HomeMy WebLinkAbout1914e. 7o p~~fu~~o, comply with and abide by e~ch aod every ~tipulatiou. agrocweut, ~'UI!(1lGb~ Alltl WYCfliD~ lA fild QIOlA1iSOl~l QO~O Yt1~ dOOd
~Pt forth.
7. !n the eveat d-e ~urisiliction of the U. S. DL~triet Court shaD be tnvoked by or ~gain:t the Matgagor urxler auy of the pcovisiow of ths
t~l~•ral Hankrupt~y Act. such action, whether voluntary o~ invuluotary on U~ep~ oE the 111ortgagur, sl~all autawtically, witlxwl uutKC. ~r
~~rkratu dic uwturity o( all swus of awuey herrin J~xcribed uxl sa:ured aaJ the sanw shall theccupon I,~como dun and payaLle twd-wiU~
a~ fully as U 1he said a~ragate aums oE maney wero aiKinally stipul~tr~ to ba paid oo such date.
8. To deliver to said Mortgagen, oo ~ beloro March 1StL oE e~ch year, t~ receipts evideucing thepa ymeut of all IawfuUy impusud Wxd
fo~ the pr~titiYliag calt:xiar year. anci to drli~e~ to said l~tort~agee. ~cceipts evidenciug the payment oE ali Geiu for puWlc Iu-provewents wUhin
~~~-~~Y i~) days after the sa~ra shall becomo due and payable, and topa y or discharyce within ainety (4q) days dter due date. any and all
Kovcrnmrntu! k~•ies that may be wade on the a~ortge~;~~l p~operty. ou this wongage or mte. or in any wl~er way reaulting fran tLa I~furtg:.gr
in~lrbtrdc~ss secured by this cnort~age; sad if this rnnJitioa l~e not eomplied wit6 and perfonneJ, said uwrtr,aK~ ~Y PaY such sum or awm
which sFwll lHro~ue paA d tt~e del't secumcl by this n~o~t~Cage, ~rxl sliaU Lear intrrrst at the default rate pwvidcd in saNl pruinissory twtr
pay•rbk uwnttdy until paid u: sald AtortKay~ee may elect that said rn~rtgage debt thereupoo ba.~ome due w~d puyabk forthwith.
!1. lt is (urtl~er rnvenanted oud ag~eed by suid parties that in tbe event a~ a suit being instituted to foreclose this mortgage, the Mat~agee
shall be entided to apply at nny time pending such (ou~;lwuro s~ut to ll~e eourt having jurisdiction thereof Ior t6e appoin4neat of a receiver
of all ancl singula~ the mo~tgu8ed QropertY, arnl ot aU U~e ~cnt,, IOCOl1Ml~ p[OFIts, issuea aad revenu~ thereof. from whatsaever source derived-
a~xl thereupon it is hereby exprexsly coveiwnted acKl agreal thsit the court shall forthw[th appoint a receiver ~ said uari~;aged properly. al~
and stngular, and oE such rents, iaeomes. Prolits. issua aad revcnue t6eroof. hom whatsoever souroe dcrived. with the usual powen aai
dutks of receivers in like cax~s; arxl such appointa~ent shall be ~nadr by such co~ut u a matter of striM rip,ht to the I-lortgagee, its mcccswis,
lexal representatives or assigas~ aad without mterrnce to the ade~~uscy or inadeqwcy of the value oE the property hereby mortga8ed. or lo the
soTven~ or insolvency of the I-iortgago~, and tl~at such rent. pro(its. iacome, iuues and revenues sF~aU bc appl;ed by such rei.~eive~ to thc pay
ment oF the mortgage inclebtedness, cosb anJ charges. accorcting to the order of such oourt.
1Q If all or any part oE thc property or ao interest therein is sold w tnntferred by mortgagor without mongagee's prior written consent,
PxcludinX (a) the creation of a lien or encumbrance sutwrdinate to thism~tga ge, (b) the creation oE a purchue nwney security inte~est for
household appliances. (c) a traosfer by devise or d~sceat, or by opentiat aE law upon the death of s joint tenaat, or (d) thc ~rant of aay
leascholcl interest of th~ee years or less not rnntaining aa option to purchase. mortgagee may. at 1Ls o~tion, declare aU d~c s„~~-s secu~ed by
this mortga~;e to be immecliately due and payable. I~iortgagee sha11 twve waived such option to accelerate if prior to die. sale or trans[er,
mo~tKagc~e and U~e person to whom fhe prop~rty is to he sold or transferted reach a~reement in writing that t~e eredit of such person is sat-
isf~ciory to 1-fortgatiee and that the interest payable on the sums secured by Wis mortga~e shsll be at s~x~h rate as Atorigagee shal) rr~~uest.
