HomeMy WebLinkAbout0868 it is ~~eed that any odditiorwl sum or sum~ qdvanced by the then holder of the note secured he~et~y
to the then awner of the ~ecl estcte desc~ibed her'ei~i ct ony time within twe~ty years from the dote of this,
mo~t e, with interest tha~eon at the rote cgreed upon ct the time of eoch cdditioncl •~oon or advor~ce
sholl~equolly secured with ond hove the some priority os the orlgi~l indebtedness ond be subject b oif
of ths tenns ond provisions of this mo~tgcge, if such additionol loo~ or advonce is evidenced by c promisswY
~ote of the Bo~rowers thct Is identified by recitol thot it is secured by this nwrt~oge; provided N~ot the
a99~e~ote omount of P~~incipol outstonding at ony one time shall not exceed cn omountequo
I to one hun-
dred fifty pe~ cent (15096) of the prlncipol amount o~iginally secured hereby; cnd provided furthe~ thct
it is ur~derstood and a9~eed tFwt this future advance prov~sion sfwll not be tonstrued to obligc~te the the~ !
holder of the note to make ony such additioncl loons or odvonces. It is fu~ther ~reed that any additionol
note or notes executed ond delivered under this future advonce provision shall be included in the word •
"note" wherever it cppecrs in the context of this mo~tgcge.
MORTGAGORS COVENANT AND AGREE:
1. TFwt at the time of the execution cnd delivery of this mo~cgoge, Mo~tgc9crs aro well seized of
said premises in fee simple, hove 9ood ri9ht ond outhority to mortgcge the some as he~ein provided, that
said premises ore free from cll incumbrances ond chorg~ whotever, ond thot MoKgogors w~ll forever
• warront cnd defend the same c~inst all lawful cloims whatsoever, thot it sholl be lowful, fo~ Mo~tQogee
ct ail times pecceobly and quietly to enter upon, hold, occupy and e~jey said premiscs and every port thereof•
2 To keep soid premises insured for the protection of Mo~tgogee in such mon~e~, in such omounts
and in such compenies os Mortgogee moy from time to tim~ cpprove, cnd to• keep the policies therefor,
p~ope~ly endorsed, on deposit with Mort9a9ee; ond thot loss proceeds (less expenses of collection) sholl
ct Mortg~ee's option, be opplied on said indebtedness, whethe~ due or not, or to the restorction of sai~
improvements. ~
3. To pay oll t~xes and specicl assessments of cny kind thot hove been or may be levied or ossessed
within the Stote of Floridc upon said premises, or ony pcrt thereof, or upon the note or debt secured hereby,
or upo~ the interest of Mortgogee in said premises or in scid note or said debt, and procure and deliver to
Mortga~ee, at its home office, ten rlcys before the doy fixed bq law for the first interest or penolty to
accrue thereon, the official ~eceipt of the proper officer showing payme~t of cil such tcxes cnd ossessments.
4. To keep said premises free from all prior ~iens and upon demcnd of Mo~tgogee to pay and procure
releose of any lien which in any wey mcy impair the security of this mortgage.
5. in the event of defcuit by Mortgogors under porographs 2, 3 or 4 above, IViartgagee, ot Its option
(whether electing to declore the wtiole indebtedness hereby secured due and coilectible or not), moy
(a) effect the inwronce abov~e"provided for and poy the reosonoble premiums and chorges therefo~; (b) poy
all scid toxes and cssessments without determining the validity thereof (unless Mo~tgogors heve instituted
proper legol proceedings to test tfie validity of such tcxes or assessments and have deposited with Mort-
gc~gee seGu~ity therefor occeptable to it); ond (c) poy such liens, and oll costs, expenses cnd attomey's
fees herein covenonted to be poid by Mo~tgogors; and all sucht ~ts, with interest thereon from the
time of payment at the rnie of ten per cent per cnnum, sholl be d~d a part of the indebtedness secured
by this mo~tgage ond sholl be immediotely due and paycble by Mo~igac~ors to Mortgn9ee.
6. That there is no assignment or pledge of any leoses of, or rentals or income from, soid premises
now in effect, and tlwt, until soid indebtedr~ess is fuily poid, they will not mak~e cny such assignment or
pledge to cnyone other thon Mortg~gee and will not, without the prior written appraval of Mortgogee,
consent to a concellation of cr~y of said leases hoving ot the time an unexpired temn of more thon two !
yecrs, or io o release or reduction of the liability of any lessee under such a leose. •
7. To keep the buildings ond other improvements naw or hereafter erected in good condition and
repair, not to commit or suffer cr~y waste of said premises and to pem~?it Mortgogee to enter at ail reoson-
able times for the purpose of inspecting the premises.
