HomeMy WebLinkAbout16948. 7o pcr[onu. cumply with aod abide by each wd every Wpulatbn, ax~w:ww~t, uuad~~oa aua auvanant iw saW pran~swry note and daed
set Eorth.
7. !n the evrat die (urisdictbn of the U. S. District Court s6a11 be tuvoked by ora~aiast t6e Matgagor under any of tbo pmvisiw~ at the
t~ a.l~•r.d Bankruptcy Act. su~.-h actioa. whcther voluatary or involuntary oa t6ep~r~ oF tLe l~fort~or. stwll auta~~alic:ally. wittiout iwticu. n~~
~~elcratc Q~a nwtutity ot d) suutt of mouoy hereia deac~ibed aixl serured snd ttia ss~ne shall thrreupon becv~ma due a~xl payabla Iortl~wiU~
az fully as If thc said abgn.~ete sums af mor~ey were originally stlpulatr~ to be pald ou such date.
8. To delivar to said Mortgagea. o0 or befwe i-tard~ 1Stb of e~eh year, tu ~oeipts evicieuciag thapayu~er-t oE al! law[uUy impowd ~uce~s
fo~ the prrceeling caleaJar year, aad to delive~ to said I~fu~tgagee. receipts evidencing tbe psyweat af ~ll liens for publie improvemcuts wiUuu
aincty (410) days atter the sama shall becouw due aad payable, and topa y w disctwrs;e within ninety (~JO) days atter due date, any and aU
guvrrnmcntal Ievies lhat nwy be uwda o~ l6e mortgagid p~operty~ on this uwrtgage or nole, or ia any Wl~er way resulting trau tl~e 111uilga~r
indrbte~lness secu~l by d,is mongage; aad if this coa~lition be not compUed with and pehonneJ. said morqtagee u~ay paY such sum or awn+
which shaq l,rcou,e pan of the debt securecl by this nu~rtgage, ancl s!-aU i~ear interest at the de(ault rate providc~l in said piumissory note
pa~~able monthly unW paid or saicl I1lortga~:ce mxy elect d-at said nwrtgage debt thereupar becoa:e due u-d payablo torthwith.
9. lt is Further covenanted aad agreod by said partiex that in the event of a su[t bcing iastituted to foreclose this mortgage. the 1-to~tgagee
shall t-e entilleJ to apply at any tiwe pendin~ such fon~losure s~rit to the court having ju~ixiiction thereof for the appintmeat of a rcceiver
of all and singular the mortgaged propert~•, and of all the nuts, incomes, profi issues and reveaues theteof. from whatscever x-urce derived•
aml thereupoa it is hereby ezpre~ly covenanted aixl agreed that the court s~ forthwith appoint a receiver of saiJ mort~;agc~l property. ~l~
and singular, aad of such rents, incon~pmtits, issues and revenue~ therea~f. from wLatsoever souroe dedved. with the usual powers aad
duties of receivers in like cases; a~-d su appoiutment shaU be uiade by suc6 court as a anatter of striM riRht to the Mortgagee, its succeuors,
legal represeatatives o~ assignc. anc! without re(erenee to the ade.~uaey or inadeqwcy of the value of the prope~ty hereby mortgaged, or to the
solvency or insohrncy of the Mortgagor. and that such rent, profits. inoome. issues and reveaues shall be applied by such receiver to the pay-
ment of the mortgage indebtedness, casts and charges. accorciing to the ~der of such ooutt.
10. lf aU or aay part of the property or an intereat therein ~s soW or transferra! by mortg,agor wittwut mortgagce's prior written consent~
excludin ( a) the cmation of a lien or encumbrance subordinate to this mortgage, ( b) the creation of a purchase nwney security interat for
househo~ appliances, (e) a transfer by devise or descent. or by operation oE law upoa the death of a joint tenunt, or (d) the grant of any
lesschold interest of t6ree ycars or less not contain~ng an option to purchase. mortgagee may, at its q~tion, declare all the swns secured by
this mortga~e to be immecii~tely due aml payable. Afortg~gee s6all La~ro waived such option to accelerate if. prior to the sale or transfer,
~nat~agee and t6c perso~: to whom the property is to be sold or transferred reach aRreement ia writing tF~at the ec~.rlit of suc6 person is snt-
isfacton• to Mortgagee and that the interest payable on the sunss sccured by this mortga~e shall be at such rate as 1-tort~agee shal) rfv~uest.
