HomeMy WebLinkAbout1989 It is agreed thot any additional sum or sums ndvonced by the then holder of the note secured hereby
to the then owner of the real estQte desuibed herein ot ony time within twenry years from the date of this
mortgage, with interest thereon ot the rate ag~eed upon oi the time of each additior~o) loon or advonce,
shall be equally secured with and hove the some prioriy os the o~iginol indebtedness cnd be subject to oll
of the terms ond provisions of this mo~tgage, if such additio~cl loon or odvance is evidenced by a promissory
note of the Borrowers that is identified by retital thoL it is secured by this mortgage; p~ovided thai the
aggregate amount of principol outstanding at eny one time shull noi exceed an omount equal to one hun-
dred fifty per cent (15096) of the principol omount originolly secured hereby; and provided further that
it is understood ond agreed that this future advonce provision sholl not be construed to obligote the then
holder of the note to make any such odditionol loans o~ advonces. tt is further ag~eed tFroi any additior~l
note or notes executed and delivered unde~ ihis future advance provision shoU be included in the word
"note" wherever it appeors in the context of this mo~tgage.
MORTGAGORS COVENANT AN~ AGREE:
1. Thut at the time of the execution ond delivery of this mortgage, Mo~igogors ore well seized of
said premises in fee simple, hove good right ond authority to mortgage the same os herein provided, thot
soid premises are free f~om oll incumbrances and charges whatever, and thei Mo~tgogors will forever
~ warrant end defend the same agc~i~si o!i lewfu! cloims whatsoever, thot it shall be lawful for Mortgc~gee
oi o!I times peoceobly ond quietly to enter upon, hold, occupy and enjoy soid premises and every part thereof.
2. To keep said premises insured fo~ the p~otection of Mortgagee in such rrwnner, in such amounts
ond in such componies as Mortgagee moy from time to time approve, ond to keep the policies therefor,
properly endorsed, on deposii with Mortgagee; ond thot loss proceeds (less expenses of collection) shall,
ot Mortgogee's option, be opplied on said indebtedness, whether due or not, or to the ~estoration of soid
improvements. ,
3. To pay eil taxes and special ossessments of any kind thet have been or nwy be levied or ossessed
wiihin the Stc~e of Florida upon said premises, or ony port thereof, or upon the rwte or debt secured hereby,
or upon the interest of Mortgagee in soid premises or in said note or soid debt, and p~ocure ond deliver to
Mortgagee, Qt its home office, ten doys before the doy fixed by law fo~ the first interest or penalty to
acc~ue thereon, the official receipt of the proper affice~ showing ~wyment ot al! such ioxes ~nd ossessments.
4. To keep said premises free fram all prior liens and upon demand of Mortgagee to poy and procure
~eleose of any lien which in any woy may impoir the security of this mortgage.
5. In the event of default by Mo~tgagors under porographs 2, 3 or 4 above, Mortgagee, ai its option
(whether electing to dectare the whole indebtedness hereby secured due ond collectible or not), may
ia) etfeci the insurnnce obove provided for and pay the reasoiwble premiums and charges therefor, (b) pay
cll soid taxes and assessments without determining the validiry thereof (unless IV~ortgagors have instituted
proper legal proceedings to test the volidiy of such taxes or assessments and Fwve deposited with Mort-
gogee security theretor accepiQble to +t); and (c) poy such liens, and all costs, expenses flnd attomey's
fees herein covenanted to be poid by Mortgagors; and oll such payments, with interest thereon f~om the ~
time of poyment ot the rate of ten per cent per annum, shall be deemed a port of the indebtedness secured
by this mortgage and shall be immediately due and payable by Mortgagors to Mortgagee.
6. Tho[ there is no assignmeni or pledge of ony leoses of, or rentals or income from, said premises
now in effect, ond ttwt, until said indebtedness is fully poid, they will no: moke any such ossignment or
pledge to anyone other thon Mortgagee and will not, without the prior written approval of Mortgagee,
consenY to a canceltation of any of suid leases having at the time an unexpired term ot more thon two
yeors, or to Q release or reduction ot the liebility ot ony lessee under such o lease.
