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HomeMy WebLinkAbout0427 at all timesp racesbly and quiedy to cater upon, hold, ocrupy and enjoy said lund; that slid land is fnrz from all e~~cumbrances; that they will make such further assuiances to peifect tha fee aimple title to said land in the Association as may masonably lx~ required; and that they do hereby fully warrant the dtle to said land und will defend the same against the la~~~Eul claims of all persons whomsoever. PROVIDED AL~VAYS that if the rtort~ugors shall well a~d truly ~?y unto the Aswciation, the indebtedness evidenced by that certain promissory note, of even date etewitb, made by the \lortgagors and pa~•able to the Association, in the princi~~.~l sum of TEN THOUSAND AND NO/100---------------------------- Dollars (g 10, 000. 00 ~vhich note, together ~vith interest thereon as therein specifieci, is p:?yable in monthly installments of NINETY-SEVEN _ AND 02/1.00-----_---------------.---------_--------------------------------------- - - - _ _ - - - - . Dollars (S 97. 02 - - on the. _18tt1._ day of each month commencing ~~~th. _ _D~C~h~r_18~,.__l~~_~____.__..____. .._.which payments ar~ to be applied, first to interest, and the balance to principal, until said indebtedness is paid in full, and shall perform, oomply ~vith and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this mortgage, And, including any advances made by the Association to the Modg~gors, or their successors in tit1C, for any purpose, at any time before the release and- c~acicellation of this mortgage, but at no time shall this mortgage secure advances on account of said original note together ~vith such additional advances in a sum in excess of___TEI~I_.TH~?.U?~A~ID_AlYI?_N~?LIOQ ances necess. Dollars (s. 1 Q,_QQQ. Q- plus any adv ~n~ - - - - to protect the security and costs, then this deed and ihe estate herebr created shall cease and be null and void. AND THE ~fORTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by ~zrtue of said promissorv note :?nd this mortgage, or either, pmmptly on the day~s respectively the rame severally come due. 2. To pay all and singular the taxes, assessments, Ievies, liabilities, obligations and incumbrances of every nature and Idnd no~v on said described pmperty, or that hereafter may be imposed, suffered, placed, levied, or assessed thereon, or that hemafter may be levied or assessed upon this !~tortgage, or the indebtedness serured her~by, cach and every, when due and payable, accorcling to law, before they become delinquent, and before any interest attaches or any penalty is incurred• and iruofar :u any thereof is of record the same sl~all be prompdy satisfied and discharged of record and ihe original official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed or certified) shall be placecl in the hands of said Association as \tortgagee ~vithin ten davs nezt after payment; and in the event that any thereof is not iraid, satisfied and discharged, said Association may at any time pay tlie same or any part thereof ~vithout ~vaiving or affecting any option, lien, equih~ or right under or by virtue of this ~lortgage, and the full amount of each and every such payment shall be immecliately due andpa y:?ble and shall bear interest from the date thereoE until paid at the r.~te stated in the note secured herebt• and together ~vith such inter- est shall be secured by the lien of this 111ortgage. ~ 3. To keep the buildings and all equipment and pe~sonal property now or hereafter on said premisea covered by this mortgage, insured in a sum equal to at least the amount of the mongage, or an amount sufEicient to compip with anY co-insurance require- ment covering the same under the laws of the State of Florida, co~•ering loss from both [ire and storm, making the loss under said policies, each and every, payable to the Association, as mortgagee, as its interest may appear, and said insurance shall be in a g~ood and responsible insurance company satic[actory to said Association, and written by a responsible local agent satis[actory to said Asso- ciation: and the policy or policies shall bear a standard mortgage tlause without contribution, and, i[ the original principal amount ot the mortgage is Fitty Thousand and no/ 100 Dollan (j50,000.00) or in excess thereof. shall be held by the Association, and, in the event any sum of m~ney becomes payable under such policy or policies, the Association shall have the option to recei~•e and apply the same on account ot the indebtedness hereby secured, or co permit the mortgagon to receive and use it, or anr pan thereoE, for other purposes, without themby wai~ing or impairing any equity, lien, or right under and br vinue o[ this mortgage. and may place and pay (or such insurance, or any part chereof, without wai~•ing or affecting its option to foredaae, or any right hemunder, and the full amount of each and every such payment shall be immediately due and payable and shall bear interest trom ~the date thereof until paid at the rate stated in the note secured hereby and tc~gether with such interest shail be secured b~ the lien of this ~fortgage. 4. To permit, commit, or suffer no waste, impairment or deterioration of wid propert~•, or :iny part thereof, and upon ~ the failuro of the mortgagors to keep ihe buildings on said property in goocl condition of repair, ihe Association may demand the ; ~ immediatc repair of said bu;ldings or the immediate repayment of the debt hereby securecl, and the failure of the mortgagors to comply ~vith said demand of the Assocultion for a pericxi of Thirty (30) days, shall constitute a breach of this mortgage, artd, at thc option of the Association, immediately mature the entire amount of principal and interest hereby secured, and the ' Association, immediately and without notice, may institute proceeclin~;s to foreclose this mort~age and applv for the appointment i of a Receiver, as hereinafter pmviderl. ? 5. This mortgage contract provides for additional adva~sces k•hich may be made at the option of the association and secured by this mortgage, and it is agreed that in the event of such advances the amount may be ndded to the mortgage debt and shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of saicl note indebtedness under all the terms of ~said note and this contract as fully as if a new such note :uid contract ~.~ere executecl ~ and delivered. An additional advance agreement may be given and accepted for such advance and pmvision may be made for ~ different monthl~~ paymenis .^.nd a different interest rate an~i other express modifications of ihe contract~ but in all other r~cpects ~his contnet shall remain in full force and ef[eM as to snid indebteclness, including all advances. ' ~ 6. If any of the sums of muney herein referrad to be not prompdy and fully paid within Thirty (30) days nezt after ~ ~ the same severally rnme doe and payable, or if each and every the stipulations, ao cement, conditions, and covenanis of said ' ~ promissory note and this deed, or either, aze not duly performed, complied with and abided by, the aggregate sum mentioned in said promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgage ~ shall become d~e and pay3ble forthwith or thcreafter at the option of the Association, as fully and completely as if said aggregate sum of money was originally stigulated to be paid on such day, anything in said promissory note or herein to the conirarv not- ~ withstanding. " ~ 7. To deliver to the Association, on or before \larch l~th, of each yesr, tax receipts evidencing the payment of all la~~•- ; 3 F~dly imposed taxes for the prececling ralendar year; to deliver to the Association receipts evidencing the payment of all liens ~ for pub~ic improvements within ninety (90) days after the same shall hecome due and payable, and to iray or discharge within ~ ~ ninety (90) da~~s after due date, any and all governmental levies that may be made on the mortgaged pmperty, on this mort~;age = or note, or in any other way resulting from the mortgage indebtedness secureci by this mortgage. ; ~ ~ Gy ~ BOOK 18~ PACE 4~ I. ~ _ ~ ~ ~ - - - - - - - . _ _ _ .