HomeMy WebLinkAbout0934 ~u,urance, aii~l auy utLcr cocrra~e re~~uir~d by tlie niortti:?c;ee, on d«•eli~q~;. ~~Ii~;iWe for such Lroadened co~~erage - pro~7ded, however~ that
~uch insurance L~ in an ~muunt sufticient to comply witl~ any eo-insu~auce rec~uirements eovering sam~ under thc IaH•s u! tt~e 5txte af Florida,
~nd pro~•ietect furtf~~~r that tlic polic•y or policics shall be written in a co~npaak~ nr coiup:i~ues and throu~;h an agency satis[actory to the I~1ort-
gagee and that said pulicy ur policies sh:?11 l~ held by the ?~tortgagee, shall I~e in a fonn satisflctory to t}ie :~tortgagce, and shaU contain a
standard mortgage dause in (avor of and in a ionn acc~'ptub~e to the ~fort~a~;ee; and in tt~e e~•ent any sum uf money becomes payat~le under
.~ny snch policy or policies, the \tortgagce shall ha~•c tl~e option to recei~•e and apply the same on accot~nt ot ihe indebteclness hereby secu~ecl,
or to permit the I~tortgagor to recei~~r and use it, or anp part thereof, for otl~er purposes, without thereby tivaiving or impai~ing an>• cyuity, lien,
or right under anci by virhte of this tnorlgagc; and in the u~•ent d~e \tort~!a~or dorx not comply with ihis co~•enant, the \1ort~a~ee may place
and pay for such insurancr, or Any p:~rt thereof, ~ti•itlwut ~vai~•in~ or a[Ecetin~ the aption to fureclose, or any riy;ld hereunder, anc! the tull au~ount
o( eacl? and ~~•ery sucl? pa)~uicnt si~aU be in~n~c~liately duc aud payable, an~l shnA lx~ar interc•st from Q~e d1c~ ~h~•moF u~~t;l raid at the drfault
rate provid~~! in said note and together wi16 such interest shall be secured hy tl~e lie~ of this mort~agr. lnsurance co~•crinK the perii of floaci
dama};e shall Le as requinYl by Q?c hciteral llisaster 1'rotection Act of 1~J73, or as ameuJed, and ~~iortgagor co~~en;~nts ancl agrees to comply
in nII re~pects ~eith ihe pro~•isions ~}ier~~e~f.
~1. "f6al ~uort~a~;~•c ma~•, at auy time durin~; the mortgage tenn, and iu its discrclion, apply for reueH•al of mortf;a~c ~ua~anty ir~surance
corrre~i~; ihe mmt~;auc t•se•c~~ted b~~ the undrrsigm~d on e~•en date her~•~~•ith, pay lhe premium due by mason thereof. antl rci~uire repayment
by thc undersi~ned of surh a~nauuts as ;ue ad~•anc~~d hy said mort~;ag~~e. lo tiie event of fnilu~c hy the undersigned to repay said amounts to
said mort~agce, suct~ fnilure s?~:?l) be~ c<:nsider~~d a default, ar.d all pro~•isians of thc note and mortgage with re~;ard to dr(ault shall lx: appli-
cabl~~.
5. 7'o pi~nnit, conunit or suff~~r no ~va~te, impairment or deterioratiun of said p~operty, or any part thereof, ancl upou the failure nf the
i~iu~t±;akor to kee~p the buildin~s on said property in gootl cond~tion of rrp~ir, !!ie Uartgagee may demand the immc~liale repair of said build-
iu~;s, or an increas~• in tLr a~no~int of security, or the immeclinte repa}~ment of thc debt hereby securetl and die failure of the \tort~:.igor to com-
p1}• ~vith said deiuand oE ttie \Ii~rt~:i~;er for p~~rial of tl~irty (3U) ~tays, shaU a»utitute a breach of this mort~;age, and, at the option of the
\lort~a~;ce, inunrdi;d~~!}• mature tlu~ e~~tire an~ount of principal and i~derest hcrel~y securcd, and immediately and ~vithout notic~~, thc rtort~agee
iu:i>• instihuc• procrcYliut~s to foreclose~ this mort~;a~;e and apply for the appoin4nent of a Recei~•er, as iiereinafter pro~•icleYl.
