HomeMy WebLinkAbout1688income, profits, issues ond revenues ore hereby mortgoged as if specif~colly sct forth ond descr~bed ~n the gronting and hobendum
clouses hereof, ond such receive~ shall hove all the b~ood and effective functions and powers in ony wise entrusted by o cou-t to 0
receiver, ond such oppointment sholl be mode by such court os an admitted equity and a motter of obsolute right in the Mortgogee,
and without refe~ence fo the o.lequacy o- inadequocy of the volue of the property mortgoged, or to the solvency or insolvency of
the Mortgogo- ond/or the defendont ond such rents, profits, income, issues and rever~ues shall be opplied by the receiver occording
to the lien and/or equity of this mortgage and the proctice of such court, and such oppointment of rece~ver sholl be without not~ce
to ony obligor hereunde~,
NINTH: The Mortgagor hereby warves oll rights of homestead ond exernpt~on gronted by the Const~tut~on ond lows of
Florido. It is specificolly ogreed thot time is of the essence ~n this contract ond fhot no woiver by the Mortgogee of any obligotion
hereunder or of the obligatio~ secured hereby sholl ot ony t~me the.eofter be held to be o wo~vcr of the terms hereof or of the
obligotion secu~ed hereby.
TENTH: If oll or any port of the obove dexribed property or on ~nterest therein ~s sold or tronsferred by the Mortgogor,
or his successor in inte-est, without the Mo-tgogee's prior wrilten cons!~nt, excluding to) the creotion of o I~en or encumberonce
subordinate to this mortgoge, tb) the creution of o purchose money secur~ty ~nterest for household oppt~onces, (c1 o transfer by
devise, dexent or by operotion of law upon the deoth of o ~o~nt tenont, or (d) the gro~t of any leasehold ~nterest of three years
or less not contoining an optio~ to purchose, the Mo-tgagee moy, ot the Mortgagee's opt~o~, declore oll the sums secured by this
mortgage to be immediotely due ond poyable The Mortgogee shol~ have waived s~ch optio~ to occelerote if, prior to the sole or
transfe~, ihe Mortgflgee ond the person to whom the above-described prope-ty ~s to be sold or transferred reach agreement in writ-
~ng thot the c~edit of such person is sotisfoctor~ to the Mortgogee ond that the ~nte.es~ poyoble o~ the sums secured by this
mortgoge sholl be ot such rote os the Mortgogee sholl request
ELEVENT}1 If foreclosure proceed~:~ys of ony second mortgage or second trust deed or ony ~unior I~en of any k~nd shaild
be instituted, the Mortgogee may, ot its opt~on ~mmed~ately or the.eofter declo-e th~s mortgage ond the ~ndebtedness secured here-
by due and poyoble.
TWELFTH Thot in ti,e event the premises hereby mortgage~, or ony porr thereof, sholl be condemned and token for public
use under the powe- of emine~t domoin, the Mortgogee sholl hove the r~ght to demond that oll damoges oworded for tF~e toking
of or domoges to soid premises sholl be poid to the Mortgogee, up to the omount then unpoid on this mortgage and the obligotion
secured hereby and moy be appl~ed upon the poyments last poyoble under this mortgoge Qnd the obligotio~ secured hereby.
THIRTEENTH That instollments, poyoble under the terms hereof ond the note secu.ed hereby, not po~d when due, sholl
be sub~ect, ofter f~fteert (1 S) doys from the due dote thereof, to,cnd ~t ~s ogreed Mortgagee sholl collect thereon and therewith,
a"late charge" in the omount of four per cent (4°,0) of the installment due upon each such delinquent instollment, and such "lote
chorges" are secured by the lien hereof
FOURTEENTH: Without impairing the obligations of Mort~agor contained in porogrophs SECOND, THIRD and FOURTH
hereof, and for opplicotion to the purposes thereof insofar os the some shall be suffic~ent, Mo-tgogor sho{I, in oddd~tion to tne
rnonthly ooyments of principol and interest as stoted ~n the o.iginal note (ond in the note or notes secured hereby) provided to be
made, poy o monthly sum and amount equol to one-twelfth (1 / 12) of the est~moted onnuol taxes, ossessments and insurance
premiums upon the real estate security, os the amount thereof ~s dererm~ned from time to time by the Mortgagee.
FIFTEENTH: Th~t the Mortgogor sholl furn~sh annu~lly, at the request at the Mortgogee, fin~nciol stotemenss ~n form
nnd tertified in a monner sotisfactory to the Mortgegee
SIXTEENTH: This mortgoge secures on ex~snng ~ndeb!edness ond olso secu:es ony ond oll renewals and extentions of the
promissory note referred to herein ond secured hereby, ond all ~nstallments thereof, and elso ony other note which moy hove been
~r moy hereofter be given to the Mortgagee by the Mortqogor, and any other ~ndebtedness of the Mortgogor to the Mortgogee,
and this mortgoge is also intended to be and is o mortgoge to secure payment of ony ond oll future or odditionol advonces mode
by the Mortgogee ot its option to the Mortg~gor, or his successor ~n title, for ony purpose, to the same extent os if such future or
odd~tionol odvances were made on the date of the executton of this mp-tgage, o~though there moy be no odvance made ot the
t:me of the execution of this mortgoge and olthough there moy be no indebtedness ourstand~ng ot the t~me ony odvonce is made.
.411 such odvances ore to be made wifhin twenty yeors from fhe dote of this mortgage, or within such lesser period of time os moy
be provided hereofter by low os a pre-requisite for the sufficiency of octuof notice or record notice of the option of future or oddi-
t~onal advances os agoinst the rights of creditors or subsequent purchosers for voluoble consideration The total indpbtedness se-
cured by this mortgoge may decrease or increase from time to time, but the totol unpoid balonce so secured ot ony one time sholl
not exceed a maximum principal omount of FIFTY Sj.X THQjJ$~ 'IW~O H[A~ij2Rm ~`jF`I'~ 1~ID_NOf lOQ--- __---
- - - - - - ---- - - - - - - - - ~556, 250.00 -- ~
plus interest thereon, ond any disbursements mode for the poyment of toxes, levies or insuronce on the pra;,erty cov~.ed by the
I~en of this mortgage, with interest on such d~sbursements
S : This mortgage is subject to all of tl,,e terms of the Canstrvction I~an
:lgrea~nt of e_ven date, the sane as if said agreanent were set out herein in full.
~~'~K349 eat;E1688
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