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HomeMy WebLinkAbout01976. 1'o pei(onn, ccx-~ply with iuxl abide by ach and every stipulatiou. i$lCCUII'OI, l'UIXIIUOp iLU Cl1VCI1iA~ IA SYId P[O[I~liLO[y 00~0 YIItI 1~tlOd t••c forth. 7. In th~~ event the jurisdiction of tho U. S. U~trict Court shsll be iavoked by o~ a$aiast.the Mrnt~;ago~ undrr aay of tbe provisio~~s of t6e F«i~~~a) Bankrupt~•y Act. such aclio~. whrlhcr voluutary or involuntary ou Ihep~r~ of the Atoit~agur~ st~aU autwualicaUy, wit!-out a~tk~, rc~ ~~~•1~•~.~t~• U~c nwtu~ity o( aU swns of nwi~ey hercin drscribed and secunx! arnl tlir ssme s}-aU thercupon l~.~ume dua anJ pa~•aW~s to~tl-wit}~ ~. fully as it lh@ suid a~~ngate suuas of u~w~ey we~a o~ginally stlpulatcrj to be paid ou sucb date. 8. 1'o deliver W said Mortga~. oo ~x betore l~larc6 15th of each year. tau receipts evidencing the~payinrat oi aU lawiully iruNoscd taaes tor die prrc~Yl:uK ralradar year, ancl to drliver to said I-fortgagre. n~eipts evidenciag the pay~neat of aU liens for publie uupro~•c-neats w~tli~n ~~~~~Y i~1) days alter the same s1~all 1,econ~e due unJ payable, and to pay or disclia~~e within ninety (00) days dter due date, any a~xl aU ~u~cmmrntni kvies that uu3y t,e u~ade un tl~e mort~;a~;cd pro~x.rty. on dus uwrt~;~gc or note. or in any uU~er way resulting frau We Atu~tgsgc ~n~lrLtcd~~ secumd by this mort}~,uge; and if lhis c~aidition t~e aot complird with and peuforrnc~l~ said n-ort~e~;re n~ay pay such siun or ~u~ro «~hic6 stu111 Ixr.~ome part of U-e del,t u~urnl by this mortgabe, and shaU lmar iut~~rest at d~e de(uult rute provi~lecl in said p~wn~cx-ry notr p.~~ablr uwMhly until paid or said \torty;agce may clect dwt sai<t murtgage debt thcreupon t~ecome due and payabk furthwith. S-. !t is turt6er co~~enanted and agceed by said parties that in t6e event of a suit beiug instituted to Eoreclose ttds mortgage~ d~e 11~ort~aRee ,1~:-ll Le enti11re1 to apply at aiiy time pending such to~•lwure snit to the court havin~ juitsdictioa thereof for t4e ap~ointment of a rrceive~ of aU ainl singular the morlgaged pro~xrty. and of all the muts. i~-~ou~c~, profits. itsues and revenues thercof. from whatsoever souras deri~rd; uud thereupon it is hereby cspressly covenanted a~xl agcred that tlie ca~rt shull forthwilh appoint a receiver of said mort~agcd prope~ty, all and singular, end of sucu cents, incomes, protits, issues and revcnue ihereof, from whatsoever source derived. with the usual powers and duties of receivers in like cascs; ancl such appoinUnent shall t~e awd.• by such rnurt ss a matter of strict riRht to the htortgagee, its succrssors, le ~.a npmsrntati~~es or assi~;ns, anel without rr(erence to d~e adequacy or inadequary of the value of the propcrty hereby mortgagcJ. or to the .u~vency or insolvency of the I-tortgagor, and that such rent. profits, income~ its~es and revenues sl~all be appli d by such n~.~eiver to tLr pay- ~ncnt of the mortp,aAe indebtednGss, costs and charges,- acconling to the order of such oourt. 