Fort Walton Beach Council agenda — 02-08-05 — reading text

Except as provided in any covenant or Paragraph 16 hereof, upon till covenants to pay when agreement of the have made a due any sums secured by this Mortgagor in this Mortgage, including e material Mortgage, nced by the Note,misrepresentation or material or in the Mortga, r shall event that the omission in immediately due and payableMortgagee; may declare all of the sums Mortgagor' s application for the lIB t1 without further securedey this Mortgage tcrt> proceeding. Prior to acceleration demand and may foreclose e' , in of this Paragraph ( 10) hereof Mortgage, Mortgagee shall' give this Mortgage by judicia _ cure such specifying ( 1) the breach ( if the notice to ded breach; ( 3) a date, not less breach is curable); (2) Mortgagor as JD v , by which such breach than ten ( 10) the action requiral ~~ must be cured; and (4) that days from the date the notice r. specified in the notice failure to cure such is mailed to c> may result in breach on or MOIIf 19 & jUdicial prOCeeding, and sale of the acceleration of the sums secured by this before the daE reinstate after Property. The notice Mortgage, foreclosum V Y acceleration and the shall further inform default or any other right to assert in the Mortgagor of.the defense of foreclosure proceeding the right!>> cot/ect in such Mortgagor acceleration and nonexistence m ~, proceeding' all expenses of fees, court costs, foreclosure. and costs of foreclosure, including, but not Mortgagee shall be entit/edt~ documentary evidence, abS'tracts limited to, reasonable Y s' attm ~ and title 16. reports. by this MortgageMortgagor' due to the s Right to Reinstate. proceedings begun by Mortgagor' S breach, Notwithstanding the acceleration of the sums the sear4!3 o jUdgment Mortgagee to enforce this Mortgagor shall have the right to enforcing have any under this this Mortgage if: (a) Mortgagor Mortgage discontinued at any time Mortgage and the Note pays Mortgagee all prior to entry al other had no sums which would be then dw covenants or agreements of acceleration occurred; ( b) reasonable expenses Mortgagor contained in this Mortgagor cures at/breaches rJ...- y inciJrred by contained in this Mortgagee in enforcing the Mortgage; ( c) Mortgagor pays all Mortgage, and in covenants and agreements including, but not limited to, enforcing Mortgagee's remedies as provided in of Mortgagl action as reasonable f ~ Mortgagee may reasonably attorneys' fees and court costs; and (d) the Paragraph ( 15) h~ ..--. the require Property and the to assure that the lien Mortgagor takes~ ~ ' nimpaired. Upon such Mortgagor's obligation to pay the sums of this I: Mortgage, Mortgagee' s in~ payment and cure secured by this hereby remain in full force by Mortgagor, this Mortgage shall contini .. and effect as if no Mortgage acceleration had occurred. and the obligations secured SIT  17. Assignment of Revenues; Appointment of Receiver. As additional security hereunder, Mortgagor hereby assigns to Mortgagee the revenues of the to acceleration under Property, provided that Mortgagor shall, prior Paragraph ( 15) hereof or abandonment of the Property, have the right to collect and retain such revenues as they become due and payable. Upon acceleration under Paragraph 15 hereof or abandonment of the Property, Mortgagee shall be 'entitled to have a receiver appointed by a court to enter upon, take possession of and manage the Property and to .collect the revenues of the Property including those past due. All revenues collected the by receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver' s fees, premiums on receiver' s bonds and the re'asonable attorneys' fees, and then to the sums secured by this Mortgage.. The receiver shall be liable to account only for those revenue$ actually received. 18. Release. Upon payment of all sums secured a ~ ritten 'satisfaction of this by this Mortgage, Mortgagee shall prepare Mortgage. 19. Subordination. Lender and Borrower Instrument is subject and subordinate in all acknowledge and agree that this Security respects to the liens, terms, covenants and conditions of the First Mortgage and to all advances heretofore made or which may hereafter be made pursuant to the First Mortgage including all sums advanced for the purpose of (a) First Mortgage, curing defaults protecting or further securing the lien of the by the Borrower under the First Mortgage, or for any other purpose expressly permitted by the First Mortgage or ( b) constructing, renovating, repairing, furnishing, fixturing or equipping the Property. However, if the Property undergoes a refinancing, the right to review any information relative to the new loan and determine whether Mortgagee reserves the the Mortgagee' s lien position remains secure. The terms and provisions of the First and they supersede Mortgage are paramount and controlling, any other terms and provisions hereof in conflict therewith. For purposes of this program, the Mortgagee, in its sole discretion may choose to take a further subordinated lien position other than what is contemplated under this paragraph herein if current liens on said to mortgaging the Property existed prior Property under this