Loading...
HomeMy WebLinkAbout0945 i~,~ . ~ • ~ ' . ~ , 8. Until defnult in tlie ~rformunce of the covenlnts and ngrecments of ihis n~ortgaga~ the morlgagors shnll Ua enUtled to collect the rents, issues and profits from the ~~remises hervinbeforo described; but in caso of n default~ in' nny of the term~ of ~ this mortg:?ge, nnd the filing oE a bill to foreelosa this or nny other martgflge eneumborIng tho within describecl property~ the AssocIatton shnll immedintely nnd without notice bo entitled to tl~o t?ppou~tment of a Receiver of the ~mortguged property, nnd ~ of tha rent~, issues nncl profits thereof, with 3he usual power of Reeeivers In such eases, and such Receiver may be continued ~ in pos,essioi~ of tliQ said propert~~ antil the time af the sate thereof under such foreclosure, nnd until the confirmatia~ of sucti snlc b~~ the Coiirt. ` 9. if a cunveyance should be m:ide by the mortgc?gors of the premises hercin descriUed, or nny part thereof, without thc written cousrnt of tbc Association, And witt~out nssamption in regular form of la~v by tho grantee of th^ obligations to the ' A.u~ci.ition cre;~tecl l~y said prorrilssory nota and this mort *uge, tl?en, und in tl?at event, nnd at tho option of tht Assoeiution. ~ nncl withuut nutice, all sums uf moneY secured hereby sha~l immediately nnd concurrently with such cnnvcyance l?ecume clue und ~ p;?ynble aixl i» default. The AssocIurion muy deul with successors in interest with reference to this mortgnge nnd the debt hereby ~ seecired in the same manner as ~vitl~ the mortgagors, nnd may forl~ar to sue or may extend time fur p:ryment oE the clebt, seei~rec~ ~ hereby, or othrrwise act without dischargin~ or in any ~vny affecting thc liubility of ihe mortgugors hereunder or t~pon the debt ~ hereby secure~l. The Assori:ition may c~lso dea! ~vith the hiortg~gors nnd/or with successors ;n interest with reference to this ~ ~nort~age u~~d tl+~• ciebt 1?~~reby securcd hy forbearing to sue, exicnd;n~ iha time for payment ot tl~c ~ebt, pruviding for diEEerent ~ ntont}?ly payments ~znc#/or t~ diffcre~it interest rate, nnd by other expr~~ss modificatio~is of the conlr;~ct, witliout losing any priority ihe Assoeiation has uver other mort~;:igees ur lienors or holclers of any junior interests in the propcrty secured hereby. 10. Th~t in tho c~~ent lhe pr~~miscs hereby nu~rt~;agcd, or aa~y p~~rt thereof, shnil be condernncd aud taken for publie use : undcr the ~w~ver of eminent domain, the Assuciatiun sliall huve tf?e rifil~t to dem:u~d that nll dam~bcs lwarcled for the tnk[ng of or ' damlgcs tb said premises shall be paid to the Associatio~~, its successors or assigns, up to the ~mount ~mpaid on this mortgage and : 7~ may be np~~liecl t~pon the payment ~r payments ~zsc ~r:~yuble thereon. lI. it is s~cifically ngreed that timcs is the essencc of this contruct and that no w~iver of nny oblig:ition hereunder or of the obligntioR secured hereby sh~ll at nny time thereaEter bc held to be n waiver of the terms or of the instrument securecl hereby. ; 1: 12. If foreclosure proceeclings of any second mortg.tge or secand trust cleed or xny junior lien o f nny kin s liou l ~ ~ e insti- • tuted, the Association may at its option, immediately or thereafter declaro tl~is mortgage und the indebteclness sPCUred hereby due , and pa~~able. ' ~ 13. To the extent of the indebtedness of the Mortgagors to the Assoctztion described her€ ui ar secureci herc:by~ the Asso- f~~~ ciation is hcreby subrogated to the lien or liens und to the righis of the owners ancl holders thereof of eac}~ and every martgage, lIen or otlier ei«umbrance on the land described herein whic}~ is paid nnd(or) satisfieci, u~ wl~ole or in part, out of ihe proceeds '~l of the loan descriUed herein or securecl hcreby, and the respectivc liens of said mortgnges, liens or other encumbrances, shall pass j; to nnd t~e held by tl~e Association herein as security for the indebtedness to the Assxintion herein described or hereby secured, to ` j~ thc same ex!ent that it would have Ucen preserved ~nd woulcl have been passed to und bcen held by the AssociatIon had it been ; r duly and regularly assigned, transferred, set over und delivered unto the Association by separate deed of asstgnment, nohvithstand- ing d~e fuct that the same may Ue satisEied and eancelled of record, it being tha intention of the parties hereto th:~t the same ~vi1l ~ f be sa~sfie d ancl clnce lle d o f recor d by t he ho l ders i hereo f ut or a b out t he tune o f t he recor d i ng o f t his mortgage. 