HomeMy WebLinkAbout1699. 8. To per(orui, crunply with w~i abiJe by eac6 aod eveq ~tipulatlon. ag~uwut, oundi4ow atKl ou~eaant in said p[oaLSSOry oole aad deed
s~•t forth.
7. In thc evrat the jurisdictioa oE the U. S. DLttrict Couri s6all be IAVOked by ory~xinst tbe MatKagor_under ~ay d tbe provisiuas of the
F~vl~•~al Bankrupt~y Act. suc6 action. whet4er voluatsry o~ iovoluntary oa theput of the Mwigs~or. shall autanatically, w~diow ~x,t~cn. Yc-
~~cl~•rata dia maturity of dl swns oI awney heceia dtxeribed wd secured and !}~n ta~uo st~aU thrreupoa becoma due aad payabW torU~witb
as fuUy as it the suicl agga~gate suau oE money wero originally stipulatex~ to be pakl on such clate.
8. To deliver W said Mortgagee. an ar before I~iarch lSth af eadi ycar. ta: receipts evidencing thopayiueat ot all lawfully Impused t~ut~h
for the precrdiug caleaLr year, and to deGver to said I-fort~agee, receipts evidenciag tho paymeat of all lieas for public uupmvemcats w~thiu
uinely (4~) days aller the same sF~all become due arul payal~le, and topa y o~ dischar~;e wit6ia ainety (f10) days aftet due date. any aod all
Kovcaunrntal levies that may be u~ade on tLa u~ortgabed pro~ rty, oa this tno~t~;age o~ aote, or io aay Wt-er way resulting frau the 1-lurtgage
~~Klebtedncss secured by d~is mort ane: and if this caKlitioa !~e not complied wit6 and perEoruied. said martRaKc~e maY paY such sum or su~ns
which shall txrome part of tl~e de~t secure~i by this u~ortgage, and shaU bea~ intemst at tLe de(ault rate pro~id~1 in aaid p~wnissory ~wtt
pa>•able monthly until paid or said Nlort~a~;ee a~ay elect that said uwrtgage debt thereupoo becaa~e due and payaWe forthwith.
9. ]t is furtl~er rnvenantccl and agrood by saHl paKies that in tha eveat oE a suit being institutod to foreclose this mortgage, the Mortgagee
st-aU 4~ entidcd to apply et any time pernliag such forei,•l~uure s~ut to the court haviag jurts~liction thereof for the appoiatment of a rec~eiver
oE all and sin~lar 1he wortgaged pcoperty. anJ of all the n•ntc. incnu~es. profi issues aad rev~eaues thereof. from w6atsaever source derived•
a~xi thereupon it is hereby eacpres~ly covenanted ansl aSreod that tbe court sha~ forthwith appoint a reeeiver of said mort~agecl property. al~
and singular, and of such rents. incomes profits, issues aad revcaue thereof. from whatsoever souroe derived. with d~e usual powers a~xl
duties of receivers in like cases• and suc~ appoiutmeat shall be wade by such court ss a matter of strict dght to the Mortgagce. its succrssors,
legal ~epresentaHves or assigns, and without reference to the ade~~uacy or inadequacy ~ the value oE the prope~y herrby ~nortgagecl. or to the
solve~cy or insolvency of the Nfortgagor. arnl that such rent. profits. inaane. issuea and reveaues shall be applied by such receiver to 1he pay-
meat of the mortgaAe i~lebtednGa, costt and charges, according to the o~+der oE such oourt.
10. If aU or any part of the property or an interat therein Lt ~ld or tr~uferred by mortgagor without mortqagce's prior written rnnsent,
excludin (a) the creation of a lieu or encumbrance sulwrdinate to this mort~age. (b) the cratton of a purchase woney security interest for
ho~ue~d appliances, (c) a transfer by devise or descent, or by opention of law upon the death of a joint tenant, or (d) the ~;rant of aay
IeASehokl interest of three years or less not containing an optioo to purchase. mortgagee may. at itso~ tion, declare all the sunu xrurecl by
this mortgaGe to be imnxdiately due and payxble. Atortgagee s6a11 bave waived such option to accelcrate if, prior to tl~e sale o~ trans(cr,
inortRaKce and dic person to whom lhe property is to be sold or transferred reach agrecment Ia writing that the credit of sqch person is ~t-
is(actory to 1Nortgngee and that d~e interest payable on the sums secured by this mort~a~e shall be at such rate as Aiortgagee shaU r~uest.
