HomeMy WebLinkAbout0779 :~t all times peaceably and quietly to en!er uEwn, }iold, cxrup>' anii rnj~iv szxl l.~nd; that said laud is Eree from all encumbrances;
that they will make surh further assuxances to perfect t6e fee simple title to said lanc~ in the Association as mav reasonably tx•
rrc{uired; and that they do hereby fully warrant the tiile to said lancl unci will defend the sume agAlilSt the la~~~ful claims oE
all ix•rsc~ns ~~humsoever.
PHO\'1D~D AL11'~l'S that if thr :~lort~;at;urs shull ~ti~ep and truly pa~~ ur~to the :lssociation, the in~lrbted~~ess cvidenced
bti~ that certain promissoiy note, of even date herewith, made bv the \tortga~ors anil pav;~ble to the Assoriation, in the I~rinciir~l
surn of SEVEN THOUSAND FIVE HUI~TDRED AND NO/100 p~,~~,~r,; ~~7~ 500. 00
~~hi~t~ nute, t~~~ether «~ith :nterest thert~on as therein sjxcif:ed, is ~~n~:illle in monthlv installinents uf
FIFTY EIGHT AND NO/1.00 -------------_..-__a__.._____~__..__ 1~~~~l:irs (s ~g• 00
on thc: lSt da~• uf each inonth cummeucing ~~'ith _~~.Illd~x'~''_~, 1966 _ which paymentx
,ire to tse applied, fi:st ~to intcrest, and the balance to principal, until saicl indebtedness is paid in full, and shall perform, comply
~~~ith and abide bv each and every the stipulations, a~reements, conditions anci co~~enants of said promissory note and this
rnortga~e, And, including zm ad~'ances made by the Association to the ~iortga~;ors, or their successors in title, for anv purpose,
at am~ time before the release and cazicellation nf this mortgagc, but at no time shall this mortguge secure ldvances on acr~iunt
of s.iid ori~inal nute toc;ether ~~~ith sucli udditional advauces in a sum in escess of _SF.VEN THOUS9ND FI~TE
HUNDRED AND NO~ 1Q0. ----------.-----.-r"~' Uollurs 7~ 5Q0, 00 j, plus am~ ach~:inces nec~ssar~~
to E~rutect the sc~curitv anci custs, then this cleed ancl the estate hereb~• create<1 sh,ill cease and he null and ~~uid.
AtiD THE \tORTGAGOR5 DO hereby cv~~enant and agrec:
1. To pay all and singular the principal and interest and other sums of money pa~~able b~• virttie of saicl prurnissorv ni~tc•
ancl this mortg.ige, or eitlier, prompth• on the da~s res~ectively the same severally rome due. ~
To pay all and sin~ular the tzxes, assessments, levies, liabilities, obligations ancl ineumbrances of ever~~ nature anci kincl
nu~~~ on said drscribed ~ro~erty, or that hereafter may be imposed, sufEered, placecl, le~•ied, or assessrd thereon, or that hereafter
ma~~ be le~•iecl or assessed ~~pon this ~lortgage, or the indebtedness secure<1 hereb~-, each a~ic! e~~cn~, when due anr_t pa}•able,
:~ccordin~ to l.i~v, before they become delinquent, and b~fore any interc:st attaches or am• penalty ~is incurred; and insofar :~5
.~n~• thereof is of recurd the same shall be promptl}• satisfied and dischar~ed of record .~nd the ori~inal official dcxument (such
~s, For instanee, the tax reec•ipt or the satisEaetion i~:iPer ofFiei~lh~ enclorsed or eertified) shull be placrd in the hands of s<iicl
:lssociation .:s ~fort~agce ~~~ithin ten da~~s next after ~,a~•mer.t; 1nc1 in t}ie evcnt that any therenf is not paid, satisficd and dischargcKl,
saicl Association n~a~~ at anv time Pa}• tiie same or any part the~reof «•ithout w:iiving or affecting am~ option, lien, equih• or ri~;ht
under or b~~ ~•irtue uf this \lortgu~e, and the full amoimt of e.ich and everv such pa~•ment shall l~e immediatelv due and pati:ihle
ancl shall bear interest from the date thereaf until Paid at thc ratc~ sYAfe~l in the note secured hereb~• :znd tn~ether ~~•i.h suc}t inter-
est sh:ill be ~ecurecl bv the lien of this ~Sortg~tge.
