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HomeMy WebLinkAbout0635 .a. - - - - - - - . • . ; ~ . . f (8tate af Iriorida do~mentaiy stampe in the amount re4utred by law ~re at~xed to the nrlginal o! the foregoing note a~tid cancelled pure~tant to lew.) . ' Md ehali dulY~ pmmptly and tU.Uy perform, diacharge, axecute, eftect, complete and c~omply wlth anQ abide by ' each a.~d every the eUpulatlons, agreemanta, condlUone and covcnatits ot eald pc+amissory note and ol thls mortgage, then ' ~ thta mortge~ge and the estate hereby created ahall cease and be null and void, ' ' t And the Mortgagor cavenents and agtee9 ta and with t2~e Mortgagee ae foliowe: ; ~ 2. Fie wilt pay the prlncipal and int~reat and the va rioua and aundry tsums oi money payable by virtue o! sald : pmmlagory note and thia mortgage pinmptly on the daya the same became due and he will promptly perlonn and oom• , ply with each and every other covenant and agreemant in ssid promissory note and mortgage. 2. ~][e wW pay the tauea, sssessment~~ levie~, 1IabW tle~ obllgationa end traeumbrancaa at avery nature and kind ~ now on aaid de~crlbed property~ or that hereafter may be imposed, suftered~ gtaced, 2evied or aa~essed Lherean, or that hec~eatter ms y be levled or assessed upon t h i s mortgage or Use indebtedneaa secu r e d here by, w hen due a n d paya b le acco r d~ a ! ing to Iaw,~ betore they becaane dellnquent~ and before any lntereet attaches or any genalty !e incurred; and in so f~r as i evidenc of record the same e1?all be pmmptly sattstied and discharged oi record and the orlginal oKlclal document ` •y ing surh satistacUon and dlacharge ehall be placed in the handa o! anid Mortga~ee wlttiln ten de?ya next atter pay- ; ment, The covenants and agreementa in this ph ahall not be nppllcabie to t~e taxes and eas~sqments whlch are + ' to be patd out ot the funda de p o s lt.~d with the Mor a gee under the ternoe ot p a r a g r a p h 4 a! thesa covenants and a g re a- ~ menZa. ;s r ' 8. He will keep the impmvetnenta now exlating or hareafter erECted on the mortgaged pmperty insured against • losa by iire and other hazarde cadualUea and cant3ngenciee in such ~nounta and for such periods ag may bs required by - Mortgagee All insurance eha~i be carried !n compaNes approved by 2riortgagee and the pollclea and rn..newals thereof ahalt be heid by Mortgagee and have attached thereto loae pq}rabla ~lewaes in favor oi and in form acceptable to tha Mortgagee, In event ot lo9s ha wiU give immedlate nottce by maU to Mortgagee~ ~nd Martgagee may raake pr_~t of Iose ii not made promptly by Mortgagor~ ar?d esch insurance compar~,y concerned ie hereby authorized and directed to make payment for snch loss directly to Mortgagee instead of to Mortgagor anel Mortgagee iolntly~ and the insuraace proceeds, ~ ~curEd or to the restoratton or repaJr of theortmagee at~ita optlon either to tha reducUon ot the indebtednes~ hereby so- oi title to the mort a ed ro rt in ex p~ y ~ed. In avent of foreclosure o! thls mortgage or other transier .~i g$ p pe y tingufshment o! the indebtedneae aecured hereby, all right, tttle and interest oi the Mortgagor in and to any insurance policies then in lorce shalt pass to the pumha.ser or grantee. 4. In order more fully to pmtect the eecurity o! thf s mortgage. the Mortgagor~ together with and in addltton to the monthly payments under the term$ o! the note secured her~by~ on the ftret day of each month and untit eaid note L~ ~L fully paid~ shatt pay to the Mortgagee an inatalment oi the taxes and asseasmente next to lieco~ne due again~at the mort~ gaged premisea. and an tnstalment oi premtuma next to beoome dua on inaurance polid~ required by the Mortgage~. ' ~uch inata~lments ahall be equal respectively to auch taxes and asseasments and insurance premtuma, aU as estlmated by ; the Morigagee~ less all swns already pald thereon, divided by the nwnber oi montha that are to alapse befora one month ~~t prior t4 the date when such taxes and aa3e.ssments and insurance prerNums will beoome due. Satd inatalments ahall be i held by the Mortgages in tsust to p~y e~ch taxes and assessments and insurance prnsniume. All payments made under the ' tcrn~a ot thfs paragraph and under the note s$cured hereby shall be added together and the aggregate amount therea! ~ ~ ahaU be paid by the Mortgagor in a aingle payment each month to be applied by tha Mortgagee in payment a! the iterns and in the order iollowing: (a) taaes and aqsessmente, and insurance premiums; (b) internst on the note aecured hereby; ~ and (c) amortization o! the priucipal of said note. Any