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HomeMy WebLinkAbout1133 . ~ ~ f ~ ~ 3 ; f ( ` (Staie o! Florlda documentary ntampe in th~e amount rP9u1resl by law ara attixed to the orlginel a! the ic+rogoing note ! anci wnceUed pw~suaa?t to law,) And ahall duly, promptly end fully periorm, dlschaige, execute, ettect, complete and oomply with and abtde by each e~nd every the et(pulatia~s, agneamente, canditlone and covenaltta ot eald promihsory note snd of thia martgage, tlien ; • thls mortgage and the estate hereby created aha11 cease and be null and void. And the Mortgagor covenants and ag'reea to and with the MorGgage~ as fallowa: ~ l. He will pay the princlpal and interest and the va rious and aundry eumn oi money payable by Wrtue o! said proanfasory note and thle mortgage promptly o~i the daya the same become due and he wW prompUy peKorm ar~d com- • ply with each and every other covenant and agreement in sald promissory note snd mortgage. Z. He will pay the taxee, assessmenta, levlea, liaDiliUe~, obligatians and in~~umbrancea o! every nature and k[nd ' now on said described property, or that hereatter may be imposed, suNered, placed~ levied or as~essed Wereon, or that . hereafter may be levied or ossesaed upon this mortgage or the indebtedneas seeured hereby, when duo and payable accord- . ing to law, before they become dellnquent, and before any lnterest attaches ur any penalty i,~ incurred; and in $o far a~ a~y thereof la ot reoord the same ahall be prompUy satlafied and dlscharged o! reoord end the original otllciN document evidencing auch saUsfaction and diacharge e~hall be placed in the hsncie of eald Mortgagea withln ten days next aiter pay- ~ meut, The covenanta and agreements in this paragraph ehatl not bo appilcable to Lhe taxea and as9essmente whlch are Lo ba pald out o! the funds depoatteci with the Mortgagee under the term~ ot paragraph 4 of tliese oovenantm and agree- } ments. ' 8. He will keep Lhe improvemento now existing or hereatter erected on the mortgaged property inaured agalnst lo~o by fire ar?d othar hszards, casusltiee and ontiUngenciee in auch amounts and for such periode as may be required by Mortgagee. All insurancs shall be carried in campanies aPProved by Mortgagee and the pollclee and renewal~ thereof ` ,shaU be held by Mortgag~e and have attached thereto los,q psyable clauses !n lavor o! aud in form acceptable ta the ' Mort~agee. In ovent oi loss he will give immediate noUce by maU to Mortgagee~ and Mortgag~e m iy make proot ot loaa it not made promptly by Martgagor, and each insurance company concerned !s hereby authortzed and directed to make . payment for such loss dtrectly to Mortgagee instea,d of to Mortgagor and Ieiortgagee jointly~ and tha insurance proceeda. or any part theteof, may be applted by Mortgagee at its optton e[ther ta the reductlon oi the indebtedness hereby se- ' ciu~ed or to the restoration or repair oi the property damaged. L1 event of fos~eclosure o! thl~ mortgage or other transter of tltle to the mortgaged property in extinguLshmez?t o! the indebtedness eecured hereby~ aIl right, tttte and intereat o! the Mortgagor tn and to any insurance policles then in force shall pass to the purchaser or grantee. . 4. In order more fully to protect the aecurlty of thie mortgage~ the Mortgagor, together with end in addifton to the monthly payments under the terma of the note secured hereby, ort the tiret day ot each manth and untll satd note !ri tully paid, ehall pay to the Mortgagee an lnatalment of the taxes and assessments next to become due against the mort- gaged premise~s, and an instalment o! premiuma next to become due on insurance policies required by the Mortgagee. Such instalments shal! be equal re.9pectively to such taxes and s+ssessments and insurance premlums, all s8 esttma4ed by ~ the Mortaagee, les9 all ~wns elready paid thereon, dlvided by the nurnber of montt~ that are to elapse before one month ; prior to the dats when such taxes and assesaments and insurance premiuma will beoome due. Sa1d inatalments shall be t hetd by the Mortgagee in trust to pay such taxes and assessments and insurance premiuma. Ail payments made under ths terms o! this paragtaph and under the note aecureci hereby ahsll be added together and the aggregate amount thereot ahail be paid by the Mortgagor in a single payment each month to be applied by the Mortgagee in payment of the item8 ' and in the order following: (a) taxes and assessments, and insurance premlums; (b) intereat ou the note aecured hereby; and (c) amortlzatiun o! the principal ot