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Home My WebLink About0750 CONDITIONED, HOWEVER, Thct if JAMBS R. GARSON, .IR. , LEWIS A. HOPPER, AND WILLIAM D. BARBISUY and----------------------------------------------------------- Mo~tgcgors sFwll poy or couse t~o be poid b Mortgo~ee, at its office in the City of Milwcukee, Wisconsin, o~ ct such offier plcce which may hereofter be desigirwted by Mortgugee, its o~ their heirs, executors, administrotors, successors or assigns, the p~incipol sum of 11~10 HUNDRBD 7418NTY THOUSAND and NO/100 ~ ($220,000.00)- ------------------------------------------------dollars, with finol moturity on June 1, 1988--------------------------------------------- , with interest, occording to the temns of oprom issory note of even dote herewith executed by Mortgagors i and poyabie ro the order of Mortgogea, cnd sholl clso fully perfomn cli the covenonts, conditions and terms t of this mortgoge, ther~ these presents shall be void, othervvise to rerrwin in full force and effect. (State of Flo~ida Documentary Stomps ln the omount required by Low ore offixed to the original of, this rwte, ond ccncelled pursuant to Icw.) It is agreed thot any cdditional sum or sums odvcnced by the then holder of the note secured hereby to the then awner of the real estote described herein ot arry time within twer~ty years from the dote of this mortgoge, with interest thereon at the rote cgreed upon at the time of each additionol loan or advonce, sFwll be equolly secured with ond hove the same p~iority os the o~iginal indebtedness and be subject to all of the iemns ond provisions of this mortgage, if such odditionol loan or edvcnce Is evidenced by a prom- issory ~te of the Borrowers thot is identied by recitol thai it is secured by this mortgoge; pro~vided thot the ugg~egate omount of principal outstanding at any one time sholl not exceed a~ omoun! equal t~o ohe hund~ed fify per cent (1509i6) of the principal amount originolly secured hereby; and provided further, thot if is understood and agreed tiwt this future advance provision shall not be construed to obligate the s then holde~ of the note to moke any such odditiorwl loans or cdvances. It is further agreed Nwt any addi- ; tioncl ~ote or notes executed and delivered under this future advance provision sholl be included in the i word "note" wfierever it cppears in the context of this mortgcge. - MORTGAGORS COVENANT AND AGREE: ' l. ~1'hot ci the time of the execution ond delivery of this rrwrtgcge, Mortgogors are well seized of said premises in fee sim~le ond hove c~ood right and authority to mortgage the same as herein provided, that soid premises cre free from all incumbrcnces cnd chorges wFwtever, cnd tFwt Mortgogors will forever f warront and defend the same agflinst all lowful claims whctsoever, thot it sholl be lowful for Mortgogee ot ~r all times pe.wceably and quietly to enter upon, hold, occupy and enjoy said premises and every port thereof. p 2. To keep soid premises insured, through agents ond insurers of their ovm choice, for the protection of Mortgcgee in such manne~, in such amounts and in such componies os Mortgagee moy from time to time approve, and to keep the policies therefor. Prope~ly endorsed, on deposit with Mortgagee: cnd thct loss pro- ceeds (less expenses of collection) shall, at Mortgagee's option, be opplied on said indebtedness, whether f due or not, or to the restoration of soid impravements. 3. To poy cll taxes and speciol assessments of any kind tFwt have been or may be levie.~ or assessed ; within the State of Florida upon seid premises, or any port thereof, or upon the note or debt secured hereby; or upon the interest of Mortgcgee in said premises or in said note or said debt, and procure and deliver io Mortgogee, ten days before the doy fixed by low for the first interest or penolty to occn.~e thereon, the official receipt of the proper officer showing poyment of all such taxes and assessments. 4. To keep said premises free from all prior liens and upon demcnd of Mortgogee to pay ond procure release of cny lien which in any woy may impoir the security of this mortgoge. 