14;. 1`o~ay ~i! .~nd singular the costs, charges, and expenses including lawyer s fees, reasonably incurrecl or paid At any : time by ttic Associ~tio~~ because of the f.~ilure oE the 1liortg~gors to perfonn~ comply wtth nnd Abide by e~ch anct every stipula- i`= tions, a~~~~~Ss, condiCions ;~nd covenants of s~id promissory note and tlzis deed, or either, ~nd every such payrnent sh~eIl bear `~t ! interest" from d;~t~ at the rate stated in the note secureci hereby. . - i - = l~i ~ Th;tt, he ~vill iiermit, commit, or suffer no waste, impairment, or deterioration of s~id property or uny part thereof; ~ nnd in't~ eve~t~of the failure of the Morigngors to keep the buildings on said premises And those to }x: erected on said premises, ~ or~improvc~nents'thereon in goad rep~ir, the Assoeiation may make nnd pay for sucl~ repairs as in its discretion it may deem ? necessary for the propeir preservation thereof, nt~d the full amount of such payments shnti be secured by the lien of this mortgage ; and shall~at die optiou oE the Association be immediately due und payable, or payable in such monthly installments as the Associa- ~ tion may deccrmine, and every such p~yment shall bear interest from date at the rate stated in the note secured hereby, ; 16. TLat if tl?e Association and the 111ortgagors agree, the I~4ortgagors will earry a policy or policies of insurance upon ' their lives in an arr3~unt eq~ial from time to time to the amount of uidebtedness hereby secured, making said Association benefi- ~ ciary ihereundcr, und that the s~id Association may pay the premiums for suc}? insurance (in the event the 14fortgagors do noL), and :~dd each sueh pa~~mciit to the unpaid balnnce of the loan, ns of the first day of !he then etirrcnt month, and it sha11 Uecome ~ additional indebtectness secured by this mortgage plyable upon demand. 17. That in the event that this mortgage be given to secure 1 constn~ction lo1n, fnilure on the part of the i1'Iortgagors or ' s their contr.~ctors to complMe said builcling in accordance with Construction Laan Agreement, of even date herewitl~, or to build t said construction in acrordance ~vith plans and specifieations filed ~vith the Associntion, shall constitute s~ breach of this mortgage, ~ E and, at the option of the Association, immediately mature tlee entire amount of principal und interest hcrcby secured and the Asso- ~ciation m~y imm~diately institute proceedings to foreclose ihis morteagc, ~ ~ 18. That the abstract or lbstracts of tide covering the mortbaneci property sh~ll ~t nll times, during the lifo of this mort- ~age, remain in the possession of the Association and in the event of tlic foreclosure oE this mortgage or utl~cr transfer of titie to ; thc; mortgaged property in extinguishment of the indeUtedness secureci hcreby, al! right, titte, nnd interest of t~?e Aiortgagors in ! und to nny such abstracts of title sHal! plss to the purchaser or grantee. ; 1~J. The Association shall have the right, in its discretion, to rccjuire tl~at the I?4ortg~gors pay into the Assvciation in addi- ~ tion to tt~e mor~thly installments of principal and interest to be paid Uy the ?~tortgagors under the note secured l,ar~t}ttS' mortgage, _ :~n amow~t ec~ual~to one-hvelfth of the annual installments of any ta.res on the mortgaged premises Ievied ,oY assessec~!b~; any goven~ment:?1 authority, and one-twelfth of the :innual premiums for Fire und Extended Coverage insura~~~e ~i;.•rh"~'nlUrtr~f~,.~ed i premises :is hcreinbe[ore required by the Association, and the Aiortga;ors' fnile~re Eo make such payments stiall cc~i~~titufj~ u~~:~u~. _ undcr this inortsage. • ; - ; ~ ~r, ` I?~' ~VITNESS \VHEREOF, the said hiortgagors hereunto set their hnnds ~nd seals the day and ~~ear•ficot .t ve ~cv~iti~~:;~ _ ~ =1 ' ~ ; . 6 , ; .Z . • l . Signe~l, sealeti an~~'dcliti~~re ~in th~esen of; D.A. D., INC. ~ a Flor3~d'a ~e.Qr~b~af,,ibn~c ' . , n ~ : '.ji ' . .y':n~ ~,A: ~ ~ . By-- ~--(5 L) - - - - Yo ick n Vice President ~ ~ . ~ C- ~ , ' ~ ~ ~ ~ _~At. _s~~.. ~.~!~._~..~C_ - ) ; , ~ - ~ ~ J. . ckson, Secretary _ s ~ AI, ~ - - ------~------t ~ ) ' ___..~._~--•----------------------.._~-------_r.__.._..__.---- - ---------------.~SEAL) (W ITNESSES) (MORTGAGORS) _ B~~Ric ~O~ ~~GF,~~tJ - .