10. If all or any part oE the property or an interest therein it sold ar trancferred by mortgagor without mortqa~cc's prior written consent, excludin~C (a) the creation of a lien or encumbraaee sulx~rclinate to this mortpage. (b) the creation of a purchase uwnry security interest for ho~~cehold appliances, (e) a transfer by devise or d~cent, or by apeiation of !aw u~wn die death of a joint tenant, or (d) the grdnt of any leasehokl interest of three years or less not rontaining an option to purchase. mortgaKee may. at itso~ tion, declarc aU the sums secured by chis nwrt~a~e to be i~n~r~liately due and paya~le. \1ort~a~ee sl-all have waived such option to accelerate if, prior to tl-e ~ale or transfer, n~ort~a~;~~e and tl~c prrwn to whom the property is to l,e sokl or transfeRrd reach agreement in writing that the credit oE such person is sat- ,sfacton• to \lortga~;re a~xi that the interest payable on the su~ns scrured by thic mort~a~;e shall be at such rate as Niortga~ee shaU rrv~uest. I l. T}u~t in the event the pmmises hcrrby mort~;agcd, or any part tLrreof. shall be rnndemnecl and taken [or public use under the powcr uf i~minent domain, the \tortga~ee shaD 6a~c the ri~;ht to demand d~at all damages awanled for the takinR oF or damages to said premises Sh~ll bc pakl to the A1ort~;a Fee up to the a~nount then ~mpaid on this niortRage and at the option of the rtortgaRee may be applied upoo th~• pay~ncnts lazt payahle t6ercon. 12. The nw~tga ~or bincLs hinuelf not to erect or pennit to l~e erected any uew builclings on the premises lecmin mortgagecl or to add to ~,r ~•nnit to I~e ad~ed to any of the eaisting unprove~nents thereon or make any changes or alterations in said improvements which materially ch~n ~e the same or the ace thereof, without the written consent of the I-fortp,agee, and in the event of any violation or attempt to violate this stipu~tion this mort~;agc and all su~ns secured i~ereby shall immecliately become due ancl collectible at the option of the Mortgagee. 1'Z. lt is specifically a~;reecl that time is o[ the esunce of this eontract aad that no waiver of any ol,ligation hereunder or of the obligation :~curecl hereby ~1~aU at any ti~ne be held to lx~ a waiver of d~e temu hereof or of the instn~rnent secured hereby. ' 1~1. If forecloaure proceeclines of any second nwrt~*a~se or second tn~st deecl or anp junior lien of any kind should be instituted, the \tort- ;;:~ ~~~e iuay, at its aption, im~nediately or thereafter declare t!-is u~urtga};e and the indebteciness secured hereby due and payaUle forth~vid~, and m:i~~ at its option procerr~) to foreclose this mort~~ge. 15. To the extent oF the inciebtcclness of d~e \(o~tgagor to the I-tortgagee described hemin or serumd hereby the \fortqagee is hereby .uhroRated to 1hc lirn or liens and to thc ridhts of the owners and holdcrs thereof of eac6 and every mortgage lien or othcr incumbrance on the land d~scribecl he~ein which is paid and/or satis(iecl i!- whulr or in part out of the proceeds of the locin descriM~cl herein or securecl hereby, .ind the resprctive lie~u of saiJ mortqa~es, lie~a ur other incwnLrances shall be and the same and each of them hemby is prcsen~c~l arxl shall p,~.s to and be held by the \tort~a~ee herein as security for d~e indeLtedness to the IlfortRaRee hemin describecl or herehy secuceci, to d~~~ samc ' ~~tFnt tl~at it ~vould have lx•en presened anci w~oukl have becn passcd to and been held by d~e I-tortgagcc had it lieen d~ily and m~;ulady ~~.i.:necl, transfern~cl, set o~•er ancl cleli~~erecl unto the Mortgagee by se~.vate derd of assignment notwithstandinR the fact that the ~~n~~ ~na?