5. In the event of default by Mortgogors under porogrophs 2, 3 or 4 above, Mortgogee, ot its option (whether electing to declore the whole indebtedness hereby secured due cnd collectible or not), may (a) ef- ~ ; fect the inwronce above provided for and poy the reasonable premiums ond charges therefor; (b) poy ull said 1 taxes ond assessments without determining the validity thereof (unless Mortgagors hove instituted proper legol proceedings to test tfie volidity of such taxes and assessments ond hove deposited with Mortgogee security therefor acceptable to it); and (c) poy such liens, and cll costs, expenses and attomey's fees herein ; covenanted to be paid by Mortgo~or; and oll such payments, with interest thereon from the time of poy- ment at the highest rote thereon thoi may naw be Irn~vfully contracted for in writing by a non-corporcie ; moker, siwll be deemed a part of the indebtedness secured by this mortgoge and stwll be immediately due ; ond poyable by Mortgagors to Mortgagee. ~ 6. Thot Mortgogors will form, cultivaie, care for, and irrigaie soid premises in o proper and former- s like monner cnd will comply with all laws of the Stote in said farming operotion including complionce with ' all.pr+ovisions of any Woter Low and any rules or regulotions issued by ihe State Engineer, the locol Irriga- ~ tion District Commission ond the Conservotion Boord; tFat Mortgagors will noi cause, permit, or suffer ~ woste on the premises; thot Mortgogors will not remave or destroy or suffer the remavol or destruction of, € and will keep in good repoir each building, fence, canal, well, and other improwements or fixtures siiuoted on the premises ond thoY any crop allotmeni on the premises will not be voluntarily relinquished or pem~- ~ ~ nently ironsferred. 7,. ThQt they will poy the indebtedness hereby secured promptly and in full compliance with the terms ~ of said note ond this mortgage. 8. Thot without offecting the liability of Mortgagors or any other person (except ony person expressly released in wriiing) for poyment of any indebtedness secured hereby or for performance of any obligation contoined herein, and without affecting the rights of Mortgagee with respect to ony security not expressly released in writing, Mortgagee may, at any time and from time to time, either before or after the maturity of said note, and without notice or consent: (o) releose ony person (iable for poyment of all or any port of the indebtedness or for perfomwnce of ony obligation; (b) moke any agreemeni extending the time or ~ otherwise oltering the terms of payment of all or any part of the indebtedness, or modifying or woiving ony obligotion, or subordinoiing, modifying or otherwise deoling with the lien or chorge hereof; (c) exercise or : refroin from exercising or wuive any right Mortgagee moy have; (d) occept odditionol security of any kind; # (e) releose or othen~vise deal with any property, real or personol, securing the indebtedness, including all or ; ~ ony port of the PropertY mortgoged hereby. ° 9. Thot if the loon secured hereby is obtoined !o ossist in finoncing building construction or remodel- ~ ~ ~ ~ in9, or any other imp~ovements to the property: (a) if such improvements sholl not, in accordonce with plons ond specifications oppraved by Mortgagee, be completed prior io the expirotion dote of the loon commit- ~ meni, or (b) if worlc on such improvements sholl cease before completion ond rerr~in ebondoned for o period ~ ~ of fifteen consecutive days, the existence of either circumstonce sholl constitute an event of default under r the terrr+s of this instrument, and et any time thenwfter, the seid note ond the whole indebtedness secured F ~ hereby shall, at the option of the Mortgagee and without notice to Mortgogors (such notice being hereby ~ ~ exprossly waived), become due and collectible ei once by foreclosure or othervr~se. In the eveni of such cesso- ` tion or abandonment of work os afo~esoid, Mortgagee moy, ot i~s option, olso enter upon the property and ~ ~ complete the impravements and Mortgagors hereby 9ive to Mortgogee full power ond authority to moke such ~ entry and to enter into wch cont~octs or orrangements os it moy co~sider nec~ssery to camplete the same. ~ All ~eys expended by Mortgogee in connection with completia~? ef sei ~mpraveme~ts sholl be included in thertK indebtedness hereby secured ond shall be payable by Mo~t9o9ors immediotely ond without demond, with interest at tfie highest rote therea~ that may now be lowfully cont~acted for in writin~ by a non-co~- porate moker. Until the loon shall hove bcen fulty disbursed, the ogents of the Mortgogee shall hove the right to ente~ upon the property at any and oll f~'~mes to inspect the improvement project thot is under woy. eo~ 172 ~ 748 - % 'Sp 4 4 .sF~Jx~ - ~ ~ -r _ . . . ~.`.~..r. Y .~:~v.,~~{. ~:v~