said note. Any deficiency in the amount o! such aggregate monthly payment ahall ~ oonstitute a detault eu~der this mortgage, When such taxes, aisessments and insurance premiums !all due, ii the amounta ~y . deposited by the Mortgagor for auch purposes are not eufflcient to pay eald taases~ es~esstnents and insurance premiums~ , as the case may be, fhen due, the Mortgagor wltl pay to the Mortgagee aucli defteieney iinmediately, When such taxea, sasessments and insurance premiums fall due, it the amounts deposited by the hiortgagor for ~.ich purposes exceed the r amounts due for such taxes, assesaments and insuranc~ premiums, the excess may, in the discretton of the Martgagee, tie applted on Frubsequent monthly paymenta to be made by the Mortgagor. In the event o! default under thls mortgage ' any unexpended funds in the hands of the Mortgagee deposited by the Mortg:~gor to meet the obligatians of taxes, assess- ments and insurance premtuma ehall be appited by the 14iortgagee upon the indebtedness hereby secure8, !n the lollowing order: (a) intereBt on advances made by the Mortgagee; (b) advances made by the Mortgugee; (c) interest on the prIn- cipal; and (d) the prineipal debt hereby secured. When any such taxes, asse~nents or insurance prexniums lall due the ; Mortgagor will pmmptly obtatn and deliver to the Mortgagee statement,s with respect thereto, The Mortgagee may col- ~ lect a"late charge" equal to dqo on any montlily ingtalment paid more thau 16 daye after the due date thereon. ~ b. He wlll permit, commit, or suffer no waste, impairment ar deterioraUon ot sald pmperty or any part thereot. , ~ In tho event of the failure of the Mortgagor to keep the bufldInga on said premises and thosc to be erected on said prem- ~ ise~, or Improvements thereon, in good repalr, the Mortgagee may make such repatrs as in hts diseretion he may daem ' nec~ssary for tho proper preservation thEreol. ' 6. He wlll pay aU and aingular the costs, charges and expenses, including reasonable attorney'B fees, coat o! ab- • • atracts of title and title searches incurred or patd at any time by the Mortgagee becsuss ot the tailure ori the part af tha Mortgagor pmmpUy and fiilly to perform tha agreements and covenants ot said note and thia mnrtgage, and said costa~ . charges and expenses shall be immediately due und payable and ahall be secured by the llen ot t.his mortgage~ and such + expenditures shatl draw interest at the rate of elght per centum per annum. ~ 4. That (s) in the event o! any breach o! thia mortgage or default on the part o! the Mortgagor. or (b) ia the . event any of said sums of money heretn referred to be not promptly and tully paid without demand or rwttce~ or (c) ia Lhe event the aUpulations, agreemente; oonditions and oovenants a! said note and thig mortgage are not duly~ promptly - and lully pertormed, then in either or any euch event, the eatd aggregate sum menttoned in said note then rernalaing un- . , paid, with intereat acerued to that ttme, and a11 moneys aecured hereby, s4~a11 become due and payable forthwith, or there- atter, at the option oi said Mortgagee, a$ lully and completely as it all o! the said sums oi money were orlginally stipu- lated to be paid on such day. anyth[ng in asid note or in thts mortgage to the contrary notwithstanding; and therevpon ~ or thereatter~ at the optton oi sald Mortgagee, without notice or demand, suit at law or in equity, may be proeecuted aa ; if all maneys secured hereby had matured griar to it~ inatituUon. 8. The Mortgagee may, at any time while a suit I~ pending to foreclasa or to rBform thi,s martgage, or to enforee any claims arising hereunder~ appiy to the court having jurisdiction thereof !or the appointment of a receiver, and auch court aha11 torthwith appoint a recetver o! the premises and all other property oovered hereby~ includIug all enci eingular the inrnme. profita, rente, iseues and revenues lrom whatever source derived, and euch receiver ahall have all the broad ~d erreca~e runcuone ana power, in enywise entrusted by a cour: to a receiver, and such appointment ahalt be made by such oourt a,ti an adm3tted equlty and a matter of absolute right Lo said Martgag+ee, and wlthaut reference to the ade- ~ quacy or inadeguacy ai the value of tbe property mortgaged or to the aolvency or insolveacy o! eafd Mo agor or the ' defendante. and such income, protite, rents~ lasuea and revenues shail be applted by auch x~eoeiver acoorcting~to the llen o[ , 'thle mortgage and the practlce o! such oourt. . i ~ ; - } , ~ ~ ' ~ ~ ~oR~ ~.Q~ rb~,i i ~ . .