HomeMy WebLinkAbout0984 uli .igrerment~ t~etwr~n tlie MortKugur and ~1urt~:igre relaUnK tu in,uranrt•, now exi;tin~; ur herra[ter m:ide, sh:?Il b~~ in
writing and shcill be u p~~rl af this mortgcige agrc~Pment as fully as though set forth verb.~hm herein nnd sh~ill Ruvern
both Ewrties here~o and their sucre~.u~rs and ussigns. No lien u~wn uny of s:~id Ex~licies o[ insur:~n~•e or u~wn uny re[und
or return premium K~hich m.~y be p.iyable on the cuncell.ili.:^ or termination thrrf~e~f, sh.~ll t~ gi~~en tu uther than the
I1lortgagee, ezcept by proper endor:~ement uflixecl to such policy and approv~Y1 by I1lortguKee. Ea~i•h ~wlicy ot insur.ince
ahnil hare ~~ffixed thereto a St.~nd.+rd I~lortg.iKee (~lause acct•ptable to ihe ~1ortK:+Ree, mukinR ull lu~ or lo~Yes under such
~wlicy p:~yable to the ~9ortgagee us its interest may .?p{x:ir. In the event any sum ur sun~.~ uf money becomc: puyable
I~arpnn~lv~ the Alrrte.~Kee shall have the option to receive .~nd ~?ppty the sume un ac~•ount o[ the indebteclnc~~~ hereby
securecl, or to E~ermit the AlortFagor to rea•eive :?nd use it, or .~nt• ~r.irt thercrof, without thereby waivinR or impairinR
.?ny e9uity, lien or right under and by virtue of this mortgage. In event of loav or phy:~ical damage to the mortgugc~i
pro~>erty the ~lortgagor shall give immediate ?ioticc thereof bV mail to lhe hlortKagee .?nd the 111or.ga~ee m.?y m:ike
pr.~f of lo.~ if the same is not made promptly hy the Afortga~;or. In event ut torc~•losure of thi, n:orlRage or other
transter of title to the murtRaged proE~erty in e~tinguishment of the imlehteclne~s srcurecf hereht~, all riKht, title and inter-
est of the tilortga~or in and to any insurnnre ~~olicies then in force ;ha{l pasY to the purchu~r or grantee. LJ~~on any
defxult therc~t, the Mortgagec: may Ibut without ob1iK:~tion on its p:~rt to du so) plare insuran~•e on such buildings and
p.~y the premiwn and charKe such sums so paid to the A1ortg.i~or and such sums uf money st~ ~~aid shall txar e??terest
from the date ot p~yment at the highest legal rate.
4. That all sums of monE•y p.?id or causeci to tx p:~id by the A1ortR.+~;ee undt~r the lerms of this mort~a~e :ind herein
specifi~•ally provided for, and including any expens~~s im•urr~~i by the ~tort~agee in cullectiun o( the sum se.vreci by this
nwrtgage, shall be coverecl by the lien of this mort~.~Re, the s:~me a3 the sum+ uf money repre,ent~~c! by the nc,te w~hich
this mortgage secures.
5. To permit, rommit or sutTer no wuste, imp~~irment or deterioration of s.iid proE~erty, or any part thereof, and
u}~on the [ailure of the 111ortR;~Ror to keep the buildinRs on ti:?id pro{~erty in g~xxl condition o[ repair, the I4tortgagee
may demand the immedi=~te re~;air of ~+id buildings, or an increase in the ~~mount of sc~•urity, or the immecliate repay-
ment of the debt hereby ~•urecl, and the (ailure of the ~tortQ.~Ror to cumply ~+ith s:~id ~iernand of the ~'lortgagee for a
,~e:M? of fifteen 115) days shall constitute a brea~•h of this mort~aKe, and, ut the option of ti~.- :~'lartgagee, immediately
mature the entire unpaid ~~rinripal and interest hereby 5ecure<l, .~nd the 11urt~a~;ee may, without notice, institute pro-
ceedings to forec•lose this mortgage, and :~pply for the up~~inlment of a receiver, as hereinafter provideci.
G. That the Alortgagor hereby promises, cYiven:~nts and aRrees to pay the sums of money artd interest .~ti mrntionecl
in ~~id promissorp note, toKether µ•ith any and all other sums justl}• due and ow•in~; the ~1ortKa~ee by the term+ therein,
and sc~~urcKl to be paid as stateci therein promptly when due. If def.iult ~halt be made in the ~k~yment of the ~iid surns of '
money or any p:~rt thereof as provided in the s:~i~1 nole or this mort~;.~Re, or if the interest that m.~y bc~c•ome due thereon
or any p<~rt thereoi shali be in default and unpaid for space of fifteen ( 15) days, or should the h1ortga~or breach ur
~ fail to comply with any other roven.~nt or .~~reemen! on the part of the A1ortg:~~or to be complieci with (in those cases
in which the option of the ~tortgaRee o( acreler~tion is not otherwi~e exF~recsly providr~ci hereinl anc~ s~~ch hreach or
non-rompliance cuntinue in e~istence for spare of fi[teen 115) days, then and from thenceforth, at the option of the
Afortgagor, the K~hote of s~~id princip:?1 sum e~pres5ed in s:~id note, together with all other sums therein us Hell as herein
providecl for, ~h:~ll become immediately due .?nd payable, without notice to the s<iid 1lortgagor.