7. To keep the buildings and other improvements now or hereafter erected in good condition and
repair, not to commit or suffer ony woste of said premises and to permit Mortgagee to enter at atl reason-
able times for the purpose of inspetting tF~e premises.
8. Thui ihey witl pay the ie~debtedness hereby secured p~omptly and in full compliance with the terms
of seid note ond this mortgage, and thot the time of payment ot the indebtedness hereby secured, or of any
portion thereof, rrwy be extended or renewed, and any portions of the premises herein described may, wiih-
out notice be reteased from the tien hereof, without releosing or offecting ihe personal liability of any pe~son
or corporation for the payment of snid indebtedness or the lien of this instrument upon the remainder of
soid premises for Yhe full amount of said indebtedness then remaining unpaid, and no change in the
ownership of said premises shall releose, reduce or othervrise effect any such personal IiQbility or the lien
hereby created.
9. Thot if the loan secured hereby is obtained to assist in finoncing buildinq canstruction or remodel-
ing, or any other improvements to the property: (a) if such improvements shall not, in accordonce with
plans Qnd specifications approved by Mortgagee, be completed prior to the expirotion date of the loun
commitment, or (b) if work on such improvements shall ceose before completion and remain obondoned
for o period of fifteen consecutive doys, the existence of either circumstance shall constitute an event of
defoult under the terms of this instrument, and at any time thereofter, the soid note and the whole indebted-
ness secured hereby shall, oi tF~e opYion of tne Mortgagee and without notice fo Mortgegors (such notice
being hereby expressly waived), become due and collectible at once by foreclosure or otherwise. In the
event of such cessc~tion or abondanment of work as oforesaid, Mortgagee may, at its option, also enter upon
the property and complete the improvements and Mortgagors hereby give to Mortgagee full power and
j authority to make such entry ond to enter into such contracts or arrongements as if may consider necessary
io complete the same. All moneys expended by Mortgagee in connection with completion of soid improve-
i ments sholl be included in the indebtednsss hereby se~ured and shall be poyable by iVlortgagors immediately
and without demand, with interest at the rate of ten per cenT per onnum. Until the lonn sholt have been
fully disbursed, the ogents of the Mortgagee shall have the righi to enier upon the property Qi any and
all times to inspect the imp~ovement project thot is under way.
IT IS MUTUALLY AGREED TNAT:
l. MortgQgee shelf be wbrogated to the lien of ony and oll prior incumbrances, liens or charges poid
ond dischorged from the proceeds of the note hereby secured, and even though said prior liens have been
released of record, the repoyment of said note shall be secured by such liens on the portions of said
premises affected thereby to the extent of such payments, respectively.
2. Whenever by the terms of this insirumeni or of soid note Mortgagee is given any option, such
option may be exercised when the right occn~es, or ot any time thereofter.
, 3. All Mortgagors sholl be jointly and severally lieble for fulfillment of their covenants and agree-
ments herein contoined, and att provisions of this mortgage shall inure io ond be binding upon the heirs,
executors, administrotors, successors, grantees, lessees ond ossigns of the porties hereto, respectively.
4. In case default shull be made in the poyrnni of any instolment of said note or of interest thereon
; when due or if there sholl be o failure on the port of Mortgogors to comply with ony covenant, condition
~ or provision of this mortgage, then the said note and the whole indebiedness secured by this mortgoge,
including all poyments for toxes, ossessments, insuronce premiums, liens, costs, expenses and attorney's
fees herein specified sholl, at the option of Mortgagee and without notice to Mortgagors (such notice being
hereby expressly waived), become due and collectible at once by foreclosure or otherwise.
5. If the note and mortgage or either of them shall be placed in the hands of an ottomey for col-
lection or foreclosure, or if Mortgogee voluntorily or involuntorily becomes or is made a party !o ony suit
or proceeding relating to the premises or to this mortgage or soid note, Mortgagors shall reimburse Mort-
gagee for its reosonoble attomey's fees, costs ond expense of procuring obstracts or other evidences of
title and title insurance in connection therewith. ~ R~~~
"Lf1rK
~ ~ = ~ ert ~o $ s.~
_r _ ~ _w . _ . _ ~ ~ w~