HomeMy WebLinkAbout0108 ~u~ur,,,~~a, an.! auy utl,~r cuvr~as~ ~r~~ui~rii by the mort~;a~ee, on ~3well~ii~;~ eL~;~LIc for such broadened co~~erage - provided, howevet, that
Such insurance l~e in an ai:iount sufGcient to comply with any co-iasu~ance reyuirements co~•ering same undrr the laws uf tlie 5tate of F lorida,
an~l pro~•ided further th~t tLe policy or policies shall be written w a co~npany or compauies and through an agency satisfactory to the ~lori-
gagee and that s~id pulicy or policies sh:~l be held by the ~tortgagee, shall be in a form satisfactory to the \lortbagee, and shall contain a
staudard mortgage clause in fa~or of and in a form acceptable to the \lortbaRee; and in the event any sum of money becomes pa~~able under
any such policy or policies, the ~lortgagre shall ha~•e the option to recei~~e and apply the same on account of the indebtedness Lereby secured,
or tope rmit the ~fortgaFor to recei~e and use it, or auy part thereof, for other purpo~es, without thereby wai~ing or impairing ar~y eyuity, lien,
or right under and by virtue of this mortga~r; and in the e~~ent the !~tortkagor dors not comply w~th this covcuant, the ~tortk:~Kee iuay place
and pay for such iiuurance, or any part therrof, w~ithout wai~~ing or affectin~ t}?e option to foreclose, or any right fiereunder, and the fuU amount
of each aud e~•rry such paywent sha? be immcYiiately due and payable, and shall bear interest from the date thereof until paici at the default
rate pro~i~ie~i in sa~d nute anci togrttier with such interest shatl be securc~i by d~e lien of this mortgage. lnsurance co~•erinq the per;l of flood
damake shaU be as re~~uire.l by the l~~Yleral Disaster YrutecG~n ~ct of Iy73, or as amendea, and mortgagor covenants and agrt~c•s to caupiy
in all respects with the provisions thereof.
-1. 'f'h:~t urort~.i~ee ~na>•, at any time di~rin~ the mortgage tenn, and in its discretion, apply for reneH•al of mort~;age ~iaranty insurance
~o~rriu~ thc• meit~;:ice eze~cuted b~• tt~r uncl~~rsi~;nr~l on evrn date here~vith, pay~ the premium due by reason thcreof, and require rep:~yment
t~}~ the undr~r~i~ne~~l of such ainounts :~s an~ acl~ancr~l by~ said mortgaKee. ln the event of failure bti• the undersi¢ned to renav said amnuntc to
~aiu tnort~;:igce, su~h tatlure shall be i~ns~cli~rrcl ,t ilefault, and a!1 pro~isions of the note and mortga~e with re~;ard to default s}~all be appli-
caLlr.
5. "1'o p~•nnit, conu~iit or suffc~r no ~ca~tr, impainnent or deterioratiun of said property, or any part thereof, and upon the failure of the
uwrt,::~~~~r to ke~•p the buildin~;s an saia property in goocl condiHon of repair, the ~iortgagee may demand the i~nn~ediate repair of said build-
~n~s, or :~n incrrasc• in tlie .zmount of security, or ehe inuneciiate repayment of the debt hereUy secured and the failure of the \tortKagor to com-
ph• u•ith sai~l drm;~nd of the \tort~;ager for perial of !hirt~~ (30) days, shall constitute a breach of this mortgage, and, at the option of the
\fort~a~e~, i~nmc~ciiately matur~ the entire amount of principal and interest hereby secured, and immediately and w•ithout notice, the ?~1ortRagee
n~a~• institutt~ proceedincs to forrclose this mort~;a~;e and apply for the appointment of a Recei~~er, as hereinafter pro~•idc~cl.
ti. To pc•~[urui, conipl}~ «•ith and abide by each and every stipulation, agreement, condition and co~enant in s:iid prrnni~~or.~ notr and ~leed
;~•t forth.
7. In the r~rut the juris~liction oE thc• l'. S. DistriM Court shall be in~•oked Uy or against the \iortga~or under any of tLe pro~isions of the
F'~~<ieral Bankruptr}~ Act, such action, ~~•I~ett~rr ~~oluntar}~ or im•oluntary on the part of the ~lortgagor, shall automatically, without notice, ae-
~~~~1~•rate the maturity of all sums of n~oney herein described and secured, and the same shall thereupon become d~e and payable forthwith
:i. fulh• .u if th. s:~id a~rregate suins oE inoney were originally stipulateci to be paicl on such date.
