HomeMy WebLinkAbout1831n-.u~~~KY. ~~KI aay otl~r~ coverago rc~~uimil by U~e mortgagee, ua dwelliuks eligible for such broadencd coverage- provided. lwwrover. t6at
.~K•h im~uanc~a be in aa anaunt suffickot toc~p~- with aory oo-iasunnos require~eab ooweriug ame under tbe Iswa of the State oE F'b~ida.
aml p~ovKkd [u~tt-er lFwt lhe policy or policics ahaU be writtea Ia a cwnp.~ny or cot~~pani~s a~xl thmugh an agency satic[actory to the l~turt-
~a~iY• and that said poli~y or policies shall be l~eW by the \lo~tgagee a~xl shuU tx~ur a sta~lanl New York I~1oRdaK~~c Claux~ withuut ca~t~ibu-
taH~, aiakinyC the laas w-dc~ said policies payable to the Mo~t ee sts its intereat may appcar. and in lhe event any swn of uw~~ey 1-ecvnky
p.~~abk unde~ any such poliey orp~1Kties, the Mortgagre sha~~ve thc optian to receive aod apply the same un aa~ount of thr inciebt~tilnc~ss
t-e•reby urund, or to pennit thc Alatgagor lo receive and uw it, or any part thereof. for olher purposes. withuut thereby waiving or impair-
~n-~ au~• cy~~iity. licn, o~ n~~.ht under and by virtue of thls mortga~{e; aad fa the event the Mortgagor does aot comply wtth this oovenant, tho
\I~~~t~,~~;~.• m:+y place ancl pay (ur siKh insurance. or any pa~t tl~ereof. without walvinK or affecting the opticx~ to foreclose. or any rip.ht here-
~uNl~•r, arnl ~h~ iull anwunt of eact~ a~xl every such payimnt shaU be inu~xYliately due and payable. aad shaU bear inte~est (rom tha date
the•nn( until ~uicl at the default rute provided in sakl notc and toQethcr with such intcrest shall ix~ se~cur~Yl by U~e lien o1 ll~is uu~rte:~c~•. lu~~ir-
.~u~Y• iY-~•~•riuK tl~e peril of tloocl danw~;e slwU be as required by the F~tilernl Disastcr i'~rolrction ~1ct of lfrl3, or as amendcd, and matgago~
~ti-~~•~wmts a~xl a!lnrs to canply in al) msp~.rh with thc provisio~u themoF_
4. That nwrtgagee may. at any tia~e during the mortgage term. and In its discretion, apply for reoewal of mo~ aga guaraaty Iacuraaoe
.overing the mort ake e~cecuted by the uadersigoed on evea date he~ewith.pa y the premium due~y reason thereoE, ar~d require repaymcnt
hy the undersig~ af such amounts as are advaoced by said mortgagce. ln the event of failura by t6e underaigaed to y said amouats o0
saici mortQaAee. SIlCJ1 F81I11~@ SI18U FIB COR~I(~f`Ml~ a d~fault, nr~ all pro~~cionc of th~ r-otc and mort~aQe v-~th m~anl to d~ult sl~all i~c appli-
cabk.
5. To ~~~mit. a-~ninit or suffrr ua ~v:~ste, iinpairment ur deterioraliun of ~aid prolx~rty, or any p:ut themof, and u{wu li~e [aibur of tl~e
,,~o~~~~:i~or to ki~e•p the V~~iWinRs on said property in y;oocl condition of rcp~ir. t6e \1ort~a+;ce may d~~marNl tl~c immrdi:~te repair of viid buikl-
~nes, or an incre:w~ in d~e anwunt of security, or the immediate repay•ment ot the• drht hemby s~~curc~1 a~xi lhe faih~m of d~e 4lorty;at;or to com-
ph• a~•itL s:~i~l di•ur.~rHi of the ~lort~a~:er (o• a~•r~~wl of lhirty (3U! ~lsyt, shaU constitutc n bnrach of this morika~~, and, ut tl~c option ~-f thc
\lu~t,a~~ti•; iu~untili:di~ly n~:tum tl~r i•ntim a~uuunt of p~irkipal an~l is~tenyt hereby sccunvl, 7O(~ IIUt1ttYll:l~l'IY:IINI WI~{lOU~ I10~I1'(•. the Atort~;aRre
~u.~~• i+i.tittN~• pr~Kre~lin~;s to fonrk~u• tl-is nx-rtK:-Ke and applg for th~ ;-ppoint~n~•nt of a Ri•iY•iver, as hen•inafter provid~Yl.