11. Tl~at in the event the pmmises I~erel,y mortgaged. or any part thereof, shall be condemnecl ancl taken (or public use under the power
of cminent domain, the Mortga~ee shall l~ave thc ri};t~t to de~na~l ttwt dl damages awarded for thc taking of w damages to said premises
ahaU be paid to the I-~ort~;a gee up to the amount then unpaid on this morty,age and at the option of the Aiortgagee may be appl~ed upou
thc• paymcnts last payahk thereon.
12. The ~rartgagor hinds binuelf not to ere.rt or pertnit to be ererted any ncw build'wgs on the premises hercin rnortgaged or to a~W to
or pen~~it to I~e adJed to any of the e:isting improvemenis thereoa or make any changes or alterations in said improve~nents which materially
change the sa~ne or the use thereof, without the written consent of the Mortgaqee and in the event of any violation or attempt to violate t1-is
stipulation this mortQa~;e and all sums secured hereby shall imnn~cliately become ~ue and oollectible at the oQtioa of the Mortgagee.
13. lt is specifir.-lly agrced that time is of the esse~x~e of d~is contract aad that ra waiver of any obli~;aGon herewxier or of the obllgation
secured hereby ~hall at any ti~ne be held to lx a wai~er of the temu hereof or of the imtrument sec~ired hereby.
14. I( foreclosure proc~lin~s of any secornl mort~;a~e or secorxl trust deed or anp junior lien of any ki~xl shaild be institutecl. the ~tort-
qa~;ce may, at its option, immediately or thereafter declare this uwrtgaqe and the indebtedness secured hereby due and payable forthwith, and
may at itc option proa~ed lo foreclox this mortgaqe.
l5. To the extent of the indebtetl~~ess of tlie \tortgagor to the 1-1ortgagee described herein or secured hereby ihe ~fortp,agee is hereby
ul,rogated to the lien or liens and to the rip,hts of the owners and holders thereof of each and every mortgage lien or other incwnbrance on the
lancl described herein which iu paid and/or satislicrl in wl~ole or in part out of the procee~s of the loan described herein or secured hereby
and tf-e respeMive liens of said ~nortRages, liens w other incumbrances shall be and lhe same and each of them hereby is presen~ed and sha1~
p~~ss to anci t-e held by the \tort~a~;ee hercin as security for the irKlebtedness to the 1ltortp~ a gee herein descril-ed or t-ereby securcYl, to thc same
extent that it w•ould F~a~•e bren presen•cd and wotdd have been pacced to and been 6eld by the MortKagee had it l~een duly aixl re;;ularly
:~s.is;ned, transferred, set over and deli~~emcl wdo tl~e ~tortgagee by separate deed of assi~nment notwithstandin~ the fact that tl~e sau~e may
I~e~ satisficd and cancell•=d of recortl, it beiny~ the intention of the parties hereto that the same wil) be satisfied and cancelled of record by the
holders thereof at or about lhe timc of the reconli~g of this mo:tqa~e.
16. To pay all ancl sinqu)ar the eosts, charqex and expe~ues, incluJing lawyer's fees, reawnably incurred or paid at any time by the \fort-
ea¢ce, l,ecause of the (ailure of the AfortgaQor to pedorm. comply with arnl abide by each ancl every the stipulatio~a, ageements, comlitions,
and cm~cnants of saiJ pro:nissory note and this deed, or either, anr~ cvery such payment shall bcar interest from date at the default rate pro-
.•id~Yl in said promissory note.
17. \Vhen any amount of money to be paid by the Mortgagor to the I-fortRagce under the temns hereof shall be in default, or should d~e
~fort~a¢or default in any of the other terms, provisions or conditions of this 1ltortgage, then aTxl in d~at case the 1ltort agcr shall ha~•e the
ri~ht, without notice to the 1ltort~;agor, to rnllect and receive from any teoant or lessee d said mortgaged premises ~e rents, iss~~es and
pro(its of the real estate hereby mort~aged and the improvements thereon, and to give pro~er receipts and acqnittancrs th~•re•for, xrKl after
pavin~ all commissiont of any rental aqent rnllectinR the same, and any reasonabk attorney s fces and other necessary e:prnses inrurre~~ in
~ c,(Ircting same, to apply the proceecis of such eolleetions upon any indebtedcess, obligation or liability, of the MortRaKor hereunder. The
ri~;fd ~;rantecl the 1liortRaQce under this paragraph shall be in addition to, and shall not limit or restrict, any other ri~ht or riFhts firanted the
~Torty;aQee in this 11~ortgage.
