HomeMy WebLinkAbout2475 7. In ~ha eyc~~ rhr j~r~~d~cnc~ ol iht U.S. U~t~rict Co~r~ ~~sU be in~vFed by cr aq~:mt ~he ka~~~e9ar ~nder eny of ~/.e pruvl~lonti ol ~Fe ?ede~al Bank• ~
rvpt.y Act, s~tA •c~~on, hhe~h~r ~olvnfary o? Involv~l~ry on th~ peA Ot Ms Mart~lyG~, ~Aall s~to~n~~ic~lly, rv~~hc~~t notica. accelerete thr rn~r,,r~~y a( ell ~~ms
of mor.ey hr~c~n detu~bed sr,6 ucursd, snd Ih~ ~efii thiil ihete~po+t ~tcome d~e anJ poyab'e (onh~i~h as full~ as i( Ihe tia~d aq~rtqate wmt of money wero
ori9inally st7pulaied ro be p.+id on tivch Jate.
8. To detiver ~o teid Mo~tg~~ee, o~ or belnro MArcA 15~A oi eacA year, taa rc<dpt? evidm<inp the paymrn~ o( all lawfully impoind te¦es (or ths proced~ng
ulend~r year, and ~o d~Gver ~o ~a~d Mor~gagee, reutpn widencin~ t:.~ paymen~ ol all liens for pvbl;c improvs~„entc w~thcn ~inety (90) deyi ?Ner ~he same ~hall
become d~e and psyabte, and to pay o~ d~uhuqe within nin~ry (W) J~;? alter dve dats, any and •11 yoverrvntntal levies tha~ may be mede on ~he mor~gaged
properfy, on Ih~t mo~lpa9e or noro, or in eny oMa~ way reiuh~n9 (rom 1hP Mortflaoe indebtednas tetured by Ihit mortgaye; and i( thit condition be no~ c~me~~cr ~
with and per(o~med, iaid mortQepee may pay iuch ium o~ sums wh~ch ihatl becunro part of the debt ~ecvred by thii mortgage, and shall be~r interett et the de/ault
~ate provided in ~aid promisiory note payable monthly until paid or iaid A~ortp~flce may elecl that ieid mort9aqe debt thereupon become dve and payable (orth-
wiM.
9. It ii fur~h~+ co+~n~nt~d •n~ ~9rt~d ky uld o~rt=.~ thi~ ths ~v~n~ o( • ~uir ~einq i~st~tveed io ior~clo~• iA~~ mor~q~9s. ~M Mortp~yH ~hsll b~ •nt~tbd to
appl~ ~1 any lim~ P~ndinp ti~eh (or~elo~ur• w11 lo t~a eourl Mvlnp t•~•~:dietioe~ ~h~~~of (o~ 1A~ ~ppointm~n~ o( • fKliVff o( ~II ~nd ~inpul~r IM morty~ped piop~rtY.
~nd ot ~II ~h• r~nh, tncom~~, profin, tuw~ and r~wn~~i th~nol, Irom wM~io~wr ~oures dtrived; •nd ~Mr~upon it ii h~r~by •,pr~~~ly coven~n+ed ~nd ~y~hd
that tM cow~ ~h~ll fathwlth ~ppoin~ a r~c~rv~r oi t~id mortpip~d property, iU ~nd rinqvlu, •nd of wch nnt~, incom~~, prof~b, inur~ end rw~nw ~h~reoi, Irom
wh~~to+wr ~ovra daived, wleh M~ uw~l pow~n md d~tia ot rec~ivtr~ i~ lik• cua; ~nd ~vch •ppe°ntm~nt ?h~tl b~ mad~ by •~ch cou~l •s a mena ol ~lrict riqhl
ro ~M Moatq~qe~, ft~ ivcc~+~on, Iepal rpa~enr~tiv~~ or uupm. ~nd wiihout NltffM• ~o tM ad~4wcr or inadpu~cy oI tM v~lw of ~M Propaty Mrsby ma~tqaq~d.
a to ~h~ •olvsncy or insolvency o( th~ Mortp~por, and iMt ~~rh ~~n?, pro(ib, incom~. isfw~ ~nd nv~nue~ ~h~ll b~ appti~d by ~vch r~c~iv~r to ths p~ym~n~ 01 th•
morty~p~ Ind~b~~cln:st, co~u •nd chup„, ~ccord~np to ~M ad~r o( ~uch covn.
