HomeMy WebLinkAbout1271 at all times pcaceably and quietly to enter upon, hold, ocrupy und enjo~~ said 1.?nd; that said land is frea from al) encumbrances;
that they will make such furiher assurances to perfect the fee sirnple tide to said land in the Association as mav rcasonably tx• •
required; and that they do hereby fully warrant the Gde to said land and ~vJl de(end the sume against the 1:~~~~ful claims of
.zU persons ~-homsoever.
PROVIDED AL\VAYS that iF the ~Iortgagors shull well and truly pay w~to the Aswci:?tion, the indebteclness evidenceci
by tiwt certain promissory note, of even date herewith, made bv the \lortgagors and p:?~•abic to the Ascociution, in th~ rrinci~k~)
sum oE . TEN THQT~SAND_ AND_NO/100---------------------------- l~ll:~rs (S 10, 000. 00),
~~~hich note, tc~ether ~~~th interest thereon as thercin specified, is ~x~~:~b1E: in monthly instaliments of NINETY-SEVEN
AND__02/100----------------------_-----------------------------------------------
nollars (S 97. 02 -
on the . 3Y'd day of each month cummencing ~vith JSI1l1S2'~C_~!._19T.Q.___._..._.___._ which payments
are to be npplied, first to interest, and the balance to principal, until said indebtedness is paid in full, and shall perforno, oomply
~~~ith and abide by each and every the stipulations, asreements, conditions and covenants of said promissory note and thit
mortgage, And, including any advances made by the Association to the ~tortga~ors, or their successors in tidr, for any purpose,
:?t auv time before the mlcase and rancellation of this mortgage, but at no time ~hall this mortgage secure advances on account
of s:iid arigina) note together with such additional advances in a sum in e~cess of.__TErI_THQLI~A_NI?_Asl~t~?_ _
NOL100---------------------------------- 10 000 00
- - - - - - - - - Dollars (S - ~ plas any advances necessan~
to protect the security and costs, then this deecl and the estate hereb~~ cmated shall cease and be mill and void.
AND THE ~10RTCAGORS DO hereby ctivenant and agree: '
1. To pay all and singular the principal and interest and other sums of money pu~~able by virtue of said promisson' nute
:~nd this mortgage, or either, prompdy on the days respectively the sume severally cc~me due.
To pay all and singular the taxes, assessments, levies, liabilities, obligations and inciunbrances of every nature and kind
now on said described property, or that hereafter may be imposed, suffered, placeci, le~zed, or assessed thereon, or thai hereafter
may be levied or assessed upon ihis ~iortgage, or the indebtedness secureci hereby, cach and e~~ery, when due and payable,
~ccorciu~g to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and incofar as
:~ny thereof is of record the same sliall be promptly satisfied and d'ucharged of record and tlie original official document (such
ss, for instance, ihe tax receipt or the satisEaction paper officially endorsed or certified) shall be placecl in the hands of said
Association ss Jtorigagee ~~zthu? ten da~~ next after Irayment; and in the event that any thereof is not paid, satisfied and dischargec]. ;
said Associ.ltion may at any time pay the same or any p:ut thereof ~vithout waiving or afEecting any option, 1ien, equih~ or right ;
emder or by virtue of this ~iortgsge, and the full amuunt oE each and every such payment shall be immediately due andpa yable '
and shall bear interest from the date thereof until paid at the nte stateci in the note sec~~reci hereb~- and together ~vith sueh inter- '
,
est shall be secured by the lien of this l~iortgage.
~ 3. To keep the buildings and all equipment and personal property now or hereafter on said premises toveted by this mortgage.
~ insureci in a sum equal to at least the amount of the mongage, or an amount suf[icient to comply with any co-insurance require-
E ment covering the same under the laws oE [he Sw[r of Fiorida. covering loss [rom both fire and storm, making the loss under said
policies, each and every, payable to the Association, as mortgagee, ax iu intrrest may appear, and said insurance shall be in a good
~ and respo~sible insurance company satis(actory to said Association, and written by a responsible local agent satisfactory to said r~sso-
~ ceation: ar:d the pol•.cy or policies shall bear a standard mortgage clause without contribution, and, if the original principal amount
~ of the mongage is Fi(ty Thousand and no/ 100 Dollats (550,000.00) 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 receive and appty
~ the same on accoune of the indebcedness hereby secured, or eo permit the mortgago~s to receive and use it, or any part thereof, for
other purposes, without thereby waiving or impairing any equity, lien, or right under and by virtue of this mortgage, and mar
~ place and pay for such insurance, or any part thereof, without waiving or a[[ecting its option to [orrdose, or any right hereunder,
~ and the full amount o[ each and ever} such payment shall be immediately due and payable and shall bear interest from the date
~ thereo[ until paid at the rate scated in the note secured hereby and [ogether with such interest shall be secured by the lien oE this
~ ~fortgage.
~ To permit, cammit, or suffer no waste, impairment or deterioration of said propert}•, or any part thereof, and upon
~ the failure of the mortgagors to keep the b~:ildings on said property in good condition of repair, the Association may demand the
immediate repair of said buildings or the immediate repayment of the debt hereby securecl, and the failure of the mortgagors
~ to comply ~~rith said demand of the Association for a period of Thirty (30) day~s, sha11 constitute a breach of this mortgage,
~ and, at thc option of the Association, immediately mature the entire amount of principai and interest hereby secured, and the
~ Association, immediately and without noNce, may institute proceeclin;s to forecloxe this mortgage and app1~~ for the appointment
~ of a Receiver, as hereinafter pmvide~i.
~
S. This mortgage contract provides for 3(~C~ltlOilul advances ~~•hich may be made at the option of the association and
~ secured by this mort~age, and it is agreed that in the event of such advances the amount may be addecl to the mortgage debt
~ and shall increase the unpaid balance of the note hereby secured by the amount of such advance anr~ shall be a part of said
~ note indebtedness under ~ll the terms oE said note and this contract as fully as if a new such note and contract ~scre executed '
~ and deliverecl. An additional advance agreement may be given and accepted for such advance and provision may be made for ~
~lifferent monthl~~ pa~•ments .^.nd a different interest rate and other express modifications of the contract, but in all other respects ;
- ihis contract shall remain in full force and effect as fo said indebteclness, including all advances. f
F;:; 6. If any of the sums of muney herein referred to be not prompdy and fully paid ~~thin Thirty (30) days next afeer ;
the same severally come due and payable, or if each and every the stipulations, aoreement, conditions, and covenants of said '
promissory note and this dced, or either, are 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 imder the terms of this mortgage #
~ shall become due and payable forthwith or thcreafter at the option of the Association, as fully and completely as if said aggregat~ ~
sum of money was originally stipulated to be paid on such day, am~thing in said promissory note or herein to the contr.~rv not-
.vithstanding. .
~ 7. To deliver to the Association, on or before ~iarch 13th, of eaeh ~•ear, tax receipts evidencing the payment of all 1a«•-
fally impo~ed taxes for the preceding calendar year; to deliver to the Association receipts evidencing the payment of all liens
for ub~ic im rovements within nine
a;,v p p ty (90) days after the same shall hecome due and payable, and to Iray or discharge within
ty (90) davs after due date, an and all overnmental levies that ma be made on the mort a, ed ro on ihis mort a e
nine Y g Y L; Q P PertY, 1~ ~
nr note, or in any other way resulting fmm the mortgage indebtedness secured bv this mortgaQe.
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