deftciency !n the amount of auch aggr~gate monthly payment ahall ~ consUtute a default under t.his mortgage, When euch taxea, a3sessmettts and ir~surance premiums Sall due, it the amounta depasited by the Mortgagor !or sueh purposes are not autticlent to pay sald taxes, assessmenYa snd insurance premiums, ~ as the ca9e may be, then due. the Mortgagor w1U pay to the Mortgagee such dettcieney immedlately. When sueh taxe~, S_ sssessntents and ir~suranee premiums fall due, it the amounts depostted by the Mortgagar for such purposes exceed the ~ amounta due for such taxes, asseasment,q and insurance premiums, the excesa may, in the cliscretion oi the Mortgagee, be ; applied on subseqvent monthly pqyrnenta to be made by the Mortgagor. In the event at detault under thL9 mortgage any unexpended iunds in the hands oi the Mortgagee depoaited by the Mortgagor to meet the ot~ligationg o! taxes, asses9- menk4 and insurance prn.~nluma ehall be applled by the Mortgagee upon the indebtednean hereby secured, in the fol2owing order: (a) interest on advances msde b the Mor Y tgagee; (b) advancea made by the Mortgagee; (c) interest an the prin- " eipal; and (d) the prlncipal debt hereby secured. VYhen any such taxes, easessments or inaurance premtums fall due the ~ ~ Mortgagor will promptly obt~in and deliver to the biortgagee statementa with respect thereto, The Mortgagee rn.ay col- ~ lect a"late c.harge" equal to 4% on any monthly lnstalment paid more than !S days after the due date thereon. ~ :s ~ b. He will permlt, oommit, or auffer no waste, impafrment or deterloratlon of said pmperty or any part ther~t. In the event of the failure o! the Mortga.gor to keep the bulldings an sald premises and those to be erected on said pre~n- ~r{ ises, or improvementa therean, in gcwd repair~ the Mortgagee may make such repairs aa in hia dlscretion he may deem ~ 7 ttece3sary ior the pmp@r preservatlon thereot, .j • 8. Fi~ will pay all ancl singtilar the costa, charges and expenses, including reseonable attorney's fe~9, ooat of a~ = atracta oi title and tiUe eearches incurred or paid at any time by the Mortgagee because o! the tailure an the part o! ttce ; " Mortgagor pmmptiy and fully to pertorm the agreementa and covenants of sald note arid thi9 mortgage, e~d sald cost~, cl~argea sn8 expens~s shall be ina~mediately due and payabla an3 sbaU be seeured by ths llen ot this mortgage~ and such _ expendltures ahall draw interest aG We rate oi eigvt per centuin per auauw. ' 7. Ttu?t (s) in the eX~nt at any breach o! thls mortgage or detault on the part o! the ~ortgagor~ or (b) in tt?e event any of said suma of moneq hereits referred to be not promptiy and lully paid wtthout detnend or aoUoe~ or (c) i~ ~ the event the atipulatione, agrear?ent~, c~ounditlans and covenants of eald note and tl'ds mortgage are not duly~ romptly ; and ltilly pertormed, then in elther or any iuch event, the satd aggregate s~un menttoned !n aaid note thert remat~ning un- paid, with intereat accnted to that Ume~ and all moneye secu red hereby, shatl become due end payable forthwi W, ar there- atter. at the opUon ot sald Mortgagee, as tully and completely as ii all o! the said sums oi money were or~.ginally BUpu- lated to be paid on auch day~ anyt,hing ~n said note or in th(s mortgage to the contrary twtwithstanding; and tbereupon or thereatter~ st the optton of said Mortgagee, without notIce or demand, suit at law or in equlty~ may be proeectited as . ' if aU moneys secured hereby had matured prior to its insUtution. :-=~j =1 8. The Mortgagee may, at any time ~vhile s sutt is pendtng to foreclose or to relorm thLs mortgage, or to entorce ~ ! any claims ariaing hereunder~ apply to the court having jurisdlcUon thereo! for the appointment oi a rECeivere and aucb ' cwurt at?all forthwith appoint a receivar oi the premiees and all other property oovnred hereby~ including alI and singutar the inoome, pmfita, rti~to, iseues nnd revenues trosn whataver eource derlved, a~x! such receiver ahall fieve a:i the bro~ ' and effectlvo functtons and powera in snywlee entrusted by a court to a receiver~ and such appointment shall be ma~ ' by such c:ourt as an admitted eqWty and a matter of absolute ri ht to eaid Mo g rtSagee, arai wfthout referenc~e to the ade~- _ quacy or inadequacy oi the value ot the property mortgaged or to the aotvency or in~olvency of eaid Mortgagor or the ' defendanta~ end euch ineome profit~s, renta~ Lasuee and revenues shall be applled by such receiver according tu the Iten o! this mortgage at~d the prac~tce of auch csourt. =5 ' i -i i . t ~ i ~ ~ ~~R~ ~04 ~~~~f 3~ . } . .