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HomeMy WebLinkAbout0963 insurance, and any othe~ coverage ~equircd by the mortgagee, an dwelliitgs el~gible tor sucb brosdened coven e- pmvided, bowever, tbat~ such insurance be in an emount sufflcient to comply with aay co-taturance requirements cove~ing ume unde~ ~e laws oE the State of Fbrid~. and p~ovided further that the poUcy or poUcics shaU be written in • company or compaaies aad thmugh aa agency satisEactory to tha Mort- gagee ar~d that utd ~olicy or policia shaU be held by the Mongagea, shaU be in a form atls(actory to the Mort~~gee, and ahall coatain a standard mo~t~age ctause in favor of and ia a fo~m acceptable to tha rlortgagee; sr?d in the event any sum of money bccomes payabie uader any suct? poliey or policies. the Ma~tgagee ahall havo the option to reeeive and apply the aame on account of the indebtedness 6e~eby secured. or to permit lhe I?tortgagor to rccei~•e and use it, or any part thcceof, fo~ othrr purposes~ witbout thereby waiviag o~ lanpairing any equity, lion, or right under and by virtuc of this mo~tgage; and in lhe eveot ihe Mo~tgagor dces not complY with this eovenaat, the Mortgagee may plaoe •ad pay for such Insurance, or any part Ihereof, without waiving o~ aEEocting the option to foreclose, or any right herounder and the full amount of each and e~•ery such payment 'shaU be immediat~ly due and~payable, and sha11 bear interest from the date thenwf unti~ paid at tha default : rate provided in said note a~~d together with such interest shall be securecl by d~e leen of this mortgage. Insurance covering the peril of ~lood damage shall be as required by the hederal Disaste~ Protection Act of 1993, or as amended, and mo~tgagor covenantt and agrees to comply in all respects with ihe provisions thereof. i ; 4. That mortgagee ma>•, at any time doring the mortgage term, and in its discretion, apply for renewal of mortgage guaranty insurance co~•erin~ thr mortfiage executeci by the undersigrn4cl on even date herewith, pay the premium due by reason thertof, and re~uire repayment l~y thc undersi~ned of such amounts as are advanced by said mortgagee. In the event of failure by the undenigned torepay said amounts to said mort~agee, such (ailure shall be considered a defautt, and all provisions of the note and mortgage with regard to default shaA be appli- ~ cablc. S. To pennit, commit or suffer no a•aste, impairment or deterioration of said property. or any part thereof, and ~pon the failure of the ; ~uort~;agor to keep the buildings on said propedy in good condition of ~epair, the Mortgagee may demand the immediate repaIr of said buitd- in~s, o~ an increase in the amcunt of security, or the inurtediate re~ayment of the debt hereby secured ancl the failurt of the ~lo~tgagor to com- 2 ply w~th said demand of thc \lortgagee for a perial of thirty (30) days, shall constihtte a breach oE this mortgage, and, at the option of the \tort~a~ce, immediately mature the entire amount of principal and interest hereby secured, and immediately and without notice, the Mortgagee _ ~ n1:?y instiU~tr proceeclinXs to foreclose this mo~tgaue and apply Eo~ the appointment oE a Receiver, as hereinafter provided, i 6. To rfonn, com 1• with and abide b each arul eve sti ulation a reement, condition and covena~t in said ~ set fortL. ~ p y Y ry p ' g promissory note and deed 7. In the e~ent the jurisdiction of the t1. S. Uistrict Court shall be im•oked by or against tl~e rtortgaRor under any of the provisions of the Fe~leral Bankruptc>• Act, such action, ~vfiether votuntary or involuntary on thepa rt of the Mortgagor, shall automatically, without notice, ao- celerate the maturity of all sums of moncy herein describcd and secured and the same s}mll thereupon become due and payable focthwith as folly as if thc said aQQregate sums of money were originally stipulatecj to be paid on such date. S. To deli~•er to saiJ Mortgagee, on or beEore I~tarch 15th of each year, taa receipts evidencing the~paymenc of all law[utly im~osed taues for the preceding calendar year, and to deliver to said ~tortgagee; receipts evidencing the payment of aU liens for public improvements within ninety (90) days a[ter the same shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and s!I tto~•emmental le~•ies that tnay he made on the mort~aged property, on this mortgage or note, or in any other way resultinq from the blortgage indebt~ness secured by this mortqagc; and if this condition be not complied with and performed, said mortgagee may pay such sum or sums which shnll become part of the debt secured by this mortgage, and shail bear interest at the default rate provideci in said promissory note payable monthlv unti! paid or said mortgagee may elect that said mortga~e deLt thereupon Uec.