To keep the buildings and all cyuipment an~i persor~al proE~erty now or hereafter on said premises co~•ercd ~y this morcgage,
insured in a surn eyual to at least the amount of the mortKage, or an amount sufficient ~o comply with any co-insurance require-
me~~t ca~~ering thc same undrr the laws of the St~~tc of Elorida, coverinq loss [rom both fire and storm, making the loss under said
~~olieies, ea~h ,~nd e~er}', pa}'able to the Association, as mortga~;ee, ac its interest may appear, and said insurance steall be in a good
and resE~onsible insurance compan}' satisfacrory to s:iid :~ssociation, and N~ritten b} a responsible local agent satistactory to said Asso-
ciation; and the pc~lie}' or policies shall b~.ir :i st:iudaret mortga{~e clausr without contribution, ane~, iE the oriyinal principal amount
oE the mortya~;e is F'ifty "l~housanet anel noi lU0 llollars (S5U,OOO.OQj or in excess thereoE, shal! be held by che Association, and, in
the e~ent any sum of mone} becornes pa}able un~ter such ~wlicy or policies, the :~ssociation shall have the option to receive and apply
che samc on accaunt of ehe indebtedness tiereb}~ securrd, or to permit the rnonyagors ta receive and use it, or any part thereof, for
other purposes, H•ithout tt~eret;y wai~inK or impairinp anv equity, lien, or right under and by virtue oi this mortgage, and may
place ancl pay [or such insurance, or an} }~:if[ [Il(T(Of, K1[IIOU[ Wai~i~~~; or a(Cectin~ its option to foreclose, ar any right hereunder,
.u~d the full amount of each ~~nd c~ery such pa}'ment stiall t>e immediatrly due and payabie and shall bear interest from the date
thercof until paid a; the rate stated in the note secured hereby~ and together w•ith such interest shall be secured by the lien of this
~Iortgage.
4. To i~ern~it, commit, or suffer no ~vaste, unpainnent or deterior~itian of said propert~•, or .~nv p~irt thereof, an1 u~x>ti
the failure c~f the mortga~ors to keep the huildings on said propert~~ ii~ good ec~ndition of repair, the Assoeiation mav demand the
irnmedir~tc rep.iir of said buildin~s or the immediate repavment of the debt hereb~~ secured, antl the failure of the mortgagors
to compl~~ «~ith saicl demand of thr ,~ssociation for a peri~>d of Thirtv (30) cla~•s, shzll constitute a breach of this mort~age,
and, at the ~~ption of the Association, immediat~l~• mature the entim arnount of principnl and interest herebv securecl, and the
:1ss~ciation, immediatel}' and ~~•ithout notice, mav institute I~rocceclinRs tr~ Fr~reclase this mort~a~c~ and appl~• f~r the appointment
~f a Recei~~cr, as hereinafter provide~l.
5. This mort~age contract ~rovicles for additic,nai advances «•hich ma~~ l>e made at the oPtiun r>E the ussociation and
secured bv this niort~a~e, and it is agreed that in the event oE sucli acl~•ances the amount may be addecl to the mortgagz debt
.,nci shall increase the unrai~3 balan~e of the note hereby secttred bv ihe amount of suc}t advance and shall be a part of saicl
nnte indebtecL~ess imder all the terms nf saicl note ancl this contract as fullv as if a new such noie and contract ~~•ere executed
unc~ rleli~•ered. :1n udditional sich~ancc a~reement ma~~ be gi~•en ancl accepted for such advance and provision ~n~i~• be macie fc~r
rlifEerent monthl~~ parmenrs and a different interest rate ancl other espress modifications of t;~e contr~ct, bu# in all~other res~~ects
ihi; contr~et sh.ill rernain in full force and effect as to said indebtedness, inclutiin~ dll advances.
6. If am• ~f the sums of muney herein refened to be not promPtlF• and fullv paid ~~~ithin Thirt~~ (301 day~s ne~t after
thc same sever,illy c~me duc and pa~•able, or if each and ever~~ the stipul~ttions, ahrcement, conditions, and co~~enants of sai<1
Prernissory nate ancl this cleed, or either, are not duly performed, complie~d with and abided by, the aggregate sum mentioneci
in said promistinrv note and an~~ other amount or amounts adcied to the mortga'e indebtedness under the terms of this mortga~e
shall bccome due :Znd pei~~~ible forthwith or thereafter at the uption of the Association, as fulh~ and completely as if said ag;;re ;atc~
sum of monev ~tias originally stipulated to Ue paid on such dav, am~thin~ in said promissorv nate or hPrein to the contr:in~ ncrt-
~ti~;thstanding.. . . . .
To deli~•er to the Assc~ciation, on or before Ltarch l~kh, ~f each ~•ear, tas receipts evidencing the payment af all la~ti~-
ftillv im~osecl taxes for the ~~recedin~ e.ilendur ~•ear, to deliver to the Assaciatian re~eipts evideneing the payment of all liens
f.nr~public improvements ~rithin ninety (90) days after the same shall hecome due and payable, and to pay or discharge w•ithin
nine±y (90) da~•s after dt~e date, an~• anci aill ~ovenimental levies that may be macte on ±he mort~a~ed pr~~I~ertv, c~n ihi5 rnoit~a~e~
~r nnte, ar in nn~~ other w•a~~ rc•s~~ltin~ fmm tF~e~ rtix>rt~age indel~tedness Seriirecl bti• this mort~at;e~.
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