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HomeMy WebLinkAbout1232 paid to the Mortgaqee, up to the amount then unpnid on the Note, and shall be applied upon the payment or payments last payable thereon. i i 11. SubroaaUon of Mortaa4ee: To the extent of the indebtedness of the Mortgagor to the Mortqagee descrlbed herein or secured hereby, the Mortgagee is ~ hereby subrogated to the lien or liens and to the riqhts of the owners and holders thereof of each and every mortgaqe, lien or other encumbrance on the Property which is ~aid or satisfied, in whole or in part, out of the p~oceeds of the Note, and the respective liens of said mortgages, liens or other encumbrances shall be, and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee as security for the Note, to the same extent that it would have been i preserved and would have been passed to and besn held by the Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the Mortqaqee by separate deed of assignment, notwithstanding the fact that the same may be satis- fied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 12. Costs and exaenses of enforcement: The Mortgagor shall pay all and singular the costs, charges and expenses, including counsel fees, reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of ; the Mortgagor to perform, comply wi~th and abide by each and every stipulation, ; ~aqreement, condition and covenant of the Note and this mortgage, or either, and ~ every such payment shall bear interest from date of such expenditure at the highest ~ permissible legal rate of interest. 13. Future advances: It is the intent hereof to secure payment of the Note whether the entire amount shall. have been advanced to the Mortqagor at the date hereof or at a later date, and to secure any other amount or amounts that may be added to the mortgage indebtedness under the terms of this instrument. This mortqage secures the pri~cipal debt as set out in the Note and shall also be security for any other debt due or advances received by the Mortgagor from the Mortgagee during the = term hereof and as securlty for all indebtedness that may hereafter be due, owinq or existing from the Mortqagor to the Mortqagee during the existence of this mortqage, and any renewal or renewals of the Note or notes for said present or future indebted- ness. Notwithstanding any provision hereof, it is the intention to secure all future advances, as defined under Chapter 697 of the Florida Statutes, made commencing E with date hereof and continuinq throuqh twenty years after date hereof, by the lien ~ of this mortgaqe in all respects as though such advances had been made simultaneously i with the execution hereof and secured hereby; providing, however, that no such advance ~ or advances shall cause the u~paid principal obligation here secured to exceed 12096 of ~ the original prlncipal amount of the Note. f ~ 14. Extension of time and/or modification of terms: No extension of time or ~ modification of the terms of the Note and this mortgage, and no rel ~ase of any part or ~ parts of the Property shall, without the consent of the Mortgagee, release, relieve, ~ or discharqe the Mortgagor from the payment of any of the sums hereby secured, but ~ in such event the Mortgagor shall nevertheless be liable to pay such sums accordinq to the terms of such extension or modifications unless specifically released and dis- ~ charged in writinq by the Mortgagee; and furthermore , that acceptance of part payment of any installment of principal or interest, or both, or of part performance of any cove- i ~ nant or delay for any period of time in exercising the option to mature the entire debt, ~ shal! not operate as a waiver of the dght to exercise such option or act upon such ~ ~ default, partial acceptance or any subsequent default. ~ SCHEDULE "A" PROPERTY: The East 295 ft. o e o lowing described property: ~ From t~ie NW corner of the NE 1/4 of the NE 1/4 of Sec. 20, Township ~ 35 So. Range 40 E., run E. 440 ft; thence So. 149.28 ft. to point of beginning; thence continue So. 345.72 ft; thence E. 440 ft., ~ thence No. 367.31. ft. to the So. right-of-way line o~ Virginia ~ ~ Avenue, thence Westerly on said right-of-way line of Virginia Avenue ; ~ 440.42 ft. to the point of beginning. ~ ~ ~ ~ ~ ~ ~ ~r 1N~S INSIRUMENT WAS PREPARED Bll: ~ 0 R 1/$ PACf~Zt)1 i ~ e00x -3- MELYIN 6. HARTLEY. AfT0aNE11 ~ ~ ~ 401 w. 49t1 St, Hi~le~k FI~. 33012 ~ _ , ~ ~ ~y_ . . . . - - . _ . - 2.~,