Loading...
HomeMy WebLinkAbout2044 imurance, an~l any otl~cv co~~erage reynirrd by the mort~;;i~~v~, on dwell~n~;. elitiiLie for such broadened coverage - provided, however, that such insurance l~ in an amount sufficie~t to cucnply with nny ~-insurauc~e reyuirements co~•ering same under the law•s of the Jtate of Flurida, and provided further that the poliry or policies s}iaU be written in a company ar compaiues and through an agency satisfactory to the rtort- gagee and that suid ~wlicy or policies sh:?ll be held by the \iortgagee, shall be in a form satis[actory to the rfortgag~e, and shaA contain a standard mortgyge clause in favor of and in a form acceptable to the \tortgagee; and in the event any sum of mouey becon~es pa>able under :u~y such policy or policies, the \tortgagce shall ha~e the option to recei~~e and apply the s~1me on acc~unt of t}~e indebtedness hereby securecl, or tope rrriit the Alortgagor to recei~~e and use it, or any part thereof, for other purposes, wiQtiout thereby wai~•ing or impairing any equity, Iien, or right under and by virtue of this murtgage; and in the ecent the rtort~;agor does not compl • with this co~~enant, the 11ortKa~;ee may place and pay for such insurancr, or any part thereof, w•ithout wai~~ing or affectitig the option to forec~ose, or any right hereunder, an~ the fuU amount of eaeh and every such pa~•u?ent shaU be immrciiately due and payable, and shall bear interest from the date thereof until paid at the default rate provided in said note and together wilh such interest sha11 be seeurecl by d~e lien of this mortgage. Insurance ro~~ering the peril of fload dama~;e shaU be as required by the Fc~leral Disaster Yrotection Act of 1973, or as amended, and mortgagor co~•enants and agre~~s to comply in all rc•spects ~~•ith the provisions themof. 4. 'Chat ~nortka~ee uia~•, at any tiine during the mortgage tenn, and in its discretion, apply for renew~al of mort};age guaranty in::urance co~erin~ the moit~at;e executed by tLe iind~-rsi~n.~d on even date herewith, pey the premium due by reason thereof, and require rep:?yment by the under>i~ned of such a~nouuts as are advanccYl hy said mortgagee. ln the e~~ent of failure by the undersigned to repay said amounts to said mortgagee, such failure shall be cvnsid~•reYl a dcfault, anci al) pro~•isions of the note and mortgage Kith re~;ard to defa~dt shall be appli- c~Wr. 5. "I'o prrmit, conunit or sufErr no ~~~:ute, impairment or deterioratiun of said property, or any part thereof, and upon the failure of the ~uurt~a~or to krep the buildings on saicl property in goal con:lifiun of repair, the \iortgaRee may demand the imrocdiate mpair of said build- in~s, or an iucrease in die amoitnt of security, or the immecliate repayment of the debt hereby secured and the failure of the ~fort~agor to com- ply with said df~iuand of the \iort~afiee for a perial of tLirty (30) days, shall constitute a breach of this mortga6e, and, at the option of the \tort~a~;re, im~necliately inature the entire smount of principal and interest hereb~• secured, and immediately and «•ithout notice, the biort}~agee n~a>• instihrt~ proc•eedin~s to forc~close this mortgatie and apply for the appointment of a Receiver, as hereinafter pro~~idcYl. ti. To pvitom~, comply w~ith and :ibide by each and every stipulation, agreement, eondition and covenant in s:iid proznisson• notr and ~ieecl t•~t forth. 7. ln the e~ent t6e jurisiliction uf the l'. S. Jistrict Court shall be invokecl by or against tlee \lortt~a~or under au}~ of tlie pro~isior~c of the Fe~leral Baukruptc~• Act, such action, ~.•hether ~•oluntary~ or in~•oluntary on the part of the :lfortgagor, shall automatically, w~ithout uotice, ac- c~~lerate the maturity of all sums of inoney hercin describeci and secured, and the same shall thereupon become due and payable forthwith :ts fully as ii thc said a~~regate smru of money were originally stipulate•d to be paid on such date. ~ !i. To dcli.~cr to said ;llort~;a~ee, on or before Aiarch 15th of each year, tax receipts e~~dencing thepa yment of all law-fuUy imposed taxes tor the precedin~ calendar year, and to deli~~er to said :~~artgagee, receipts evidencing the payment of all liens for public impro~•ements within niiiety ( 90 ) days after the same shall become due and payable, and to pay or discharge within ninety ( 90 ) days after due date, anv and all ~;o~~emmental le~•ies that may i~c made on the mort~Gaged property, on this mortgage or note, or in any other way resultine from the \tort~;aRc indehtc~luess sea ured i~y this ~nort~ay;e; and if dis condition be not complied with and performed, said mortgn~ee may pay such sum or sums ~~•hich shall become part of the debt sc~;ured by this mort~;age, and shall bear interest at the default rate pro~•iclc~cl in said promissor~• note p:~~•.