~ome due and payable forthwith. 9. It is furtl~er co~•enanteci and a~recd 6y said parties that in the e~~ent of a suit being instituted to foreclose this mortgage, the Rlortgagee sh~ll be enti~leJ to appiy at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and sinkul;?r thc mortgaged properiy, and of all the rents, incomes, profits, issues and revenues thereof, from whatscevcr suurce derived• arnl tl~ereupon it is hrreby expressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaRed property. al3 and sinfiular, and of such rents, incomes, profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and ~ duti~s of recei~•ers in like cases; and such appointment shal) be made hy such rnurt as a matter of strict right to the I?lortgagee, its suecessors, le~;al representati~~es or assir~r?s, and K~thout reference to the ~dequacy ar inadequacy af the value of the property hereby mortgaged, or to the solvency or insoh•ency of the I?fortgagor, and that such rent, p:ofits, income, issues and revenues shall be applied by such receiver to the pay- ment of the mortgage indebtedness, costs and charges, according to the order of such court. I0. If all or any part of the property or a legal or eQuitable interest therein is sold or transEerred by mortgagor without mortgagee s prior written consent, including but not limited to !he execution oE an agreement for deed, but excluding (a) the ereation of a lien or encum- brance subordinate to this mortgage, (bj the creation oi a purchase money security interest for household appliances, (e) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containinA an option to purchase, mortga ee may, at its option, declare all the sums secured by this mortgage to be immediately due and payable. I?tortgagee shall have waived suc~ option ta accelerate if, prior to the sale or transEer, mortgagee and the penon to whom the property _ is to be so)d or transferred reach agreement in writinK that the credit of such person is satisfactory to Mortgagee and that the interest payable ~ on the sums secured by this mortRage shail be at such rate as :ltortgagee sha11 request. If I?torigagce has waived the option to accelerate pro- ; vided in this paragraph, and if ~lortgagor's successor in interest has e~ecuted a written assumption agreement accepted in writing by Mort- gagee, Mortgagee shall release riortgagor from all obliQations under this rnortgage and the note secured hereby. f 11. That in the e~•ent the premises hereby mortRaged, or any part thereof, shall be condemned and taken for pub~ic use under the power oE eminent domaio, the I~fortgagee shap have the right to demand that all damages awarded for the taking of or damages to said premisa ~ shall be paid to the I~tortgagee up to the amount then unpaid on this mortgage and at the option of the blortgaRee may be applied upon t6e payments last payable thereon. ~ ` 12. The mort{~aqor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to ~ ~ or permit to be added to any of the eaisting improvements thereon or make any changes or alterxtions in said improvements which materially ~ • chanQe the same or the use thereof, without Ihe written consent of the Mortgagee, and in the event of any vioiation or attempt to violate thLs stipulatian this mort~eage and all sums secured hereby. shall immediately become due and rnllect~ble at the optioa of the Modgagee. ` 13. It is specifically agreed that time is of the essence of this contract. The failure of the Mortgagor in one or more insiances to insist upon ~ strict perFormance or obsen•ance of one or more oF the covenants or conditions hereof, or to e:ereise any remedy privilege or aption herein i conferred upon or reserved to the AtortRagor, shal) not operate or be construed as a relinquishment or waiver [or t~e iuture oE such covenant ~ or condition or of the right to enlorc•c the same or ta e:ercise such privilege, option, or mmedy, but the same shall continue in full force and f effect. The receipt by the AfortRaRee oE a monthly payment or payments or of any other payment required to be made by the I?iortgagor, or any part thereof, shall not be a Waiver of any other additional payments or amounts then due, nor shal! such receipt, though with lmowl- 4 edFe of the breach oF am• covenant or co~dition hereof, operate a$ or be deemed to be a waiver of such breach. No waiver by the Mortgagee of any of the pro~isions hereof or any of the Mortgagee s rights, remedies, privileAes or options hereunder shali be deemed to have txFn made ~mless made by the Morigages ia writing. 