~: "fo {w~r(urr~, euwply ~~ith :m~) :d~id~• hy ~•ach :uNl ~•v~•ry stipulaliuu. :I~f1Y'l1-f'll~, (Y1IN~II11111 and rn~e•uant iu ~:~id pruiui~~or~~ ntile• aud l~1YYI
x•t forth.
-_ 1~~ i6~• ~•~ent tl~e juriuaetiuu uf Ilu~ l~. S. Uistrict G>urt ~I~all br in~u ~til I~y or a1;ai~~ct U~i~ \1url~;a, ur uudcr auy o( t6r proei~ions of t6e
1~.•cl• ,~) !i.~~~!,mptcy Art, .ucl~ acticm. ~vh~•tltrr ~•nl~mtan• or im•uluntary on th~•p.~rt of the \lott};a~!or, shal~ aulum:dic~ally, without notia•, ac-
~~•It•r:d.• th~• iuaU~rity of all s~nnc oi nro~~y Iw•n•in il~•scnlxYl a~xl scrunrl. arxl thi• sumc sh~ll thcrc•u~x-n 1-c~cr~n-c due ancl payablc fortF~with
.~, (~Jly ac if thc• said ax~;rcK:d~• tums of u~uucy wi•m orikinally stipulat~rl to 1~~ paid on such date.
t+_ '1'o d~•livrr to s:tid I-lortkaKee, on or hefore Liarch 15th of each year, tax rec~ipts.evidencing thepa yrnent of all lawfully impcc~u~d tazes
(ur t?~:• preti+~linK ial~•rllaz ycar, aiKl to deli~•cr to said ~lorika~~r, nrcipts evidenciug the pay~nent of aU liens for public iinpro~~ements w~thin
~~in••:y (9(1) Ja~-~ aft.~r the saaK SIIaII I1tY'OIIM (~IM 1f1(~ pByAI)IC, anc) to[~ v or dischar~e within ninety (90) da~~s after due date, any and all
~o~i^nux•utal k•~ies Ihat may Ix ma~le on ihe nartKaK~til pru~e rty, on this n~rtRaKe or not~, or in any otF~er way resultin~ from the A1ortRaRe
ir.~le~i~~tYlll('tiX KY'i1RYI I:~' ~IIIS IIIUf~}!:-cr; a~xl if this concli[ion be not complied with and perfom~ed. said mortKaKee ~uaY paY such sum or sums
~~•6ich shall Ix~c~ane part oE the debt securecl hy this ~nortgage, and shall bear interest at the default rate providetil in saitl promis.u~ry oote
~~.i~aLl~ monthl~• imtil paiJ or saicl mortKakee may elect that said mort~a~c d~1,t themupon hecorne Ju~ arKl payable~ forthwith.
!1. it ic (urt{-rr ~y-~i r.antcYl :uxl ::f;fIYY) ~~p said p:uti~s that in the e~~rnt o( a auit bcing instih~t~~el to (orcrlwc this u~ortt;aRe, the \1ortKaQee
.h:Jl 1~• ~•otitk~l to apply at any ti~ne pendink sueh foreelosure suit to th~ cvurt ha~ing juriscliction d-rrr~f for the appoinlinent of a mceiver
uf :~U aaxl sinKnl:u th~• nw:t~;a~c~l prop•rrty, -rud of all the mnts, incomes, profits. issues ancl m~~enues themof, from wl~atsocvrr umn~e deri~•ctil;
and th~•mnpon it +s h~r.•by e~Trc~slj• covcnanial ancl a~recd that the court shall fort6with appoint a rectii~~er of s~id morty:aRetl prope:rty, all
;uni .in^ulaz, a~Kl of snch mnts, iacY~nus, profitt, issues and mvenne thereof, (rom whatsoe~~er souree deri~•ed, with the ~uaa) po~vrrs and
~luti~~c ~ nYricen in like caas; and such apEx-imment shal) 1-e made by such conrt as a nw~tter of strict ri~,ht to lhe Mortga~~r, its xuceessors,
I~~ial n•pn~enta}i~•~s or as~iSns, and wtithout mEcmncr to the ade~~uacy or inadc~p~acy of the valuc of the prope~ty hereby mortAaged, or to the
~~' nt o~ the• ~~ Ka~indelhteclness.~~costs and cha~es, accordln~f to the~onler of c ch „~ nue~s shall he applie<1 by such recei~rr to the pay-
IQ. I~ all or any part of d~c pr~p crty or a le};al or c~~ui4~Lle interest lhemin is soW or transfrrred by mort~;akor «ithout mort~;a~ce's prior
~~-rill.•n c~nxnt, inchNlinfi but not limiteYl to the c~tcc;utiun of an agreeinent for decd, but excb~dinR (a) the crcation of a lien or encum-
Lrancr sulwrdinate to this mortRage, (b) thr cmation of a purchase nK~ney serurity interat for hoiuchold applianas, (c) a transfer by
dr~ iu~ ~r dcsa~nt, or by opcration of law upnn the drath of a joint teaant, or ( d) the Rrant of any lcacehoW intcrest of thrce yeaR or less not
~•onlaininG an option to purch~se, mortgaAce may, at itt option, declare all thc sums secured hy this nxirtka~e to be immediately d~ie and
payabk-. ~toriRaRee shall tiave wai~~ec1 soch ~tion to acmkrate if, prior to the saie or tra~ufer, moriy;agee ancl the perxm to whom the property
is to be sold or transferred reach agreement in writin~ th.~t the crcdit of such person is satisfactory to Mortga~;cr and that thc intemst payable
un the sums secured by this mart~age shall tx• at such rate as Mortqagee shall rcY~uest. If I-tortQaRee hac waivecl the option to aeeelerate pro-
~icled in this paraAraph, and if A~ortRaRc~r's successor in intrrest has execute~d a written assumption aqreement aeceptecl in writinA liy \lort-
~at;ee, \tortp,aRee shal! relcase \tortqa~or from all o4-lit~ations uncler this morts;aKe arKl the note secured hemby.
