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HomeMy WebLinkAbout0971 insur~nce, ana any odier coverage requtred by the mortgagee, an dwellings eligible for such broadened coverago - provided, however~ that such insurnnce be in an amount sufficient to compl~y with any co-taturance requirements cove~ing same under the laws of the State of Florida, and provided further that the policy or policies shall be written in a company or con~p anies and through an agency satisfactory to the Mort- gagee and that saidpo licy or palicies shall be beld by the I~lodgagee, shall be in a form saUsfactory to tl:a rfortgagee, and shall contain a standard mortgage cla~uo iu favor of and in a lorm acceptable to the I~fortgagee; and in the evsnt any sum of moaey becomes payable uader ; Any such policy or policies, the \tortgagee shaU have the option to receive and apply tho same on account of the indebtedness hezeby securetl, s or to ru~it tha rtortgagor to receive and use it, or any patt thereof, for other purposes, without thereby waiving or impairing any equity, liea, i or dg~t wider and by virtue of this mortgage; and in the event the Mo~tgagor does not comply with this covenant, the btort agee may place ? and pay for such insurance, or any part thereof, without waiving or affecUng the option to foreclose, or any right hereunder, an~ We full amouat ~ of each and every such payment shAll Ms immediately due and payable, and shall bear interest from the date thereof until paid at the default rate pro~•ided in said note and together with suclt interest shall be secured by die lIen of this mortgage. Insurance coverin the peril of flood damage shall be as required by the Federal Disaster Protection Act of 1973, or as aruended, and mortgagor covenants an~ agrec:s to comply in all respects with the provisions thereof. 4. That mortQagee may, at any time doring the mortgage term, and in its discretion, apply for renewal of morigage guaranty insurance ; coverin~ the mortgage executed by the undersigned on even date herewith, pay the premium due by reason thereof, and require repayment ' by the undersigned of such amounts as are advanced by said mortgagee, ln the event of failure by ihe undersigncd to repay said amounts to a said mortgagee, such failure shall be considered a default, and all provisions of the note and mortgage with regard to default shall be appli- k cablc. ; 5. To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon the failure of the ~z~ort~agor to keep the buildings on said property in good condiHon of repair, the Mortgagee may demand the immediate repair of said build- in~s, oz an increase in the amount of security, or the immediate aym ent of the debt hereby secured and the failure of the ~tortgagor to com- ~ ply with said demand of the \lortgagee for a perial of thirty ( 30~ days, shall constitute a breach of this mortgage, and, at the option of the ' I~fortgaFee, immediately mature the entire amount of principal and interest hereby secured, and immediately and without notice, the Mortgagee may institute proceeclin~s to foreclose this mortgage and apply for the appointment of a Receiver, as hereinafter provided. 6. To perfo~r~, comply with ~nd abide by each and every stipulation, agreement, condition and covenant in said promissory note and deeci set forth. 7. ln the e~~ent the jurisdiction of the U. S. D'utrict Court shall be invoked by or against the \lortgAfior under any of the provisions of the ~ Federal Bankruptcy Act, such action, whether voluntary or in~•oluntary on the part of the Mortgagor, shall automatically, without notice, ac- celerate the mati~riq• of all su~ns of money herein describcd and secured, and the same shall thereupon become due and payabie forthwith as fully as if thc said aRgregate suins of money were originally stipulated to be paid on such date. S. To deliver to said Atortgagee, on or before March 15th of each year, taz receipts evidencing thepa yment of aU lawfully imposed taues (or the prececling calendar year, and to deli~•er to said Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days aEter the s~~me shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and aIl qo~~emmental le~ries that may be made on the martgaged property, on this mortgage or note, or in any other way resulting from the Hiortgage indebtedness secured by this mortgage; and if this condition be not complied with and performed, said mortgagee may pay such sum or sums which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate pro~7ded in said promissory note payahle monthly until paid or said mortgagee may elect that said mortgage debt thereupon become due and payable forchwith. ~ 9. It is further co~•enantecl and agreecl by said parties that in the e~~ent of a suit being instituted to foreclose this mortgage, the I~tortgagee sha11 Ue entitled to apply at any time pending such foreclosure suit to the court har7ng jurisdiction thereof for the appointment of a receiver of ail and sin~dar the morigaged property, and of all the rents, incomes, profits, issues and revenues thereof, from wi~atsce~~cr source deri~~ed; and thereupon it is hereby e.~pressly covenanted and agreed that the court shall forthwith appoint a receit•er of said mortgaged property, all ' and singular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and duties of recei~•ers in like cases; 1nd such appointment shall be made by such rnurt as a matter of strict right to the Mortgagee, its successors, le~al representatives or assigns, and Kithout reference to the adequacy or inadequacy of the value of the praperly hereby mort~aged, or to the sol~•ency or insol~•ency oE the I~tortgagor, and that such reat, p:ofits, incomz, issues and revenues shall be applied by such recei~•er to the pay- ment of the mortgage indebtedness, costs and charges, according to the order of such court. ~ 10. If all or any part of the property or a lega! or equitable interest therein is sold or transferred by mortgagor without mortgagee's prior written consent, induding but not limited to the eaecution of an agreement for deed, but ezcluding (a) the creation of a lien or encum- brance subordinate to this morteage, ( b) the creation of a purchase money security interest for household appliances, ( c) a transfer by devise or descent, or by operation of law upo~ the death of a joint tenant, or (d) the grant oF any leasehold interest of three years or less not containing an opiion to purchase, inortgagee may, at its option, deelare all the sums secured by this mortgage to be immediately due and gayable. ~iortgagee shall hsve wai~•ed such option to accelerate if, prior to the sale or transfer, mortgagee and the person to K~hom the property ~ is tn be sold or Uansferred reach agreement in writin~; that the credit of such person is satisfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at sucli rate as Mortgagee shall requu~t. If Mortgagee has waived the option to accelerate pro- vided in this paragraph, and if I1lortgagor's successor in interest has executed a written assumption agreement accepted in writinq by Mort- gagee, Mortgagee shall release \tortgagor from all obligations under this mortgage and the note secured hereby. 