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HomeMy WebLinkAbout1130 : . ~ ~ ~ : 1' ~ ' `i~ ~ . ~ y;~ L ~ ~ SECOND: That it ia the intent herein to secure payment of said promisaory note and obligation whether the whole anaount shall have been advanced to the Mortgagor at the date hereof, or at a later date, and to secure any other amount or amouats that m~y be added to the mortgage indebtednesa under the temns of this instrument; this mortgage secures a principal debt as eet out in the note secured hereby, and shall also be se- curity for any other debt due or advanoes r~ceived by the Mortgagor from the Bank during the term hereof and as security for all indebtedness that may here~after be due, owing or existing from the Mortgagor to the Bank during the ezistenoe of this mort~age and any rsnewal or renewals of r?ote or notes for said present or Euture indebtedness provided, however. that said advances be made within the law fmm the date hereof, and that ~the total unpaid balanoe secured 6ereby at any one time shall not exceed F~FTY..THOIJ_SAND.. AND N4.l.1QQ.-----.--.-- (a........59~Q00,.QS? plus interest thereon, at the option of the Bank. THIRD: T'hat the Mortgagor will pay the several sums of money agreed in the said note to be paid and such furt6er advanoes made as herein provided for, and all installments of principal and interest thereon promptly when due and aooording to the true tenor and effect of the said note or any eztension or renewal t6ereof, in whole or in part, and all other iudebtednees or liability hereby s$cured. however cree~ted or evi- denoed~,~nptly w the same respec~ively beoomes due. The Bank may collect a"Late Charge" not to ezveed ~ oenta ~for e~ch dollar (E) of eac6 payment more than fifteen (15) days in arrears to cover the eztra eapenae involved in handling delinquent p~yments. FOURTH: That the Mortgagor will pay all and singular the taxes, assessinents, levies and encum- branoes of every nature on the above described property and upon this mortgage and note, or the money secured hereby, before delinquency thereof, and promptly deliver the official receipts to the of~ice of the Bank, and if the same be not pmmptly paid when due, the said Bank may (without obligation to do so) pay the same without waiving or affecting any right oontained in this mortgage or the said note and such pay- ments so tnade shall bear interest fmm the date thereof at the rate of eight per centum per annum. If said receipts are not delivered by the Mortgagor to the Bank's office by the date the said taaes, assessments or levies beoome delinquent, then the Bank may order a taa search of the public records to determine the txue status of said taxes, assessments or levies and charge the cost of such search to the account of the Mortgagor ~ and such charge shall be secured by this Mortgage. All such advances shall bear interest at eight per centum per annum. FIFTH: To keep the buildings which are now, or which may hereafter be erected on the land herein described, covered and insured against all loss by fire, lightning, extended coverage and Special Form Insur- ance in a sum acceptable to the Bank and at the eapense of the Mortgagor, in a good and responsible insur- ance company or companies, licensed to do business in the State of Florida, and acceptable to the Bank, for the benefit of said Bank (but the Bank shall not be liable for the insolvency or in~esponsibility of any such oompanies) and said policy or policies and all renewals thereof shall be deposited with and held by the Bank, and said policy or policies and all renewals thereof shall oontain a"Loss Payable" or "Standard Mort- gagee" clause, at the option of the Bank, payable to the Bank as its interest may appear. Upon any default thereof, the Bank may (but without obligation on its part to do so) place insurance on such buildings, pay the premium and charge such sums so- paid to the Mortgagar, and such sums of money so paid shall bEar interest from the date of payment at the rate of eight per centum per annutn. In the event of a loss by fire or other casualty, the Mortgagor will give immediate notice by mail to the Bank. ; SIXTH: That all sums of money secured paid or caused to be paid by the Bank under the terms of this i mortgage and herein apecifically provided for, and including any ezpenses incurred by the Bank in collection ~ of the sums secured by this mortgage, shall be vovered by the lien of this mortgage, the same as the sums of ~ money repr~ented by the note herein described. SEVENTH: To pernut, commit or suffer no v~-aste~ impairment or deterioration of said property, or any part thereof, and upon the failure of the Mortgagor to keep the buildings on said property in good con- dition of repair, the Bank may make demand in writing for the immediate repair of said buildings, or an incre~ae in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Bank for a period of 15 days shall constitute a breach of thia mortgage, and, at the option of the Bank, immediately mature the entire unpaid, principal and interest hereby secured, and the Bank may, without notice, institute proceedings to foreclose this mortgage, and apply ~ for the appointment of a Receiver as hereinafter provided. ~ EIGHTH: 1'hat the Mortgagor does hereby promise, covenant and agree to pay to the said Bank, . promptly when due, the sums of money and interest as mentioned in said promissory note, together with any ' and all other sums justly due and owing the Bank by the terms hereof and secured hereby, including all addi- ` ~ tional sums advanced w?ith interest thereon as herein provided and secured hereby. And if default shall be ~ made in the payment of the said sums of money or any part thereof as pmvided in the said note or this Mort- gage, or if the interest that msy bec:ome due thereon or any part thereof shall be behind and unpaid for a ~ space of 15 daya, or s6o~ild the Mortgagor breach or fail to comply with any other covenant or agrcement by him to be oomplied with (in thoee cases of which the option of the Bank of acceleration is not otherwise ez- presaly pmvided herein) and such br~ch of non-complianoe oontinue in e:iatence for a apace of 15 days, ~ then and from Wencefortb, at the option of the Bank and without notice to the Mortgagor, the whole of said principal sum eipre,~ssed in said note, together with all other suma there.in as well as herein provided for, shall beoume immediately due and payable, wiWout notice to the said Mortgagor. NINTH: That in case it should beoome nec.~essary, on account of any violation of any of the covenants contained herein, to place this mortgage and the note or other indebtedness secured hereby or either of them, in the hands of an attorney for collection, the said Mortgsgor covenants and agrees with the Bank, to pay all coste. charges and e:penses of such collection, including reasonable attorney's fees whether collected by ~ forecloeure or otherwise. ~ ~ ` a°o~ac~~J ~1~~ _ _ - - : ~ -~~s~-~~~~~~~ ~ ; L.~~=~~Y~,~~