7. That in case it should F~~ome nece;~iry te place this mortKa~e and the note secured hereby or either of them, in
th hands of .~n attornev for collc~c~tinn, the s:tid ~tort~a~or covenants and aKree~ ~+'ith the \tortr.igee tu p.~~~ all cost>,
ch.ir~es and expenses of such collection, includin~ ret~sonable attorney's fees ~tihether co(lected by forect~sure or oihen~•ise.
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8. That, in the event any suit is brou~ht uE~n this mortga~e, whelher to fore~•lo~e it, to re[orm it, or ot5erwise,
j and/or to en(orce payment of any claim hereunder, the 111ortgaRee m:?y appty to any :•ourt having jurisdirtion thereof
; for the ~pEwintment of a re~~eiver of s:~id mortgnged propertY, :~s ~ell .is thP income, profits, i~ues and revenues thereof,
and the said income, profits, is,ues and revenaes are hereby mortKagE~cl as if s{~ecifically set torth and described in the
; grantin~ and hab~ndum clauses hereof, and such receiver shall have a!1 the bro.id and effective functions and Ewwers in
E any Kise entruster~ by a court to a receiver, and such ap{~intment shall be made by such court as an admitted equity and
; a matter of absolute right in the Mortga~ee, and w•ithout reference to the adequacy or inadequacy of the value of the
`s pro}~erty mortgaged, or to the solvenry or insolvency of the :~lortgaKor and/or the defendant and such rents, profits,
j income, i~.5ues and revenues sh.~ll be applied by the receiver accarding to the lien .~nd/ar eyuity of this mortgage and
the practice of such court, and such ap~~ointment of receiver shali be without notice to any obligor hereunder.
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~ 9. The biortgagor hereby w'aives alt rights of homestead and exemption ~e~:nted by the Consiitution and laws of
~ Florida. It is s~~ecifically agreeci that time is of the e;sence in this contract and that no ~saivet by the ~fortgagee of
~ any obligation hereunder or of the oblig~ttion sec•ured hereby shall at any time thereafter be held to be a waiver of the
~ tercns hereof or of the obligation secvred hereby.
~ '*'t ir ^.^r• !ti~,t this mortga~e be given to secure a construction loan, failure on ihe part of the btort-
z ~a~ors or their contr:lCtOfS to complete s~~id building in accord.inc~e with Construc:ion I,oan Agreemeot, of even date
~ hereµ~ith, or to build said construction in accordance K~ith pl:tns and specifications filed «•ith the i~lortgagee, shall c~n-
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~ stitute a breach of this mortga~e, and, at the option of the ~forgagee, immediately mature the entire amount o pnnc~-
; p~il and interest hereb_v secured :~nd the ltort~agee ma}• immedi.~tely insfitute proceedin~s to foreclose thia mortgage.
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~ 11. If foreclosure proceedin~;; of an~• second mortgaRe ~r second trust deeci or any junior lien of any kind should be
~ inshtuted, the ;~iort~agee may, at its option immecliately or thereafter declare this mortgage and the indebedness secured
hereby due and payable.
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` 12. That in the event the premises hereby mort~aRed, or any }>r~rt thereof. shall be con~~emned ~ind t.~ken tor publir
use under the power of eminent dom.iin, the :~tortgaKee sh.ill have !:ie right to demand that all clama~es aK•ardecl for
the taking of or damages to said premi~es shall he ~~aid to the 1lortgagee, up to the amount then unpaid on this mort-
gage and the obligation secured hereby and may be apptied uEx~n the {~ayments last payable under this mortgage and
the obligation securecl hereby.
13. That in~tallments, payable under the terms hereof and the note secureci hereby, not paid when due, shall be
subject, after fitteen ( 15) days from the date thereof, to, and it is agree~l Ltorfgagee shall collect thereon and lherewit}?,
a"late charge" in the amount of four i>er cent (4"~,) of the installment due u{~on each such delinyuent installment, and
such "lale charges" are secvred by the lien hereof.
1. . 8 ar?d 4 hereo€. e
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a~anth{y svm and amount eqnaE to oae- .
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~~,,~x 443 ~~f~: 98~