HomeMy WebLinkAbout0090 ~i:,u::ui~e, :iuii :inp ut}~rr .o~rray~ rc,;t.irr~i b}' tt~e n~u~t~.~~rr, un aw~!(~i~~~ cl~~;~l>le for Such bruadened eo~~erage - provic~ed, howevet, that
~uch insurance tie in an un~ount sufficient ro comply with any an-icuurance reyu~re•ments coverin~; same undrr the laws uf tiir Stttte of r'lorida,
:1ilt~ ~i0\7i~t~d furtlic~r that tl~e policy or policies shaD be written in a company or compaiurs and throuqh an agen:.y satisfactory to the ~1ort-
gagee and that said pulicy ur policies sh:?ll be hcld by the \tortgagee, shall be in a form satisfactory to tlie \lortga~ee, and shall contain a
stan~lard mortgage clausr in fa~or of and in a form acceptable to the ~fortbaKee; and in the e~•ent any sum of money becomes pa}'able under
any s«ch policy u~ puliries, t~e ~tortg3gee shall ha~e the option to rreei~•e and apply the same on account of the indebteciness l~ereby securecl,
or to permit the \1ort~;a~,or to recei~e and use it, or any part thereof, for other purposes, without thereby «•ai~ing or impairiug any ec~uity, lien,
or right wider and by virtue of t}~is mortb~ge; and in the r~ent the ~tort~;u~or dcxs not comply with this co~~enant, the ~tort};u~;ee [uay place
~nd pay for snch inwrancr, or any part t6rn•of, H~ithout ~ti•aivin~; or affectiu~ ihe option to foreclose, or any ri~;ht hrreunder, ans t}ie full :uuount
of each aud e~•ery such p:?)•ment sh;tll be imme~cliately due aud p~~•able, and shall bear interest from the date t}irreoE until p:?id at the default
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~ 4•' Ri:ii' "i'ii iC~~;iiiScP ti'ii~i 5ii~ii iYiicti-~~ ~li:~ll uY securc~u ny ti~e 3irn o[ tii~s mortga¢e. Insurance coverinq the pefl~ O~ ~IOOd
dama};e shall be :u re~~uim~1 hy t6e Fr~ieral Uisaster Yrotection Act of 19i3, or as amended, an~ mortgagor covenants anc~ agrecs to comply
fn a1l rc~~prcts ~vith the pro~~isio?u thereof.
"l~hat iuort~:icre uia~~, at auy ti~ne ciurin~; tlie mortgage term, ancl in its discretion, apply for reneH~al of mort};a~;e guaranty insuranCe
ro~rci~~~ thr mo+t,.+ee executed l~~• thr unilrr.i~ne~~l on e~-en date herrwith, p:?y t~,e premium due by reaso~_ thereof, and reyuire rep:?~•ineat
~~y tt~e undrni~;n~~cl of such a~nounts .is an~ :1(11:1qCt•cl by said mort~;agf•e. ln the event of failure by the undersigued tu repay said amounts to
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, , ~ w.~ uc iui~.~~.iricu a ut'iaUii, BISU 8U p[O\'ISIOIIS OI ChC note and mortgage KRL~1 ft'};1rd to det:ili~t shall be app i-
C:1~)~~'.
in~»iLSr;or~to~k~c•pc }~e~bwldin~sf on sai 1 propert~,in~gfi~od conclition~of cpofrstl~ pio ga~~qee may dpmand the~innndiLie~rc~ ir of}said bui le
inu,, or an inc:ra.+• in the amoimt of security, o: the inunecliate repayment of the debt hereby seruted and the failure of d~e \tortKagor to com-
pl~~ ~ti~ith said df•n,and of the \turt~agre for a perial of thirt}• ( 30 ) days, shall constitute a breach oE this mortgage, and, at the option of the
\tu:tca~ee, imu~reliately mahir~ the rntire amount of principal and interest hereby secureci, and immediately and without notice, the ;~~ortRagee
n~a}• in~titute procerdiucs t~ forrclose t}~is ~uort~;a~;e and apply for the appointment of a Recei~~er, as hereinafter pro~•idrei.
t;. ~'o peiforn~, comph~ w:th and ;~bide by e:uh an~l e~•ery stipulation, agreement, cond'etion and co~rn~nt in s:~ic1 promisson• nott• ancl deeci
«•t forth.
