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. CONDITIONED, HOWEVER, Thot if ~
Mort9o9ors sFwll poy o~ ccuse b be poid to Mortgo~ee, ct its offt'ce in the Ciy of Milwcukee, Wiscor~sin, '
or ct such othe~ ploca whith may herecfter be desiq~oted by Mo~t~opee, its or thel~ heirs, executors,
administrotors, successors or ossj~ns, the principol sum of TWO HUNDBBD FIFTY T'800SAND AND
NO/100 ($250,000.00)----------------•----•------•-----------------------------~Ilan,
with finol motu~ity on July 1, 198T
with interost, occording to the temns of oprom issory note of even dcte herewith executed by Moirtgagors
ond paycble to the order of Mo~tgogee, ond sholl clso fully pe~form cll the cove~ants, conditions ond terms
of this mo~tgoge, then these presents shail be v~oid, othenivise to ~emoin i~ full force ond effect. (Stcte of
Florido Documentary Stamps in the emount required by Lew ere offixed t~o the originol of this note, and
cancelled pursuont to Icw.)
It is agreed thot eny odditionoi sum or sums advanced by the then holde~ of the note sscured hereby
to the then awner of the recl estote destribed herei~ ot o~y time within twenty yeors from the dote of this
mortgoge, with interest thereon at the rote agreed upon at the time of eoch additiorwl loo~ or edvance, .
sholl be equolty secured with and hove the same priority os the originol indebtedness and be subject to
ell of the ternu ond provisions of this mortgoge, if such additiawl loon or advonce is evidenced by a pr~orn-
issory note of the Borrowers thot is identied by recitol thot it is secured by this mortgoge; pr~o~vided that
the a99regate amou~t of p~i~ci I outstonding ot any one time sholl not exceed o~ amount equol to
a g
one hundred fifty per cent (150 ) of the principol amount originally secu~ed hereby; ond provided fu~ther,
that it is understood ond egreed thet this future edvance pravlsion shall not be cautrued b obligate the !
then holder of the note to meke ony such additioral loons or odvcnces. !t is furtherog reed thai any addi- ;
tia~wl note or notes executed end detivered under this future advance provision shall be included in the
word "rwte" wherever it oppeers in the context of this mortgage. ±
MORTGAGORS COVENANT AND AGREE:
1. That at the time of the execution and delivery of thls mortgoge, Mortgoc~ors ore weli seized of soid
premises in fee simple ond hove c~ood ~ighi and outhority t~o mortgage the some as herein provided, tFwt
soid premises are free from oll incumbronces and chorges wFwtever, and tMwt Mortgc~gors wili forever
warront and defend the wme agoinst oll lawful cloims whotsoever, thot it shell be lawful for Mortgogee at
oll times peaceebly and quietly to enter upan, hofd, occupy and enjoy said premises end every part thereof.
2. To keep said premises insured, through agents end insurers of their own choice, for the protectian
of Mortgc~gee in wch monner, in such amounts and in such componies as Mortgagee rrwy from time to iime
opprove, end to keep the policies tfierefor,~p riy endorsed, on deposit with Mortgogee: and that loss pro-
ceeds~(less expenses of colieciion) shell, oil~~~gee's option, be opplied on said indebtedness, whethe~
due or not, or to the restorotion of soid impravements.
3. To pay ell toxes ond speciol assessments of ony kind tbat hove been or mey be levied or assessed
wiihin the Siate of Florida upon snid premises, or any part thereof, or upon the note or debt secured hereby,
or upon the interest of Mortgogee in said premises or in said note or said debt, end procure pnd deliver to
Mortgagee, ten doys before the day fixed by Iew for the first interest or penolty to accrue thereon, the .
officiol receipt of the pnope~ officer sFwwing poyment of ail such taxes ond ossessments.
