HomeMy WebLinkAbout1539 PROVIDED, ALWAYS, that it the Mortga~or shall pay unto the Moresasee the indebtedaess evidenced by a
certain promissory note of whicb the followin~ in wotds and [i~ur~s is a we copy to-wit:
~4~~
3 • # ~ _ ~tiuni, Florid. Ju~i_l~ 19-~-
FOR VA1.UE NECEIYED p~uu~ur tu ~,ay
to the onle~ o[ !
p01,LARS, togethe~ with intere~t ~
the principal sum u ~ `
thereun [rom date of the rate of ten percent, pe~ annum until maturity, bolh princ~pal and interest being payabk in lawtul money ~t
the United States al 2244 Biscayae Blvd., \liami, Florida, or at such other place as the holders hereof a~ay designate in writing.
Principai and inte~st payable in installments as tollows:
.:e~onty fin t=75•~~ ~~llsr~ Der ~va~h be~inaio8 on tbe 15tb d~yr
ot ~.u~~t 1°36~9• +uo~ o~utit~uis~ o~itM l~~h a~ of ~aeti aac~ r?+~r~
4on~b ttar~ari~r ustil Da1~ la
This ~ote may be prepaid in whole or in put after one yeu fcom the date hereof upon payment of a penalty equivalent to two
percent oE the principal sum prepaid.
Each installment payment shall be credited Crst on the interest due, and the remainder on principal; and inteeest shall there-
upon cease upon the prineipal so credited.
The makers and endo~sers of this note iurther agree to waive demand, notice of non-payment and pmtest, and in the event suit
shall be brought for the cdlection hereof, or the same has to be collected uFeon demand ot an attorney, to pay ceasonabk attorney's
fees [or making such eollection.
Deferred paymenta hereunder shall bear intereat at the rate of ten percent per annum from maturity until paid.
This note is secured by a mort~ge of even date ha~ewith and is to be construed and enfotced according to the taws of the
State of Florida; upon default in the pay~nt of principal andlor inteceat when due, the whde aum of principal and interest
rrmaining unpaid shaU, at the option of the holdees, become immediately due and payable.
Melba Wallace ~S~L)
(SEAL)
pnpared br Spirkr & Ta~drich. Attorneys - 2240 Biscayne Bhd.. Mi~m~. Flarida
and shall perform, comply with and abide by each and every the stipulations, agreements, conditions and cove-
nants of said promissory note and of this deed, then this deed and the estate thereby created shall cease and be
null and void.
1. The Mortgagor hereby covenants and aarees_
(a) To p~Y ~11 tnd sin~ulu the printipal and interest and othet sums of money payable by virtue of said prom~ssory note aed this
~ deed, ot eitAtr, p~ompUy an tl~e days reapectively the same sevenlly becomes due. ~
j (b) To permit, canmit or suffet no waste a.~d to maintain the improvemeats at s11 timea in a state ot ~ood repair and coaditioa, and to
~ do or permit to be done to said premises nothin~ that ~rill alter or chanie the use and character of said propetty or ie any ~ay impair or ~
~ veaten the security of IAis mortsa~e. And in case o~the retus~l, ne~lect or inability ot the Mort~a~or to repair and maintain said proper- ~
ty, the ?{ortpsee may, at 6is optioo, oate sach cepaas o~ cawe tbe sawe to be made. and ~draoce mooeys ia that behalf.
~ (c) To paY sll aod siayulu the ta:es, assessments. tevies, /iabilities, and obliNtions ot erery oatu~e oe aaid deacribed property each
~ and evcry vAee due aad payable accordios to IaR, betae tber becoa?e delinquent. ~nd to deliver to the Morttasee on or betore hlarch
lSt6 ot e~c6 year tax receipts evideruia~ the piyment ot ~11 lsntullr imposed ta~es tor.ese pcecedies c~ladar year; to indemaify the
hlort~aaee upon his demwd [or all taies, asseasmeats aad cAar~es t!?at wy be sssessed upoA' t6ia mat~~~e on the indebtedeess s~-
cured Aereby, and paid by t6e mat~s~ee, rithout re~ard to any lar Yere[o(ore eaacud or 6ereafter to be enac~ed imposin~ payment oi
the whole or aoY ^art tAereof upon t6e Mortta~ee. ~
(d~ To pay •11 aad sin{ulu 1he co~ts, char~es and exptases. inclodin~ la~ryers' fees and abstr~et coats reasonably incurred cx paid st
any time by the l?lortq~ee pecause of the failure oa the part ot'[Ae Mortsa~or to pertorm. complr vit6 and ~biQe by eac6 anQ every [he
atipulat~ons. ~~reements, cooditions aad corenaots of ssid pcomissory note and tLis deed. or eitAer, and e~ery such'payment shall beae
iate~est (rom datt at the rate d tee (l0'i) per ceAtwo pet annum.
