HomeMy WebLinkAbout0769 at all times pc~:ic°rably anci quietly to en!er upon, hold, ex~eu~y und enjov suid l:ind; that said land is free from all eneurnbranoes;
that they will make such further assurancts to perfect the fee aimple title to said land in the Association as mav reasonably- be
:equired; and that they du hereby fully watTant the title to saicl land an~3 will defend the same against the lawful clain~s of
all persons w~hamsoever.
PRO~'IDED AL~ti'A'iS thut if the Alortgagurs shall well and tn?ly p:?y unta the Associ:ation, the indebtedness evidencecl
by that certain promissory note, of even date herewith, made bv the ilortgagors and pa~•able to the Asscxiation, in the princi~~al
sum of SEVEN_THOUSAI\TD FNE ~iUNllRED AND I~'O/100 p~~~;lrs (g~~ ~00.00 ~
~+~hich note, together «~ith interest thereon as therein specified, is payuble in monthly installrr~ents of
58.00
FIF"TY EIGHT AND NO/ 100 Dollars (S
on the 1St day of each ~ionth commrnciug ~vith ____.J3Y?Uar'~!..ra. .1966 which payments
are to be .~pplied, first to interest, and the balance to pru~cipal, until said indebtedness is paid in full, and shall perform, c~omply
with and abide by each and every the stipulations, agreements, conditions und covenants of said promissor,y note and this
mortgage, And, including any advances made by the Associarion to the Mortgagors, or their successors in title, for any purpose,
at anv time before the release and caneellation of this mor~gage, but at no time shall this rnortgage secure ldvances on account
oE said original note toge.her with such additionll .~dvauces in a sum in excess of.___~EVEN THOUSAi~TD FIVE
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HUI~~RED AND_NO~10_0~ _ UoAars 7, 500. 00 plus any advances necessary
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to protect the security and costs, then this deezi and the estate herebv created shall cease and be null and voi:l.
AND THE ~iORTGAGORS DO hereby c~venant and agree:
1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory nutc
:uul this murtgage, or either, promptly on the days respectively fhe same severally come due.
2. To pay all and singulaz the taxes, assessments, levies, liabilities, obligatians and incumbrances of every nature and kind
iio~v oii said described pmperty, or that hereafter may be imposed, suffered, placecl, levied, or assessed thereon, or that hereaEter
?na~~ be ievied or assessed upon this !~iortgage, or the indebtedness secureci hereby, cach and every, when due and payable,
uccording to la~v, beEore they become delinquent, and before any interest attaches ~r sinv penalty is incurred; and insofar as
an~~ thereof is of record the same sl~all be promptly satisfieci and discharged of recurd and the original ofEicial document (such
1s, for instance, the tax receipt or the satisfaMion paper officialh• endorsed or certified) shall be pllced in the hands of saic~
Assottiation as ~fort~~aec within ten days next after pay~ment; and in the event that any thereof is not paid, satisfied and discharged.
said Association inay at anY time pay~ ttie saine or any part thereoE ~vithout waiving or affecting any option, lien, equitv or right
under or bv virtue of this \fortgage, and the ful] amount of each anci every such payment shall be immediately due and payable
and shall bear interest from the date thereof until paid at the rate stated in the note sec~~recl hereb~• and togeth~r ~vith such inter-
est shall he secured by the lien of this :~tortgage.
S. To keep the buildings and all equipment and personal properry now or hereafter on said premises covered by this mortgage,
insured in a s~m equai to at least the amount of the mortgage, or an amount sufEicient to romply with any co-insurance require-
1 ment covering the same under the laws of the Scate of Florida, covering loss from both fire and storm, making the iosz under said
policies, each and e~•ery, payable to the Association, as mortgagee, ac its interest may appear, and said insurance shall be in a good
aud responsible insurance company satisfactory to said .association, and written by a responsible local agent satisfactory to said Asso-
ciation: as~d the palicy or policies shall bear a standard mortgage clause without contribution, and, if the ariginal principal amount
of the mortga~e is FiEty Thousand and noj 100 Uollars (550,6(~~.00) or in excess thereof, shall be held by [he Association, and, in
the e~~ent any sum of money becomes payable under such policy or policies, the Association shall have the option to receive and apply
the same on account of the indebtedness hereby secured, or to permit the mortgagors to receive and use it, or any part thereof, for
other purposes, without thereby w31~'lll~ or impairing any equity, lien, or right under and by virtue of this mortgage, and may
place and pay for sucli insurance, or any part thereo[, without waivinK or affecting its option to foreclose, or any right hereunder,
and thc full amount of each and e~•ery such payment shall be immediately duc and payable and shall bear interest Erom the date
thereof until paid at the rate stated in ttie r~ote secured hereby and together with such interest shall be secured by the lien oE this
:~f ortgage.
4. To ~ermit, ccmmit, ar suffer no waste, impairment or <leterroration of said propert~•, or any part thereof, and upon
the failuro of the mortgagurs to keep the buildings on said property in good condition of repair, the Association may demand the
immediate repair of said buildin;s or the immediate repa«nent of tlie debt hereby~ secureci, nncl the failure of the mortgago:s
to comply with said demand of the Association for a Period of Thirty (30) days, shall constitute a breach of this mortga~e,
and, at thc option of the Association, immediatPlv mature the entire amount of principal and interest herebv securec3, and the
Association, immecliately and without not:ce, mav insritute proccedin~~s t~~ foreclose this mortgafie and apph~ for the appointment
~f a Recei~~er, zs hereinafter pro~•ide~l.
This mort~age contract provides for additional advauces which may b~e made at the option of the assoeiation and
secured by this mortgage, and it is agreed that in the event of such aclvances the amount may be added to the mortgage debt
and shall increase the unpaid balance of Lhe note hereby secured by the amount of such advance and shall be a part of said
nnte indebtedness unde.r all the terms of said note and this contract as fully as if a new such note and contract w~ere executecl
,~ncl delivered. An additional .idvance agreement may be given and accepted ior such advance and provision may be made for
clifEerent monthlv pati•ments and a different interest rate and other express medifications of the contract, ~ut in all othez respects
ihis c~ntract shall remain in fuil force and effect as to said indebtedness, including all advances.
6. If anti• of the sums of muney herein referred to be nol promptly and fully paid within Thirty (30) days next after
the same severally c~me due ancl payable, or if each and every the stipulations, aorcement, conditions, and covenants of said
promissory note and this deed, ar either, are nat duly performed, complied wiih and abided by, the aggregate surn mentioneci
in said promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgagc
shall bE~come due and pa}~able forthwith or thcreafter at the option of the Association, as fully and comp2etely as if said aggregatc
sum of money was originally stipulated to be paid on such day, anything in said promissor,y note or herein to the contrarv not-
~ti~ithstanding.
7. To deliver to the Association, o~i or Uefore ~.arch l~th, of each y~ear, tax receirts evidencing the pay~rnent of all laK~-
fully imposed taxes far the preceding calendar vear; to deliver to the Associatian receipts evidencing the payme*~t of all iiens
for public improvements within ninety (50) days after the same shall become due and payable, and to pa}' or discharge within
ninety (90) da~~s after due date, any and all governmental levies that may be made on the m~rtgayeci property, on this mortgage
~r note, er in an~• other way resultin~ from the mortgage indebtedness secured by this mortgaQc.
. aooK1~2 1fi~
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