HomeMy WebLinkAbout0289all agreemenb between the Mo~lgugor a~d Mortgagee relAting lo insuran~r, now existinR o~ herealter rru~de, shul) t-e in
writin~ a~d shall be a part ot this mortgaRe ag~eement as tully as thouRh aet fo~th verbatim herei~ nnd shnil govern
both partiea hereto and their auccesaors uod uasigns. No lien upon nny af said ~liciex of insumnce or upon nny re[und
or return premium which may be pnyable on the cnncellation or terminnlion therent, ahi~ll be Riven to othe~ than fhe
Mortgagee, except by proper endorsement affixed to such policy und nppmvc~l by Murtgagee. F.ach policy ot inaurance
shall haxe affixed thereto a Standard Mortgagee Clnuse accepti~ble to the MortgaRee, mnking all lo~sa or lassea under auch
policy payable to the Mortgagee ns ib interest may appeE-r. ln the eve~t nny aum o~ suma ot money become {x~yrble
thereunder the Mortgagee ahall have the option to re~rive nnd Apply the same on nn~ount of the indebtednesa hereby
secured. or to permit the Morigagor to receive and use it, or u~y parl thereot, without fhereby waiving or impniring
a~y equity. lien or right u~der and by virtue of thia mo~lgage. In event ot la~a ar physical durru~ge to the mo~tgaged
propeHy the Mortgagor ahall give immediate notice thereot by muil to lhe Morfgagee nncl lhe MortgAgee mny make
proot ot loea if the aame is not made promptly by the Mortgagor. I~ event o( fo~eclosure of this mo~tgage or other
tranater ot title to the mortgaged pmperly in extinguishment ot the i~debteclness secured hereby, all riRht, title und inter-
eat ot the Mortgagor in and to any insurnnre policies then in torce sh:-11 ~x~ss to the ~~urchnser or grnntee. Upon any
detault thereof, lhe Mortgagee may Ibut without obligation on ila part to do so) place insurnnee on such buildings And
pay the premium and charge such sums so ~aid to the Mortgngor nnd such sums of money so paid shall bear interest
irom the date ot payment at the higheat legal rate.
~. That all aums ot money ~mid or cnused to he puid by lhe MortgaRee under the terms ot this mortgage :md herein
apecifically provided [or, and including ~+ny ex~~ea4es incurred by the MortgaRee in rnllection of the sum securcd by this
mortgage, ahall be rnvered by the lien ot this mortguge, the same as the sum.4 ot money represenled by the note which
this mortgage securea_
5. To pernnit, commit or sufier no waste, impnirment or deteriorntion ot said property, or any part ihereot, and
upon lhe failure of the Mortgagor to keep the buildings on said property in g«xl condition ot repair, lhe MoHgagee
may demand the immediate repair of said buildings, or an increase in the amount of security, or the immediate repay-
ment oE the debt hereby serured, and the failure of the Mortgagor to comply with s~id demand of the Mortgagee tor a
period of 6fteen (15) daya ahnll constitute a breach ot this mortgnge, nnd, rt the option of the Mortg~gee, immediately
mature the entire unpaid principal nnd interest hereby secunKi, and the Mortg~gee may, wilhoul notice, institute pro-
ceedinga to forecloee thia mortgage, and apply for the appoinfinent of a receiver, :ss hereinatter providecl.
6. That the Mortgagor hereby promises, covenants and agrecw to ~x~y the surr~4 ot money :~nd interest as menlioned
in said promissory note, togelher with any :~nd ~II other sums justly due and owinR the MortgaRee by the terms therein,
and aErured to be paid as stated therein prom~~tly when due. If def:~ult shall t~e made in the payment ot the said sums of
money or any part thereot as provided in the a~id nole or ihis mortg:~Re, or it the interest that mny ix~~ome due thereon
or any part thereot shall be in detault and un~~rid for a space ot 6tteen 115- days, or should the Mortg~gor breach or
tail to comply with any olher rnven:~nt or ~Rreement on the ~k~rt ot the Mortg:igor to be complied with lin thoae cases
in which the option ot the Mortgagee of an~eleration is not olherwise expressly _provided herein) and such breach or
non-comptiance rnntinue in existence for ~ s~k~ce ot fitteen 115) days, then and (rom thencetorth, at the option of the
Mortgagor, the whole of said princi~al sum expressed in a~id note, together with all other sums therein as v-e11 as herein
pmvided tor, shall become immediately due and payable, without notice to the said Mortgagor.