11. That in thc event the premises hereby mortRaRed. w any part thereof, sball be condemned and taken for public use uncler the power
of eminent domain, the 1-lortga~,~ee shsill Lave the rit;l-t to den~aod dwt all damages awarded for the taking oE or damages to said premises
shall be paid to the 1ltort~aqee up to the amount lhen unpaid on this mortgage and at the optioa of the AiortgaRee may be applied upoa
the payments last payable tbereon.
12. The mortgagor binds 6imself not to erect or pennit to be erected any ~ew buildings on t6e premises herein morty,aged or to add to
or permit lo I~e added to any of the e:isting improvemeats thereon or make any chan es or alterations in said improvements which materially
changc the same or the use thereof, without the written rnnser-t of the Morigagee an~ in the event of any violation or attempt to violate this
stipulation thic mortqage and all sums secured hereby shall im~nediately bec~ome ~iie and oollectible at the optioa of the Modgagee.
13. lt is specifically agreed that time is of the essence of this contract ancl t6at no waiver of any ob L'~atioa hereunder or of the obligation
secured hereby shall at any tiu~c be beW to be a waiver oE the terms hereof or of the instn~ment secured hereby.
l4. If foreclosure proc~eedings of any seeo~xi mortga~;e or second tnist deed or any junior lien of any kind should be institutecl. the Mort-
Qa~;~r ~nay. at its option, i~nmi.diatelv or t6ereafter declam this u~ortgage and the indebtedness secured hcreby due and payable (orthwith, and
may at its option proceeci lo foreclose this mortgage.
I5. 7'o the extent of the indeLtcvlness of tGe ~fo~tgagor to the I-iort agee described 6erein or secured hereby the 111ortgagee is hereby
+ubrogated to the lien or lienc and to the rig6ts of lhe o~vners and holders ~ereof of each and every mortgage L'en or other inaimbrance on the
laixl descrit~l herein which is paid and/or satisfied in w!-o1c or in part out of the proceeds of We loan described herein or secured hereby
ancl the respeetive liens of said mortgages, liens or other inc~unbraoees sha11 be and the same and each oE them hereby is presen~ed and shal~
p~ss to and t,e held Ly the I~1ort~agee herein az security for the indebtedness to the Mortqagee herein describecl or hereby secumcl, to t1~P same
extent diat it aro~dd ha~~e been presenrd a~xl ~voukl have becn passed to an~l been held by the Mort agee had it I,een duly and re~hulady
assi~ned, tramfcrrecl, set ovcr and deli~~ered unto t6c 1~ortgagee by separate deecl of assignment notwi~tanding the fact that the same may
be satisfied and cancell~sd of recortl, it beinR the intention of the parties hemto that the same will be saticfiecl and cancellecl of reconl by the
holders thereof at or about the time oE t6e recording of this mortgage.
18. 7'o pay all ancl sinqular the oosts, charges and expenses, includin~ lawyer s fees, reasonably incurred or paid at any time by the rlort-
~a~cr, because of the Eailure of thc MortqaRor to perform, rnmply with and abicle by each and,every the stipulations, agreements, conditions,
and covenants of said promissory note ar~ this deed, or either, $nd e~~ery such payment shaU bear interest from date at the default rate pro-
~•ided in said promissory note.
17. ~Vhen any amount of moncy to be paid by tue I~tortgagor to the btort~eaQee under the teruu hereof shall be in default, or should the
~Iort~;aRor Jefault in any of the other terms, provisions or conditions of thu I~tortgaAe, then a~xl in that case the Modgagee shall have the
ris:ht, Kithout notice to the 1ltort~;agor, to collect and receive from any tenant or le.ssee of said mort~aged premises the rents, issues and
profits of the real cstate hereby mortgaged and the improvements d~ereon, and to give pro~er receipts and acquittances therefor~ and after
pavin~ al1 rnmmissioru of any mntal agent collectinA the same, and any reasonable attomey s fe~es aod other necessary e:penses incurrecl in
~-ollcctinQ same, to apply the proceeds of such rnllections upon any indebtedness, obligation or liability, of the 111ortgagor hereunder. The
nq6t 1;rantecl d~e MortGa~ee under this paragraph shall be in addition to, and shall not limit or restrict, any other right or riRhts granted the
\tort};a~ee in this I-~ortgage.
