HomeMy WebLinkAbout1170 MoRp~ar. In eveat (ot~eclwure of tbiu mortRa~e or othcr trwuftr e( ticle t~ t!?e msrtp~od pr~porty ID tiltlr6111~FU11C[1l O~ lbE indebt•
ednt~ ~eeuced Lerobr, •ll ri6ht, tide ~ad iatere~t sf the Moct~or iw and to ~o~ iducanee policier theo ie (otce ~hsli p~w te tLt
pure5wer ~r ~aatee.
Te ~s~f~rm. e~mplr with ud ~bide b~ eaeh ~od everr the ~tipul~tionM asree~nerq, conditioru aad eoven~nb in qid premissst~
nete ~ad ia tlw deed ~et (~rt6.
(i) T6~t i( arr ~I wid ~w~ a( mone~ hettie ceferred to be nd promptlr md tull~ pai~ withi~ !flteett daY~ sest
aite~ tbe ~ame ~everallr become~ due aad par~ble, or il eacb rad everr tl~e uipulatiwu, •~reemenu. caaditioe~ and covenanu ot said
promiwq rote aod ~ti~ deed, or either~ ur not fullr perforwed~ =omptiad witb and abided br, tbe Mid •isropte ~dm mentiooed in
~aid prwuis~ory note ~Ldl beeome d~e and p.r.blo Porthwich w` therufter at the optioa oi t5e dortarsx ~r fallr and rompletely w
it t6e s~i ~~'e pte ~um ot s~id promiwory note was oci~iuaily ~tipul~ted tu be p~id o~ ~nch day, aa~thi~~ ir ~sid pro~iwq ~e
or hereia b t~e esetrary notwithst~din6.
l j l Th~t in arder ta aecelente the ~aaturitr rf t6r indebtedeew i~erebr secured. l~cause u( the Failure of tl~e ~[~rtpisr to paT anr
trx, ~s~erunent, liabilit', ~bli~ti~a or encuanhrancti upoa ea:d propcrtr. u 6ereio provided. it ~hall not be oeeasary +r rcquirite t!?at
chc monga~ee ~lull 6rst p~7 the ~ame.
2. Tl~e MortSagee inay, at hie option, aad without waiving !us right eo aCCelerate the indebtedncss heceby
eecured and to foreclo~e tht same, pay either beiore or after del'~nquency anY or all of thoee certaia obligatiam
reqnired by t6e termr hereof to be paid by the Mortgagor for the protection of the mortgage eecurity or Cor the collec-
tion o[ the indebtedneae hereby secured. All sum~? ao advanced or paid by the Mortgagee ehall be charaed inta the
mortgage accouat and become an integral part thereof, aubject in all reapects to the Yernte, conditians, and coveuante
ud t6e aCoresrid promieeory note, and thia mortga~e, ae fully and to the aame e~teat ae though a part of Lhe ori~inal
indebtednese e~-idenced by said nott aad accured by ihie mortgage, e~cepting 6ow~ver, that said euma ehaIl be repaid
the Mortgagee [orthH•ith upon its de~nand and be in ad~idon to the regular monthly insrallmenta provided by the
inortgage note.
3. That tl?e abetract or abstracta of title covering the mortgaged ~roperty- sliall at all timea, during the life o[
thie ~nortgage, remain in poseeeeion of the Mortgagee and in event uE the forecloeure of thie mortgage or other tzanafer
of title to the nwrtgaged property iu txtin~uiehment of the indebtednea~ eecured hereby, all right, title +~nd interest
of the biortgagor ia and to any s4ch abetracta of title ahall ~?ass to the pnrchaeer or grantee.