10. If all or any pnrt of the property or an i~tere~t therein is so~d or transfc~rod by rnortgsgor withovl morlgjyee's prior written consenl, eacluding (a) tM
crea!io~ of a lien or cnc~m6rance subordina~e to ~his mcttgage, (b) ~he veat~on o! a purchase money saurity tnteres~ for household appliances, (c) a trons(er by ~
dev~se or descrnr, o~ by ope~at~on ef law vpon ~he death of a io~nt tenen~, or (d) ~he gra~~ of any le~sehold in~crest of ~hree years or less r.ot conteining an option
to pvrchase, mortgagee may, ai ~is oprion, detlare all the suma secured by ~his mortgage fo br immtd~a~ely due and payable. Mortgagee ahall have wa~ved such
op~~en to acce4rotr ef, prier fo the :ele er tran~(er, mortg~gee and the person to whon~ fhe prope~ty is to be so~d or trane(e~red ~eath a9reemtM in wriling ~
thaf the ued~t of icch prrson ~s satiilactory to Morrgagee end ~ha~ ~ht intereit payable on rhe aums secured by ~his mortgage shall be a~ wch rate as Mortpagee
ihall request.
11, Th~1 in tM event tM prtmis~~ Mrtby mat9~p~d. a•nY P+r~ ~fi~rwf, ~h~l~ b~ condemn~d ~nd t~k~n for ~ublit uN.w+d~~ tM pow~r of smin~m dom~in,
th~ Mwfpaye~ thall haw th~ right to d~mtnd th~l •11 dam~q~a •wsrd~d ior th~ fakinq of ar damaq~~ to s~id pr~misa ihall b~ p~id to tM Mo~t9~yH vp ro?h~ amo~N
fhen unp~id on thit mortqay~ ~nd ~t tM option ol tM Matp~yN maY ba ~ppli~d upon th~ paym~nt~ b~~ pay~bl~ tMrwn.
12. TM mortp~po? b~nds himulf not to a~d or p~~mit to b~ trocqd any n~w Guildtnqs on ~h~ pr~mift~ h~nin morty~p~d w to add to or permit 1o b~ •dd~d
fo •ny of ih~ •xbNnp improw:n~nrs rherwn o+ mak~ any chanya w alte~ation~ in iaid improvrmr.~f~ which ~n~lrri~lly chinp~ th~ sam~ or tM us~ th~rtof, wdhout
fM wrinen coni~nt of tM AAc?ty~q~o, and in tM ~v~N o( any viol~tio~ w•tlemp~ to vio~at• tAii ~upu4~ion Ihi~ mortpaq~ and •11 sum~ tiecur~d h~r~by ~h~ll im-
rt»di~tely b~com~ dw and collecr~bl~ a~ option ot tM Mortp~qM. • ~ .
1~. It is ipaifiully a9rNd th~i t~n» i~ of th~ ~~a~nc~ of tht~ contrad snd tMt no waiver of any ob!iqa:io~ henunder w o( M~ obliy~tion s~wrcd hereby ~h~ll it any #
tirr» M Mld to b~ a w+ivn of th~ t~rm~ Fxrfof w of 1h~ iM~~omtnt sstvr~d her~Cy. ~
14. !f fonclosvr~ procKd~nqt of ~ny s~cond mortq~fl~ or ~acond trua~ dead or any jvnlo~ lien of any kind shou~d b~ iniNtuted, th• Mortpesee m~y, at its option,
immediat~ly o~ thu~a(te~ dedue this mori9+W +nd th~ indebf~dnos~ secv~ed h~r~by dw and p~yabb for~hwith, ~nd m~y st iu opuon p~oceed to (oreclo~• thii ~
mortp~p~. • _
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15. To th• tat~M of th• indebtrdn~ia ol.the Mor~9a9or to tM Moreq~9ee d~scnbtd hrre~n o~ sscured hercby th~ Mo~tp~pe~ i~ heroby sutxo9a~ed to the lien o~ ~
lien~ ind to M~ riphts of the ownen ~nd holdero th~reoi of sech ~~d tvay mo~rgage lien or other incumbranc~ on tM l~nd d~xribed he~~in which i~ paid and/or 4
si~;~fi~d in whole w tn put a,t of rh~ procceda o( fhe loan descr~bed hcrein o~ aecured hereby, and the reipective Gens oi said mortg~ges, G~ns or other ~n_vmbronus . j
shill b~ ~nd tM. ~a~r.e u+d ~ach of thtm ~ereby is preserved and sha~l D+ss to and bs hetd by ~he Mort9+4e~ h~r~in ~f ieturl?y fo~ tA~ i~d~bt~dnas to th~ Matyaqee T
herein dacrib~d or hereby secvred, to fhe sarr.e ea~rnt that it woold have bem p~eeerved and woo~d h~ve bsen pa»ed to snd been h~ld by Ih• Mortpagee had it been ~
dvly •nd ~eflul~rly ~~~i9ned, t~~r.s(erred, stl ove~ and delivtred unto th~ Nbr~g~gce by separat~ deed oi assignmtnt notw~rhs~sndiny Ih~ (au ih~t th~ same m~y be - ~
utisf~ed snd cancellcd of ~rcord, i~ be7~g ~he intsntion of tht pul~es hereto th~t the same will be iatisfied and cencelled of record by :he holdtu the~eof at u abovt