K. To deli~~cr to said J1ort~;aGee, on or before Aiarch 15th of each year, tax receipts e~~dencing the pay~?uent of all lawfully irnposed tazes
for the precedin~ calend.?r year, and to deli~-er to said !~iortgagee, reeeipt, evideneing the payment of all liens for public improvements w~thin
nint~ty ~ 90 ) da}•s after the same shall become due and payable, and to ay or discharge within ninety ( 90 ) days after due date, any and all
c~ocernmc~ntal le~•ies that may he made on the mortfiagecl propetty, on ~is rnortgaFe or note, or in any other way resultinq from the ~1ort};a~;e
indehtcYlness secured hy this n:ort~afie; and if this condition be not complied with and performed, said mortgaFee may pap such sum or sums
ti~ hich shall h~cotne part of the cleht secured by this mort~age, and shall bear interest at the default rate provided in said promicsorp note
p:iy-ahlr monthh• ~mtil paid or said rnortRagec may elect that said mortgaGe debt thereupon become due and payablP forth",th.
IE is furtl~er co~cnant~~~l and a~;recd bp said parties that in the e~•ent of a suit being instituted to foreclase this mortga~e, the ~tort~agee
.hall be• c•ntitliYl 1~~ appl~~ at any time pendin, such (oreclosure suit to tLe court ha~~ing jurisdiction thereof for the appointment oE a receiver
of all an~l ,in-,ular the• ~uort~;:i~rd proprrty, and of all the rents, ince~mes, profits, issues and revenues thereof, from «•hatsoe~~cr source deri~~ed;
.incl therrapon it is }~erebv expresslp covenanted and agreed that the court shall forthwith appoint a recei~•er of said mort~aRed property, all
:~nd ,in~ular, an<l of such rents, incomes, profits, issues and revenue thereof, from whatsoever source deri~~ed, with the usual powers and
clutif < of recc~i~ crs in ]ike cases; and such appc,intment shall he made by such court as a matter of strict rifiht to the \iort~a~;ee, its successors,
If~~al r<~pr~~sentati.~es or assi~,ms, and wlthout reference to the adequacy or inade~uacy of the value of the property hereby mortgaged, or to the
~ohrncy or insol~~ency of ihe ~tortua~or, and d~at such rent, p:ofits, income, issues and revenues shall be appliecl by such recei~•er to the pay-
~ncnt of thP ~no~t~agc indebtedness, costs and charqes, accordin~ to the o~der of such court.
10. lE all or any part of the prop erty or a lefial or equitable interest therein is sold or transferred by mortga~or w~thout mott~agee's prior
ritten consent, inclndin~ but not limited to the eiecution of an agreement for deed, but exdudinq ( a) the creation of a lien or encum-
I~rance subordinate to this morttagr, (b) the creation of a p~irchase money security interest for household appliances, (c) a transfer by
cle~~ise nr decec~nt, or by operation of law upon the death of a joint tenant, or (d) the Rrant of any leasehold interest of three years or less not
containin{; an option to purchas~, mortRaqee may, at its option, declare all the sums secured by this mortqaKe to Ue immecliately due and
payable. biort~;a~;ee shall have k•ai~•ed such option to accelerate if, prior to the sale or transfer, mortgagee and the person to w•hom the property
is to be sold or transferred reach a~;reement in writink that the credit of such person is satisfactory to Mortgagee and that the interest payable
on the sums secured Uy this mort~,aKe shall he at such rate as ~tortgagee shall request. If riortgagee has waived the option to accelerate pro-
~~ded in this paragraph, and if ~tortgagor's successor in interest has executed a written assumption a~reement accepted in writine by ~iort-
! ~agee, biortgagee shall release \tortgagor from all obliRations under this mortgage and the note secured hereby.
~ 11. 1'hat in the e~~ent the premices hereby mort~aged, or any part thereof, shall be condemned and taken for public use under the power
of c~ninent domain, the \tortqa~;ee shall have the riRht to demand that all damages awarded for the taking of or damaRes to said premises
f shall be pai~ to the ~tortr~agee up to the amaunt then unpaid on this mortgage and at the option of the ~iortRaree may be applied upon
~ the payments last payable thereon.
~
f 12. The mortQa~or binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaRed or to add to
~ ~~r permit to be adde~d to an~~ of the ezisting improvements thereon or make any changes or alterations in said improvements which materially
; : han~e the same or the use thereof, K~thout the writtf~n consent of the rlortgagee, and in the event of anv violation or attempt to violate this
; ~tipulation thzs mortcaee and all sums secured hereby shall immediatety become due and collectible at the option of the ~iortgagee.
13. It is specifically a~treed chat time is of the essence of this contract. The failure of the Mortgagor in one or more instances to insist upon
j >trict performance~ or obser~~ancP of one or more of the covenants or conditions hereof, or to ezercise any remedy. pri~ilege or option herein
~ ~•onferred upon or resen~ed to the llortRagor, shal! not operate or be construed as a relinquishment or waiver for d~e future of such co~~enant
~ or condition or of the riqht to enforce die same or to ezercise such privile~e, option, or remedy, but the same shall continue in full force and
c~ffrcL Tl~e receipt by the ~torc~a~ce of a monthly payment or payments or of any other payment reyuired to be made by the ~1ortRaROr, or
any part thereof, shall not be a waiver of any other additional payments or amounts then due, nor shall such receipt, thouqh ~vith knowl-
~ c~cl~e of the breach of an~• covenant or condition hereof, operate as or be deemed to be a waiver of such breach. \o wai~•er by the Mortgagee
¢ of any of the provisions hereof or any of the Mortgagee's rights, remedies, privileQes or options hereunder shall be deemed to have been
~ ~~~ade unless made by the Mortgagee in writing.
