HomeMy WebLinkAbout1689e. To pc~ (onn. cauply w~th ~nd aLide by e~ aod every ttlaulatbu. agroeuKrrit. uuoditwu aiw wveaant ia :aid p~o~nusory note aad deed
sct fo~th.
7. In dw eveat tl-e ju~isdiction aE the U. S. Dittrlct Court s6a11 bs [nvoked br ~ag aiast tbe M gagoc~~nder aoy of tlre provitioas of tl~e
Fc~l~•~ul l3ankrupt~y Act, suc6 actioa. w6cther voluntary or lnvoluatuy on thep~ of tbe I-fortgag~or. sltiaU w~anaticaUy. wicwout aotiar. 4c-
crki;,tc+ U~~ nwtwity of aU suuu of uwiwy herria aescribed aaJ s~curecl uwl the taa~e sliall ibereupon become dua and payabla [orthw~itl~
a.s fully as it the said a~regate suu~s oE money wcre odginaUy sttpulatec~ to be pak! w:urL data
8. To dellvar to a~ld MortBagee. oo ~ be[a+e biard~ 15tL af ead~ ye~r, ta: receipts evideaciug thepaymcat of all lawfully imposcd wcrs
(o~ the pcecctiling cakacla~ year, aad to Jeliver to saic! Rto~g~gee, eecelpts evideociog tLe paymeut of W Uem Eor pubL'c Lnprovewents witL:a
~~inety (4JU) da~~s atte~ tl~e same shall become due and payaWe, and topa y or discharAe vrithia aiaety (90) da~ dter due date, any and all
Kovc~runrntul lr~ies that may be u~ade ar tha mortgabed property, a~ this uartgage or oote, or ia auy olf~er way resulting Iran tbe Nlortg:.gr
indebtedness secure~d by Uiis mort a8o: aad if this canlition be not complied witL end performed, said aartRagee u~aY PaY soch sum or suma
~.~h;ch slwll I,.rbn~e part of the de~1 securecl by ihis morigage. a~K1 shaU l,car lntcnst at tLe detault rate provided in srid pran' ~wte
Na>'able monthly unW paid or said Mort~a~ce may elect that satd mortgage debt tj,ereupoo becouie due r.od payable forthwitb. ~ry
9. It is furthe~ coveoanted and agreed by said parties tbat ia t6e e~Yat af~a suit being institutod to (orcclose this mo~tgage, the I-fortgagce
shaU be e~tiUeci to apply at any time penciing s~c6 fonx~lwure s~dt to t6e court 6aving jucisdiction the~eof [or the appintment of a reocive~
of all anci singular the mortgaged propcrtY. and of all the muts, inconies. ptofits, assues and reveaues thereof. fmm whatsoever source derivc~l•
aiKl thenwpon it is herebY ~prcssly covenanted anct agreod that ihe court s1w1! forthwith appoint a receiver oE said mort~;aScd PropertX al~
and singular. and oE ruch rents. iacomes, pro(its. issues aod revcnue thereof, fro~n whatsoever source derivod, with the usual pa-ve~ and
duties of receivers in like cases; and such appoinUnent shall be made by anc6 court as a matter of striet right to the I-fortgagee, its successors,
le~al represeatatives or assigns. and witLout reference to the adc~uacy or inadequacy of tbe value of the prope~ty herel~Y mort888ed. or to the
wlvency o~ insolvency of the 111ortgagor. anci that such reat, profits, iaeaioe. issues aod rcvenue.s shall be applied by such receiver to tlH• paY-
meat of the mortgage inclebte~ln~s. coats and charges, accorcting to the ader af such oourt. .
10. lf all or any part of tbe pmperty or an interest therein is wW or transferred by mortgagor wilhout mortgagee s prior writtea coqsent~
excludin ( a) the creation of •a lien a encumbrance subordiwte to this mort~a~( b) the creation of a pumhise aiooey security interest for
houseiw~ appliances, (c) a transfer by devise or d~cent, or by opention of law upoo the death af a joiot tenaat, or (d) the graut of any
leasehold interest of three years o~ less not coataining an optibn to purr6ase. modgagee a~ay, at itsop t~on. dedare all thc sunu ~ by
this mortgaRe to be immediately due and payaLle. I~tortgaRee shall have vraived such option to acoekrate if prior to the sale or transfer,
mortRagee and tl~e pcrson to whom ihe property is to be sold or trantferTed reach a~reemeat In writing that t~e crcrlit of such person is sat-
isfactory to Mo~tgagee aixl that the iatereat payaWe on the su~ns securod by this mortp,a~e shall be at snch rate as rfortgagee shal) mquest.
