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HomeMy WebLinkAbout1172 r . , , (8tate o! Fiorlda doc~:ma~ta.ry etampo in the amount retlulred by latv e?~'~o aNi~ted to the orlginal o! t2u t~oreqoing note ~ •nd ca~noelled pursuea?t to 1SW.~ ; ~ Md nhall duly promptly and nilly peKorm, dl~charge, enecute, etfect, r~mplete and oo~mpIy with and ablde by ~ ! each e?nd every tt?e a~JpWattans, agreemante, eondlUor~ and covensnte at e~1d pmwissary noto and o! thL~ martgage, the~ t t1?la mortgage and the estste hereby created shall cease and be nuA and void. ~ ~ And the Mortgagor covenanta and agreos to and with the MoMgegee aa followe: ~ 1. He wilt pay tho princtpal and intereat and the various and sundry sun~ o! money payablo by vlrtue of said ~ promiagory note and thf~ mortgage prompUy on the daye the same become due and he will promptly pariorm and com• i p~}r with each ond every other covenant and agreement in sald promlasory note and mortgage. ~ 2. He wiL' p~y the taxes, saaes~nenta~ levies, llabllltles. obllgattonn and lncumbrances ot every nature and kinc~ ; tww on aaid descrtbed property~ or that herea.tter may ba lmpoaed. suttered, placed, levtal or aseessed there,cus~ or that ' hereatter may be leWed or asses9ed upon Uils mortgage or the lnclebtedness s~ecured hereby~ when ctue and payable accord. i ing to law, before they beco~ie delinquent, and before any interest attaches or any penalty is fncurrad; and in do !ar ab i any thereot is at recard ihe ea~ne shall be prnrimptly satlatied and dlscharged of recurd and the original oKielsl document evtdencing nuch satlstactlan and discharge ahaA be placed fn the hande oi sald Mortgagee withtn ten day~ next atter pay- ~ ment, The oovenants and agreement;s in thle paragraph shsll not be applicable to the taxen eaid sasessmente which are [ to be gald out ot the tuncu deposlted with the Mortgages under the tern~s ot paragraph 4 0! these covenante and agree- ~ mEnte. . ' E . ` ' s. He will keep the improvement9 now existing or hereafter erected on tha mortgaged property insured againat ~ ~ loes by fire and other hazard9, casualtie~ aud contingenciea in auch amounto and for such pertod~ sa may be required by ' ' Morigagee. AU Insurance shall be carried in compsnles appraved by Mortgagee and the pollclea and renewale thereo! ; ahall be held by Mortgagee and have attached thereto loss payable clauaea in tavor of sad fn form scceptable to the Mortgagee. In event o! losa he wW give immediate notice by maii to Mortgagee, and Mo may make proot o! losg it not made promptly by Mortgagor~ and each insurance companv co~ncerned ia hereb aut o~rized and dtrected to raake ' payment for such loss dtre~tly to Mortgag~e lnstead oi to Mortgagur and Mortgegea ~in~ly~ aud the in~urance proceeds~ ; ' or any part thereof, may be applied by 14fortgagee ~t !ts aptlon elther to the reducqon o! the indebtedneas hereby ee- . cureci or to t2?e restoration or repair o! the property damaged. In event o! toreclosure ot t,his mortgage or othor tranater ~ oi title to the mortgaged properly !n extingutshment of tha indebtedness eecured hereby, ell rtght, title and interest ot We ~ Mortgsgor !n and to any insurance polfeiea then tn torce ahall pass to the purchs9er or grantee. ~ 4. Tn order more fully to protect the aecurity o! this mortgage~ the Mortgagor~ together witt~ and in addltion to the monthly payment9 under the terms ot the note secured hereby, on the iirst day of cach month and until sald note ia t fully paid, ahell pay to the Mortgagee an inatalment of the taxes and sases~nents next to become due agatnst the mort- ~ gaged premiaea, and an instalment oi premtun?, next to become due on fnsurance polfcle~ required by the Mortgagee. ;r • Such instalments ehall be equal respectlvely to such taxes and ~ssessments and insurance premiums, aU ae e~timated by t _ tha Mortgagee, less all aums alr~eady peid thereon, divided by the number oi mont2~ that ara to elapse betore one moaith pHor to the date when such taxea and assessinents and insurance prerNums wili becwme due, Sald instalments shall be + hald by tha ~ortgagee in tn~st to pay such taxes and aqsessmenta end insurance premiuma All payment$ made under the ternzs of t,h1s paragraph and under the note eecured hereby shall be added tog+ether and the a$gregate atnount thereot _ ahall be paid by the Martgegor in a single payment each month to be applled by ths Mortgagee in payment o! the items . and in the order tollowing: (s) taxes ancl assessmenta. and insurance premiums; (b) Intereat oai the