~ !,~~ .atisfird and ca~cell_•cl oE recortl, it bein~ the intention of the parties hereto tl~at the same will be satisfied an~ canrelled of rceord Ly d~e l:nlders thercof at or about the time cE the recordin~ of this moitgaqe. IG. To pay all aud s;n~ul:-r the ca~ts, charges ancl exExnses, including lawyer's fees, reasonably incurred or paid at any ti~ce by the rtort- _,~,~•e, lmc-ause of the failure of the \(ort}:a~or to perfonn, comply with and abide by each and every the stipulations, aGreements, crmlitions, .+,~et co~•enants of sa~ci prou~issory note ancl this dircl, or either, and ~•~rry sieeh payment shall bear interest from date at the default rate pro- ~. ~~!~Yl in said promiscory note. 1 ~. ~Vhen any amoimt oE money to~be paid by the I-iortgagor to the Ntort~;a~ee uncler the terms hereof shaD F-e in dcEault, or sho~ild tl~~ ~t„rtkaeor default in any of the other ternss, provisions or conditions of this llfortgaqe, then and in tLat case the \1ort~;:-~er shall ha~~e the~ ;i~ht, ~vithout notice to the I-fortfiaKor, to wllect and receive from any tenant or Icssee of said mortgaRed premises thc rents, i~ti~~es and p:o(its of the real estate hereby mortgagecl and the iinprovements thereon, ancl to ~i~~e proFer receipts and acquittancYw d~~•r~•for, ;unl after ;,.~~•iny; all commic;ions of any rental aRrnt eollectinQ the same, and any reasonable attomey s fees ancl other nmssary e:penses inenrrcYl in .~,11~•ciin~; sa~ne, to apply the proceeds of such collections upon anv indebtedness, obligation or liability, of t6~ '~tortgat;or hercundcr. Tl~e :~ht ~:rantcYl the rtort~agce uncler this paragraph sha0 be in ad~ition to, and shall not limit or r~ttrict, any other right or ri~hts ~ranted thP ~1~-t:;aGee in this A1ortAage. _ IS. If tlie ~1ort~a~Gors at the time of makinR this \lortga~e or subsrguent thereto take out li(e insurance desicnati~g the rioitKa~ee Lerein ;. I.~ne(iciary «•ith a company approved by the AtortraRee or ~ccigns policies to the Alortgagee for the purpose of 'securinG the mortea~e loan '• ••.~•!,v urur~d, th~n the \torteaccw sha11 ha~•e tL~ ri~ht to pay any premium acrn~ing under said policies, and all cums uw expende~ shall I~e <, l~bY~ ro nrnl {~ernme a p~rt of the princripal indchtedness ~ecnnrl I~y this 1lfortgage and shal) be paici by the A(ortRaqor to the \inrtca~~e in t~~•el~•c equnl coaucutive monthlp instaUments, the first tnonthly installment to be paid as a part oE and in addilion to the monthly pa>~mcnt ~!n~• under this \(ort~a~e in tLe (irst calendar monti~ following U~e emending of said sum. Such sams so e:pencled to bear interest at thc rate at ~~•hich intcrest is pay~able upon said principal indehteciness and the lien of this MortgaRe s6a11 e:tend to and secure the sums so ezpencled r~,_~•ther w~ith interest thereon as hereinbeEore provided. 19. At rrx~rt~;a~:ee's option, topether with and in addition to the monthlypa yment of principal and intemstpa yable under the terms of the r~~~tc~ cecnrrd h~•reby, I1lortgaRor shall pay to 11ort;~aRee each month until saict note is fully paid, ane-twclfth ( 1/1? ) of a sum e~oal to the annual preinium due for fire, ~ctendecl co~rraqe, and other ha~ard insuranoe ineludinR flood insuranee, eoverin~ the mort};aKed pro rh, ~f~~s ta~c-y ancl acu~sments nest due on the mort~a~ed pmperty 1aI1 as estimatecl by AiortqaRee) ]e.cs all sumc alrea~ly pai~i there(trr, an~i M be di. ided by the niunl~er of months to elapse prior to the date w•hPn svch tazes and asse.ssments shall become delinquent. Said sums shall he t~~~l~l by ?1lorttia~eee in trust or ereclitecl to tlie