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HomeMy WebLinkAbout2587PROVIDED, ALWAYS, that if the Mortgago~ sha11 pay unto the Mortgagee the certain Renegotiable Rate P~omissory Note in 1he principal sum of $98,000.0~ toyethe~ with interest, he~einafte~ called the "Note". providing fo~ periodic ~enewal as set fonh in the Note providing for monthly instatiments of p~incipal and interest, with balance of the in- debtedness, if not sooner paid or not sooner due for Borrowers tailu~e to exercise renewal oplions set forth therein~ due and payable on _ SeAtember 20 ~ 1984 , and shall promptly perform, comply with, and abide by each and every the stipulAtions, agreements, conditions, and covenants ot ihe Note and of this deed, then the eslate hereby created shall cease and be null and void. AND the Mortgagor does he~eby covenant and agree: 1. To pay ali and singular the principal and inte~est and other sums of money payable by vihue of the Note and this Mon- gage, or either. promptly on the days respectively, the same severally come true. 2. To pay all and singular the taxes, assessments, levies. tiabilities. obligations and encumbrances of every ~ature on said described p~opeNy each and every when due and payable according to law. before they become delinquent, and ii the same shall not be promptly paid the Mortgagee may at any time either before or atte~ delinquency pay the same wlthout waiv- ing or affecting the option to foreclose. or any right hereunder. 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 o4 taxes, assessments, insurance premiums, and other annual charges upon the property securing this indebtedness. I promise to pay monthly to the Mortgagee, in addition to the above payments, a sum estimated to be equivalent to 1112th ot such items, which payment may be held by the Mongagee and comingled with other funds or its own funds without interest for the payment of such items. If the amount estimated to be sufficient to pay said ~tems is not sufficient. I promise to pay the difference upon demand. The p~ovisions of this pa~agraph a~e solely for the added protection of the Mortgagee and entail no responsibility on the Mortgagee's part beyond the allowance of due credit, without interest, for sums actually received by it. Upon ihe occurrence of a default under this Mortgage. the Mongagee may apply all or any part of the accumulated funds then 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 mort- gage, insurect in a sum at least equal to the unpaid balance of this Mortgage, including both fi~e and extended coverage in- surance, provided, however, that such insurance by in amount suificient to comply with any co-insurance requirements cover- ing same under the laws ot the State of Florida, and provided funher that the policy or policies shall be written in a company or companies and through an age~cy satisfactory to the Mortgagee and ihat said policy or policies shall be held by the Mortgagee and shall bear a standard New York Mortgagee Clause without contribution, making the loss unde~ 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 Mortgagee shalt have the option to receive and apply the same on account of the indebtedness hereby secured, or to pemnit the Mortgagor to receive and use it, or any part the~eof, for other purposes, without thereby waiving or impairing any equity, lien, or right under and by virtue of this Mortgage; and in the event the Mortgagor does not comply with this covenant the Mort- gagee may place and pay for such insurance or any part thereof without waiving or affecting the option to foreclose, or any right hereunder and each and every payment so made shall bear interest from the date thereof at the same rate as the mortgage note, payable semi-annually. 5. To permit, commit or sufter no waste, impairment or deterioration of said property, or any part thereof, and upon the failure oi Ihe 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 of security, or the immediate repayment of ihe debt hereby secured and the failure oi the Morigagor to comply with said demand oi the Mortgagee (or a period of thirty (30) days, shall con- stitute a breach of this Mortgage, and at the option of the Mortgagee, immediately mature the entire amount of principal and in- terest hereby secured, and immediately and without notice, the Mortgagee may institute proceedings to foreclose this Mert- gage and apply for the appointment of a Receiver, as hereinafter provided. 6. To perform, comply with and abide by each and every stipulations, agreements, conditions and covenants_in the Note and deed sei forth. . 7. If any of the sums of money herein refe~red to be not promptly and fully paid within fitteen (15) days next after the same severally become due and payabte, or if each and every the stipulations, agreements, conditions and covenants of ihe 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 payable forthwith or thereafter at the option of the Mortgagee, as fully and completely as if said ag- gregate sum of money was originatly stipulated to t,e paid on such day, anything in the Note or herein to the contrary not- withstanding. 8. To deliver to said Mortgagee, on or before March 15th of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year, to deliver to said Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall become due and payable and to pay or discharge within ninety (90) days after due date, any and al! governmental tevies that may be made on the mo~tgaged propeny, 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 the Mortgagee may pay such sum or sums which shalt become part of the 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 forthwith. 9. It is further covenanted and ag~eed by said parties that in the event of a suit being instituted to foreclose this Mort- gage. !he Mortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singuiar ihe mortgaged property, and of all the rents, incomes, profits. issues and revenues thereof, from whatscever source derived; and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, all and singular, and of such rents. incomes, profits, issues and revenue thereof. from whatscever source derived. with the usual powers and duties of receivers in like cases; and such ap- pointment shall be made by such court as a matter of sirict right to the Mortgagee, its successors, legal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues and revenues shall be appfied by such receiver to the payment of the mortgage indebtedness, costs and charges, according to the order of such coun. 10. Upon any default under the Note or the Mortgage, at the option of the holder of the Note the unpaid balancs 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 Mortgage, and the acceptance of payments upon said indebtedness shall not constitute a waiver of the option of the holder of the Note to accelerate repayment of the entire unpaid balance, untess ihe holder expressiy 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 Mortgagee's prior written consent excluding (a) the creation 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 teasehold interest of three (3) years or less not containing an option to purchase, or (cn the creation of a purchase money security'interest for~household apptiances. Mortgagee may at Mortgagee's option, declare all sums secured by this Martgage to be immediately due snd payable. Mor• tgagee shall have waived such option to accelerate only if, prior to the sale or transfer, Mortgagee and the persae to whom the property is to be sold or transferred reach agreement in writing that such pers~n is a t~ualifietl 4orrower to the satisfactlon of Mortgagee exercised in its sole discretion and that any modifications of term.s of the mort~age loan as are requlred by Mor- tgagee in is sold and absolute discretion which modifications may inctude without limitation the rate of inte~sst payable on the surns secured by the mortgage to a rate as requested by Mortgagee have been agreed upon. ~,~3~8 r,UE2585 npnK~ m~.. _ _ _ I __ ._~ ;~ ~ . - _ w_ _ :~