note eecured hereby; ~ and (c) amortlzaUon of the principal o! aatd note. Any deflclency in the amount o! auch aggregata monttily payment ahall const3tute a default under this mortgage, When such taxe~, a~sessments and insurance premiuma lall due~ if the amounts ;i deposited by the hiortgagor for such purposes are not sufficient to pay sald taxee, assessment4 and insurance premiums~ as the cass may be, then due, the Mortgagor will pay to the Mortga,gee such deilciency imraedlately, When auch taxes, as~essments and insurance premiums fall due, it the amounts deposited by the Mortgagor for euch purposes exceed the - ' amounte dua !or such taxes, asses~nents and insurance pretr?iums. the exce.ss may, in the dlscrekion ot the Mortg~gee, bs ' applied on subaequent monthly payments to be made by the Mortgagor. In the event o! detault under this mortgage ; any unexpended funds in the hancts o! the Mortgagee depasited by the Mortgagor ta meet the obligatlona ot ta~cea, assess- ments and Insurance premiums shall be applted by the Mortgagee upon tha indebtednesa hereby secured, in the tollowing ; order: (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee; (c) intereat on the prin- ! cipal; and (d) the principal debt hereby eecured. When any auch taxes, asses,~nents or insurance peremituns tall ctue the ~j Mortgagor wlll promptly obtain an@ deliver to the Mortgagee etatements with respect thereto, The Mortgagee may ool. lect a"lats charge" equal to 4qo on any monthly instalment pald more thau 16 days atter the due date thereon. . , 6. He will perm[t, commit, or euKer no waste, impatrmer?t or deterioration ot said pmperty or any part thereot. In the evenY o! the failure of the Mortgagor to keep tha buildings on said premise9 and those to be erected on said prnm- • iees, or improvementag thereon, !n good repair, the Mortgagee may make auch repaira as in his dlscretian he may deem necessary !or the proper preservation thereof. ~ 8. He wlll~ paY all and s[ngular t~e coste, charges and eicpeneea. including t~asonable attorney'a feea. cost o! ab- ' stracts of tftle and tltte searche9 incurred or pald at any Ume by the Mortgagee becsuse oi the fallure an the part o! the ~ Mortgagor pmmptly and fully to pertorm the agreeraents and covenanta of aaid note and this martgage~ and eaid cost$, ~ charges and expenses ahall be imrnedlately due and payable and BhaIl be secured by the lien ot thls mortgage and such expendittues shall draw intereat at the rate oi elght per centum par saulum. ' ~ i evenE an of said sums of m ne heretyu reterred to be not~~m ~j def~aul~n the part of tt?e Mortgagor. or (b) in the Y Y p p y y pald without demand or nottce, or (c) in . " the event the etipulatlons, agreements, condlUons ancl covenants of sald note and thie mortgage are not duly, mmpUy and fully performed, then in either or any such event, the said aggregate sum mentioned in satd note then un- i• paid, with lnterest ecerued Lo t2iat time, and sU moneys secvred hereby, shaU bec:ome due a,nd payable torthwi~ra. ~ aiter. at the optlon of said Mortgagee, ae fuUy and completely ay i! al! o! the said sums oi money were origtnatly sEigu- lated to be paid on such day. anythsng in said note or in this mortgaga to ttte oontrsry notwlthe 1ng aad thereupon or thereatter, at the opt[on af aald Mortgagee, without noUce or demand~ suit at law or in equity~~may be proeecuted as ~ it all moneys secured hereby had matured prtor to its inatitutton. s . ? 8. The Mortgagee may, at sny tlme while a suit is pending to foi~eclose or to rePorm thls mortgage, or to entorce ~ any claims arising hereunder. apply to the court having jurlsdictton thereo! tor the appointment o! 8 receiver, and such caurt ahaU forthwith appoint a receiver at the premisee arid all other property covered l~ereby, including all and singular the income, pmfits, rent~, iesue~ and revenues from whatever ~ourca derived, and such receiver shall have all the broad ~ and eifective functions and powers in anywL4e entruated by a court to a receiver. and such appointment shalt be made by such caurt ss an adrNtted equlty and a matter ot abeoluta rlght to said Mortgag~e, and wiWout tefer~ce to the ac~- ` quacy or inadequacy oi the value ot the property mortgaged or Lo the aolaency or inso2venc~r af aaid Mort~g or the defendanta, and such income, profits, renta, iasues aud revenues ahall be applled by such receiver acxorcting to £he llen ot ~ i thla martgage and the practice ot auch court, . . . ~ ~ t ~ ; . ~ . . i . - - 9 . ~ ~ . ~ ~ zo4~ F~~ 5~z ~ , . ~ .