Loading...
HomeMy WebLinkAbout0928 ~ income, protits, issues and revenues are hereby mortpa~ed as if specifically set forth and described in the granting and habendum ciauses hereof, and such receiver shall have al! the broad and eNective functiuns and powers in any wise entrusted by a court to a receiver, and such appointment shall be made by such court as en admitted equity and e matter of absolute right in the Mortgagee, and without reference to the adequacy or inadequaCy of the velue of the property mortgaged or to the solvency or insolvency of the Mortgagor and/or the defendant and such rents, Profits, income, issues and revenues shall be applied by the receiver according ta the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shatl be without notice to eny obligor hereunder. NINTH: The Mortgagor hereby waives ell rights of homestesd and exemption granted by the Constitution and laws of Florida It is specifically agreed that time is of the essence in this contract and that no waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall at any time therealter be held to be a waiver ol the terms hereof or of the obligation secured hereby. TENTH: If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. ~b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon ihe deaih of a joint tenan~ or (cn the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lendets option, declare all the sums secured by this Mortgage to be immediately due and payable. If Lender excersies such option to accelerate, Lender shall mail Borrower notice of acceleration. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared dua If Borrower fai~s to pay such sums prior to the expiration of such period Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 6 hereof. ELEVENTH: If foreclosure proceedings of any second mortgage or second trust deed or any junior lein oi any kind should be instituted the Mortgagee may, at its option immediately or thereafter declsre this mortgage and the indebtedness secured here- by due and payable. TWELFTH: That in the event the premises hereby mortgaged or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee, up tc the amount then unpaid on this mortgage and the obligation secured hereby and may be applied upon the payments last payable under this moRgage and the obligation secured hereby. THIRTEENTH: That installments, payable under the terms hereof a~d the note secured hereby, not paid when due, shatt be subject, after ten (10) days from the due date thereof, to, and it is agreed Mortgagee shall collect thereon and therewith, a"late charge" in the amount of f~ve per cent (5%) or 55.00, whichever is less, of the installment due upon each such delinquent installment, and such "late charges" are secured by the tien hereof. FOURTEENTH: Without impairing the obligalions of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH hereof, and for application to the purposes thereof insofar as the same shall be sufficient, Mortgagor shall, in addition to the monthly payments of principal and interest as stated in the original note (and i~ the note or notes secured hereby) provided to be ' made, pay a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes, assessments and insurance ~ premiums upon the real estate security, as the amount tfiereof is determined from time to time by the Mortgagee. i FIFTEENTH: That the Mortgagor shall furnish an~ually, at the request of the Mortgagee, financial statements in form ' and certi!ied in a manner satisfactory to the Mortgagee. F StXTEENTH: This mortgage secures an existing indebtedness and also secures any and alf renewals and extensions of the ~ promissory note referred to herein and secured hereby, and all installments thereof, and also any other note which may have been or may hereafter be given to the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee, and this mortgage is also intended to be and is a mortgage to secure payment of any and all future or additional advances made ~ by the Martgagee at its option to the Mortgagor, or his successor in title, for any purpose, to the same extent as if such future or f additional advances were made on the date of the execution of this mortgage, although there may be no advance made at the ~ time of the execution of this mortgage and although there may be no indebtedness outstanding at the time any advance is made. ? All such advances are to be made within twenty years irom the date of this mortgage, or within such lesser period of time as may ~ be provided hereafter by law as a pre-requisite for the sufficiency of actual notice or record notice of the option of future or addi- ~ tional advances as a~ainst the rights of creditors or subsequent purchasers for valuable consideration. The total indebtedness s~ 9 cured by this mortgage may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall r not exceed a maximum principal amount of _ Thirty '~housand Eight I~mdred Seventy Four and 80/1Q0 (s 30~874~_1 F° plus interest thereon, and any disbu~sement made for the payment of taxes, levies or insurance on the property covered by the iien of this mortgage, with interest on such disbursements SEVENTEENTH: The Bank shall be entitled to reasonable attorneys fees and costs upon appeal. ~~o -3- _ ^~41 P~~~E 92fi ~ ~