11. That in thc event the premises hereby modgaged, or any part thereof, shall be condemned and taken for public use under ihe power of eminent domain, the riortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises ~ shall be paid to the ~tortgagee up to the amount then unpaid on this mortgage and at the option of the \lortgagee may be applieci upon ~ the payments last payable thereon. 12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein martgaged or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materially ~ chanQe the same or the use thereoE, without the written consent of the biortgagee, and in the event of any ~•iolation or attempt to violate ihis stiptdation this mortfiage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. - ; 13. It is specifically agreeci that time is of the essence of this conhact. The failure of the Modgagor in one or more instances to insist upon t ~ strict perfom~a~ce or observance of one or more of the covenants or conditions hereof, or to exercise any remedy, privilege or option herein ~ conferreci upon or reserved to 4he Mortgagor, shall not operate or be construed as a relinquishment or waiver for the future of such covenant ~ or rnndition or of the ri¢ht to enforce the same or to ezercise such nri~ile¢e, eptian, or remedy, but the same shall continue in fnll force and ~ efEect. Thc receipt by the l~tort~agee of a rr.onthly payment or payments or of any other payment required to be made by the !~tortgagor, or any part thereof, shall not be a waiver of any oWer additional payments or amounts tt?en due, nor shall such receipt, though with knowl- ed~e of the breach of anv covenant or condition hereof, operate as or be deemed to be a waiver of such breach. No waiver by the Mortgagee ~ of any of the provisions hereof or any of the Moetgagee s rights, remedies, privileAes or aptions hereunder shall be deemed to have been made unless made by the Mortgagee in wrIting. 14. If foreelosure proc~eeclings of any seeond mortgage or aeeond trust deeci or any junior lien of any kind shouid be instituted, the Mort- gagee may, at its option, immediate}y or thereafter declare thia mortgage and the indebtedness secured hereby due and payable forthwith, and ~nay at its option proceed to {oTeCla6e this mOttgagE. ~ 15. To the eztent of the indebtedness of the Atortgagor to the Mortgagee described herein or secured hereby the I~tortgagee is hereby ' subro ~ated to thc lien or liens and to the riQhts of the owners and holde rs thereof of each and every mortgac;e lien o: other incumbrance on the ~ Iand ~escribecl lierein which is paid and:or satisfiecl in whole or in part out of the proceeds of t2?e loan described herein or securecl hereby, Y - and the respective liens of said mortgages, liens or other incumbranees shall be and the same and each of them i~ereby is gresen~ed and shall : ' pass to and l~e held by the I~4ortgagee herein as security fo~ tha indebtedness to the MortRagee herein described or hereby secured, to lhe same ` ~ extent that it would have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regulariy ` azsigneci, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may ' be satisfied and cancelled of record, it heing the intention of the parties hereto that the same will be satisfied and cancelled oE record by the holderc thereof at or about the time of the recording of this mortgage. ' 16. T6e Mortgagor will pay or reimburse the Mortgagee for all reasonable attomey's fees, costs and expenses paid or incurred by the I?iort- ~ ~ gagee in any action, proceeding or dispute of any kind, whether on appeal or not, in which the Mortgagee is served with legal process, is made a party or appears as party plainfiff or defendant affecting the note, this mortgage, Mortgagor or the mortgaged properly, including but not limited to the foreclosure or other enforcement of this mortgage, any eondemnation action involvinR the mortgaged property, any action to ~ protect the security hereof, or any proceeding in probate or bankruptcy; and any such amounts aid or incuned by the h~ortga~ee shall be ;`E' added to the indebtedness, shall bear interest at the default rate speciEied in the note from date oE payment, and shall be secured by the lien o0 ' of this mortgage. ~ ~ 17. Whrn any amount oE money to l~e paid by the I~iortgagor to the riortAagee under the terms hereof shall be in default, or should the ~ ; :11ort~agor default in any oE the other terms, provisions or conditions of this Mortgage, then and in that case the Mortgagee shall have the F.i right, w~ithout notice to the biort~a~or, to collect and receive from any tenant or lessee oF said mortgaged premises the rents, issues and ~ ~ profets of the real eatate hereby mortgaged and the improvements thereon, and to give prrn~er receipts and acquittances therefor, and affer ~ paying al) commissions of any rental agent collecting the same, and any reasonable attorney's fees and other necessary expenses incurred in a ~ rnllectin~ same, to apply !he proceeds Qf svch collections upon any indebtec3ness, obligation or liability, of the Mortgagor hereunder. The c~ riQht ~rantecl the AtortQaRee under this parafiraph shall be in addiUon to, and shall not limit or restrict, any other rip,ht or rights granted the ~ \to~t~aQee i~ diis I~iort~~atie. 18. If che I?tortKagorc at the time of makinA this Mortgage subsequent thereto take out life insurance designating the Mortgagee here3n ~s heneficiary W-ith ti company approved by the Mortga~ee or assigas policies to the Mortgagee for the purpose of securing the mortgage loan`~' - F1CfP~y secured, then the ;~tortga~ee shall have the right to pay any premium aceruing under said policies, and all sums so expended shall be~~a added to and hecome a part o[ the principal indebtedness serured by this Mortgage and shall bepa~d by the Mortgagor to tbe Mortgagee in twel~~e equal consecutive monthly installments, the first month;y installment to be paid es a part of and in addilion to the rnonthly payment "g~-','_'• • - . , . . . .i