, th~ t~me oi tAe-iecordinq of thii mor~paye. - - E
16. To pay all and singular the costs, charges and expenses, including lawyer's fees, reasonably incurred or paid at any time 6y the IS'artyagee, because of
4 go perform, comply with and abide by each and every the :tipulations, agrecments, conditions, and covenant: of said promissory
; the failure`of the Mort a r to
note and ~his deed, w eirher, and every such paymmt shatl bear intereit irom date at the default rate provided in said promissory note. ~
. 17. Wh~n ~ny amovnt of mon~y to b~ paid by t}» AAo+tpayo~ to tM Matfl~qe~ vnder the termz hereof sh~ll ba in default, or shoutd th~ Mortq~qor default in
: any of the other term~, provisions w conditim~ of thi~ Morty~9e, th~n and in tha+ cass the Mortgages ahall Mw th~ right, without nolrt~ to the Mortgegor, lo ~
collect snd receiva (rom any ten~nt w fesae+ of iaid rnortgaged premises th~ renb, issues and pro(~rs of th~ nal eet~r• hersby mafqaysA snd the ~mprovement~
therco~, and lo g~ve prop~r rec~iptt snd acqvittanc~a there(o~, and after p~yiny all commissior.s of any ren41 ~yent collcctiny th~ same, and any reasansble ettorney i ~
- fets ~nd othe+ nece~fery •~p~ns~s incvrred in collediny sam~, to apply tA• proceeds of such collections vWn any indebt~dness, obliyatian or tiab~liry, o( the ~
- Morty~pu hsrevnder. Th~ riyht qr~nted the Abr~yag~t under this pir~9riph sh~ll b~ in add~tion to, ~nd shn1l not I~mi1 or r~suict, ~ny otAe~ riyht or tiyhls qr~nted
, . rh• hAorlys4s~ in ihis Mottq~q~.
18. If the Mortq~9ore at the tirt» of mzkirt,~ ehis Mxtg~pt ot subseq~ynt thereto tak• ovt life inaurance designitinq th~ Mortyagea herein •3 6eneficiary with a
company ~pproved by th~ hAort9~pe~ a aisiqns policies to- th~ Mwtgage~ for the purpos• oE eec~ring th~ mort9a9~ loan hereby secured, then the Mortq~qee ~h~tl _
.h~ve ~he ri9ht to pay any prtmivm accru~ny vnder ssid policitf, and afl i~ms so c:pended sh~ll 6e added to and becoms a part of th~ principtl indebteMess aecu~ed
. by this Mortpag~ ~nd shAll be paid by tht Mutgagor to th~ Atorty~gee irc twelva eQval Constc~~ive monthly initallmenls, tM firit monthly inslsllment to !v paid ~s a -
put of and in addition to the monthly paymen~ do• ~~der ~Aia Nbr~qa~ in fhe lirst uler.dar momh followinfl ~h~ e:p~ndiny oi ~aid sum. Svch ~~ms ~o e~pended
to bear interest at the rate ~t which•in~erest is D+Yablt i~pon i~id principal indebtedress and tha lien of th7s Mort9~y~ shall ex~end to and securo the suma so c~yended ~
to9cther with in?ersst th~reon as her~~nbsfw• provid~d. - ~
. 19. At mcrtgagee's optio~, together with and in addition ta the monthly payment of principaf and interat payable vnder the terms of the note sec~red
hereby, Mortgagor shall pay to Mortgagee each month vntil said note is iulty paid, one-fwelfth (1/12) of a sum equal to the annual premiun due for fire, extended
coverage, and othu hazard insurance including flaod insurance, co•~ering the mortgaged property, plv: laxes and assesammts next due or~ the mortgaged property
- (all as estimated by Mortgagee) less all sums already paid therefor, and to be dividcd by the nvmber of months to efapse prior to the dafe when svch ta:cs and
. aisessments shall become delinquen!. Said sums :hail be held by Moregagee in tr~st or credited to the principal of the loan, to pay said insurance, taxes, and ~
assessments and shall be applied on the paymer.t the~eof when due. Any excess held in tru:t 6y Matgagte when :aid loan is paid in full shall be paid to - ~
Ma-tyagor, or his assigns, or personal represenratives. In the event of a default or forKlosure, :a~d svmsI~ ust y ~ f d r4lany costs of damacy_s .