principal of the loan, to pay said iacurane~ tazes, and assessments and shall Ix; applied on the p~yment thereof when due. Any e:ceu held in trust by rtortgaAee when said ban is paid in hill shall be paid to Mort;;a~or, or his asciRns, or personal representatives. In the event of a default or foreclosnre, said vms held in trost may be applied on any costs of damages sustained in connection with the collectioo of the rrote sec~uecl hereby whether by suit foreclosure, or otherwise. I-tortRa~ee may from time to time at it. ~ption waive, and alter any such waiver, reinstate any or a1) provisioas ~ereof requiring such depa4sits, by notlce to 111ort~a~or in writing. ~~'hil~ any such w•aiver is in e(fect, JiortQatcor shall pay tazes, assessrnents and insurancc pre~rduw as herein elsexhcre pro ed. ^_0. ~lo~tqacor shall rnmply with t1-e rrovisions of any lease, if this mrntgage u on a leasehdd. If this mortgage is on a condominium unit, ~nortAa~or sh~U perform all of mortgagor s obligations under the declaration oE condomiuium or master deed, the hy-la«s and regulation~ of th~ corxlominium project and constituent documents. I-~ort~;agor further oovenants t6at 6e and the auociation res~wnsible for the operation ~F the oondominium wi11 observe all of the provisions of the said declaration, ~nd any amendments thereto, and of the Co~xlominium law of thP state, and will ~erform all obliqatior~s thereunder; and a failure to do so which is not cured within 30 days aher notiee given by the 1-tort- ~.,eer t~ the rru~rt~a~or and the said acsociation shall constitute a default uncier this wortgage MortgaAor further spec~fiG-Ily corenanta, but nat '~.~ .vap of limitation, that he and the nssociation will observe all of the provisiont of said declaration of rnndrnninium relatinG to insurance co~•craQe. 21. MortgaRor further covenants and agreea that at the request of MortAaRee to fumisii ~ standard termite Fwnd i~uring agatnst damage hy infestation on the buildinp,s now or hereafter located on the mortgaged property, in such amounts and terms. and with such canpany u aE,pro~~ed and required by !ltortgagee; and in the event Mort~eagor dces not comply with this covenant I-fortgagee sfull have the- same rights to ol-tain same az insurance 'coverage under covenant ~s3 6ereof. ' .'.l. TF~at in the event that this mortgaAe is ~iven to sec•ure a constrnctian loan failure on the part of the MortgaRor or the 111ortt{aqprs contractor. architect, enAineers, or suh-contractors to rnmply with the terms of t~e Constr~c,tion Loan ARreemeat of evrn date herewith, .~•hic6 ic by m(erence incorporated herein, shall, at the option o[ the !11ortAaRce, eor-stitute a default bereunder. ~3. If the mortgaQed premisa is other than a one to fonr Fam~ly dwellinK, tLe Ilfort •agor oovenants and a~rees that he will, not later than thirty (30) days after the rnd of the (iscal ycar furnish unto thc Association a comp~ete anJ acrurote balanoe a}~ect and profit and loas statement reElecting the AtortqaAor's liabilities as kcl~ as profit and loss (or tbe fiscal ycar, ar~d suc6 balanc~e s6ee~t and profit and loss atate- ment shal) be prepared by a certifieJ public accountant licer-sed in the State cf Florida. and shaU be certlficd as beinq eorrect by such certi- F~cd publk aocountan~ ~~~K347 Pa~F 197 ~ ~. _ . -- - - -------- ----- _ ~ ;~ -f_ ~~~~'~ ~~~. ~.~.:::~l.'~_-.~,--~;Y-~s-~,:~z. . .. _ . .~. ..~~..~sYfz^ .