HomeMy WebLinkAbout1585 and shall perform, comply with and abide by each and every the agreements,
stipulations, oonditions and oovenants thereof, and of this mortgage, then this
mortgaga and the estate hereby created, sha11 cease, determine and be null and
void.
AND the rnortgagror hereby further corenants and agrees to pay
promptly when due the principal and interest and other sums of money provided
for in said note and this mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities, obligations, and encunbrances o# every nature
on said property; to permit, commit or suffer no waste, impairment or deterior-
ation of said land or the improvements thereon at any time; oo keep the buildings
now or hereafter on sa.id land fully insured in a sum of not less than t~e full
insurable value of each parcel herein encumbered in a company or companies
acceptable to the mortgagee, the policy or policies to be held by, and payable
to, said mortgagee, and in the event any sum of money becomes payable by
virtue of such insurance the mortgagee shall have the right to receive and apply
tt~e same to the inclebtednese hereby secured, accounting to the mortgagor for
any surplus; to pay a11 costs, charges, and expenses, inclucling lawyer's fees
and title searches, reasonahly incurred or paid by ttie mortgagee because of
the failure of the mort gagor to promptly and fully comp~ly with the agreements,
stipulations, oonditions and covenants of said note and thie mortgage, or either;
to perform, comply with and abide by each and every the agreements, stipulations,
oonclitions and covenants set forth in said note and this mortgage or either. In
the event the mortgagor fails to pay when due any tax, assessment, _insurance
premium or at her sum of money payable lry virtue a~ said note and this mortgage,
or either, the mortgagee may pay the same, without waiving or affecting the
option to foreclose or any other right hereunder, and all such payments sha11
bear interest from cl~e ~ereof at the highest lawful rate then allowed by the laws
of the State of Florida,
IF any sum of money herein referred to be not promptly paid
' within fifteen (15) days next~ after the same becomes due, or if each and every
the agreements, stipulations, conditions a~d covenants of said note and this
mortgage, or either, are not fully performed, complied with and ab~d~ed by,
then the entire sum mentioned in said note, and this mortgage, or the entire
balance unpaid thereon, shall forthwith or thereafter, at the option of the
mortgagee, become and be ~iue and payabie, anything in said note or herein
to the contrary notwithstanding. Failure by the mortgagee to exercise any of
the rights or optione herein provided shall not constitute a waiver of any rights ~
or options und~er said note or tlus mortgage accrued or thereaft~er accruing.
The mortgagee agrees to release Parcel A(the lot in Broward County, Florida)
upon payment of ~20, 000, which said sum shall be treated ae a payment toward -
the reduction of the then principal balance,owe~d on the promissory mortgage
note in the original amount of ~100,000 said release payment in no way being
deemed in lieu of any of the quarterly payments toward prindpal and~interest
as called for by the terms of said promissory mortgage note for which ttus
mortgage is given as collateral security. Notwithstanding a provisi,on for a
twv per cent (2~ prepayment penalty sl~uld the entire loan for which this
mortgage ie given ae security be prppaid, the parties agree that there shall
be no prepayment penalty should this ~20, 000 release price be paid as same
would constitute a~artial as opposed to a oomplete prepayment of principal.
The parties hereto further acknowledge and agree that the remaining
parcels, being Parcel B in Palm Beach County, Florida; Parcel C in Martin
County, Florida; and Parcel D in St. Lucie County, Florida, shall not be
-5 - ~OOIt