18. If the '.11ortKagors at U~e time of making this l~iortgage or subs~uent thereto take out life insurance desitcnating the Atortragee herein
iti f~neficiary with a company appmved by the I~forigaRee or assipu policies to the I1lodqagee for the purpose of securin~ the mortgage loan
t;.~rehy secured, thcn die Atort~:aQir. shall ha~r. the right to pay anv premium acrn~ing under said policies, and all sums sn espendrd shall be
a~lded to and lx~~ne a part of the princi~a1 mdebtedness secnr~Y! hyr this ~fortgage and shall be gaid by the Modp,at{or to the A1ortQaqre
in tw~elve e~ iral cv~nsecutive monthly instapments, the lirst nwnthly insiallr~ent to be paid as a part of and in addition to the monthly pa.n~rut
d~~P uncicr t~is Ntort~a~e in the First calendar monU~ foUowinA lhe e:pending of said sum. Such sums so ~pended to bear interest at the rate
at which interest is payable upcro said principal inclebtedness and the lien af this Mortgage shaA eztend to and secure the sums so e:pended
tocethcr with interest thereon as hereinhefore provided.
19_ At mort~aRce's option, toftether with aad in addttion to tbe monthlypa yment of principa) and interestpa yabk under the terms of the
~ note seeurecl hereby, MortRagor shall pay to Morty;agce each month ~mH) aaici note is fallv paid, one-twelfth (1/12) of a som equal to the
~ ansiual preminm due ~o~ fire, e:tendcci cm•erage, and other harard insurance including f~ood inn~rance, caverinA the mortga ~ed property.
~ plus tazes and assessments ne:t due on the mort~a~ed prope~ty ( xll as estimated by Mortgagee) less all sums already paid thcre~or, aml to be
F di~~ded by the numl~er of months to elapse prior to the date when such tazes and assessments shall become delinquent. Said sums shall be
hcld by 11~ortga ~ee in trust or creditcd to the principal of the loan, to pay said insuranoe. ta=es, and assessments and shall be applicd on the
~ payment thereo~ when due. My ~cess held in trust by ~tortgagee when said loen is paid in fuD stiaD be paid to Mort~agor, or his assigns,
~ or personal representatives. Ia the event of a default or forecloaure, "said sunu held 'm tr~ut may be applied on any caats of damages sustained
~ in connection with the rnllection oE the note secured hereby whether by suit, foreclasure. or otberwise. Mortp,eRee may from time to time at
its option waive, and after any ~uch wai~-er. reinstate any or all provisi~s bereof requiring such depoaits, by notice to Mortga qor in writinq.
S 1t'hilc any suc6 waiver is in e[fect, ~tortqagor shall pay taues, assessmenh ana insuranoe premiuuu u herein elsewhere provided.
y ?0. ~lorty,a~eor shall compl.• with the Qrovisioas of any kase, If this QaRgage is on ~ kasehoW. If d~is mortgage is on a oondaninium unH,
; mortRa,or shall perform aQ o~ mortgagors obllgations uoder the declaration oF caadamidum or master deed, the by-laws and regulations oF
thP condominium project and constituent documents. Mort~aga further oovenanB that he and the sssociationrespor~ible for the aperation
of the oondomininm will observe all of the provisto~ of the said declanHon and any omendments thereto, and oF the Gondominium law of
thc state, and wiU perform all ol>lip,ationi thereunder, and a failure to do so w~kh is not rured witl~in 30 days after nottce given by the Atort-
r:~e~ to the mortRa~or and the said association shall constitute a defa~ ~mder d~is mortga~e Mortgagor further specificaDy covenants, but not
~ hy ..~ay of limitation, that he and the associatioa will observe all of the provLtio~ of said declaraHon of condominium relating to insnrance
~ co~~eraQe.
` 21. MortgaRor h~rther covenants and astrces that at the request of MortRaRee to fumis6 a ttandard ttrtnite bad insuring aga~nst damage
by infest~tion on the buiWinR~ now or herwfter located on the mortl~8~ P~~rtY. in s~ch amw~nb and tern~s. and with such oompany as
~ ePP~m•ed a~d re.~uired by AtortqaAee; and in the event 1-iort~aSor does not oomply aith thl: covenant Matgagee shall have tbe same righb
~ to oLtain san~e as insurance oovenge uader covenant ~3 bered.
22. 71iat in the event that thb mortqage is ~ven to srcure a cvrastn~etion loan fa11u~ on tbe put of tbe MortgaRor or the Mortgagor's
~ contractot, architect, enp~ioters. or sub-cmtnetots to oomply w•ith the terms of t~e Constrnetfon I.o4n Aqreement of evrn date herewid~.
~vhich is by re(erence incorEwrated herein, :}ull, at the option of the I-tortRagee. constltute • de(auh hereunder.
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23. If the mortg~ged premises is ot6er than a oce to four family dwelling, the I~fort agor covenants and ag~ea that he wi11, not later
thaa thirty (30) days aher the end of the fiscal year furnish unto d~c Association a comp~ete and accurate balanee sheet and profit and 1os~
statemcnt re(lecting the Mortgagor's liabilitics u wJ~ as profit and luss for the fiscal yar, and such balance shect and profit and loss atate-
ment shaU be prepared by ~ certi(ied puLlk acco~mtaot licen:e~d in the State of Florida. an~~~C~'=V rtifial ps~n~co~rect by such eerti-
~ fied public aocountan~ 81~ ~ ~.~~
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