g 14. If forecl~sure proceedinRs of any second mortgage or second trust deecl ar any junior lien of any kind should be instituted, the ?~iort-
~ ea~ee may, at its option, immediately or thereafter declare this mortgac;e and the indebtedness secured hereb~• due and pa}•able forthwith, and
~na~~ at its op!ion proceed to foreclose this mortQage.
~ I~. To the ettent of the indebt~dness of tl~e \tortgakor to the \iort~a~ee described herein or secured hereby the ltortgaKee is hereby
~ ~~ibrotatf~d t~ the• lien or li~nc and to tFe richts ~f the owners and holders thereof of each and e~~erv morteace lien or oth<>r incumbranci~ on th~
t ]and decciihed herein which i; P;iic~ .ind/or satisfied en whole or in part out of the proceeds of the loan descrihrd herein or ~ecured hereby,
~ <ind the re,pccti~~~ li<•ns of said mort~aees, liens or other incumbrances shall be and the same and each of them hc~reb~• is presen~ed and s6a11
~ pass to and he held by the \iort¢agee herein as security for the indebtedness to the MortRagee herein described or hereby secured, to the same
; ~xtent that it K•ould ha~•e Ueen presen~ed and would ha~•e been passed to and been held by the biortgagee had it been duly and reRularly
assigned, transferred, set o~~er and deli~•ered unto the MortRagee by separate deed of assignment notwithstandinR the fact that the same may
I~e satisfiPd and cancelled of record, it hein¢ the intention of the parties hereto that the same will be satisfied and cancelled of record hy the
holclers thereof at or abo,it the time of the recording of this mortgage.
16. The I~fortgagor will pay or reimburse the ltortgaRee for all reasonable attorney's fees, costs and expenses paid or incurred by the Mort-
~;aGee in any action, proceeding or dispute of any kind, whether on appeal or not, in which the biortgagee is served with IeRal grocess, is made
a party or appears as party plaintiff or defendant affectin~ the note, Lhis mortgage, biortgagor or the mortgaRed Qroperty, including but not
limited to the for~closure or other enforcement of this mortgaQe, any condemnation action involvinR the mortgaged property, any action to
protect the security herraf, or any proceeding in probate or bankruptcy; and any such amounts paid or incurred bv the ~tortAa¢ee sl?all be
added to ihe indehtedness, sha1T bear interest at the default rate specified in the note from date of payment, and shall be secured by the lien
of this mortgage.
~ 1i. ~1'hrn am• amount of tncme~v to I~c paid by the ~forteaKor to the \tortca~ee under the terms hereof shall be in default, or should the
~ ~lo;t~:acor default in any of the other tenns, p,-a~isi~ns or conditions of this \tort~aqe, then and in that case the ~tortgagee shall have the
~ richt. ~{•ith~int n~~tic~ to thf~ \tort~:a,or, to collect and recei~~e from any tenant or lessee of said mortQaged premises the rents, issues and
~ `j- ~~m~its of th~ n•:~I ~~±atc hFreb}• rnortt~a¢eil an~l the improvements thereon, and to Five proper receipts and acnuittances therefor, and after
~ ~~ayins: all co:nmiscinns of any n•ntal a~ent c~llectin~ th~ same, and any reasonable attorney's fees and other necessary expenses incurred in
~ ' t~~ rit~htc~rantFCl'~(he(~i~rtl~~~ct an l~r this f suat~raahesha lsbepn~additi neto, a~n l~shall not 1
rt~it~or retriet ~anf o he n~ ht oon h teunder. The
~ p` ~ Y K Kt~ granted the
11~rt~a2t•e~ in t~~ie A1ort~,aL'E'.
rt~ 1H. tf the ~f~~rt~anorc at the tirn~ of makin~ this ~tortKage subsequent thereto take out life insurance desifinating the I~tortgagee herein
h~~n.•fi~•ian• ith a crnnpany app;o~~ccl }n the ~tort~ay:ee or assigns policies to the Mortgaqee for the purgose of securing the mort aqe loan
t~~~r~•1;v s~~cn~r~l, th~~n th~ ~fr,rteaLF~~ shall ha~~e the rieht to pay any premium accnung under said policies, and all sums so expend~ shall be
a~lde~~l tn ancl h~r~m,~~ a part of tl~~~ principai indehte~lness secured by this !~tortQaAe and shall be paid by the Mortgagor to the Mortgagee
;n tw•ch•e er~na] con5c•cutiti~c monthly installmen~s, the first monthly installment t~ be paid as a part of and in addition to the month}y payment
s
S~