HomeMy WebLinkAbout0923 i~i~urance, arni ~uy udirr co~erage re~~ui~d by the mortbngee, on dwelliug~ eligiLic for suc:h broadenaci coverage - provided, 6owever, that
~uch insurance be in an ainount sufficient to comply wic6 any co-insu~ance re~~uirements covering san?e uaJer the laws of die State of Florida,
and pro~~icleci further that the policy or policies shall be written in a company or compatues and through aa agency satisfac~tory to the Mort-
gagee and that saidpo
licy or policies shall be held by the blortgugee. ~shall be in a form satisfactory to the !~tortgagee, and shall contain a
stanclard mortyage clai~se in favor of and in a form acceptable to the I?tortgagee; and in the event any sum of money becomes pa~ able undet
any such policy or policies, t!?e I~iortgagee shall have the option to receive and apply the same on account of the indrbtedness hereby secured,
or to permit d~e blortgagor to rcti:ei~-e and use it, or any part thereof, for ot6e~ purposes, wzthout thereby waiving or impairieig any c~c~uity, lien,
or right under and by virtue of this mortgage; and in the event the ,lortgagor dors not complp with this covenant, the ~tort~;agee may place
and pay for such iruurance, or any part thereof, without waiving or affecting the option to foreclose, or any ri~ht he~eunder, and the fuli amount
of each and e~•ery such pay~nent shall be imr.mediately due and~payable, and shall bear interest from the date diercof until paid at the default
rate proviJed iu said note and together wid~ such interest sl~all be secured hy dtie lien of tLis mortgage, I~uurance covering the peril of flood
darnage s}~all be as rcr~uirc~l by lhe Federal Disaster Frotection Act oE 1973, or as amencied, and mortgagor covenauts and agrers to comply
in all rrspects with the pro~•isions thereof.
4. That mortgagee nia~•, at any time during the mortgage term, and in its discrYtion, apply for reneWal of iuort}~age FCuaranty insurance
cuverin~ the mort~;:~~;e executed by the wxlersigned on even date herewith, pay the premium due by reason thereof, and require repayment
by the uudersigned of such amounts as are ad~~ancecl by said mortgagee. In the eveqt of failure by the undersigned to repay said amounts to
said mortgagce, such failure shall be rnnsidcred a default, and all pro~~sions of the note and modgage wzth n~ard to default shall be appli-
cablc.
5. T~ pennit, cominit or suffer no waste, impairment or deterioratiun of said property, ur auy part thereof, and upun the failure of the
wort~agot to l:eep the huildings on said property in good condition of repair, the :4lcrtga gee may demand the iminediate repair of said build-
i,~~;s, or an incrrase in the a~nount of securiry, or the iinmediate repayment of the debt hereby seeureci and the failure of the ~tort~agor to com-
pl~• with said den~and of the \tortKagee for a perial of thiity 130) days, shall constitute a breach of this mort~age, and, at the option oE the
\turt~afiee, immediatriy mature the eniire an~ount of principal and interest hereby secured, and immediatelp an Ktithout notice, the Mort~;agee
m:~}• institute procredin~.s to foreclose this mortKaKe and apply for the appointment of a Receiver, as hcreinafter providrYl.
6. To pe•rfomi, comph~ with and abide by each and every stipulation, agreement, condition and co~~enant in said prc»uitisory note and deetl
s~-t forth.
i. In the e~ ent '~~e ju~isdiction of the t). S. District Court shall be invokecl by or against the \tortga~;or undrr an}• of tl?e pro~ isions of the
h'c~leral Bankruptcy Ac•t, such actinn, whethfr voluntary or invoh~ntary on the pad of the I~fortgagor, shall automatically, W~thout notice, ac-
celerate the matiuity of all siu?u of money herein describecl and secured, and the same shall thereupon bernme due and payable forthwith
as fully as if thc said afi~regate sums of muney w•ere originally stipulateci to be paid on such date.
S. To deli~•er to said Mortgagee, on or before !~farch 15th of each year, tar receipts e~~dencing the~payment of all lawfully imposed tazes '
for the precedink calenclar year, and to deli~•er to said r~ortgagee, receipts evidencing the payment of all liens for public improvements within i
ninety i`~) days after the same shall become due and payable, and topa y or discharge wlthin ninety (90j days after due date, any and all ~
~;o~•emroental le~-ies that may be made on the mortgaged property, on this mortgage or note, or in any other way res~iltin¢ from the ~tortgage
indehtedness securecl by this ~nortKaAe; and if this condition be not rnmplied with and pedormed, said mortKagee may pay such sum or sums
which shall l~~ome p;ut of the debt secured by this mortgage, and shaU bear interest at the default rate providecl in said promisson• note
payable mo~~thh• until paid or said mortgagee may eleM that said mortga~e debt thereupon become duc an~l payablP Eorthwith.
