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HomeMy WebLinkAbout1275 at all times pcaceably and quietly to enter uron, hold, ocrupy und cnjoy said ixnd; that said land is f~ froin all encumbrances; that they will make such further assura~s to perfeM the fee aimple title to said land in the Association as mav reasonably bc required; and that they do hereby fully wamant the title to said land and will defend the same against the la~~~fu) claims of ::11 pcrsons ~~•homsoever. ~ PROVIDED ALWAIS thut if the \lortgugors shall well and truly p:?y unto the Associ:dion, tlx inaebtedness evidenceci ~ by th~t certain pro~~issory note, of even date hetewitb, me?de bv the \lortgagors and pay:?ble ta the Association, in thc' princi~~:~) sum of TEN_ THOUSAND AND ~TQIIOQ----------------------------~oll:~rs (S 1Q~ 000. 00 ~vhich note, together ~~1th interest the~eon :u themin specifiecl, is p:?~:?bir in mc~nthly installments of NINETY-SEVEN ANi? Q2/~00--------------------------------------------------------------------- v~ll~r~ (S 97. 02 - ; _ _ - - - . un the 3x'C~ day of each month comme~icing ~~~th .JaYIUSIy.--3, _19TQ-------- - . . - - which payments ~ are to be :?pplied, first to interest, and the balance to principal, until said indebtedness is paid in full, and shall perform, comply ~ .~~ith and abide by each and every the stipulations, agmements, conditions and covenants of said promissory note and tl~is mortgage, I?~d, ir.cluding any advances m~de by the Association to the !liortgagors, ur their successors in title, for any purpose, ? at anv time beEore the mlease and ca~icellation of this mortgage, but at no time shal! this mortgage ~ecure advances on account ~ oF said original note to,ether ~vith such additional acivances in a sum in excess of.__TEN_.THQUSAIITDAND__. - NQ_~100_---_---_-_--.-_----.-_----_---.---_---------- Dollars (S _ 1~,-QQO._QQ), plus any advanees necessan• to protect the security a»d costs, then this deecl and the estate hcreb~~ created shall cease and be null and void. t AND THE r10RTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and interest and other sums of money payable b~• virtue of said promissory note :u~d this mortgage, or either, promptly on the days respectively the same severally come due, - 2. To pay all and singular the ta~es, assessments, levies, li.abilities, obligations and incumbmnces of every nature and kind no~v on said described property, or that hereafier may be imposed, suffered~ placed, levied, or assessed thereon, or that hemafter may be levieci or assesseci upon this ~tortgage, or the indebtedness seeurecl hereby, eaeh and every, ~vhen due and payable, .~ccorcling to law, before they Uccome delinquent, anJ before any interest attaches or any penalty ic incurred; and insofar :u .~nv thereof is of record the same shall be promptly satisfietl and dischargecl of record and the original official document (such :is, for instance, the tau receipt or the satisEaction paper officially endorsed or certified) shall be placecl in the hands of said Association as ~forigagee ~vithin ten days next aEter pa~~ment; and in the event that any thereof is not paid, satisfieci and discharged, said Association may at any time pay tiie same or :uiy part thereoE ~~lthout ~vaiving or affecting any option, lien, equih' or right tmder or by vidue of this ~tortgage, and the full amount of e:~ch and every such payment shall be immediately due andpa yable and shall bear interest from the date thereoE unti! paid at the r.ite stated in the note securecl hereb~• and to~Gether ~vith such inter- est shall be secured by the lien of this 11lortgage. S. To keep the buildings and all equipment and personal property now or herea[ter on said pmmises covered by this mortgage, insured in a sum equal to at leut the amount o[ ehe mortgage, or an amount su[[icient to comply with anr co-insurance reyuire- ment covering the same under the laws ot the State oE Florida, co~•ering loss Irom both fire and storm, making the loss under said policies, each and every, payable to the Associatiou, as mortgagee, as iis interest may appear, and said insurance shall be in a good and responsible insurance company satis[actory to said Association, and written by a responsible local agent satisfactory to said Asso- ciation: and the policy or policies shall bear a standard mongage dause without contribution, and, if the original principal amount ' oE the mortgage is Fi[ty Thousand and no/ 100 Dollan (;50.000.00) or in e~ccess thereof, shall be hdd by the Association, and, in ~ the e~•ent any sum oE money becomes payable under such policy or policies, the Association shall have the option to receive and apply ehe same on account ot the indebtedness hemby secured, or to permit [he mongagois to receive and use it, or any pan thereof. for ~ other purposes, without thereby waiving or impairing any equity, lien, or right under and by ~ittue oi this mortgage. and map E place and pay [or such insurante, or any part theteof, without wai~•ing or x[(ecting its option to foreclose, or any right hemunder, £ and the full amomit o[ each and every such pa~Tnent shall be immecliately due and parable and shall bear interest from the date ~ thereof uneil paid at the rate swted in the note secured hereby and eogether with such interett shall be secured by the lien of this i ~ ~fortgage. _ ~ 4. To permit, commit, or suffer no ~vaste, impairment or deterioration of wid propert~•, or any part ihereof, and upon ~ ~ tlie failuro of the mortgagors to kec~p ihe buihlings on said property in good condition of repair, the Association may demand the ~ immediate re~ir of s:iid bu;ldings or the immediate repayment of the debt hereby secured, and the failure of the mortgagors ; ~ !o comply ~vith said demand of the Association for a period of Thirty (30) da~s, shail constitute a breach of th~s mortgage, and, at the option of the Association, immediately mature the entire amount of princigal and interest hereby secured, and the ~ Association, immecliately and wi!hout notice, may institute proceedin;s t~? foreclose this mortgage and app)~~ for the appoinlment ; ~ ~~F a Receiver, as hereinafter providecl. ` ~ 5. This mortgage contract provides for additionul advances ~~•hich may be made at the option of the association and i ~ secured by this mortgage, and it is agreecl that in the event of such advances the arnount may be added to the mortgage debt ; ~ and shall increase the unJraid balance of the n~te hereby secured by the amount of such advance and shall be a part of saicl _ ~a note indebtedness under all the terms of said note and this eontraet :u fully as if a new such note and eontract ~?~ere executecl ; .md delivered. An additional advance a~yreement may be given and accepted for such advance and provision may be made for s - ciifferent monthlv payments : nd a different interest rate and other express modiFications of the contract, but in all other respects ~ ihis contract shall remain i~ full force and effect as to said indebteciness, including all advances. ~ ~ 6. If any of the sums of muney herein referred to be not prompdy and fullv paid ~vithin Thirty (30) days neat after ~ the same severally come due and payable, or if each and every the stipulations, agreement, conditions, and covenants of said ~ ~a promissory note and this deed, or either, are not duly performed, complied with and abided by, the aggregate sum mentianed ~ in said promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgage ~ shall become due and pa~•~ble forthwith or thcreafter at the option of the Association, as fully and completely as if said aggregat~ 4 sum oE money was originally stipulated to be paid on such da,y, anything in said promissory note or herein to the contrarv not- - ~ t \Ylt}15tSI1(~Illg, } ~ K: 7. To deliver to the Association, on or before ~iarch l~th, of each year, tax receipts evidencing the payment of all 1aH-- fully imposed taxes Eor the prececling calendar 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 pay or discharge within ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged property, on this mortgage ; _ ~r note, or in any other way msulting from the mortgage indebtedness secored bv this mortgage. ~ OR j G r ~ _ BooK 1$1 ~~E~27'5 r.r ~t ~ ~ _ . r~ _ . .