14. IE [oreclosvre ptoceedinAs of any second mortgage or second trust deecl or any junior lien of any kind should be instituted, the Mort- gagee may, at its op6on, immediately or thereafter declare tLis mortgage and the indebtedness secured hereby due and payable forthwith, and ~ u~ay at its op!ion proceed to foreclose this morty~age. . { 15. To the eatent of the indebtedness of the ;ifortgagor to the itortgagee described herein or secnred hereby the Mortgagee is herehy ~ subro~atrci to thc lien or ]iens and to thc richts of tfie owners and holders thereof of each and e~•ery mortgaqc liemor other incnmbrance on the ~ land describecl h~rein which is paid anJ/or satis(ied in whole or in part oid of the proceeds of the i~an described herein or secured hertby, ~ and the respecti~~e li~~ns of said morttaces, liens or other incumbrances shall be and the same and each of them herebv is preserved and shall pass to and be held hy the ~fortgagee herein as security fot the indebtedness to the MortQagee herein described or hereby secured, to the same ~ e:tent that it would have bcen presen•cc1 and would have been pused to and been held 6y the Mortgagee had it been duly and regular}y ~ assignNCl, transferrecl, set o~•er and delivered unto the MortQagee by separate deed of assignment notwithstanding the fact that the same may be satis(ied and cancellecl of record, it hein~ the intention of the parties hereto that the same wiU be satisfied and cancelied oE record by the holJers thercof at or about the time of the recording of this mortgage. 16. The I?fortgagor will pay or reimbnrse the Mortgagee for all reasonable attomey's fees, costs and e:penses paid or incurred by the Mort- gagee in any action, proceeding or dispute of any kind, whether on app eai or not, in which the 1?lortgagee is served with legal process, is made a party or appears as party plaintiff or defendant affectinq the note, this mortgage, Mortgagor or the mortgaged property~ including but aot limited to the fomclosure or other enforcement of this mortgage, any condemnation action involvinR the mortgaged property, any actlan to ~ protect the security hereof, or any proceeding in probate or bankruptry; and any such amounts paid or incurred by the Mortgagee shall be ~ added to the indebtedness, shall bear interest at the default rate specified in the note from date of payment, and shall be seciued by the lien ~ of this mortgage. I i. \Vhen any amount of money to l~e paicl by the \tortRagor to thc I?fortAagee under the temu hereof shell be to default, or should the 4+ ~1orf~ay{or delault in any of the other trrms, pro~~isions or conditions of this Mortqage, then and in that case the Mortgagee shall have !he ~ r;eht, without netice to the Afort~a~or, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and profits of the real estate hereby mortAaRed and the improvements thereon, and to itive proper receipts and acquittances thetefor, and after ~ payinq all commissions of any rental a~;cnt rnllectinA thc same, and any reasonable attomeys fees and other necessary expenses incurresl in ~ colle~ctinx saine, tn apply th~ procerds of such cotlections upon any indebtedness, obligation or liability, of the MortAagor hereunder. Tbe ri~ht firanted lhe liort~za~ee undcr this para~raph shaU 1?e in addition to, and shall not limit or resttict, any othe~ right or rights granled the ~ ~}M~~i1QPP in tliis 11ort~~OGe. ~ ~ ao 1$_ If the ~lort~aRors at the timc of makinA this Mortgage subsequent th~reW take out life insurance designating the Mortgagee henin c~°m as 1x~nefiriary with a company approvcd by the I~1ortAa~ee or assigru policies to the Mortgagee for the purpose of seturing the mort~Ca ge ~l~oan ~ he•mby sccurcd, then the itortgaQee shal! have the riRht to pay any premivm acrruing under sald policies and all swms so expended shall be addecl to and hFCOme a part of thr principal indebteclness secured by this MortKage and shall be paid ~y the Mortgagor to tbe Mortgagee in tw•elve equal consecutice monthly instaQments, the first monthly installment to be pald a,s a part of and fn additi~ W the monthly payme~~t _ . , . ~ . r~~~!-yss-_±._-=~ ==~.`n. . . ~