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6 To Ctr(orm, tomp~y y+~eh ard +b~da by rach and e.ery s~~F~•~ egrttment, cond~t~on and cc:enant ir. ~a.d prom~~sory nole anJ deeJ se~ (o~+'~. ~
~ 7. In the lvent the ~ur~ti:f:t~~on oi :hs U.S. Di~tric~ Covr~ ~hal1 be:tr~vo?ed by o~ a9a~m~ ~he A1o~l~aqor under eny o! ~he prov~aio+s oE ~he feJerel B~nk- :
ruptcy Aa, scch act~oo, ~.hti~~er vef~MUy or i~~o~feiy on ~hp fu~~c~ ths Abrtgaya, ~hsll a~~omaflcr ~y, witho~t r.o~ke, accelere~e ~he matvn~y rA ell sun~s
of money harein dettribed e~~d secured, and ~he fimi ~hall ~herevpon kxco~~~a d.e and payab!e (orthwi~h as lully ss ~f Ihe seid sggrepate ivmt of money v+ere !
oripina!ly ~lip~ta:cd ~o be p.+id on tu<h data
8. To delrver to ~eid Mortqa9ee, on er be(ore Mar~h ISth o( euh yeer, tax rcce~p~t evidencing the p~yment of all lewfully impoied tazes for ~he prcced~ng ;
calendar yea~, and to de~ivar to taid Monqegee, ~rttipts evidencing ths psYmenf pf all litns (ot public improvommp w~lhin rtinety (90} djyt after the sama shall ?
betom.e due and psy.ibte, and ro pay or dfscherge within ninety (W) days a(ter d~e date, any and a~l govtronuntal levies that may be mads on ~he moitpaged ~
property, on thii mortyage or note, or in any o'Aar way resulting Irom the Mortgaoe indabtedne~ti s: ured by Ihis mortgeqe; ar,d ii fhiti tondition he not t~rnn~~h~ ;
with end per(ormed, snid mo~~9a9ee may Fay +uth a~m or sums which shall become part of the dabt secu~ed by thi• morlgage, and ~hall b=ar intereu at tAe de(ault i
~ rate previded in seid p~omistiory n~te payable monthly untn oaid or said Mortge9ee may elcct that tia~d mortp~ye debl thereupon becorr.a dve and p~yabte fo~th•
wit~i. ' ~ . ~ ' ~
S 9. it i~ furtha co:ensn~~d •nd ~gned by uid pi~ti~~ tMt in IM ~ven1 0( • wi1 b~inq imtitu~ed to t~~eclos• this mprtQ~q~, 1M Mo~tq~yH ~fiall M•Nitl~d Io ~
[ appty a~ ~ny dm~ p~ndinp ~vth iwetlowr• wit to tM courr F~vinp ~wi~d~aion eh~r~o( (or tAe •ppotn~aant ot • r~ceiv~r ol ~il a~d ~ir,pular tM mprtp~y~d ptoyuty, ~
j and of all th~ r~nH, incom~t, Wotih, tu~x~ ~nd ~w~nw~ ~A~not, trom what~ower ~aurce d~riwd; ~nd tht~aupon it it M*~Ey •¦pr~~dy coven~nied and •9re~d
that tM cov~t ~h~U (athwitA ~ppoint • fK~IVf~ of s~id mortpafltd propaty, ~U ~nd •inqut~r, •nd o( ~uch renp, ir.-:omei, profip, ii~ue~ end rewn~~ Mu~of; f~orr~ i
wh~lto~vor ~ourc~ daived, with tM utiu~l pow~n ~~d duti~~ of ~tteiv~n in lik• c~ta; ~nd •ucA ~ppdntm~nt thitl b~ mida by ~uch cow~ a~ • m~urr ol ~trict r~qh~
b tM Mo~ty~y~~, itf ~~rcufsas, layal r~pnti~~t~tiv~s a•tsi9nf. •^d withoW rlfuenc~ to th~ ad~quecy a lnadpu~cy of tM v~lw o( th• proptrty ~trsby moSt9a9ed, F
