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HomeMy WebLinkAbout0759 due under this ~fort~a~e in tbe fint caleu.lu moutL following tbe enpenciing of said sum. Suc6 sucns so e.zpended to beu iutereat at tba rate at which interest is payable upon said principal inciebtedneu and the 1?en of this Aiort~age shall ertend to and secure the suau so e~cpended ~ together with inttrat thereon as heceinbefore provided. 19. At mortgagee i option, toget~h~cr witb and in addition to the monthly payment of~ principal and interest payable under the terats of the note secured henby. Mortgagor shall y to IVlort~agee earb montb uaUl said oote is fully paid, ooe-twelfth (1/ 12 ) oE a sum equal to the annual prcmium due for fire, e:tende~coverage, and other haurd insurance including flood insuran~-e, co~•ering tAe mortgaged property, plus tues and assasments nezt due on t~e mortgaged property ( all as esti~?ated by Mortgagee ) less all sums already paid therefor~ and to be divided by tbe numbar of months to elapse prior to the date when such tua and assessments shall become delinquent. Said sumt shall be held br Mort~sgee ia tiust or credited to the pri~ipal of tbe loaa, to psy said insuranee~ t~ucd. and assessmentc aac3 shall be applied on the paya~eat thereof whea due. Any eacoeas heW in trust by Mo agee when said loan is paid in full shaIl be paid to Mortgagor, oc hisa~u~as, or peraoaal represeabtives. In the eveat of a default or f~. ~id sums held in tn~st may be applied on any coats of damages sustaiaed in ceooection wfth the colkction of t~e note secured beieby wLetbes by suit, foreclosure. or otherwise. I?iortgagee way from time to time at itsop don waive~ and a$er aay such waiver, ninstate any or all provirioas hereoE nquiring such depoaits, Uy notice to ~lortgago~ in writing. Whib a~ iuch waiver is in effect, Matgagor shall pay tuea, as~smenb and insurance premiums as herein elsewhere provided. 20. Mort~gagor :6all compIy with tLe ~rovisions of aay kase, !f tbis mortgage is oe a leasehold. If this moKgage is on a oondominium unit, mortgagor ihall perform all af mart~agor s abltgations unde~ tbe decl arat~on of co~dominium or master deed. the by-laws and regulatioas d the caudominium project and coestitueat documenb. Mortgagor furtber covenanb that 6e aad the association responsible for the operation of the coadomtnium will obse:ve ali of the provisioas of tbe said decla~acion, and any amendments t6ereto. and of the Condominium law of the state, aad will perform all obligation3 thereunder; and a failure to do so which is not cured withia 30 days after aotice given by the Mort- &agee oo tbe mortgagor and the said association sball coastitute a default under this mortgage Mortgagor further specifically rnveoants, but not by way of lunitation, that he and the associaNon will observe ail of the provisions of said declantion of condominium relating to insurance coverage. 21. I~iortgagor further coveaants and agrces that at the requat of Mortgrgee to furnish a standard termite bond insuring against damage by iafestation on the buildings now or hereafter located on the mortgaged property, in such amounis and terms, and with such company as approved aad required by Mortgagee; and in the event Moctgagor does not comply with this covenant Mortgagee s6all have the same rights to obtain same as iasurance coverage under rnvenant ~t3 hereof. 22. 'Rut in the event tbat this mortgage is given to secure a coattruction loan, failure on the part of thc ~iortgagor or the ~tortgagors contractor, am.hitect, en~ineers, or sub-contractors to comply with the terms of the Construciion I.oan Agreement of even date herewith, which is by refereace incorporated herein. shall, at the ogtion of the Mortgagee, rnastitute a default hereunder. 23. If the awrtgaged promises is other than a one to fow Eamily dwelling, the Mortgagor covenants and agrees that he will, not later than thirty (30) days after the end oE the fiscal year, furnish unto the Association a compkte and accurate balance sheet and profit and loss statement reflecting the Mortgagor s liabilities as vrell as profit ~nd bss for the ficcal year, and such balance sheet and profit and loss state- ment shall be prepared by a certified public accountant licensed in the State of Florida, and shall be certified u bcing correct by such certi- f;~Yl public accountant. 24. If any of the sums of moner herEin referred to be not promptly and fully paid within thirty ( 30 ) days nezt aher the same severally become due and payable or if esch and every the stipulations, agreements, conditioas and covenants of said promissory note and this mort- ~age, or either, are not ~uly performed, complied with and abided by, the ag ate sum mrntioned ia said promissory note shall become ~ue ar~d payabk forthwith or thereafter at tha option of the Mortgagee, as fully a~nd completdy as if said agKrrgate su,:~ o~ r~;or~er :~as origi- nally stipulated to be paid on su~h day, everything in said promissory note or herein to the contrary notwithstandinQ. ~ ~ 2S. In the event that the Mortgagor makes paymeat by check or checb that the Mortgagor has failed to propedy endorse, the ~lertqagor does hereby appoint the Mortgagee ~s itt attorney-in-fact to supply on behalf of the 1liortgaRor any and all endorsements necessary ! to neqotiate said check or checks and the Mortgagor ag~s to hold the \iortgagee harniless from any liabiliry whatsoever for supplying said erxlorsement. In the event the Mortgagor shaD cash a check for the Mo:tFagor and same shall be retwned for insuffi«ent fiinds or any ather , reason so that the Mortgagee is unable to collect its manry. thea tbe Mortgagor hereby authorizes the ~fort¢agee to add said sum to the ~ , principal balance of this mortgage and said sum shall be secured by ssid promissory aate and mortgage as though it was an addicionai advance ~ under the terms and conditIons of thu mortgage. ' 26. Special provisions: ' I~ WITNESS WHEAEOF, thc said Mortgagor hat acecuLed tbis mortgage under xal oa the day and/year 6ereIn first above written. Si~ned, sea and delivered in p oE: , / , X s,~~~~1, X - ( SEAI.1 ; - aroia x. s~yct, ~ ~ - - - - - - - - - (SEAL) ~ i i e i r f st~te of Florida g C~tY ~ St. Lucie ~ The foregoing ~~+*+~*M*~t was aclmawledged beEore me this Sth day of January , 19 90 , ` b~ HAROLD H. SMYTH, a married man a ~ ~ t \f~~ Commission eipires: - , ~ ~ su_~r+ ~a,??+n.M - - c.~C1Q~~ r-/--,~-- Nota.: r~~~+~~. ~ta!e cl Flarids NOt8ry Pl1bi1C / , My Ccmm. Exp. Apr. 16, 3992 I ~ \otary Seal) v~ ' ~ State of County of € The Eorogoing instrvment wa~ aclmowledged before me t~is day of ~ 19 . ~ by and a[ ~ E ~ On be6alf o~ the Corporation. ~ ~iy Commission e~ires: ~ Y ~ f Notary Public ~ ( \otary Seal) ~y~~K ~j75 Pa~E ~~9 ~ ~i _ ~i .x-- ,riz,. ~ ~~r-~"wT" ;r~~~~"a" = s...ur'G r;-.~~+.~s:~"