~i. 7'o ix•rfomi. comply ~a~iti~ and abide by e:tcl~ and every stipulation, agreement. condition and co~~rnant in said p~o~ni+sury ~iote and deed -
s~•t forth.
i, ln the e~f~nt tl~e jurisdirlion of tl~i~ l'. S. District Court shall be im•okecl i~y or a~ainst die \tott~a~;or ~u~eler :~ny of tlu~ pro~•isions of the
Peilt~ral fianRn~ptc}• Act, such actio~, ~vfi~tiu~r ~•olimtar~~ or in~~oluntary on U~e pirt of the \lortgagor, shall automatieally, ~+•itt~out noticr, ao- ?
ce~lerate 1he inaturity of all sums of u~on~•y hemin descrihed and secureYl, and the same shall thereupon hernrne due and payable forthwith i
a~ (ully as if Qie said a~RreFatt: suu~s of money w•erc originally stipulat~Yl to be paid on such date.
S. To dcli~•cr to saiil \tort~;a~ce, on or beforc Rlarch l5th of each penr, L~u receipts evidencing the paymeM of all lawfully imposed ta~ces
tor tlu• prercdin~; caleud.u ~•ear, and to dcli~•cr ta said ;~lortgaKee, receipts evidencin~ the payment of all licns for public improvcments ~vithin
uinoty (f~) days after the same shall become due and payublc, and to pay or discharge a•itl~in ninety 1~) da3's after duc date, .iny und all
y;o~~rmint~nl~l le~•i~~s that may he ~uade on tlt~ tnortt;aged property, on U~is ~uottgage or nOte, or in any other ~vay resultin~ from the \lort};a~e
indehtt~lnes; +ecured Ly this mc~rt~a~e; an~l if this condition be not complic<1 with and perEormecl, said mo~tg~}~ce mav pay si~ch sum or sums
~~•I~it~l~ shall bc~c•o~ne part of the dcht securcYi l~y tliis mort};age, and shall {>ear interest at the default rale pro~•ided in Said promissor)• note
pay;ilrl~> mnr~thlti• until paid or said mortga~cc uiay elcct that said mort~a~e debt thercupon become due and pa>~abl~ forthwith.
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J. It is (nrtlicr ruec•naut~~~l and a};rei~l by said partirs th:~t in thc e~•i•nt of a suit being instituted to (oreclose this morlKakc, the \lortgagee ~
.Ii:J) be• entitl~~cl to apply at ~u~• timc prnclin, such fareclosure suit to tiie court having jurisciiction thereof for th~ appointment of a recriver ~
of all an~l sin!,ular th~~ m~~rt~;a~~Y1 prop~•rly, and of all the rents, incorne., ;>rofits, issues antl re~'emees thereof, from ~cliatsoc~•er suurce deri~•etl; ~
and tlu•rcupon it is hrrch}• expressly co~~~n~ntrd and aGreecl-that the court shall forthw~th appoint a receirer of said m~~rtt~:t};cYl property, ail E
and siu~!ular, and of Svch re~nts, incouirs, profits, issues and revenue thercof, from whatsoet•er source dem•e~l, with thc usnal powers and
duti~~: ~~f rerei~•~rs in tike• cas~~s; ;md such apjx~intment sh.ill l~e made by auch rnurt as a maKcr of strict right to the \1ort~;a~ee, its successors,
l~•~al r~•pr~•tc~ntnti~~~•~ or as~i~ns, and ~citha~t rrferenee to the adequacy or inade~~uacy of the value of the property hereby mort~a~ed, or to the
soh•rncy ur incul~~ency of d~e ~tortKafior, and ti~at suc6 rent, p:ofits, incY~r+ie, issues and revenues shall Le applied by such iecei~~er te the pay- ,
~nent oE tlie mc,riGa~e endeLtcilni:ss, costs and charGes, accordin~ to the order of such court.
