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HomeMy WebLinkAbout0783 at all times pe.icrabh• and quietly to en!er i.~~wn, hc~ld, uc~cupy~ .iiid ci~j~~v s:uil l:uid; that said land is frr~ froin all enciimhranef5; that thev will make such further assurances to perfect the fee si~nple title to said land in the Assc~ciution as mav re:isoc~abl,y lx• required; and that they do hereby fully warrant the tide to saicl lauti und ~~ill defena the same a7:iinst the la~~•ful claiius oF :;ll jx~rions «•humsoever. P410\'l1~EU AL«'~TS th.~t if tlie ~tort~a~urs shull ~~•ell aud truly ~~?v wito the Association, the inclebtedness rvideuced b~~ th.it certain promissory i~ote, of even date herewith, mada bv thc \iortgagors and pa}•ubie to t}~e Asscx•iatioii, in tlie I~rincil~:il ,um of ~EVE~1 THOUSAND FNE HUNDRED AND NO/100 l~ull:irs (S 500. 00 ~1'I11CI1 note, ici~et~her ~~•ith interest thereon as thc~rein spccified, is pa~~:il,le in munthlv instuliments of FI~"I'Y EIGHT AND NO/ 100 58. 00 Dull:~: s ( ~ 1. on the 1 St c?av uf each tnotith cummencin~ ~~~ith Januarx 1, 1~J 66 which payrnent~ are to Lx~ ;~pplied, [irst to ;nterest, and the balance to principal. until said indebted~iess is paid in full, and shall perEorm, comply ith and aDide by cach and every the stipulations, agrezments, conditions :tnd covenants of said promissory note and this mort~a~e, Anci, including am• advances made by ihe Association to the ~1ortt;a~ors, or their successors in title, for any purpose, at am~ time before the retease and cuncellation of this mortgut;e, but at no time shalt this i~~: ~tgage secure advances on account oF s.iici r~ri~inul note together ~vith such uddi?.ional advances in a siim i~i exces~ of_.. ~EVEN THOUSAND FIV~: H~tJNDRED AND NO/ 100 ~ollars (g 7~ 500. 00 ~ ~~]us any advances necess:~r~• tu j7roteet the scti•uritv and eosts, then this cleed an<I thP estate hereb~~ ereated sh;ill eease and be null and ~'oict. A\D TF~E ~tORTGAGORS DO hereby cu.•enant and agree: 1. 'T'o pay all ancl singular ihe principa~ and interest and other s~uns af money pa~~able b~• virtue of said prumissorr• nutc ,incl this mottgu~e, c~r cither, promptly on the days respectively the san?e severally come due, ~ To pay all and singular the taxes, assessments, levies, lizbilities, obligations ancl incumbrances of every nature and kind ~unv on said d~°scribed propertv, or that hereafter mav be imposed, suffered, pt~lced, levied, or assessed thereon, or thnt hereafter ma~~ be levied or assessed u~n this \~ort~age, or the indebtedness sccurecl hereb~•, cach and e~~ery, ~ti•hen due and payable, .~CCOC(ILII~ to la«~, beEore. they become delinc~uent, and before any interest attaches or an~• penalty is incurred; and insofar as .m~• thereof is of recurcl the sarrze shall be promptly s.itisiiecl and ciisehar~ed of r~eord and the c~riginal offieial doeument (such is, for instance, the tax receipt or the catisfaction parcr offici.il's~~ enclorsecl or ccrtified) shall be Pl~ced in the hands of snici .~ssociati~n as \Iortgaoee ~~•ithin ten davs next after ra~•ment; and in the event that anv there~f is not ~aid, satisfied and discharged, said Association mu~~ at am~ tirne pa~~ the same or any part thereof ~~•ithout «~aiving~or affecting any option, lien, equit~~ or right under or ln• ~•irtue uf this ~tortga~;e, and the full amuunt of e,ich and everv such ~a}•ment shall be imrnediatelv due and pa~~ahle and shall l~ear interest from the date thcreof ur.til paicl at the rate statecl in the note sec•umcl hereb~• snd tr~~ether ~~•ith sueh inter- c~st s}inll be securecl by the lien of ihis J1ort~;~~e. To keep the buildin~;s and all equipment anci personal pro~rty noK• or hereafter on said premises covered by this mortgage, insurecl in a sum eyual to at least the amount of the mortKage, or an amow~t sufficient to camply with any cv-insurance reciuire- ment co~ering the sr~me under the laws ot the State of Floricia, co~•eriu,~ loss [rom both fire and storm, making the loss under said policies, each and e~ery, pa}able to the .