(e) It is further corenanted aad aveed by said part~es that in tde event ot a suit bein~ instituted to foceclost this moct~ate, the Mat- ~
pfte sfiall be entitled to ~pply at any tiax pendin~ such (aeciosure suit to tAe coun luvins jrrisdiction thereof for the sppoiatment
ot a receiver of ~11 aad sit~ulu tAe mort~ated propertY. aed ot all reau, iecaoea. protits, issues and revenuea thereot, fros rhatsoever
source derired; and thereupon it is hereby eapressly coveeaated •od a~reed that the Court sAall torthvith appoint such receirer r~th
the uswl parers aod duties of receirers in lite c~ses; and said appointment shall be made by the coutt as a matter of ~ttict ri{At to
the A1«taasee, and .rit6out retereace to the ~dequacy or inadequacy ot ehe v~lue ot the ptoperty hereby matp~ed, a to the solvency
or inaolveecr o( the Abrtta~ors a any other party deteodant to suc6 suit. TAe Mo~ts~~or hereEy specitically raives ths ri~At to object
to the •ppoiotaent of a receiver ss afores~id and hereby eipressly conseats tba! i4tA ~~OIAtmlDl s6ali be oade as an admitttd equ~ty ,
and as a Mtter ot absolute ri~ht to the ?/atp~ee and thst the ssme mar be doae vithout notice to the Mottas~or. '
~ If toreclosure proceediap should be inatituted asainst the property corered by this mat;a~e up~n any oNer lien or clum ~hetAer ~
~ alle~ed to be superior ot jtmior to the lien of tAis ~t~~te~ the Mortq~ee may •t 6is opt~on immediately upon ~nstiwuon ot such su~t ;
~ or durin~ tfie pendency tbereot declare t6~s ~atp~e aod the iadeAtedness sec~red bereby due and p~yable [orth~rith and msy at ~~s ~
optioa proceed to toreclose tAis mast~aie. j
(v lbst the Mo~tq~or rill keep sll real and persoaal propettr aow at heresfter eocwebcred by tbe I~en of this iaort~a~e i~?sured ss may i
~ `
~ Ae required from time to tiae by tbe Mott~~~ee assinst lws br fire. ~iads~orm and other 6azards, c~swlt~es and cootmjeocies (or such
~ periods ~nd for not less tAaa sucb soounts as mar be required by the Mortsa~ee ~nd to psY a~Dtly when due all peaiwns tor such
~nsurasee. The ~~ounts of iaursoce required by tse Uforts~~te s6a11 be the ~ia~sum asounts [a rbich s~~d ~asurance shall be vrnuen
~ and it s6~11 be incumpeat upoe tAe l~lort~a~oc to w~iataie socA edditional iesutanee as e~y be aetassary to mtet and comply (ulty v~th
~ ~11 co-ia~~u~act requitemeats coeta~ned in said policies to the tod that the said A/ort~a~or is not a co-~nsuror thereunder.lnsurance
sh~ll be rttttee by a casp~sr a caopao~es aPpcoved or Aea~{aattd br the Mottiase~ and all pol~cies ~nd reae~als thereot sh~ll be held
~ br 1he ?latp~ee. All detailed desi~aations by the ?lortsator ~AicA are accepted by d~e Mort~~~ee and all asrecaents betveen Alort~asor
~ aed 1Aart~uee relaUn~ to iasur~nte, aor e:iaun~ ot beresttet a~de. ~A~11 be ia rritin~ aad sEall eei pstt o( th~s matp~e ~~rcement
u tully as tAou~h set lath rerb~tls herein and ahall ~orern botA arties hereto snd q~eir ~YCCesso~s and ~ssi~ns. No lien upon any o(
` saiA oohcies ot ~nswaece o~ upon anr re(ue?d ar retYrn preauum +~hich aaY be oayable on d~e ueeelfation ar termm~uon ~hcreot, sh~lt
~ be ~ivee to otAet tA~n the Mott{ssee, e:eept by proper endorsesent aftiaed ~o sucA pol~cy snd ~pproved by Matsa~ee. EacA pol~cy of
~a
insYranet shall have at(iied thereto a Staedud New Yo~k Morts~see Clsuse r~thout Conuibut~on. mak~ni all toss w losses w~der .uch
policY p~yable to the Ulonp~ee as ~ts ~oteres~ my s~eu. !e the e~eet ~nr sue a sus~ ot soney becoau Payasle ~hereunder the ~lon-
~a~ee ahall Asre the option to receive aad apOlr the s~ee oe ~ccouet o! the ~edeAtedness hereby secured, or to permit the ~IorttsRor
to reu~~t aed we ~t, at •ey p~rt thereof, w~ithout tAerebr wsirm~ or ~mpur~n{ ~oy eau~tr, Gce, ot n~ht vnder ~nd by vutue of ihi~
~ matpse. In event ot loss w physical die?a{e to ~he ~.ore~,~~e ao~r~y e~e 1~lort~a{a s1uU ~~re ian+ed~~te noi~ce thereof by Ra,l t~~
~ tht Mott~a~ee and the hlort~a~ee maY a~ste proo( ot,lus~ ~f ~he same ~s not ma~e~omptlY by the 11ort~a~ot. ln e~cnt nf (ae~i~~ure of
~ ~ ~ gGG~ ~ 1 ti.? F~~~,t'~~7V
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