1(1. lf ail or any part of d~c properi}' or a Ic~;:~l or c~µ~itable intere~t therein is sold or trans(errecl by mortga};or ~vithoi~t mort~agce's prior =
~~•rittrn consent, incl~~din~ hnt nut limited to the ecrcution of an agreement for deeei, but excludinK (a) the ereation of a)irn ar encum-
brancr subordinate to tliis mortcage, (b) t}ie creation of a pnrchase money security interest for household appliances, (c) a transfer by
devise• nr deccr~nt, or b~~ operation of I:i~• upon the drath o{ a joint tenant, or (d) the ~rant of any lcaseholcl ititerest oi thrce }'ears or less not
containin{; an uption to purrha~~•, morifiaqee may, at its option, declare alt the siims securc+cl by this morty;a~;e to l~e immediately due and
payahte. itort~;a~:ee s6all ha~•e ~~•ai~~cd such option to accelerate if, prior to the sale or transfer, mortRagee and the person to «•hom the property +
is to be sold or transferred reach a~reement in writin~ th~t the credit of such person is saiisfactory to I~fortga~;ee and that the interrst payable ~
on the sums secureci by this mort,a~e shall he at such rate as lfortgag~e shall reryuest. If t~tortga~ee has wai~•ed the option to accelerate pro-
veded in this paragraph, and if \iortgagor's succecsor in interest has ececuted a~vritten assumption agreement accepted in writin~ by \iort-
gagee, r~ortga~ee shall relc~se \lortqaRor from alI oblieations under this inorts;age and t}ie nate secured hereby: '
11. That in ihe ev~nt the prc•mises herchy murteakcd, or any part thereof, sha11 bc condemned ancl taken for puhlic u~e under the power
of c~~uincnt clomain, the \tort~;at~~c sha11 liarc thc ris~ht to demand that a11 damares aK•arded for the takins; of or damaKes to said premises
shall be paid to the ~tort~;at;e~ up to the amount then unpaid on this m~rty;a~e and at the option of the ~{ortAa~;ee may be applied upon
the payments last pa}•ahle thereon.
1?. The mortQa~or Linds hims~lf noi to erect or permit ta hc~ crected any ne?v buildings on the premises herein mortKaged or to add to
' or perniit to t:c add~•d tn :zny o( d~e ~zistin~ impro~•ements thereon or makc any changes or alterations in said improvements which materialiy
chan~e the• sa~ne or the u.c~ th~~rcof, .~•itho~~t th~ ~vrittcn consent of th~ ~tortt*,a~ee, and in the event oE any violation or attempt to violate this ~
ctipnlation this mortc~~~ an~l all sums secured herehy shall immecliately become due and collectible at the option of the Diortgagee, i
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13. It is specifically akrvred that time is oE d~e essenec of this contract. The failure of the I?lortgaAor in one or more inctances to insist upon ~
sfric t perforrtrinc~• or nl>.rr.anc f~ nf one or more oE the co~•enants or conditions hereof, or to exercise any remedy, pri~~lege or option herein ~
conferrecl upon or reser~•e~~l to the ~1ort~aqor, shall not operate or be constnied as a relinyuishment or wsiver for the future of such covenant g
or eondition or oE thc~ rieht to r~n(orce+ tl~e sarne or to eiercise sueh priviley;e, option, or remecly, but'the same shall eontinue in full foree and j
effrct. The reccipt b~• the \tortta~e•e oF a monthly payment or payments or of any other payment requireei to be made bp the tiort~aQor, or ?
any part diercof, shall n~~t be• a u•aiver of any other aclditional payrneiits or amounts then due, nor shall such rcceipt, d~ou~h with knqwl- !
~ ed~c of the hrearh of an)' to~'enarit or condition hereof~ opc:rate as ar be deemeci to be a wai~~er of such breach. tio waiver hy the ~{ortgagee
I of any of the pro~~isions hercof or any of the I~toRgagee s rights, remedics, privile~ees or options heretmder chall be deem~d to ha~•e been
n~ade unless made Ly the ~fortgagee in tvriting.
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14. If foreclosure proceedin~*s of any second martgage or second irust dc~c~l or any j~roior licn o( any kind should be institutcd, the \tort-
gaQee may, at its option, immediately or thereafter declare 'this mortgac;c and the indebtedness secured hercb}• due and payable forthwith, and
~nay at its option proceecl to forec:ose this mortgege.