11. 71~at in the event the premises hereby nwrtgaRed. w aay part thereof~ shall be condemned and talcen for public ~se under tbe power
of Pminent domain, the I~iortgagee shall I~ave U~e riglit to demand that all damages awarded for the taking of or damages to said premises
sh~ll be paid to the Mortgagee np to the amount then unpaid ou this mortgage and at the optioa of the I~fatgagee may be applied upon
thr payments last payahle Wereon.
12. The mortgagor binds hinuelf rwt to erect or permit to be erected any new buildings on the premises herein mortgaged or to acld to
or permil to I,e added to any of the ezisting improv~ements thereon or make any c6anges a alteratio~u in said improvements which materiaUy
change the same or the use thereof, withou! lhe written conseat of the Mortgagee and ia tLe eveat of any violation or attempt to violate this
stipulation thic mortga~e and all sunu secured hereby st~all imir~ediately beoome ~ue and aollectible at the option of the 1-tortgagee.
13. It is speciEically agreed that time is of the essence of this contract and that ~ waiver of any obligatioo hereutxler or of tbe obligatian
secured hereby shall at any time be held to be a waiver of the terms hereoE or of the instrumeat secured hereby.
14. lf foreclasure procecdin~s of any second nwrtga~e or seco~ tnLSt deed or any junior lien of any Idad should be inctituted, the Mott-
Ka~ee inay, at its option, immediately or thereafter declarc ihis mortqage and the indebtedness secared hereby dne and payable forthwith, and
may at its option proceecl to foreclose this mortgage.
15. To the eutent of the indebtedness of tLe Atortgagor to the 1-~ortgagee deuribed herein or secured herehy the I-tortgagee is hereby
uLrogatecl to the lien or lient and to lhe rights of the owners and holders thereof of eac6 anci every mortgage lien or other incumbrance on the
land described herein which is paid and/or satisiied in whole or in part out of tbe proceeds of the ban described herein or secumd bereby
and the respective liens of said mortgages, liens or other incu~nbrances sha11 be and the same and eac6 of tLem 6ereby is preserved and shal~
pass to and bc held by the 1lortgaKee herein as security Eor the indebtedness to the Mort agce herein described or herehy securecl, to the same
eztent that it w•ould have been pmscrvecl and would have bcen passed to and been he~ by the Mortgagee had it heen dWy and mgulady
as,i~;necl, transfermd, set o~~er and delia~erc~l unto the I-iortgagee by separate deec! of assignmeat notwithstancling the fact that the same may
be satisfied and cancelkd of record, it txtinR the intention of the parties hereto that the same will be satisfied anJ canceUed of record by the
holders thereoE at or about the time oE the recording of this mortgage.
16. To pay all aixl sin~,ndar the costs, charges and ezpenses. including lawy er's fees, reasoaably incurred or paid at any time by the ~tort-
catee, because of the failure of the J-tortgaQor to pedorm, comply wit6 and abide by each and every the stipulations. ageements, rnnditioru,
and covenants of said promissory rwte and this deed, or cither, an~l every such payment shall besr interest fran date at the default rate pro-
~•i~l~~d in said promissory note. ,
17. ~Yhen any amount of money to be paid by the Mortgagor to the 1liortgagee wider t6e ternu 6ereof sbaU be in defanlt, or should the
\tort~;agor default in any of the other temu, provisioas or conditirnn of this 1~lortgage. then and in tbat case the Mortgagee shail ha~•e the
ri~ht, without notice to the 1~tortKagor, to oollect and receive from any tenant or lessee of said mortgaged premises the reots, issues and
profits of the mal estate hereby mortgaged and the improveinents thereon, and to give pm~er receipts and acquittances therefor, and after
payin~ all rnmmissioas of any rental agent collecting the same, and any masonable attornty s fees and other neccssary ezpenses incurred in
~•ollectinK same, to apply the proceecis of suc6 collections upon anp indebtedness, obligation or liability, of the 1ltortgagor hereunder. The
i,4Lt firanted U~e 1liortga~ee under this paragrap6 shal) be in addttion to, and shall not Wnit or rrstrict, any other rig6t or righfs granted the
\torty;a~ee in this I1lortgage.