7. In the r~rnt tLr jurisilictiun of the~ l'. S. District Court shall be im~oke<l 6y or a ainst the \lort~;a~;or untilrr an}• of tl~e pro~isions of the
h'c~le•ral Bankn~ptcy Ai•t, such actinn, a~hc~the~r voluntary or im~oluntary on the part o~the ~tortgagor, shall automatically, without notice, ac-
cctrratr the lil:l~UCIIv af all sum. of mouey herein described and securrci, and the same shall thereupon become due and payable Forthwith
fulh~ as if tlm said aK~;rc (~ate swns o~ inoney w~ere originally stipulatc~cl to be paid on such date.
h. To deli~~er to saicl ~tort~;a~;ee, on or t;efore I?tarch 15th oi eaeh year, tar, receipts e~~dencinR the payment of all lawfutly imposed tazes
for the precedin~ calende?r }'ear, and to deli.•er to said ~tortgaKee, receipts evidencing the payment of all liens for public improvements within
uinety l90? da)'s aEtrr the same shall Uecome due and payable, and to pay or discharge within ninety (90) days after due date, any and all
~o~em~rnmtal le~•ie~s that may- hr inade on die mortFaged property, on this mortA:~~e or note, or in any other way res~~tinK from the \Sort~a~e
indei~teclnes~ .ec~irF-cl hy this inort~;ati;e; ancl if this condition be not complied with and performed, said mortga~ee ?nay pay such sum or sums
~,•hic•h shall become part of the debt seu~ued by this mortfiage, and shaU bear interest at the deEault rate pro.-idecl in said pcomisson• note
pay.thl~• mont}~~}• until pai<I or said mort~as;ee may elect that said mortga~;e debt thereupon become due and p.iyablP forthwith.
9. It is fnrtlier co~en;int~•d and a~;reed by said p.~rties that in the e.•ent of a suit being institutecl to foreclose this rnortgage, the ~tort~;agee
.hal{ br entitlc~d to apply at a~~; timc pendin~, such foreclosure suit to tiie co~~rt having )unsdiction thereof for the appoinUne'nt of a rcc~eiver
uf :JI anil .io~,i~lar th~• iuortc;a~~rd property, and oE all the rents, incames, pioEits, issues and re~~enues thereof, frum ~ti•h.ttsoecc~r soUrcr deri~•ecl;
:~ncl d~eri•:ipon it is h~~reby expressl~• covenantc~cl and agreed that the court shall forthwith appoint a recei~•er of said mort?~aKed properh•, all
an~i ,iaeular, aud o! such rents, incomes, profits, issues and revenue tfiereof, from whatsoever source derived> with the usnal powers and
clut+~ ~~~f receit~•rs iu like cases: and such ap~~intinent shall be made hy such eourt as a matter of striet ri~ht to the'~1ort~;aKee, its successors,
1«•~al re~prrsrnt:~ti.e~s or assi~,ms, and ~~~ithout reference to the adPquacy or inadequacy of the value of the property hereby moriAaged, or to the
~olcrncy or insuhency ~f the \1ortKa~or, and tliat such cenk, p:ofits, income, issues and revenues shali be applieci by such reeeiver to the pay-
~nrnt of the ~nort~a~e indebtedness, costs and charqes, accordin~ to Lhe order of s~ch court.