9. It is furtl~er co~•en:intecl and agreeci by said partiec that in the e.~ent of a suit being instituted to foreclose t}~is mortgage, the ~tort~agee
sh~ll 1~ rntided to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver
of a11 arnl sin~ular thr• mortgugecl property, and of all the rents, inrnmes, profits, issues ancl rerenues thereof, frwn whatsoe~•~~r squrce cleri~•ed;
and thereupon it is herehy expressly covenantecl and agreed that the court shall forthwith appoint a recei~•er of said mortKaKed property, all
and sin~;ular, and of si~ch rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, wtith the usua) powers and
cluties of recei~~ers in like cases; and such appointment shall be made by such rnud as a matter of strict right to the \tort~;a~ee, its successors,
]~~~al representati~~es or assiGns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
~ol~rncy or insol.ency of the ;1lortga~or, and that such rent, p.-ofits, income, issucs and revenues shall be applied by svch recei~er to the pay-
inrnt of the mortgage indebtedness, costs and charges, accordin~ to the order of such court.
10. If a11 or any part of the property or a legal or eyuitable interest therein is sold or transferred by mortgaKor w~thnut mort~agee's prior
~eritten coaarnt, ir.cludinR but not limited to the executior of an agreement for deed, but ezcluding ( a) the creation of a lien or encum-
hrsnce sulwrdinate to this morte:~ge, ( b) the creation oF a purchase money security interest for ho~rsehold appliances. ( c) a transfer by
de.ise or descent, or by operation of law upon the death of a joint tenant, or (d) the qrant of any leasehold interest of three years or ]ess not
containinQ an optiun to purchase, mortgagee may, at its option, declare all the sums secured by this mortgage to be immediately due and ~
payable. Mortgagee shall have waived such option to accelerate if, prior to the sale or transFer, mortgagee anci the person to w~hom t}~e property
is to be sold or traruferred reach agreement in w-ritin~ that the credit of such person is satisfactory to ~Sortgagee and that the interest payable t
~n th~ sums secured by this mortfiage shall be at such rate as Jiortgagee shall request. If I?iortgagee haz wai~•ed the option to accelerate pro- `
vided in this paragraph, and if I?tortgagor's successor in interest has executed a written assumption aRreement accepted in writinq by Atort- `
gagee, I?Sortgagee shall release ??iortgagor from all obii~ations under this mortgage and the note secured hereby.
11. That in the e~~ent the pre~nises hereby mortRaged, or an}• part thereof, shall be condemned and taken for public use under the power
of emincnt domair~, ihe :lfortqaRee shall have the rip,ht to demand that all damages awarded far the taking of or damages to said premises
shall be paid to the riortgaqee up to khe amount then unpaid on this mortga~e and at the option of the ~iortQa~ee may be applied upon
!he payments iast payable thereon.
12. The mortAagor binds hinueif not to erect or permit to be erected any uew buildings on the premises herein mortqaged or to add to
r;r permit to he added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially
chanQe the saine or the use thereof, w-ithout the w~ritten consent oF the hiortRaAee, and in the event of any ciolation ar attempt to violate this
~tipt~lation this morteaee anc~ all sums secured hereLy shall immediately become due and collectible at the option of the I~iortgagee.
13. It is specifically agreed that time is of the essence of this contract. The failure of the MortgaRor in one or more instances to insist upon
.trict perfomisnce or obsen•ance of one or more of the covenants or conditions hereof, or to ezercise any remedy, pri~ile~e or option herein
cvnferred upon or resen~ed to the ~tortAagor, shall not operate or be constnied as a relinquishment or waiver for the future of sach covenant ;
or condition or of the right to enforce the same or to esercise such pri~~ilege, optio~, or mmedy, but the same shall continue in full force and •
~ t~ffect. 7'he receipt by the !ltortgagee of a monthlypa yment or payments or of any othe~ payment required to be made hv the liortRaqor, or
any part themof, shall not be a w~aiver of any other additianal payments or amounts then due, nor shall such receipt, thuuQh with knowl-
c•ci~e of t}~e breach of an~• covenant or condition hereof, operate as or be deemed to be a waiver of such breach. tio wai~•er by the ;~iortgagee
of any of the provisions hereof or any of the Mortgagee's rig6b, rentedies, privileAes or options hereunder shall be c!eemeci to has•e been
r~ade unless made by the Mortgagee in wrfting.