11. That in the event the pmmises hereby moriRaged, or any part thereof. shall be caidemned and takcn for public use under the power
oi eminent domain, the I-tortga~ee shall have the ri~l~t to demand d~at all damages awarded for the talcin~ of or damages to said premises
shaU be paid to the I-~ort~a~ee up to the amo~mt then nnpaid on this mortgage and at the optioo of the Mortgagee may be applied upon
thc payments inst payable thercon.
12. The mortgagor bincit 6inuelf not to erect or pertnit to be erected any new buildinqs on the premises herein mortgaged or to add to
or permit to l~ addecl to any of the e:isting improvemeats thereon or make aay c6an~{es or alteraNons in said improve~nents which materially
change the same or the ase thereof, without the written consent of the Modgagee, aad in the event of any violation or attempt to violate this
stipulation thic mort~age and all sums secared hereby shall immediately become due and oollectible at the option of t6e Mortgagee.
13. It is specifically agreed that time is oE the essence of this contract and that no waiver of any obli ation t-ereunder or of the obligation
secumd hemby shall at any tiuic be heW to be a waiver oE the terms hereof or of the instrument secu~ hereby.
14. Ii foreclasure pmeeeclings of any seconcl mortga~e or srcond inut deed or any ~unior lien of any loncl shouL•I be instituted, the I~tort-
<~a~ee may, at its option, imn~eciiately or tliereaftPr declare thic nwrtgage and the indebtedness secured hereby due and payable forthwith. and
may at its option proceecl to foreclose this mortgage.
13. 'I'o the e~Rent o! the indeLtc~lness of the :~iodgagor to the Mortgngee described hemin or secured hereby the 1lfortgagee is hereby
,ubrop,ate~i to the lirn or liens and to the rights of the o~~•ners and holders thereof of each and every mortgage lien or other incumbrar~ce oa the
land describecl herein w1~ic6 is paid a~xl/or satisfied in whole or ;n part out of the proceeds of the loan described hemin or secured hereby
and ti~e res p e c tiar. liens of said mort gages, liens or other incumbrances shall be and the same and each oE tt~em hereb y is preserved ancl shal~
pass to ancl be held by the I-tortgagee herein az security for the inclebtedness to the Modgagee herein deseribed or hereby seeured, to the same
rctent tliat it a•oidd ha~~e lx~en prcsen•ed ancl w~ouW have been passed to ancl been held by tLe Mortgagee had it been duly and reKulady
assi~;ned, transferrcd, set m•er and dcli~•erecl unto tl~e 1lfortgagee by separate decd of assignment notwithstanding the fact that the samc may
},e satisfied and cancellNd of record, it beinR the intention of the parties hereto that the sarne will be satisfied and cancelled of record by the
holdcrs thereof at or about the time of the recording of this mortgage. -
16. 1'o pay all arnl sin~~lar the costs, charqes ancl e:penses. including lawy er's fees, reasonably incurred or paid at any time by the 1lfort-
~,aece, Ix~:iuse of the failure of the I-iortgagor tQ perform, comply wiih and abide by each and every the stipulations, agrcements, conditions,
and covenants of saed promissory note and this dced, or either, ~nd c~•ery such payment shall bear 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 I-tortgagor to the I-tortRagee under t}~e ternu hereof shall be in default, or should the
\tort~~agor default in any of the other temu. provisions or rnnditions of this 111ortgage, then anci in that case the MortRagee shall La~•e the
ri~:ht, without notice to the Atort~agor, to collect and receive fmm any tenant or lessee of said mortgaged premises the rents, imies and
profits of the real estate hereby moriy;aged and the improvements thereon, and to give proFer receipts and acv~uittances therefor, ancl after
pa~•in~; all coinmissions of any rental agent collectiniC the same, and any reasonabk attorney s fees and other necessary e:penses incurred in
~ o~lertin~ same, to apply~ the proceeds of such collectioa~ upoa any indebtedness, obligation or liability, of the l~~ortgagor hereuncler. The
~~ht ~;r:-ntcd the 111ortga~ee oncler U~is p:tragraph shap be in addition W, and shall not limit or restrict, any other rig6t or rights granted the
\fort~:aRee in this Mortgage.
18. . If the !11o:tRagors at the time of making this Niortgage or subs-quent thereto take out life insurance desifinating tLe I-tort~agee hereia
~s I~eneEiciary ~vith a company appro~•ecl by the Iltortqagee or assigns policies to the Mortgagee for the purpoce of securin~ the mortgaGe loan
h~•rehv securccl, then the Ato~t~;nece shall have the right to pay any premium aceruing under said policies, and all sums w e:pended shall be
a~ldc~ to ancl ixro~ne a part of the princi~] mdebtedncss cecurrrl t~y this I-lortgage arnl shaU be paid by the Mortga~or to the 1-fortQaRee
in t~~•el.~e e~ ual coruecutive ma~thly instalCments, the first monthly installment to be paid as a paR of and in addition to the monthly paynx•nt
du~ under ~is Mort~a~;e in the first calendar month Eolbwing the e:pending of said sum. Such sums so e:pended to bear interest at the rate
at which interest is payahle upon said principal inclebtedness and the lien of this Mortp,age shall eztend to and secure the sums so e:pended
toLeth~r with interest thereon as hereinbefore provided.