10. ]f all or any part of the property or a le~al or equitable interest therein is sold or transferred by mortga~or withnut mort~agee's prior
~t ritten consent, incitidin~ bnt not limited to the e~ecution of an agreement for deed, but ezdudinR ( a) the crQation of a lien or encum-
I~ranc~ suborciinate to thi; mortcase, ( b) t}~e creation of a purchase money secarity interest for householcl appliances, ( c) a transfer by
~lr~ isc ~r decce•nt, or by operation of law upon the death of a joint tenant, or ( d) the ~rant of any leasehold interest of three years or less not
enntaiuin~ an optiun to purehasf~, mortgaRee may, at its option, declare a11 the sums secured by this mort~a~e to be immediately due and
payable. Atort~.iQfC 511TII E2:IYC wai~•ecl such option to accelerate if, prior to the sale or transfer, mortgagee and the person to whom the property
is to be sold or transferred reach a~;reement in writin~; that the credit of such person is satisfactory to AlortgaAee and diat the inter~ct payable
on the sums secured by this mort~age shall be at such rate as ~{ortgagee shall request. If Mortgagee has wai~•ed the option to accelerate pto-
~~ided in ihis paragraph, and if :~tortgagor's successor in interest has executed a written assumption agreement accepted in writinq by ~iort-
gagee, :~iostgagee shal! release \tortgagor from al1 obliRations under this mortgage and the note secured hereby.
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i I1. Tl~at in the e~~ent the premises hereby mort~aged, or any part thereof, shall be c~ndemned and taken for public use under the power
~ uf c~~ninent dom:~in, the \tort~aKee shall have the riQht to demand ihat all damages aw•arded for the takin~ of ~r dama~es to said premises
~ ~hall be paid to the ~tortuaQee up to the amount then ungaid on this mortgaRe and at the option of the ~tOrtAaqee may be applie~d upon
~ the payments last payable thereon.
~ 1?. The mortQaeor lrinds himself not to erect or permit to he erected any new buildings on the premises herein mortqaqed or to add to
; ~~r pennit to he addre3 to any of the existin~ improvements thereon or make any changes or alterations in said improvements which materially
s ~ f~;~n~e the szme or the use thereof, without the written consent of the rlartRaAee, and in the event of any ~•iolation or attempt to violate this
~ >tipulatien this mortea~:~ arnl all sums secured herebp shall immediately become due and collectible at the option of the Aiortgagee.
13. It is specifically agreed that time is of the essence of tfiis contract. The failure of the MortgaAor in one or more instances to insist upon
; ~trict performanc~ or ubsen~ancP of one or more of the covenants or conditions hereof, or to ezercise any remedy, gri~ile~,e or option herein
; conEerred upon or resened to the ~tortKagor, shall not operate or be construed as a relinynishment or waiver for the future of such covenant
~ or condition or of the riK}it to enforce the same or to ezercise such privileKe, option, or remedy, but the same shall continue in ful] force and
f•ff~•rt. The mceipt by the ~tort~;aKee of a monthly payment or payments or of any other payment required to be made hy the ~foRRaqor, or
E any part thereof, shall not be a waiver of any other additional payments or amounts then due, nor shall such receipt, thouRh with knowl-
; r~lc;e of the breach of an~~ rnvenant or condition hereof, operate as or be deemed to be a waiver of such breach. \o wai~•er hy the :~tortgaRee
; of any oE the pro~~sions hereoE or any of the Mortgagee's rights, remedics, privileQes or options hereunder shall F~e deemed to ha~•e been
i ~~ade unless made by the 14tortgagee in writing.
~ 14. If foreclosure proceedinRS oE any second mortgage or seeond trust dee~l or any junior lien of any 1:ind shottlcl be institided, th~'~tort-
~ ~a~ee may, at its option, unmediately or t~-,ereafter declare this mortga~;e and the indebtedness secured h~reby due and papable Forthwith, and
+~~ay .:t its option proceed to foreclose this mort~age.