' 14. If foreclo.<ure proceedin~s of any serond mortgage or secos?d trust deecl or any jnnior lien of any kind chou'.d be instituted, the bfort-
4afiee may, at its option, immediately or thereafter declare thit mortga~;e an3 the indebtedness securecl hereb~• d~~e and pa~•ahlc forchwith, and
~~,a>- at its og!ion proceed to foreclase this mottQage.
1~. To the estent of the indebtecine.ss of the \tortgaAor to the iiort~a~ee described herein or secured hereby the lfortgaQee is hereby
~~~bro~atrc] tn t},e lien or liens and to the riehts of the owners and holders thereof of each and every mort~a¢e IiPn or ~~thrr incumhra~ce on the
, land deceribed l~crrin w}zich is paid :In(~/Of 581tS{le(I in whole or in part out of the proceeds of the loan de~scri~Yi h~•rein or secureci hereby,
:tnd the re.~cti~P li~~ns of said mort~;aees, licns or other incumbranms chall be and the same and each of them i~nreh~• is presc~r.•ecl and shall
pass to and 1~ held hy the ~toctgagee herein as security for the indebtNCiness to the MorcRagee herein describecl or hereby secured, to the same
Pztent tt~at it w•ould hace been presen•ed and would have been passed to and been held b}• the I~iortqagee had it been duly and reRularly
assigned, transferred, set o~•er and drlivered unto the MortAagee by separate deed of assirmment notwithstandinfi the fact that the same may
he satisfieci and cancellecl of record, it t~einR the intention of the parties hereto that ihe same will be satisfied and cancelted of record by the
hoi~lers tf~ereof at or ~bout the time of the recording of ihis mortgage.
I6. The I~{ortgagor will pay or reimburse the liortgagee for all rea sonable attomey's fees, costs and expenses paid or incurred by the ~tort-
~;agee in any action, proceeding or dispute of any kind, whether on app eal or not, in which the Mortgagee is sen-ecl with legal process, is made
a party or apgears as party plaint$f or defendant afEectinq the note, this mortgage, b~ortgagor or the mortgaged pmperty, includinR but ao~,c
limitcd to the foreclosure or olher enforcement of thu mortgage, any condemnation action involvinQ the mortKaged property, any action Mo
, protect the security hereof, or any procFeding in probate or bankniptcy; and any such amounta paid or incurred by the !?iortFagee sha11 be~7D
added to the indehtedness, shall ~ear interest at the default rate specified in the note from date of payment, and shall he se.cured by the lien ~
af this mottgage. O
1 W}ien anv amount of moncy to be paid by the 11ortKagor to the ,tortQagee under the terms hereof shall be in default, or should the ~7
~tort*.a~;or defau~t in any of the other tem~s, pro~•isions or conditions of this I?tortKaRe, then and in that case the Aiort agee s}eall have the
riiht, w~ithout r~etice to the ltort~aeor, Lo collect and mceive from any tenant or lessee of said mortgageci premises ~e rents, issiies and J.
Profits of the rc~al estate hereby mort;~aKcYl an~) the improvements thereon, and to fcive proper receipts and acquit~~nces therefor, and aRer r~.',
~~a~~in~; all cotnmissions o( any rental a~ent coll~ctin~ the same, and any reasonable at,orneys fees and other necessary eapenses incurred in
~•~~llectin~ camr. !o :i~~I)' (}iP proceeds of such collections upon any indebtedness, obligation or liability, of the vtortnagor hereunder. The
ri~ht ~ranteci the ~tort~afiee und~r this parac:raph shall Ue in addition to, and shall not limit or restriet, any other riy,ht or rights granted the ~
\lortt.ie~f• in tl~is itort;;ace.
18. If th~ \lcirtKaturc at the tim~~ of rr~akenR this I~tortgage subsequent thereto take out life insurance designatir.g the ~iortgaRee herein ~
:~s Ixm~fician• w~ith a company appro~~cd br the ~1ort~a~ee or assignc policies to the Mortgagee for the purpose of securing the mortRa ge ioan
h~~rrb~~ sf•curc~d, ti~~n the ii~rtQa;.ee~ shali have the riQht to pay any premium acenung under said policies, and all sums so ezpec~ded shall be
~drlecl to and hec~mr a part of tlie principal indehtedness secured by this !?lortRaRe and shall be Qaid by the Mortgal;or to the Mortgagee
in tw•eh•e equal cons~cuti.~e monthly installments, the first monthly installmenk to be paid as a part of and in addi!ion to the monthly pay~r?ent
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