interest on such disbursements.
Seventeenth: This rrortgage is subject to all of the teritls of the Oonstruction Loan
Agrealttent of even date, the same as if said agreement were set out herein in full.
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X344 P~~~1502