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HomeMy WebLinkAbout2228PROVIDED. ALWAYS. that if the Mortgagor shall pay unto the Mongagee Ihe certain Rene9otiable Rate Promissory Note in the principal sum of ~~-~.~ together with interest. hereinafter called the "Note"~ providi~g for periodic renewal as set forth in the Note providing for monthly installments of principal and inte~est. with balance of the in- debtedness. if not sooner paid or not sooner due for 8or~owers failure to exercise renewal optiona set fonh therein~ due and payable on lla~rh lst_ 1984 and shall promptly perfo~m, comply with, and abide by each and every the stipulations, agreements. conditions, and covenants of the Note and oi this deed, then the estate hereby c~eated shall cease and be ~uil and void. AND the Mortgagor does hereby covenant and agree: t. To pay atl and singular the principal and Enterest and other sums ot money payabte by virtue of the Note and ihis Mort• gage, or either, promptly on the days respectively, the same seve~811y come true. 2. To pay atl and singula~ the taxes, assessments, levies, liabilities, obligaUons and encumbrances of.every nature on said desc~ibed property each and every when due and payable according to law. before they become dellnquent, and if the same shall not be promptly paid the Mortgagee may at any time either before or atter delinquency pay the same without waiv- ing o- aftecting the option to foreclose, or any right he~eunder, and every payment so made shall bear interest from the date thereof at the same rate as the mortgage note, payable semi-annually. 3. in order to provide for the payment of taxes, assessments, insurance premiums. and other annual charges upon the propehy securing this indebtedness, 1 promise to pay monihly to the Mortga~ee, in addition to the above payments, a sum estimated to be equivalent to 1/12th of such items, which payment may be held by the Mortgagee and comingled with other funds or its ow~ furtds without interest for the payment of such items, It the amount estimated to be sufflcient to pay said items is not sufticient, I promise to pay the difference upon demand. The provisions of this paragraph are solely tor the added protection of the Mortgagee and entail no ~esponsibility on the Mortgagee's part beyond the allowance of due credit. wlthout interest. for sums actually ~eceived by it. Upon the occurrence of a defautt under this Mortgage, the Mortgagee may apply all or any part of the accumulated funds ihen held, upon any obligation secured he~eby. 4. To keep the building and all equipment and personal property now or hereafter on said premises. covered by the moh- gage, insured in a sum at least equal to the unpaid balance of this Mongage, including both fire and extended coverage In- surance. provided, howeve~. that such insurance by in amount sufficient to comply with any co-insurance requirements cove~- ing same under the laws oi the State of.Florida, and provided (urther that ihe policy or policies shall be written in a company or companies and through an agency satisfactory to the Mortgagee and that said policy or policies shall be held tiy the Mortgagee and shall bear a standard New York Mortgagee Clause without contribution, making the loss under said policies payable to the Mortgagee as its interest may appear; and in the event any sum of money becomes payable under any such policy or policies. the Mongagee shall have the option to receive and apply the same on account ot the indebtedness hereby secured, or to permlt the Mo~tgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any equity~ Iien, or right under and by virtue of this Morigage; and in the event.the Mortgagor does not comply with this covenant the Mort- gagee may place and pay for such insurance ot any part the~eof without waiving or affecting the option to foreclose. o~ any right hereunder and each and every payment so made shatl bear interest from the date thereof at ihe same rate as the mortgage note, payable semi-annually. ~ 5. To permit, commit or suffe~ no waste, impairment or deterioration of said property, or any part.thereoi, and upon the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the im- mediate repair of said buildings, or an increase in the amount o( security, or ihe immediate repayment ot the debt hereby secured and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of thirty (30) days, shall con- stitute a breach of this Mortgage, and at the option oi the Mortgagee, immediately mature the entire amount of principat and in• terest hereby secured, and immediately and without notice, the Mortgagee may institute proceedings to foreclose this Mon- gage and apply for the appointment of a Receiver, as hereinatter provided. 