~ or to tM wlv~nty a lneolvtncy o1 th~ Mortp~por, ~~d th~t ~vch ~en1, ptoliN, incom~, issw~ and r~v~nve~ ~h~ll b~ ~ppli~d by •uth r~ceivar fo th• p~ymen~ of Ih~ ~
k mortq~p~ ind~bi~dn~s~, co~ls ~nd cMrp~, xcordin9 to th~ wd~r of •uth tovrt. 7
10. If all o~ any part of Ihe property or an intaest therei~ is sold or tronsferred by mortgagor withoul motl9aqce's prior w~ilten tonaen?, exdvdin9 (a) tAa i
crearioo of a lien or encvmbrance fubord~nate to thii mortgage, (b) ~he creation of e purchase money iecuriry interest for household appliente~, (c) a transfer by . X
- devise or descent, or by operotio~ oi law vpon the dea~h oF a joinl tenenl, or (d) 1he granl of any leaiehold inlerest of thiee yean or leis no1 containin9 an option q
to purch~se, mortgagee may, ar its option, dscla.e all ~he s~ma iecured by this mortgape to be ~mmediately dve and payable. Morlyagee shall have waived iuch
option to acteltrate if, prior to the sale or tranifer, rrartg~gce and the person to whom Ihe prope~ty is to be sold or trans(erted rtach agreemeot in w~itinfl ;
that th~ crod~t of such person ~s s~tJs?ailory ~o Mort3egee and thnt the interest payabte on. the suma secvred by this mo~~gage shall be ae such rate as Mo~tgagee i
- sh~ll rtquest. . ~
~ ~
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t ~ TRat in th~ evcnt fh~ pt~miies lxteby morty~~d, or •ny D+rt ~h~rrof, th~l) b~ ca~demned ~nd 1~t~n for public v~ vnder tM pow~~ of ~min~nt dama~n,
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• tM Mprty~pe~ ihal~ hiw fM riyhl to d+m~nd tMt ~11 d~mapt~ award~d iw tM bkin9 of oi dam~g~t Io t~id pr~mistf fMll b O~id to th~ Mo•!y~qN up to the uimour•1 _
thtn unp~id on thi~ moA~~q~ ~nd ~f th~ oplion ol Ih~ lNortQ~ye~ m~y M~ppli~d upon ~h~ Peym~M~ last p~Y~bl~ tMr~on.
~ 1Q, TM mortp~por b~nds Aimself no~ to a~d o? p~rmit ~o be vec?~d •ny new build~nys on 11+t p~~mif~f hwin mor~y+~d a to add to or perm~t fo_ be edded
~ to ~ny ot th~ •ai~tinq improwm~nri rA~rwn or make •ny chinyts or •Iqratior~ in ssid improv~m~nh which mtl~rially ch~nqe ~h~ ~amt u rh~ us• thereof, w~sAout '
- th~ writttn <onsmt of tM Mat9+pe~. and in M~ ev~nt of •ny viot~?ion a~nempt to viol~t• this ~~Ipul~ticn thi~ -mortpay~ and all sum~ iecur~d h~nby ~h~ll im- ~
~ m~di~t~ly brcomi dw ~~d collec~~bl~ ~M option oi th~ Mwtya~. - 3
- 13. t1 is ~p~ci(iully aflrNd th~l tim~ is oi tha ess~nc~ of thi~ tont~ul ~nd 1ha1 no w~iver of aoy ob:i9ation h~nund~r w OI tM obliyation s~twed htrsby ~hall ~t anv
' timo E~ hetd to b~ a wrver of tr~ ~~rmi hereol or ot th~ imtrument accur~d henby. .
- 1/. I( faeclosun procHd;np~ oi ~ny •aond mortpaqe or a~cond trusl dHd or any j~nior lisn ol ~ny kind should b~ in3tiruttd, the Mor~qsgee mey. •1 its opUon, .