15. '1"o thc rztcnt of thr• ind~•l,t~~;ln~ss ~f t}~e \tortkas~or to the ~tort~:~s;ce describecl herein or secured herehy the !~tort~akce is hereby
su6roLat~~c1 to th~~ li<•n c~r Ii~n.:~r~~1 i~, tin• ri~hts nf tL~- owners and holders th~reof of each and e~•ery mortt;a~e lien or ~th~•r incumbrance on the
M land deserih~<l hemit~ ~v6ich i. P,iirl .:r,~Uur c:itistied in ~vhole or in p~rt out of Ihe proceecls of the Inan dt~scrihc~cl h~•r~in or sectere~~l hereby,
and th~ ~i~sp~•cti~c~ li~•~~. uf sai~l nunt•_;ie~•s, licns or other incumbrances shall be and the same and cach oF them iu•rrb~• is pres~n~ed and shall
pass to and hc~ held hy the ~tortea~ee herein as security for the indebt~Ylness to the,~ortQafiee herein described or hereby secured, to the same
Pxt~nt that it K'OUI(~ F11~'C b~cn pn•c~~nrd and w•ould ha~•e f~een passed to and been held by the ~tortAagee had it been duly and re~~lady
assi~;n~~ci, transfrrrecf, srt ~~•~~r an~l deli~•ered unto the Morteagee by srparate deed of assi~nment nohvithstandin~ the fact that the same may
1>e satis(i~•d and C~nCCIIM~ of rc~cnrd, it l~c•jn~ t~ir. enterttion oE the parti~s hcreto that the same will be satisfiecl and canc~lled of rFCOrd by the
holders thc•rc~f at or abont the Gme ~~f the recordin~ of this mortgage.
16. The rtortgagor will pay or reimburse the ':liortgaRee for a!1 reasonable attorney's fees, costs and exgenses paid or incurred hy the Mort-
, ga~ee in any action, proceecling or dispute of any kind, whether on appral or not, in which the rtortgagee is servcYl with leqal process, is made
a party or appe~ars as party plaintiff or defendant affectin~; the note, ihis mortgaRe, ~tortgagar or the mortgaRed property, including but not
limited to the foreclosure or oth~r ~nlorcer:aent oE lbis anortgaKe, any condemna6on action involving the mortgaged property, any action to ~
protect thc security h~reof, or :~tip prcx~ceding in probate or bankruptcy; and any such amounts paid or incurred by the itort~a~ee shaU be W~,
added to the indebtcdness, shall hcar interest at the defauh rate specified in the note from date of payment, and shall be secured hy the lien o~
of this mortgage. ~
t7. ~~'hr•n ,~m• .t~nn~int ~~f irinn~~y to bc p:ii~l l~y the \tortea~;or to the ~iortfiagce undcr thc tcmis hereof shall be in default, or should the ~
~tort~a~;or de(a~~lt in any of thc~ other terms, pro~~isit~ns or conditions of this 'AtortQaRe, then and in that case the A~ortQagee shall have the
ris;ht, ~+~ilh~~nt neticc~ to th~~ ~inrtea~,~r, to rnll~ct and ree~i~•e from any ten:?nt or lessee of said morts*,aqecl premi~es the rents, issues and ~
pru~its o( th~~ r~•a) c•~Ldr h^r~h}• nu~riLat~~l ar.~~ tl~c impro~~e~ments therron, and to Ri~'e proper rcccipts and acryuittances fherefor, ancl after
pa}int~ all commiccinns of am~ r~•ntal :~~ent e~~ll~ctinK th~ sam~, and any reasonaLlc~ attom~y's (c~s and othrr necess~ry eapenses incuned i~ ~
ruti~ctin~~ samF•, to :+pph~ rh~ prnc~~•~•dc of s+~ch collections upon any ind~~bt~Ylncss, oliliFation or liabi]ity, of the \1ort~agor hereunder. TF?e
richt firant~~~l th~• \tortaa~t~~~ im~l~r thic p,ua~raph shall lr~• in addition to, and sha(I not limit or restrict, any other riqht or rights granted the
\1oTt~aet•~• in tl~is \Tort,at,c. ~
1K. If th~~ ~lortea~orn at thc timr nf makin4 this ',tfort~aKc suLsequent thPreto take out life insurance designating the htortgagee herein ~
~s h.~n~~firi:~r}• x~ilh a cornp:iny appro~•rd h.• the \tort~a~;ce or assigr?s policies to the blortgaqee for the purpose of sect~ring die mortga ge loan ~
h~~r~•hv s~~c~~r~•~l, th~•n thr ~inrtgat~~•r sli:lll I~1~'e th~ ri~ht to pay any premium accruing ~mder said policies, and all sums so expended shall be
a~lde~~ t~~ and b~~~~~;n~ a p:~rt nf tlu~ principal ind~~l,terlness sc~c~~~~d by this ~fort~!a~e and shall be paid hy the liortgago~ to the :~iortgagee
in t~~eh•c cr~ual con«cuti~-~~ mm~thlv installmrnts, the first monthly installm~nt to I~e paid as a part of and in addition to the monihly pay~nent
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