11. That in the c~•ent the premises hereby mortfiagecl, or any part therrof, shall I~e condemnecl and tai;en for pu6lic use under the power
o( .~~uinent domain, the Mortp,agee shall have the right to demancl that all damages awarded for the taking of or damaRes to said premises
shall be paicl to the Mortga $ee up to the a~nount then unpaid on ihis mort~ea~e and at thc option oE the 11ortKaKee may l~e applic~d i~pcx~
~ the payments last payable thereon_ .
12. 77~e mortgagor bincls hi~ncclf not to crect or pennit to be erectod any new buiWingS on the pre~nitcs herein mortqaged or to add to
or pcrmit to be added to any of the ea~isting imprm~eements thereon or make any chaages or alterations in said improvements which materially
cha~~;e the same or the use therrof, without the written consent of the MortgaAee, and in the event of aay violation or attempt to violate this
.tipulation this mortftaRe and all soms secureYl hereby shall immediately become due and colk~ctibk at the optioo of t6e Mortgagee.
~ 13. It is specificaUy agreed that time is of the essence of this contract. The failure of the I~iortgagor in one or more instances to iruist upon
.trict perfom~ance or obaen~anse of cx~c or more of the covenantt or co~ulitio~u hereof, or to exereise any remedy, privileRe or o~ption herein
conferred upon or reservecl to the I-tortRagor. shall not operate or be construed as a mlinquishment or waiver for the future• of such covenaat
or condition or of the right to enforce ihe same or to esercise such privile~e,op tion, or remedy, but the same shall contince in full force and ~
rffect. The rtYr~pt by the ~fortqagee of a monthlypa yment or payments or oE any otherpa yment required to be made by the Morigagor, o~r
any part themof, shall qot be a waiver of any other additional payme.mts or anaunts tl~en due, nor shall suc6 receipt, thon~h with knowl-
c~cl~e of ihe breach of any rnvenant or condition hereof, operate as or be dcrmal to be a waiver of such hreacb. No waiver by the I~tortgaqee
of any of the pro~isions hereof or a~y of the MortRaRee's riRhts, remedies, privileges or options hereundcr shall be deemed to have lx.rn
made i~nless made by the Mortgagee in v-riting. ,
14. If foreclos~re procceding~ of any seoond modgage or seoond tn~st dccd or an?• juniur lien of :~ny kind shoukt !~c iactituted, thr 1ltort-
qagee may, at its optioq immediately or the~after declare dils mortqaK~• and thc indetiteY{nrss secan~l hemby due and payablP forlhwith, and
may at its option prooeed to foreclose thk mort~aga .