6. To pertorm, comply with and abide by each and every stipulations, agreements, conditions and covenants in the Note and deed set torth. 7. If any of the sums of money herein referred to be not promptly and fully paid within fitteen (15) days next after the same severally become due and payable, or if each and every the stipulations, agreements, conditions and covenants of the Note and this Mortgage, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned in the Note shall become due and payabte forthw~th or therea(ter at the option of the Mongagee, as fully and completely as ii said ag- gregate sum of money was originally stipulated to be paid on such day, anything in the Note or herein to the contrary not- withstanding. 8. ~To deliver to said Mortgagee, on or betore March 15th of each year, tax receipts evidencing the payment of ati lawfully irnposed taxes for the preceding calendar year, to deliver to said Mortgagee. receipts evidencing the payment oi all liens for public improvements within ninety (90) days atter the same shall become due and payable and to pay or discharge within ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged property, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage; and if this condition be not com- plied with and performed ihe Mortgagee may pay such sum or sums which shatl become pa~t of ihe debt secured by this Mort- gage, and shall bear interest at the same rate as the mortgage note, payable semiannually until paid or said Mortgagee may elect that said mortgage debt thereupon become due and payable forihwith. 9. It is turther covenanted and agreed by said pacties that in the event of a suit being instituted to foreclose this Mon- gage, ihe Mortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof ~or the appointment of a receiver oi all and singular the mortgaged property, and of atl the rents, incomes, profits, issues and revenues therec~i, from whatsoever source derived; and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mor;gaged property, all and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatscever source derived, with the usual powers and dutiss of receivers in like cases; and such ap- pointment shall be made by such court as a matter oi strict right to the Mortgagee, its successors, legal representatives or assigns, and without reference to the adequacy or inadequacy of the vatue of the property hereby mortgaged, or to the solvency or insolvency of the Mortgagor, and that such rent, protits, income, issues and revenues shall be applied by such receiver to the payment of the mortgage indebtedness, costs and charges, according fo the orde~ of such court. 10. Upon any default under the Note or the Mortgage, at the option of the holder of the Note the unpaid balance of the Note and any advances made under it, or the Mortgage, together with interest, shall become due and payable, time being of the essence of this contract. Any waiver of any payment under the Note or Mortgage at any time shall not. at any other time, be taken to be a waiver of the terms of the Note or Mo~tgage, and the acceptance of payments upon said indebtedness shall not constitute a waiver of ihe option of the holder of the Note to accelerate repayment of the entire unpaid balance, unless !he holder expressly grants such waiver in writing. 11. If all or any part of the property or an interest therein is sold or transferred by Mortgagor without Mo~tgagee's prior written consent excluding (a) the c~eation of a lien or encumbrance subordinate to this Mortgage, (b) a transfer by devise, descent, or by operation of law upon the death of a joint tenant, or, (c) the grant of any leasehold interest of th~ee (3) years or !ess not containing an option to purchase, or (d) the creation o: a purchase money security interest fot household appllances, Mortgagee may at Mortgagee's option, declare all sums secured by this Mortgage to be immediately due and payable. Mor- tgagee shall have waived such option to accelerate only i(, prior to the sale or transfer. Mongapee.and tAe penon to whom the property is to be sold or transferred reach agreement in writing ihat such persan is a qualifled bonower to the setisfactlon of Mongagee exercised in its sole discretion and that any modifications of terms of the mortgage loan as are requited by Mor- tgagee in is sold and absolute discretion which moditications may in:lude without limitation the rate of inte~est payable on ihe sums secured by the mortgage to a rate as requested by Mo~tgagee have been agreed upon. .. ~ ::~'~ ~3~7 Fac~~'22 . _ ~ . ; ~ `-~.~.,~-_ ~.. ~...~ ~ .~~ :a.~ , . _ - - ~- ~.~, . - ~._~~