imm~d'uUly or thir~~(ter declare th~~ mortyep~ ~nd ths ind~bt~dnofs ~ec~red Mr~by du~ ~nd p~yabls (o~thwith, and m~y al ih op~ion p:xeed ~o {oreclos• this
matpap~. "
1S. To !M •at~n! of fM Ind~btedn~» of the Hbrfy~Qor fo th~-Morfyapct d~~c~~bed he~ein or ucured hereby ~h~_Moripape~ ii hercby s~broysted to she Gen w 3
liens ~nd to ih• riphts of th~ ownert ~nd holdera the~eof o1 e+ch •nd every mortgage lien u other irc~mbrtnce on th~ I~nd d~Kribed hcrein which is paid and/w
- safisfi~d in wholt or in put out of tM praerda of th• toan drt~~bed herein or ~eccred hereby, and tAe respective liens of ~eid mort9ages, I+ens or other incumbranus
~ ahall b~ artd th~.:~rr.• and ~ach ot tha~n A;rcby ii preserveo and ah~ll p~~: ~o and be held 3y the Mortqaqc~ h~r~in aa tiec~~rity for ~he ~ndebi~dness ~o th~ /Nortyayee
hsrein describsd or hereby secured, to fl,• same extent that it~wovld h~ve been preserved and wou!d have bcen p~s~~d to and been hetd 6y th~ Morty~qee had ii bcen -
dufy and reqularty si~iqned, tr~ni(~r.ed, iet over and delivered unto the M4or~9~gee 6y separate deed of ~s~iqnm~nt notw~tfist~ndin9 tha fsc~ the~ fha same may be _
iatiif~ed and cenctlled of ~~cord, i~ be~nq the intent~on of th~ parties hereto ~hst the s~me w~ll be sa~i~ti~d end cancelled of recoid by :he hotde~s thereoi ~r or abouf
- th~ ume of ihe rccordlny of thts mortyaya - _
16. 7o pay all and singuln~ the conta, charges and expenses, induding lawyer's fees, reasonably incvned or paPd at any Tirae by rhe Ma:t;,sget, baavu of
the failura of the Mortyagor to pcr(orm, comply with and abiue 6y each and every the stipulatiens, agregments, conditions, and covenants of, said pr~missory .
note and thii doxd, or either, rnd every svch payment shall bear interest from dete at the default rate prorided in said promissory note. '
17. Wh~n any ~movnt of mon~Y- to b. w~d by r?» Ma+w9o+ eo tM Mutflaqea vnd~r th• termi h6reof shsll ba in default. w shovld th~ Morryaqo~ de(~uit en
any of the other terms, provisions a conditioru of 1hu Mwt9aQe. th~n ~nd in Ihat cas~ fhe Nbr~gagee ahsll hw~ th~ riqht, without np~ice Io the Mort9sqor, to
° co~lcct and receiv~ Irom any tenant or leaea o~ s~id mortpaqed p~em;~n th~ rent~, iis~es end prof7is of fh~ rsal eftat• hereby morr9ayed and tA• improvemenes
thereon, and to give proper rectipts and acquinancef thercfor, •n~ aftcr psytn9 s~~ com~rissions of any renul aQent colleding tfie same, snd any reasorsble anomey's
' irn and other necestsry e~0~++s~s incvrred in collecting samt, fo spply ~he procerdi o1 svch colleU~ons upon sr,y indebtedness, qbtiyation w liability, oi ~he
- Mort,~sgor hereunder. Th• ripht qr~nfed ~he Mwty~9ee under thi~ puaqr~ph ahsll be in add~tien to, and ~hall not Cmit or rtstrict, any other ri9ht or r.phts p.snted
th~ Mwtpaqt~ in thi~ Mw.tyayt. - •
16. IF the Mortyayora a~ the tim~ of makinq this Nbrt9~9~ or subseaotnt thcrero tate o~t I~(e insoranc~ d~signs~iny ~h• Moreyage~ herein ber.eficiary witfi s
company apwov~d by tM Mo~tpa9es o~ assiflna policiet to the Mortgagt~ fo~ tfie p:.vposa o: securiny th~ mortyage loan hereby secvred, then the Mortq~yee ihall
- have the riqh~ to pay i~y prtmi~m scvu7n9 ~nd~r aaid pol~cin, and ill avms ao e:pended shs11 b~ adc~sd fo and becom~ • parl of th~ principal indebtednass secured
by ihis Mwt9ap~ ~nd sh~Il be paid by ths Abr~gsgor to the Mwtqsyee in !welvs eq~al consec~tive monThty instailmantf, IM firsl monthly insl~I~ment to be p~id ai a
pul oi tnd in sdd:tion to the mon~hly paymem dw vnder thi~ Abr~qaQe in the first telendar month iolfow~ng tr~ txpendiny o( said sum. Such svms ao eapcnded
Io benr ~nterest sf the rat• at which interes~ is Fayable upon f~id priru~psl indebtedniss _nd tha litn of th~s Mortq~~ shall t:tend to ~nd securo Ihe aums io expended
togcthv with inter~st fhereon +s herembelw~ pravided.