~ble monthh• until gaid or said morigagee ma~ elect that said mortgage debt thereupon become due and p~yablP fortha~th. 9. It is Iurther co~'e~n,+nt~~d an<I :1~;fPM~ hy said parties that in the e~•ent of a suit being inslitute~l to forecluse this mortka~e, th~ ~tort};agee .liall b~~ t•ntidc~cl to appl}~ ,~t aiiy time pending such foreclosure suit to t6e court having jurisdiction thereof for the appointin~~nt of a rci~ei~•er uf all .~n~l sin~~ular thr mort~;ac;rd property, and of all the rents, incomes, profits, icsues and rerenues thereof, frum ~a•?iatsce~er source derivecl; and d~ereupon it is hereby expressly covenanted and agreed that the court shall forthK~th appoint a recei~•er of said mortgaQtYl property, all and sin~ular, and of such rents, incomes, profits, issues and revenue thereaf, from whatsoever source deri~•ed, with the usual powers and clutirs ~~f rc~c•E~ivers in like cases; and such appoinhnent shall be made hy such court as a matter of strict right to the ~tort~;a~ee, it~ successors, 1~•~al reprc~sent.iti.•es or assi~ms, and ~~tLout reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the ~oh~ency or insol~•ency of the \fortkafior, and that such rent, p:ofits, income, issues and revenues shall be applied by such recei~•er to the pay- ' inent of the ~nortKage indebtedncss, costs and char~es, accordinfi to the orcier of such court. ]0. lf all or any part of the property or a leRal or equitable interest therein is sold or transferred by mortqa~or w•ithout mortgaRee's prior ~rrittrn consent, includin~ hnt iiot limitecl to the ezecution of an agreerteent for deed, but ezcludinR (a) the cre•ation of a licn or encum- }~r;ince su}~ordinate to this morteagr, (b) the ereation oE a purchase money security interest for householel appliances, (c) a transEer by cle~.~ise or descent, or by operation of law upon the death of a joint tenant, or (d) the ~rant of any leasehotd interest of three vears or less not containinq an option to purchas~, mortgaqee may, at its option, declare all the sums secured by thic mortQa~Ge to Ue immediately due and payable. hiortKafiee shall ha~~c wai.•cd such option to accelerate if, prior to the sale or transfer, mortgagee and the person to ~~•hom the property is to be sold or transferred reach a~;reement in writin~; that d~e credit of such person is satisfactory to I~tortga~ee and that the interest payable on the sums secured by this morteage shall be at such rate as ~tortgagee shall request. If I~tortga~ee has wai~~ed the option to accelerate pro- vided in this paragraph, and if :ltortgagoi s successor in interest has executed a written assumption aAreement accepted in writin~ hy iiort- 'i ~agee, MortgaRee shall release \tortgagor from all obli~ations under this mo~tgage and the note secured hereby. ~ I1. That in the e~~ent the premises hereby mort~aRecl, or any part thereof, shall be condemned and taken for public use under thc power of ~~minent domain, the ~tort~a~ee shall have thc ri~;ht to demand that all damages aw•arded for the takin~ of or damaRes to said premises i shall be paid to the ~tortRaqee up to the amoimt then unpaid on this mort~a~e and at the option of the ~iort~2a~ee may be applird upon 1he payments last payable thereon. ! 1?. The mortRaqor binds himself not to erect or permit to be erected any new buildings on the premises herein mortQaRed or to add to ~~r permit to be added to any of the ezisting improvements thereon or make any changes or alterations in said improvements which materially I c h;~n~e the same or the use thereof, widiout the written consent of the :11ortRaRee, and in the event of any ~•iolation or attempt to violate this ~ ~tipulation this mort~;age and all sums secured hereby shall immediately become due and collectible at the option of the I~tortgagee. 13. It is specificaAy a¢reed that time is of the essence of this contract. The failure of the Mortgaqor in one or more instances to insist upon ~ .trict perfornr.~nec~ or ob~enance of one or more of the covenants or conditions hereof, or to exercise any remedy, pri~2lege or option herein ` conferred upon or resen•ed to the ~tortRagor, shall not operate or be construed as a relinquishment or waiver for the future oE such covenant ~ or condition or of the right to enforce d~e same or to exercise such privilege, option, or remedy, but the same shall continue in full force and ~ e•ffc~ct. Tl~e receipt by the ~tort~a~ee of a monthly payment or payments or of any other payment required to be made by the ~1ortQaqor, or any part thereof, shall not be a vvaiver of any other additional payments or amounts then due, nor shall such receipt, thouRh with l~nowl- ~ ecl~e of the breach of am• covenant or condition hereof, operate as or be deemed to be a waiver of such breach. \o wai~~er by the MortgaRee ~ of any of the pro~~sions hereof or any of the Mortgagee's righb, remedies, privileQes or options hereunder shall be dc~emecl to ha.