7. That in case it should become nece4.vary to place this mortRaRe and the note secured hereby or eithe~ ot lhem, in
th hands of an attorney for collection, the s:~id A1ortRaRor covenants ~nd aRrees w•ith the Mortgagee to pay all costs.
chargea and expenses of such eollection, includinR reasonable ~ttorney's tees whether rnllerted by foreclosure or otherwise.
8. That, in the event any suit is brought upon this mortRaRe, whether to toreclose it, to re(orm it, or ot:~erwise.
and/or to entorce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof
for the appointment ot a receiver of said mortgaged property, as well as the income, profits, issues and re~enues thereof,
and the aaid income, profits, issues and revenues are hereby mortRaRed as i( s~•i6cally set torth and described in the
gcanting and habendum clauaes hereot, and such receiver ahall have all the broad and efiective tunetions and powera in
any wise enlrusled by a court to a receiver, .~nd such ap~xiintment ahal) be made by such court aa an admitted equity and
a matter of abeolute right in !he Mortgagee, and without reterence to the :~dequaey or inadequacy ot the value ot the
property mortgaged, or to ti~e solvency or insolvency of the Mortgagor and/or the detendant and such rents, profita,
income, isauea and revenues ahall be applied by the receiver acrording to the lien and/or equity ot this mortgage and
the practice ot auch court, and such appointment of receiver ahall be withont notice to any obligor hereunder_
9. The Morlgagor hereby waives all rights ot homestead and e:emption Rnnted by the Constitution and lawa of
Florida. It is specifically agreed ihat lime is ot the essence in this contract and that no waiver by lhe 111ortgagee of
any obligation hereunder or of the obligation secureci hereby shall at any time thereafter be held to be a waiver of the
terau hereof or of the obligation secured hereby.
10. That in ihe event that this mortgage be given to secure a construction loan, failure on lhe part o[ the Morl-
gagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date
herewith, or to build said construction in accordance with plans and specifications filed with the Mortgagee, shnll con-
stitute a breach of this mortgage, and, at the option of the Morgagee, immediately mature the entire amount ot princi-
pal and intereat hereby secured and the Mortgagee may immediately inatitute proc•eedings to [oreclose this mor/gage.
11. If (orecloaure proceedings ot any second morigage ~r second trust deeef or any junior lien of any kind should be
instituted, the Mortgagee may, at its option immediately or thereatter declare this mortgage and the indebedness secured
hereby due and payable.
12. That in the event the premises hereby mortgaged, or any part thereof, shall t-e c-ondemned and t~ken (or public
uae under the power of eminent domain, !he Mortgagee ahall have the right to demand that all damaRes awarded tor
the tnking ot or damages to said premi~ shall be ~id to the Mortgaqee, up to the amount then unpaid on this mort-
gage and the obligation secured hereby and may be applied upon the payments l:ist payable under this mortgage and
the obligation secured hereby.
13. That inslallments, payable under the terms hereo( and the note secure~! hereby, nol ~k-~id when due, shal) tw
subject, atter 6tteen (151 day~ trom the date thereof, to, and it is aRrecYl MortgaRee shall collect thereon :~nd therewith,
a"late charRe" in the amount ot tour per cent 14°,;,) o[ the installment due u~wn each such delinquent installmenf, and
such "late charqes" are secured by the lien hereof.
14. Without impairing the obliRations o( Morlgagor conG~ined in paro~raph4 2. 3 and 4 hereoL and for ;y~liea~ien ~
to the pur . s the a~me shall be suff'icient. MortRaRor shall, ia.;idrl~ierrtaZhe monthly payments of -
principal and interest as atated in the onRin. or notes securec! hereby) provided t~~ be made, ~iay ~
a monthly aum and amount e,~ual-te-o~tcvelT?~ 11/12) of the estima assesementa ~nd insurance pre-
_ mi a~ estafe security, as Ihe :~mount therea( is determintrl fmm time to limP hy Ic~ie 11tfoTt~Rw
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