_ sustained in connection with the collection o5 the note sec~red hereby wFether by suit, foreclosure, or otHe~is~~Mortq~e~a$~o~~fime to time at its op- t
tion waive, ard after ar.y s~ch ~vaiver, re:nstate any or a!t provisions hereof reqvirir.g wch deposits, by notice to N4ort9~gor in writing. While any sxh waiver ~
is in effect, Mortgagor shnll pay taaes, assessments and insorance premiums as herei~ e!sewheie provided. .
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20. Morega9or shat! comply w~th the provisions of any lease, if thii mortgage is on a tea;eho!d. If this mortc{sge is on a.~o~dbm;piom un~t, matgagor shall ~
perform all of mo~~gagor's obligations vnder the declaration of condomini~m or master deed, tFe by-laws aAd-regulations of- thq,tondomiri~m projecl and tom ~
~ stituent document:. h,ortgagor fvrther corenanta that he and the assxiation respons~bte fw the ope~at~on cf the' condomini~m wiil'observt all'of the provisions ~
' _ of tF.e said dcclaration, and any am.endmcnis theroto, and o( the Cor.dominium law of the stare, and will perform all obGgetloas thereunder, and a failure to do _
so which is not c~red with;n 30 days atter notice g7ven by the mortgagee to the mortga9or and the said a:sxiaticn shall constiwte a default under this mortgaga
hlortg~gor further specif~cally covenants, but not by way of limitatlon, tha~ F.e and the associatlon wi~l observe all oi the provisions of said declaralion of condo- ~pC
minivrr~ relsting to insurance coverage. - ~
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- 21. Mortga9o~ further cor-enanrs ar.d agrees th~t at the request of ASor~gagee to iurnish a st5ndard termite bond inwring aga~nst damage ~y infestalion on
the bvildings now or F.ereafter Ixated on the mort4aged-p~operty, in svch amovnts and tams, and w+th svch ccvnpany as approved and required by Mortgegee;
and in the event Nbrtgagar does not comply w~th this cove~ant Mortgagee sha11 have the same iights to obtain same as insuraace co~erage under covenant
- ##3 hereof. - - ~
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22. That in she event that this m,ortgage is given to secure a constr~ction loan, failure on the part of the Mlortgagar or the Mortgagor's contractor, architecr, +~rt
ersgineers, or svbtontractors to compSy with the terms cf the Cor.struction loan Agreert:ent of even date herewith, which is by reference incorporated herein, shall, ~
- _ at tht option of tF.e Mwtqagee, constitvtt a default hereunder. ~
~ 23. If the mort9aqed premists is other than s one to four famEly dwetiing, the Mortgagor covenants and asrees that he will, rtot later than thitty (30) days
± after the end of the fiual year, iom~sA unto rhe Assodation a comp!ere and accurate balarxe sheet and profit and losz s~atement reflecting the Nbrtgagor's lis- W
bilitie: as well as profit a~ loss for the fiual year, and soch balance sheet and profii and loss staterr.enf :hall be prepared by a cerrified public sccoontan~ li-
«nsed in the State of f{oridn, and ~all be certified as being correct by svch cer!ified public accountant.
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% RfVIERA BEACH. e=LA. 33404 ~
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