•e been r,adc unless made by the I1lortgagee fn writing. ~ P 14. If foreclosure pr~xeedinQS of any second mortgage or second trust deeci or anv junior lien of any kind sLvuld be instituted, the ~tort- ~ Ra~ee may, at its op6on, immediately or thereafter declare this mortga~e and the indebtedness secured hereb~• due and payable forthwith, and ~~~ay at its op!ion proceed to foreclose this mort~age. ~ 15. To the estent of the indcbt~~clness of the ~tortgaRor to the ~iort~afiee described herein or secured herehy the ~tortgaRee is hereby ~ubros:atFd to the li~n or li~nc and to th~ ri~hts of the ow~ners and holders thereof of each and e~~ery mort~aee lien or ~,th<•r inci~mbrancc on the land descrihed hercin which is paid and/or satisfiecl in whole or in part out of the proceeds of the loan de~scrihfYl Lercin or secumd hereby, ~ and th~ res~cti~-~ ]i~~ns of said mort~aees, liens or other incumbrances shall be and the same and each of the~m i~c~n•hv is precE~n~ed and shall ~151 to and 1>f• held by the \1ortAaAee herein as security for ihe indebtf~clness to the l~tort¢agee herein describecl or hereby secured, to tbe same ~ Fztent that it would have been presen~ed and would ha~~e been passed to and bcen held by the I?iortfiag~c had it been duh• and reQularly assicn~•d, transferred, sct o~•er and deliverecl unto the Mort~eagee by separate deed of :usignment notw7thstandin~ the fact that the same may h~ satisfitYl and canceUed of record, it hein~ the intentifln of the parties hereto that the same will be satisfiPd and cancell~d of record by the holders thereof at or ahout the timc of the recording of this mortgage. 16. The ~fortgagor will pay or reimburse the riortgaRee for all reasonable attomey's fees, costs and eapenses paid or incurred by the Mort- ~;aqee in any action, proceeding or dispute of any kind, whether on app eal or not, in which the 11Tortgagee is servei~ with legal process, is made a party or appears as party plaintiff or defendant affectin~ the note, this mortgage, MortgaAor or the mortgaFed property, includinR but not limited to the foredosure or other enforcement of this rnortgage, any condemnaHon action involvinR the mortRaged property, any action to ~ protect the security he~eof, or anv proceeding in probate or bankruptcy; and any such amour,ts paid or incurred by the ~tort~aQee shall be ~ i added to the indebtc~ness, shall hear interest at the default rate specified in the note from date of payment, and shall be secured by the lien E ~f this mortgage. ~ ~ I ~~'hf~n anv amo~int of monev to l~e paid hy the ~tortcagor to the ~tortfiaRee under the terms hereof shall be in default, or should the ~ ~ \1o~ieaeor de~fanlt in any of the other tcnns, pro~~isions or conditions of this I?tortQaAe, then and in that case the ?4fortgagee shall have the ~ richt, with~nt netice to thr~ ~inrts~a::or, to collect and recei~~e from any tenant or lessce of said mort~;agecl premises the rents, issues and a`z. . ~~rr~fitc of th~ T~~~1 e~tatc h~rchy mo;t:a~e~l an~i the impro~•ements thercon, and to ~ive proper receipts and acnuittances therefor, and after ~ ~rt} inc: all com~nissinns of any r~•ntal aee~nt c~~llectinQ the same, and anv reasonable attomey s fees and other necessary ezpenses incurred in ~ : nlle~ctin~, c;~tnr, to a~pk th~ ~roceedc of such collections upon an~ ind~btedness, ohliqation or )iability, of the ~iortQa~or hereunder. The ~ richt firantN~l the \torh~a~e~~ und~r this paraeraph shall 6~ in adc,ition to, and shall not limit or restrict, any other riqht or riqhts granted the ~ F~ \1~irtt.~~c~r in this \iort,nCe. ~ C oc o 0 lfi. If the \inrtkac~~r~ at the tim~ of makinc this ~tort~zaKe suUsequent thPreto take out life insurance desi~nating che'4tortgagee herein :~s he~n~fician~ ~r~t}~ z cornp~ny appro~ed h}' thr ~to~~a~ee or assigns policies to the MortgaAee for the purpose of securing the mortQaqe loan h~~r~~6v «•curcd, th~n the ~tortF:~~;ce shall 1~a~•e thc riRht to pay any premium accruing under said policies, and all sums so expended shall be a~ldec~ t~ aocl h~c~in~ a part of thF~ principai indPhtedness secured by this biort~a~e and shall be paid by the ~tortgagor to the Mortgagee in tK•eh•~ equa~ consecuti~•r monthly installments, the first monthly installment to be paid as a part of and in addition to the monthty payment t ~ - - - - - - - - - - _ , . t&f. ~ `~"S.S's3~P~S~~-~~" ~+~Y~.G~~~r_ry.._''ac...`;~ Fa^..'c,a'r.-_ .