~ssociation, ~~s moregagee, ac its interest may appear, and said insurance shall be in a gooci and responsible insurancr company satisfattory to saici :lssociation, anil w~ritten by a responsible local agenc satisEactury to said Asso- ciation; a~~d the polic}' or policies shall bear a stanclanl mortgage clause without contribution, and, if the original principal amount of tt~e n:art~;a~;e is Fifty 'I housand and no! 10t! llollars (S50,000.00) or in excess thereof, shall be held by the Association, and, lII the e~ent any sum of nione~ becomes Eiayable uucter such ~wlicy or palicirs, the Association shall have the option tQ recei~•e and apply the samr on accuunt o[ the indebtedness hereb~~ secured, ar to permit tlie mortpagon to recei~•e and use it, or any part thereof, for othrr purposes, witliout thereby wai~ ing or impairing any equit~~, lien, or right under and by ~•irtue ot this mortgage, and ma~~ p!ace and ~~.i~ .or such insurance, or an} p.+rt tt~ereof, without wai~in~; or affectinK its option to foreclose, ar any right hereunder, and tt7e full .lTriOtlll[ OE Gach .III(I f'~'fi~' SU(~l pa}rnent shall be immediatrlv due and payable a~~d shall bear interest Erom the date thcrcoE until paid at the rate ~tated in the note secured hereby and tagether with such interest shall be secured by the iien of chis Jf ortgage. 4. Tc~ permit, cc;rnmit, or suffer no ~~~aste, vnpairment or dctcrioration of said propert~•, or any part thereof, ancl upon the fuiluro of th~~ murt~a~ors to kecp the buildings on said properh• in ~ood condiYion of repair, the Association mav ~lemand the i~nmediate re~~air of said buildin~s or the immediate repavrnent of the debt hereb~~ s~c:ured, ancl the failure oE the. mortgagors t~~ con~pl~• ~ti•ith saicl demanc! of the ,-lssociation Eor a I~eriod of Thirty (30) days, slial! constitut: a hreach of this mort~a~e, and, at the option of the Association, immedi:itelv mature the entire amount of principal and interest herebv secured, and the lssnci~~tirni, immediately and ~i-ithout notice, mav institute procc~e~lin<~s tn f~reclose this mort~;age anci ap~~~~ for the appointment nf a Recei~•er•, as hereinafter prrn~ide~l. This mort~ag~ contract ~rovicles for additionul advances ~~~hich in:iy be made at the o~tion of the association an<l securea bv this rnort~a~e, anc3 it is aQreed Yhat in the event of such atlvances the amount may be aclded to the mortgage debt ~~t~d shall ~increase the un~aiu baiauce oE the note hereby secured by ihe amount of such advance and sh11! be a part of saic~ ~iote indebteuness tinder all the terms of said note and !his contract .s fullv as if a new e~~ch note and contract ~ti•ere execi~trcl anri ~leli~~ered. An additional aclvance a~reement ma~~ l~e given and accepted for s~:ch 8d~a.:C`e Al1CI ~IOV1S1071 ma~• be made for cliffercnt monthl~~ I~a~ inents ::nd a difEerent interest rate atid other espress modifications of the contract, but in .~Il other resp~ cts ihis cuntract shall remain in full force and cEfect as to said inciebtedr.ess, including all ach~ances. 6. If an~: af the sums of muney herein referred to be not promptl~~ and fullv paici ~;•ithin 'T}urty (30) days next after the same se~•crally cv~me clue and pa~•able, or if each and every the stipulutions, a~mement, conditio~~s, and covenants of saicl ~romissory note ancl this deed, or either, are not duly performed, complied with and abided by, ihe aggregate sum mentioned in said promis~orv note ancl am~ other amount or amounts added to the mortgage indebtedness under the ternis of this mortg:i~e shall become due and pa~•:ible forth~eilh or thcreafter at the option of the Association, as fully and completely as if said ag~regatc• sum of money ~vas ori~inally stipulated to be paid on such dav, an~-thing in said promissu:v uote or herein to the contr.irv iuit- ~ti•i!hstandin~. ~ ~ 'To delirer to th~ Associnti~sn, on or l~efore \farch 15th, of each ~~e<<r, tax receipts evidencing the payment c~f all la~+~- Fullv imposed taxes for thc: F~recedin~; c.ilenclar vear; to deliver to the Assoeiation receipts evidencing the payment ~f all liens for~public im~rovements ~i~ithin ninety (90) ciays after the same shall herome due and payable, and to pay or discharge within ninety (90) da~•s ~fter due date, am~ and a!1 ~overnme7tal levies that may be made C~Il ~}1C :.~ort~a~ed prr~~rtv, on this mort~a~e ~r note, or in a~iv ~.~cher ~vav r<~siiltin~; from the mortgage indebtedness secured bv this mort~;at!e. BOkK 1~2 17~7 .