15. To the e:tent of the inclebteclness of the ~tortKa~;or to the ~tortyCaRee desi.~riiiecl herein or secured hereby the ~tortQaKee is hemby
wbroRatecl to thc lien or liens arKl to the rip,hts of thc owners and hoWers thereof of each snd every mort~age lien or other inrumbrancc on tl-e
land describod herein which is paid and/or.satis(icyl in whole or in part ad of the proceeds of the loan descritxd hemin or secumd hereby,
:~nd tl~e respec~ti~-P liens of said ~no•tqa~:es, liens or other incumbrances shall be and the same and eac6 of them hereby is preserved and shall
pa~s to ancl he held by the Mortp,agee herein at seturity for the indebtedr~ to the NortRagee hemin describecl or hereby secured, to the sanw
~•~t~•nt that it wroukl have }vrn pres~rvc~d ancl woukl have hcr~ pa~sed to 3nd been hekl by the 111ortAage~e hacl it )x~en duly a~xl re~,ndady
acsi~l, transfPrred, set ovrr ancl dPli~•~~m.l imto th~ !ltort~aRr.c by separate deed of azsiRnment notwithstandin~ the fact that the ~.~mc n-ay
I~e satisfiecl and cancelleei of record, it heinQ the intent'an of the parties hemto that th~ same wiU he satisficd arKl caneellec) oF record 6y the•
hokl~rs U~ereof at or about.thc time of the recordinR of this nwrtgage.
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1(i. Th~• ~tortstaPor will pay or n•iu~buru• lhc• ~1ort~;aqer for all reasnnable atturn~~y's fc:s, costs and cztx~ues paid or incurrecl b~ th~•
~Inrt~;a~;ee in any action, procredink or dispute nf any kind, whethet on ap~al or not, in which the 111orttca~cr is madP a party or ap~ars
as party pl:~intiff or defenclant a(fcrtinfi the note, this morti{aRc, 11ortKa¢or or thc mortRaged pro~crty, includina hut not limit~l to thr fom-
cltxnre or oth~r ~n(orcement nf thic mortKa~e, any eondemnation aMion in~~ohtiog th~ mort¢agecl property, any aetion to pr~~tirt the sre:nrity
h~•r•~~(, or any pr«+rdinR in prol~ate or Ik+nkniptcy; and any such amountr paid or incurnd by the \fortKaKee sl~all be addecl to the in-
~ ~l~~l~t.ylnrwc. shall I~ar int~rrst at th~ dFfa~dt rate specifie~l in the not~• from d.~t~ of ~yment, : nd shall {x~ u~cumd by th~ lir•n of ihit mort-
~ La~~~-. ~
i•. ~th~•n :~av aiuount of nHiury tn Ix~ paid hy tLr \lortf;a}~or to th~ \~~rtuaQcr. under the ternu hcreof shall be in defattlt, or shouM the ~~
\furt~a¢or di•(:~u~t in any of the oth~r tenns, pro~•isions or rntxlitions of this Morty;aRe, then and in that case the I-tort$agee shall have the ('~
ris;ht, 1~•it:~n~rt rwticr to the A1ortKa~or, to rnllret arnl reerive ~rom any !e•nant or lecccr of ~aiJ mort{Cagecl premises the rents, issues and ~
~m(itc ~f thr ma) c•ctat~ h.~ml-y mortsCaKer) ancl thr improvrments ther~n, ancl to ~{ive proper receipts and ac~uittancrs themfor, arxl aker ~y~
pa~ in~ aD caumissi~ins of any mntal aRent coUcctin~q the same, and any re:iu~nabk attornPy's fees and other nccessary expenses incurral in W
~.~II:Y•tin¢ s:~m~, to apply the procrc~ls of siuh crollections upon any ind~Ltnlne~cs, obliaatiun or liability, of d~c b~ort~aRor hereunder. 71~e •d
ri;:ht ~r:~nt.~c) tIM ~fort~a~eer urxl~r thi~ p:va[raph shall hc in adclition to, arxl shal) ni-t limit or mstriM, any other rif[ht or riQhts Rranted the ~
~
•,•,,.t•....,.•. in s1:is ~iortga~e.
!' . It ~li~• ~tort~:auurs at th~• tiu~~• ~~( in:~kin~ this 11ort~;aKc tinLse~~u~~nt tht•reto take ont lifc insurancr dcsi~;natinQ tf~e ~fortgaQee hercin ~
~. iw•n~~fi~ ~:•n- H•ith a~n~npany apprcn~~Yl In• th~ ~torty;a};cr or :+ssiqns polici~K to lhe Mortgagee for thc purpose of secnring the mort age laan
I j,, •. I.c .~Y•~u~~d, Ih~•n !h•. ~tort~;:~ucr~ slsall ha~•~• th~• ri~ht to pay any premium actin~ing urHlcr said polic•i~s. arxl all nnns so cimrnd~ shall hr~
~ .vl~l~••~ fo and I~cnm~• a p:ut o[ tF~r prinripa) indrhl<rlrrr-cs sccurrd 1-y f6is ~tortf:a~c and shall lic [-aid by thc \lortgaeor to thc 1~ortp,agec
in t~e~•h~• ~qual cnncM ~iticr mond~l~• installnN•nts, the fint monddy installment to he paid as a part of arxl in addition to the monthly payment
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