8. Thoi~y will poy the indebtedness he~eby secured promptly and in full ccmpiionce with the terms
of scid note and this mortgage, ond thot the time of pcyment of the indebtedness hereby secured, or of any
portion thereof, nwy be eutended or renewed, and ony portiau of the premises herein -described may, with- ~
i out notice be relecsed from the lien hereof, without relecsing or offecting the persorwl liobiliry of any person
~ or corporation for the poyment of soid indebtedness or the lien of this instrument upon the remoinder of
' scid premises for the full amount of scid indebtedness then remaining unpoid, and no change in the
~ ownership of said premises shall ~elease, reduce or otherwise effect any such persorwl liubility or the lien
~ hereby creoted.
9. That if the loon secured hereby is obtained Yo assist in fincncing building construction or remodel-
ing, or ony other improvements to the property: (a) if such impravements sholl not, in accordcnce with ~
~ plans and specifications cpproved by Mortgc~gee, be completed prior to the expirotion dote of the loon i
commitment, or (b) if work on such improvements shall cease before completion cnd remain abondoned ~
for ape riod of fifteen consecutive days, the existence of either circumstonce shall constitute an event of
default under the terms of this instrument, and ot any time thereofter, the said note and the whole indebted-
ness secured hereby sholl, at the option of the Mortgagee and without notice to Mortgcgors (such notice ;
being hereby expressly waived), become due and collectible ot once by forectosure or otherwise. In the ;
event of such cessation or abandonment of work os oforesaid, Mortgagee may, ct its option, also enter upon ;
the property and complete the improvements and Mortgagors hereby give to Mortgogee full pawer and ;
authority to make such entry and to enter into such controcts or arrongements os it may consider necessary ;
to compiete the same. All moneys expended by Mortgagee in connection with completion of said improve- ;
ments sfwll be included in the indebtedness hereby secured and sholl be poycble by Morigagors immediotely f
ond without demand, with interest at the rate of ten per cent per annum. Until the loon sholl hove been ~
fully disbursed,'the ogents of the Mortgogee sFwll have the right to enter upon the property ait any cnd
oll times to inspect the improvement project that is under way.
IT IS MUTUALLY AGREED THAT:
1. Mortgagee sholl be subrogated to the lien of arry ond all prior incumbrcnces, lieris or charges poid ;
and dischorged from the proceeds of the note hereby secured, cnd even though said prior liens hove been ~
releosed of record, the ~epcyment of said note shall be secured by such liens on the portions of said
premises effected thereby to the extent of such payments, respectively. s
2. Whenever by the temns of this instnx»ent or of seid note Mortgogee is given arry option, such
option moy be exercised when the right occrues, or et eny time thereoRer.
3. All Mortc~ogors sFwll be jdntly ond severolly lieble for fulfillment of their covenents and agree-
ments herein contoined, end oll pravisions of tfiis mortgoge shall inure to end be binding upon the heirs,
executors, odministrotors, successors, grentees, lessees and assigns of tfie porties hereto, respectively.
4. In case defoult sFwll be made in the paymnt of any instolment of soid note or of interest thereon
when due or if thers sholl be o failure on Hie part of Mortgogors to comply with arry tovenont, condition
or pravision of this mortyege, then the soid note ond the whole indebtedness secured by this mortgege,
includtng all poyments for iaxes, essess~nents, i~uronce premiums, liens, costs, expenses and ettomey's
fees herein specified sholl, at the option of Mortgogee and without notice to Mortg~gors (such notice being
hereby expressly waived), become due ond collectible ot once by foreclowre or otherwise.
5. If the note and mortgoge or either of them sFwll be pleced in the honds of on attomey for col-
lection or foreclosure, or if Mortgogee voluntorily or irnoluntorily becomes or is nwde a porty to eny ~wit
or proceeding relating to the p~emises or to this mortgoge ar soid note, Mortgegors sholl reimburse Mort-
gogee for its resoso~oble attorne~s fees, costs and expense of procuring ebstracts or other evidences of
title ond title insuronce in con~ection therewitfi.
eoa~144 266 • -
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