19. At mortgagee's opt~on, togetF~er with and in addition to the monthly payment of prir.c~pal and interest payable under the terms of the note secured
hereby, Mortgagor shail pay to N4ortyagee each mo~th vnNl said note is fully paid, onttwelfrh (1/14) of a aum eqval to the annual premium due fur f~re, extended
_ coverage, and other hazard insurance includ3ng flood insurance, covering the mortga~ed property, plus taces and assessments next dve on the mwtgaged property
(all as e:timated hy l4Sortgagee) lus at! svms already paid therefar, and to Ee dividtd by ffie namber of months to elapse prior ro the date when suth taxes and
assessments sha~l bttome delinqvent. Said svms shati be held by /Aorigagee ir~ trust or credited to the principal of the loan, to pay said insurance, ta:ef, and
- assessments and shalf be appl:ed u+ the paYment thereof when due. Any e:cess held in trvst by Mortgapee when said loan is paid in full shall be paid to -
_ M.crfgagor, or h;s assigns, or persor.nl r~presentntives. In the everl of a de/ault or foredcw•e; fa(dt~urhs`held in trust may be applied on any costs of damages
s~staired in co~nection with tAt col'ection of the nate securcd hcreby wF.efher by su~t, forecto3ure, or o!herwise. ~dortgagte may from tirne to time at its op-
tion watve, and nher zny such ~vaivu, reinitate any or all provision: hereof requiring svch deposits. by natice to Mortqagor in writing. While any such waiver
is in effe:t, M.orrgag~r shall pay taxes, auessments artd tns~rance p~emiums as herein elsewhere pravidcd.
t ~
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` 70. M,ortpaqor shsll comply w~th tF.e p~ovis+ons o( any lease, if th7s mortgage. is on a teasehold. If this mo+tgaye ~s on a condominivm vn~r, morrgaqor shalf
` - perform all of rrortqa3or': oble6ations vnder the declaration of condomini~m or master deed, the 6ylaws and reqvlatons of the condominiurn project and con-
stitucnt documems. Mortoagor fvrther mvenant~ that he and the aisaciation nspoos:b!e for the aperarlon of the condomtnivm will obslrve all of the provisions
of rhe said declaration, and any amendmmts thereto, and of the Condominivm law of the state, and will perform all obliqatiwss thereunder; and a fsil~re to do
' so whtch is not cvrec~ weih~n 30 dsys after notlce give~ by ~he mwtgagee to the moftgagor and the sa~d a:sxiafion shall co~st~rufe a defa~'t vnder th~s mortgaye.
- lAartgagor fur~her spec~fically cor-er»rt?, but not by way of Gmitat7en, that he and fhe auaiat~on will ob3erve alt of the'provisio~s of said dec~arar~on of ccndo-
minivm relaNn9 to inserance covuage. - '
- ~ 21. Mortgagar fvrthar covmanh and agrces thal a~ the ~eqvest of Nb.t9agee to tum~ih a standard krmite bond ~nsvring against damage by infestation on -
. the bu~td"+ags no~v or F.ereafter Ixated oo the moTegaged property, in soch amouNS and terms, and with sv,h company as approved and required hy Mortga9ee;
' ar.d in the event N.ortgagor does not cempty with this covenant Mort9agee shall have t}:e same righh to obtain sarne as insurance mverage vnder tovena~ :
~#3 hereof. _
I-; ?2. That in the event rhat this morrgage is g~ven to se:~re a constrvction Ioan, failure on the part of the Mortgngo+ or the Mortgagor's ccnrracter, architect,
tngi~een, w svb-ccntracrors-to comply '~vith Nie hrms of the Constructien Loan Agrerr.ent of eren date herewith, vvhich is by referonce incorporafed herein, shall,
at the option of the Martqagee, ccnstitvte a dsfautt hereunder.
t _ .
' 23. If the mortgayed premisea is othe? ihan a onc to favr family dwel:in~, the Morfgagor covenants snd agrets that he will, not lata than thirty (30) days
after the ~nd of the fiscal yea~, fumFSh vnto the Assxiatia~ a comp:ete ar+d accurate balarxe sheet and profit and loss statement refiecting ths Mottyaqor's fia-
bilities ss we71 as profit snd lou for the fiual yesr, and svch balence sheet and profit and Ioss sratcment shall be p:epared by a certifitd public accovntant li-
crosed in the SNte of Fiorida, and shall be cMified as being torrett by !uc}i certified public accountant.
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