18. If thc ~(ortRagors at the time of making this ~~ortgage or subs uent thereto take out life iasurance desi~ating the I-~ortgagee herein
u I~rneficiary ~~•ith a comjrany appro~~l by the I~tortgagee or assigns p~icies to the Mortgagoe for the purpose of securinQ the mortgage ban
t~~~rrhy secured, then the I-fort~aQee shall have the right to pay any premium accruing mider said policies, and all sums so e:pended shall be
x~lded to ancl become a part of the principa1 indebtedness sPrarcd l~y this 1Nortgage sixl s6a11 be paid by the 1liortgagor to the riortt¢aqee
in tw~elve e~ ua1 consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly pay~nent
duc urxler ~is Mort~;a~e in the first calernlar monlh following the ezpend'ug of said sum. Such sums so e:pended to bear interest at the rate.
at which interest is payabM npon said principal indebtedness and the lien af this Mortgage shaD atend to and secure t6e sums so e:pended
to•,ether with interest thereon as hereinbefore provided. -
19. At mort~aRee s option, togeth~er with ard in addiHm to the monthlypa y~nent of nncfpal and interest ysbk under the terms of the
notP secured hereby, MortAagor shal)pa y to Mort~agee each month until said note ts~ pa~id, ooc-twrlhh ~I/12) of a sume~ ual to the
annua) premiom due for fire, extended co~rrage, and other ha7ard inswance including flaod inturance, oovering the mortsa ed property.
a
ph~s taces and assessments ncrt due on the mort~a~;ed Pmperty ( all as estimated by Mortgagce) kss al) sums already paid t rn. and to be
divided by the numl~er of uwnths to elapse prior to the date when sach taxes and a~ts shal) become delinqnent. Said sums s1iaD be
held by Aiortgagee in tnsst or cre~itecl to the principal of the ban, to pay sald i~rance, t~es. and ass~eats and shall be applied on the
payment thereof when due. Any ezcess held in tnst by 111ort~agee when said ban is paid in fu11 shall be paid to 1liortgagor, or his assiRas,
or personal representatives. 1n the event of a defaWt or foreclosure aaid sums held in truit may be applied on a~+ ooats oE damages suctaiced
in connection with the rnUection of the note secured hereby whether by suit foreclosure. or othervvise. MortRagee may from time to time at
its option waive, and after any such waiver~ reiastate arry or all provisions ~ereof requiring snch depoaits. by notiae to Mortgaq Or 10 Wfl[ID$.
~Vhile any sucb a~ai~~er is in effeet. Iltort(~agor shal) pay ta:es, assessments and inmra~we premiu~ as hcrefn elsewhere pruvidecl.
^_0. ~fortAaeor shall complv with the pravisioas of any lease. if this mort~p e is on a leasebold. If tliis mort~age is oo a coodamini~m unit,
mortqa~or shall perform all o~ mortgagors obligations under the declaraHan of oondomini~m or oiastcr deed, tbe by-laws aod regulatior~s of
the condominium project and oonstituent docnments. Mortgagor fnrther aovena~s th~t 6e and the aaociationr~o~u ~bk for the operation
of the oondominium will obaerve aD of the prm~iaons of We said declaration and auy amendments dureto, and of the Condominium 1aw of
the state, and will perform sU obligations thereunder; and a failure to do w w~tch is oot cnred w~ithtn 30 ~da~s ~fter notica givea by the I-tort-
c~ePC to the mort{taFor and the said association shall constitute a defauti under this mortg~ e. Mortgagor Eurther sperifica0y cov~enants, but not
by way of IimitaNon, that he and the associatia~ will observe aD of the pmv[siom of said decLration ef condaninium relaHng to insurance
coveraRe. -
21. MortgaRor further cavenants and agrax that at the reqnest of Mortgap~ee to furni~L a smndard termite bad insuring aga~t damage
hy infestation on the buiklings now or 6eresfter located on the mortg~Bed Property. tn s~ch amounts and terms, and with suc6 company as
approved antl teqnirea by Mortgagee; and in the eva~t MortRagor does nd aanply with thls ooveoant Mortgagee s1~a11 have the sane righ~
to obtain sa~ne as insurance ooverage ~under covenant !l3 bereaf.
~ 22. That in the event that tlds mortgage is given to secure a constrnc.~tton ~failure oo the paR of the Martgagor or the Mortgsgor's
contractor. architeci, en~neers. or sub-cootraetors to aomply with the terms af Co~on Lo4n A~ree of evrn date hercwit6,
~vhic6 is by reference incorporated herein, s6a11, at the option d the I-1 ortlcagee, cautitute a default hereuader. ~~
23. U the mortgaged pcemisa i~ ot6er than a one to fo~r family JwellinjC. tLe Atortgagor oovenanb ~nd egrces that he will, not later
than thi~ty (30) days after the end of t}~e fiscal ycar fumish unto tl~e Associatioo a rnmpkte ard acrurate balance s}~eet and profit and lass ~
statement reflecting the Modgatgor's liabiliGa at wel~ u proiit and bss for tbe fsscxl , and si~L balance sl-eEt and profit and loss state-
ment shall be prepared by a certified public aocountant licet-sed in the State of Flodda,~and tbaD be aertlfied as beinR correct by sucb certf.
fied public aooountaM. g~346 ~s~if~3~