F 15. To the eztent of th~ indcbtc•dness of the \tortga~;or to tf?e ~tort~;a~ee descriLed herein or secured herehy the ~tortqaKee is hereby
~ ~uhrot~atrcl. tn the~ li<~n or lienc and to il~e riChts of thc owners and holders thereof of each and P~•erv mort~a~*e 1iPn or othe~r incnmhranc~ on the
• land descrihrd h~min which iti p~~id an~llor satisfied in whole or in part out of the proceeds of the ]oan describe~d h~rrin or secur<~cl hereby,
~ ,,nel th~ r~~.p~•cti~~ li~~n~ ~,f ~aid morlLa~e~s, liens or other incumbrances chali be and the same and each of th~m i~f•rrhv is presen•ed and shall
~ p;us to and l~t~ held hy the \fortQagee herein as security for the indebtf~ciness to the MortQagee herein descrihed o~ hereby secured, to the same
' ~~xt~nt that it w•ould ha~•e been presen•ed and would ha~•e been passed to and been held by the MortQagee had it been duly and reRularly
~ assien~•d, transferrc•ci, cet o~•er and deli~~ered unto the I~tort~agee by separate deed of assi~nment notwithstandin~ the faet that the same may
. h~ :atisfit°e3 and cancrlled of record, it hein~ the intention of the parti~s hereto that the same w~ll be satisfied and cancelled of rc~cord by the
};nl~lers th»rcof at or a4~oi~t the time of the recording of this mortgage.
: 16. The Dfortgagor wil] pay or reimburse the ;~fortgaRee for all reasonable attorney's fees, costs and ezpenses paid or incurred by the Mort-
y%at;ee in any action, proceeding or dispute of any kind, whether on app eal or not, in which the Mortgagee is sen•eci v~-ith 3ega1 process, is made
a party or appears as party plaintiff or defendant affectinq the note, this mortgage, Mortgagor or the mortgaAed pr~pc~rty, including but not
limitc~d to the foreclosure or nther enforcement of this mortga~e, a~y condemnation action i~volvinQ the mortgaged property, any action to
protect the security hPreof, or ariy proceeding in probate or har~kruptcy; and any such amounts paid or incurred by the ~SortgaQee shall be
~ added to the indehtedness, shall hear interest at the default rate specified in the note from date of payment, and shall be secured by the lien
of this mortgage.
~ 1~. ~Vllf•n am~ amaimt of mc~.i~y to 1>e paid by the \tortuaKor to the \Sort?;aRee under d~e terms hereof shall be in default, or should the
~ ~toitt~auer default in any of the ather tenns, pro~'isions or conditions ~f this !~tortAaqe, then and in that case thc '~tortQa~ee shall have the
~ richt. u•ith~n~t r.otice to th<~ \~nrts~~l~r, 'o co~lect and recei~~e from any tenant or les~ee of said mortAaged premises the rents, issues and
"s .`t 4~rr~fits af th~• rt~.il eatatc h~reby~ mortCa~cil anrl the impro~ements thereon, and to give proper receipts and acr~uiriances tfierefor, and after
k " j~~tcin~; all commiseinns of any n•ntal atrnt c~~llc•ctine thF sarne, and any reasonable attorney's fees and other necessary ezpenses incurred in
~ <<~ll~ctin~ same. t~ apply the proceeds of siich collections upon any ind~bteclness, obligation or liability, of the Mort~;agor hereunder. The
N richt ~rantF~l the itort.a~ee~ und~r this paraeraph shall be in addition to, and shall not limit or restrict, any other riRht oc riqhts ganted ihe
~ \f~rt~nerr in t~iis \1ort,aCe.
1H. If th~ ~fr~rttacors at t}~e tirn~~ of makinG this '~tortuage subsequent thereto take out life insurance desiRnating the ~to!tgaRee herein
~ti 6~~n~~ICi3!\' \l'l~Fl a coTnpany appro~e~~l b~~ the ~tortfiat~ee or assigns policies to the MortgaQee for the purpose of securing the mortRaRe loan
~n h~~rf•hv s<~c~ire~~l, thrn th~ \i~rtR:icee• shall ha~~e the ri~ht to pay any premium aeeruing under said policies, and all sums so expended shall be
~~lde~i tr, an~l h~~ ~~n~ a pari of thf~ princinal ind~hte~lnes.s secured by this ~1ort~aRe and shall be paid by the AtortgaRor to the Mortgagee
;n tK•eh•~ ~~~ua1 con~~cuti~c monthly installmen~s, the first monthly installment to be~aid as a part of and in addition to the monthly payment
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