4. To keep seid premises free from all prior liens ond upon derr~nd of Mortgogee to poy and procure
releose of any lien which in any wey may impoir the security of this mortgc~ge. - - •
5. In the event of default by Mortgagors under parogrophs 2, 3 or 4 above, Mortgagee, ot its option
(whether electing to declore the whole indebtedness herel~y secured due ond collectible or not), may (e) ef-
~ fect the insurance obove provided for and poy the reesonable premiums end clwrges therefor; (b) poy all soid
taxes and ossessments without determining the validity thereof (unless Mortgogors have instituted proper
legal proceedings to test the validiry of such texes and assessments ar~d hove deposited with Mortgagee ;
security therefor ecceptable to ii); and (c) poy such liens, and all costs, expenses and attomey's fees herein ?
covenonted to be peid by Mortgogor, ond all such payments, with interest thereon from the time of pay- `
ment at the highest rote thereon that moy naw be Iewfi~lly contracted for in writing by a non-corporete ~ ~
rr~ker, sholl be depmed o port of the indebtedness secured by this mortgage and sh~ll be immediately due +
i and payable by Mortgagors to Mortgagee. ~
~ 6. Thei Mortgagors will farm, cultivate, cere for, ond~ irrigete said premises in o pr+oper ond farnner- y
like rrwnner and will cotnply with all laws of fihe State in said forming oper~otion including compliance with t
~ all pravisions of any Wete~ L~w end any niles or regulotions issued by the State Engineer, the local Irriga-
tion District Commission and the Conservation Boord; that Mortgegors will not cause, permit, or suffer
~ woste on the premises; that Mortgagors will not remove or destroy or suffer the removal or destruction of,
and will keep in good repoir each building, fence, conol, well, ond other impravements or fixtures situated ~
on the premises ond thot any crop allotment on ihe premises will not be voluntorily relinquished or perma-
nenily tronsferred. '
7. Thot they will poy the indebtedness hereby secured promptly and in full compliance with the terms _ ;
of soid note and this mortgage. ~ `
8. Thot without affecting the liobiliry of Mortgogors or ony other person (except any person expressly ~
released in wriiing) for poyment of ony indebtedness secured hereby or for performance of ony obligation ~
con[ained herein, and without affecting the rigfits of Mortgogee with respect to eny security noT expressly ,
released in writing, Mortgogee moy, at ony time Qnd from iime to time, either before or offer the maturity :
of seid rwte, ond without notice or consent: (o) refease any~e rson liable for poyment of oll or eny port of
the indebtedness or for performance of eny obligation; (b) meke any agreement extending the time or
otherwise oltering the terms of payment of oll or any port of the indebtedness, or modifying or vraiving orry
obligcrtion, or subordinating, modifying or otherwise deoling with the lien or chorge hereof; (c) euercise or
refruin from exercising or woive eny right Mortgagee moy hove; (d) accept odditionol security of eny kind;
~ (e) releose or otherwise deal with arry Property, reol or personel, securing the indebtedness, including oll or
~ ony port of tfie property mortgoged hereby.
9. That if the loon secured hereby is obtoined to assist in finoncing building construction or remodel-
ing, or any other improvements to the property: (o) if such improvements sholl nof, in accordance with plans
and specifications oppraved by Mortyogee, be completed prior to the expirotion date of the loon commit-
ment, or (b) if work on such improvements sholl ceose before completion end rerrwin obondoned for a period
of fifteen consecutive doys, the existence of either circumsionce shall constitute on event of defnult under
the terms of this instniment, and ai or~y time thereciRer, the seid note and the whole ie~debtedness secured ~
hereby sholl, et the option of the Mortgogee ond without notice to Mortgogors (wch notice lseing hereby ~
expressly woive~, become due and collectible at once by foreclowre or otherwise. In the event of such cessa-
tion or abondonment of work os aforesoid, Mortgoc,~ee moy, ot its option, also enter upon the property ond ~
complete the improvements and Mortgogors hereby give to Mortgagee full power and authority to make such
entry and to enter into such coniracts or arrongements as ii moy consider necessory to complete the some.
All moneys expended by Mortc,~gee in connection with completion of soid impravements sFwll be included
in the indebtedness hereby secured ond shall be poyeble by Mortgagors immedintely ond without derrwnd,
with interest ot tfie highest rote thereon thot may naw be lowfully controctrred for ire w~iting by a non-cor-
porate moker. Until the loon shcll have been fuUy disbursed, the agents of the Mortgogee sholl hove the
right to enler upon tfie property ot any and oll times to inspect the impravement project that is under way.
_ , 800K16~ FAGE2738
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