4. 'I~o the extent ot the indebtedneee of tl~e Mortgagur to the Mortgagee deecribed herein or ~ecurtd hereby,
ihe ~1lortgagre ia hzreby subrngnttd to tl?e lien or liene and to the rights of tlte o~rnere and holdere thereof of each
aad ev~ry mortgage, lien or other incumbrauce on the land described herein w~hich is paid and/or eatiafied, in whale
ar in pwrt, out of the proceede of ihe loan deBCribed herein or yecured herebr, aud d?e reapective lie~e t?f said mort•
gagee, liene or other incumbranc~ee, eh~ll be and the eame s~nd each af thein hereby ie preaerved and ehail paee to and
I~e held b}• the Mortgagee heroin as security fnr the indebtedneee to the Diortgagee herein deecribed or h+ereby eecured,
to tiie same extent that it N-ould have been presen~ed and would ha~•e been paeeed to and been held by the Mortgaget
had it been duly and regularly asei~ied, traneferred, eet ovtr, a~id deli~ered w~to the Mortgagee b}• eeparatt dtxd of
a~i~iinent, notwithetanding the fact that the eame mxy be 8atiefied and cancelled of recorc~, it beii~g the intention of the
~,artiee liereto that the eame will Le eatiafied and cancelled of record b}- the holdera thereof at or about the time oS
the recordinR of thie rnortgage.
5. In the event the ownerahip of the mortgaged premisee, or an}~ part thereof, becomea veated in a peraon othet
than tl?e '1lortgagor, the '_1'Iortga~ee m~y, withnut notice to the Mortgagor, deal with such eucceaROr or aucceeeora in
iutereat k•ith reference to thia deed and the debt hereby eecnred, in tl~e yan~e manner a~ scith the '~'Iortgagor withoui
nn ai?~• way ritiating or diacharp,ing the N[ortgagor'e liabilit}' hereunder or upon the debt hereby eyecured. Na sale of
t{ie p~•CmieeR 1?ere'b n~ortpagrd an~ no forbearance oii the part of the '4iort~a~ee, and no exteneirzn of the tiine for the
~~ayn~ent of tht debt 6ereb~- aecured given by the Mort~agce ehall operate to releaee, digcl~ar~e, mociif}', change or affect
the ori~inal liability af the Mortga~or herein either in whole or in part.
fe. 'I'he lien of thie deed aecuree and eha{I continue to secure pati~mcut of ~aid indebtedneas or indebt~rdneae,
IY(1N'p~'P,C evidenced, whether b}• eaid promiesory nott or any renewal or exteneiou thereof ar Aubstitute therefor, or
ott~erwi~e, until all euch indebtedneas ehall havt been fullF~ paid. ~
7. ,iri the~ e~~ent the mnrf~ntiors sell, ~~~nr,e1' nr trn~rs/~~r ll~e ri~mf;;a~ed ~remi.4es dtn~ir,~ lht~ lite nf t/tis ~~inrt~n~~e,
thFn this mm~t~n,~e shall, at tlie o~finn oj tl:e ~11o~~t~a~r•e h~r~rrr, l~~~rnme imr»~dinl~~l~~ due mtd t~r~yable for- the fi~ll suni of
tlic~ prirr~ipnl Galari~e arlci iraterest tlie~t dire.
8. The terme "Mortgagor" and "Mortgagee" wheuever uaed in thie in6tru~nent al~all include the heire, personal
repreientatives, aucceseors and aeai~ne of the respective parties hereto. Wherevtr ae~d the Rin~ilar numt?er ahali include
the plural and the plucal the eingular, and Ehe uee oi an}' gender ahull include ail ~endera.
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Si~ne~i, eealed and delivered in t1~~e preeence of: LI" ~I~'~,~_~ z'`- ~'~-"S-'-~ -~SEAL~
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STATE UF FLORIDA
C:nvNTY OF ~
ST. LIICIE
Before me personall~,- appear~ed CH&STPR B. B~I+~iT~IE a=td LOIS L. BALF.~TTI~'E~ hie Wif~a,
to me well known and known ta mc to be the individuale deecri.bed in and who extcuted the foregoing inetrument, and
acknowledged bPfore me that they executed the eanie Cor tt~e purpc~eee Ytrerein ex reeeed. ~VITNESS my hand and
o~icial eeal in thc l'.ounty and Sts?te ~AB~ ~foreaAid thie 12 h ds?~ of Z( 4~Itb T~ 196~j.
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M~~ Commi~eion Ezpiree: . :r.. _ NoYpry Nuhlic, State of Pl 7Cid ~ . . ; _
FI ~.t t~_`,~,REG RDED ~ ~ - .
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