18. If t}~e. \tortRagors at thr time of making this Alortgage or subs.-,guent thereto take out life insnrance designating the Mortgagee herein
is I~enc(iciary H~th a company approved by the Mortgagee or assi~ns ~licics to the Mortgagee for the purpose of securinR the mortgage loan
h~~rebv secured, then the !1(ort~aRee shall have the right to pa~ any premium accruing under said policies, and al) sums so espencled shall be
added to and become a part of the princip al ind~btedness se~cury~i by this Mortgage and shall be paid by the Mortgagor to the :~tortp,aRee
in tw•elvce~ ual consecutive monthly installments, the first inonthly installment to be paid as a part of and in addition to the monthly pay~nent
due under this ~tort~as;e in the first calenclar month folbwing the ezpencling of said sum. Such sums so e:pended to bear interest at the rate
at which interest is payable upon said principal indebtedncss and the lien oF this Morty,age shaD extend to and secure the sumt so ezpended
to_etl~er v-~th interest thereon as hereinbefore provided.
19. At mortfia~ee's opHon, together with and in additioo to the monthlypa yment uf principal and interest yable under the terms of the
note secured hemby, I-tortqagor sha11pa y to Mort~;agee each month until said note is hdly paid, one-hvelfth ~l/12) o( a sum ec~nal to the
nnnual premiom dne for fire, extendeci cm•erage, and other ha7ard insurance induding flood insnrance. coveriog the nwrtgaRed property.
plus taxes and assessments next due on the mortga~ed Property (all as estimated by Mortqagee) kss all sumc already paid therefor. and to be
di~~ided by the number of mont6s to elapse prior to the date when suc6 ta:es and a~nts shall become delinquent. Said sunu shall be
held by Mortgagee in trust or credited to the principal of the loan, to pay said iaturance, tazes, and a~ssments and shall be applied on the•
payment thereof when due. My excess held in trust by I-tort~agee when said ban B paid in full shall be paid to Mort~aqor, or his azsiy~-c,
or personal representatives. In the event of n defaWt or forecl~sure, said suras held in trust may be applied on any caats of damages sustained
in connection with the collection of the note secured 6ereby ~vhether by suit foredaaure. or otberwise. Mort~agee may from time to time at
its option waive, and after any such waiver, reiastate any or all provisioas ~,ereof ra~uiring such depos;ts, by notice to :~toriga qor in writing.
~\'hile any such v~~aiver is in effect. liortqagor shall pay taxes, assessments and iawranoe premi~ at herein elsewhere provided.
^_0. ~tortqaror shall comph~ with tl~c Qrovuioas of any lease, iE this mortga~e is on a leasehold. tf tbis mortgage is on a condaninium unit,
mortgaGor shall perform all o~ mortgagors obligations under the declaraHon of oondominium or matter deal, the by-laws and regulations of
thr corxlominium project and oonstituent documents. I-~ortgagor h~rther oovwants that he ana the association ~poa~ ible for the operation
of the wnclominium will obaerve all of the provisions of the said declaraHon aod a~ amendments thcteto; and of tlie Condaninium law of
the state, and will perform all obligatior~ thereunder• and a failure to do so ar~k~h is aot cnred within 30 ~days aker ootice gtveo by the I-tort-
eacre M the mortp,aRor and the said acu-ciation shall constitute a defau~ nnder this mortgage.1l~ortgagor fiuiher spccifically corenants, but not
by ~vay of lir.~itation, that he and the association will observe all of the provtsioas of said declaration d condomininm relating to insnrance
coveraAe.
Sl. Mortgagor furt}~er covenants and agree.s that at the requesi of Mortgagee to iurnish a standard termite bood insuring ag~~ damage
by infestation on the bniWings rww or hereafter bcated on the mort~8~ P~~Y, in snch amounb and tem~t, and with s~ch company as
approvecl and required by I-tortgaqee; and In tLe event I-tort~agor dces not oomply witb t}us covenant Matgagee sball 6ave the same righb
to obtain same as ios~ ooverage uader cavenaM !~3 6ered.
22. T6at in the event that this mortgage is ~veo to secure a conctnictloo b~n failure on tbepn rt oE the MortgaAor or the Mortgagors
contract~, arcbitoct, enQineers, or sub-contractors to oomply with the terms of t~e Constnution L~oen Aqreement of even date herewith,
which is by reference incorporated herein, shall, at the optioa of the M ortgaqce, oonstitute a defaWt 6ereunder.
23. If the mortgaged prcmises is other than a one to fonr family dwellinR, t6e 1liort~agor eovenanb aod agrees that Le will, not later
than thirty (30) days aher the end oi the f~scal ycar fumish unto the Association a camplete and accurate balanoe sheet and proBt and loss
statement reflecting the Mortgaqor's liabilities as v-c1~ as profit and bss for the ffual year, and suc6 balaace s6eet and profit ancl bss statr-
meot shall be prepared by a certified publle acco~mtant licenced in the State of Fbrida, aad tLaD be certificcl as being correct by such certi-
fied pablic acrountmt.
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