19. At mortgagee i aption, together with and in additim to the monthlypa yment uf principal and interestpa yabk under the termt of the
note secnred heml~y, MortAagor shal) p.~y to 1-1ortGagee each month until said note it fully paid, ooc-twelfth (1/12) of a sume~ ua) to the
annual preminm due for fire, e:tended cm-erage, and aher hazard insurance inclnding flood insura~x~e, covering thc mortgaped property,
pbu taaes and assessments nezt due on the mortGa~ed property ( all as estimated by Mortgagoe) le~ss aU sumx alrrady paid therefor, and to be
di~~ded by the number of mcnths to elapse prior to the date when suc6 ta:es and atsesmnents shall become delinryuent. Said surr~s shall be
held by Atortgagee in trust or credited to the principal oE t6e loan, to pay said iasuranc~, tues. and aueuments and shall be applied on the
payment thereof when due. Any eacess heW in tnut by I-tortgagee whea said loan is paid in fuII shaD be paid to 14iort~~agor, or his assiRns,
or personal representatives_ In the tvent d a defaidt or forecbsure, said sums held 'm tnist may be applied on any coats of damages sustained
in connection with the coUection of the note securecl hereby whether by suit foredaaure, or otherwise. MorCy,agee may from tic~e to time at
itsop tion waive, and afier any such waiver, reinstate any or all provisioas ~ereof req~iring si~ch deposits. by aotice to 1liortga or in writing.
While any such waiver is in effect, biortgagor sl~all pay tues, aaessmeAts and insnranoe premiuau u herein elsewhere p~ed.
~0. 1-lortp,a~or shall compl • with the provuions of any lease. if this mmtgage is on a lease6dd. If this mortgage is on a condominium unit
mortga~or shall perform aD o~ mortp,agors obligations undcr the declaration of conduminium or master deed, the by-laws ar~ regulations o~
thr conclominium project and aonstituent dorumenls. 1Nort~agor furthtr coveaants that he and the axsociationrapons~ bk for the operation
of thc o~nclominium will obstrve aD of the provisioas of the said declaratim and any aa~endme.mts thereto, and oF the C.ondominium law ot
the state, and will pedorm atl obligatim~s thereunder; and a failure to do so w~Ich is aot cured withia 30da~s after notice g[vea by the I-iort-
caQre to the mortAa~[or and the said axsacistion shall constitute a default under this mortRage 1liortgagor fiuther specificeTly covrnaots, but not
by ~vay of limitation, that he and the associatlon will observe all d the provis~ of sad declaraNan of condominium relaHng to ir.surance
coveraRe.
21. 11~ortgaRor further oovenaats aad agrees that at the request of MortgaRee to furnish a standard termite ba~d incuring a~ damage
b~• infestation oa d~e buildings raw or l~ereafter located oo the moit~aged Pruperty. in such amonnb and temu, arxl wit6 such company as
approved aod requiral by I-fortlLaQee; and in tl~e event Aiortp,agor dces not oomply with this covenant Mortgagee s6all have the same rig6b
to obtain same as insuranoe ooverage nnder covenaM 1t3 6ereof.
22. That in the event that this mortgage is ~ven to secvre a constnxtia~ loan failure on thepa rt af the MortgeRor or the Mortgagor's
contractor, architect. enRineers, or sub-cootractors to rnmply with the terms of t~e C.oastruction Loen ARreement of even date herevvit6.
avhic6 is by reference incorporated herein, shall, at the option of the M atp~agee, cor~ttitute • de(adt bereunder.
23. If the mortgaged premises is othet than a oce to fair lamily dwel4ng, the 1-iort~cagor aovenants and aRrces that be wiU, not Iater '
than thirty (30) days aher the end o( the fiscal year fumish unto U~e Association a compkte and accnra:e balarx~e shcet and profit and loss
statement reflecting the Mortgagors liabilities as w~el~ as profit aod bss for the fjscal year. and suc6 balanee slwet and profit and loss state-
ment shall be prep~red by a certified pubZie aecountant licensed in the State of Florida, and s6all be artified as being correet by such «rti-
fied public accountan~ AA ~n
~r,3K J`t6 PACE ~1h~5 ~
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