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HomeMy WebLinkAbout1159 at aU timespcu ccabty and quietly to entet upa?, huld, ocru iy und ~~~rw s?Ki luixl; that x~iJ IanJ is free from ail a~~cumbnuxrs; - that they wiU make such Eurtbar au~aanoes ~o pafxt tha ~ dmple title to ssid la~d in the Asu~ciutan ~s may rruwuably ix• required: aad thac chey do he~eby fully warranc che atb eo sa~d ta~?d and ~~~ill cieie~~d the same ag:u~ut tl~c ~:~u•E~d clai?ns i~i :?Il perscHis ~~~fwmsocver. PROVIDED ALWAIS tbut if thc rt~xt ugors shuU w•etl aad truty p•ry unto the Asscx•i:ition, tt~ ii~dcbtt~clnrss ~•vide~~ced e bv that certain pmmis9or~? not~e, af even date itb, made bv tl~ ~lortgagon und pa~•:~hle to thc AxaxiatiWi, in ttx~ pri~ri~~:d .um of T.WENTY-FNE 1'HOUS~AND SIX HUNDR,ED AND NO/100----- ~s 25~ 600, 001, ~~•hich note, together u~th inten~s! thereon as therein specified~ is p:i~•abk in manthly instalhnents of interest payments due January 20, 19?1, February 20, 19?1 and March 20, 19?1 and then TWO HUNDRED TWENTY-SIX AND 24/100----------------------------------------------------- - - ~ . - . noit~n (a 226. 24.- - vn the 20th day of each month c~mmencn~g w~th AP?~~_2Q~._1971-------------, which payments :ue to be .ipplied, first to interat, and the balance to principal, until said indebtedness is ~id in fu11, and shall perfarm, oomp1y ..~ith and abide by euch and every the stipulations~ agreements, conditions and c~ovenants of said Enomissory note and this mortgage, And, including any advances made by the Association to the Nortgagors, or iheir successors in titks, for any purpose. at any time before the release and cancellation of this mortgage, but at no time shall this mortgs~ge secure advances on account of said originul note tagether ~vith such additional advancrs in a sum in excess of_. TVfTENTY-FIVE THOUSAND S~_~_L?1~II?R~A_~A?NI?_1~1.Q11Q4.--_-_---_----_----_----Holl~rs (s .~2`~,.SOQa_4Q.), plus any advances ncressarv to protect the security and costs, then this deed and the estate hereby created sha11 cease and be nuA and void. ~ AND THE 11lORTGACORS DO hereby cvvenant and agrec: 1. To pay all and siaguLu the principa1 and interest and other sums of money payable by virtue of said promissory note :~nd this mortgage, or either, promptly on the days respectively the same severaIly come due. 2. To pay all and singulat the taxes, ass~nents, levies, liabilities,,obligations and incumbrances of every nature aad kind now on said described property, or that hereafter may be imposec~, suffered, placecl, levied, or :usessed thereon, or that hereafter may be tevied or assessed upon this b~ortgage, or the indebtedness secweci hereby, cach and every, when due and payable, .?crording to 1aw, before they become delinquent, and before any interest attaches or anv penalty is incurred; and inwfar as any thereof is of record ihe same shall be promptly s:ztisfied and discharged of reeord and the originat official document (surh as, for instance, the ta~c receipt or ihe satisfaction pape~r officialty endorsed or certified) shall be plac~ed in ihe hands of said Assflciation as'~fortgagee within tea days next after payment; and in the event that any thereof is not 2raid, satisfied and dischargecl, said ,Association may at any tirne pay the same or any pazt thereof ~vithout waiving or aflecting any option, lien, equit~ or right under or by virtue of this ~~a~tgage, and the full amount of each and every such payment shall be immediately due andpa yable and sball bear interest from the date thereaf untit paid at the raM stated in ihe note secured hereb~• and toRether with such inter- est shall be secured by ihe lien of this Mortgage. ' 3. To keep che buildings and all equipment and pecsonal property now or hereafter on said premises mvered by thu mortgage. insured in a sum equal to at leut the amount of the mottgage. or an amount aufficient to compir with any co-insunnce requite- ment mvering the same under the lavrs oE the Scate o[ Florida. covering loss from both fin and storm. making th~ lasa under said policies, tath and every. payabk w the Assotiation, u mortgagee, u its intetrst may apppr, and said insunnte shall be in a good and responsible insurancr mmpanr satistactorr to said Associuion, and written by a responsibk local agent satisfactory to said Asto- ~ ciation: and the policy or policia shall bear a standard mortgage clause without mntribution. and, if the original principal amount o[ the mortgage is Fift~ Thousand and o0/100 Dolla~s (~50,000.00) or in excas thereof. shall be held bp ttie Association, and, in ' ehe event anr sum of maney beco~nes payable utider such poiicy or policies, che Association shall have t6e opcion to ntieive and apply ~ ehe same on account o[ the indebeedneas hereby secured, or to permic the mortgagors to receive and e~sse it, or anr part then~of, for ' other purposc~s, without thenby waicing or impairing any equity, lien, or right under and by virtue o[ this mortgage. and may place and pay [or such insurance, or any part thereof, without waiving or at[ecting its option to [orecbse, or any right hereunder, and the [ull amount of each and every such payment shall be immediately due a~id parable and shall bear interest Irom the date thereot unti! paid at the nte stated in the note sec~red hereby and together with such interest shall be secured by the lien oE this ifottg~ge. 4. To permit, commii, or suffer no waste, impairment or deterioration of said propert~~, or any part thereof, and upon the fail~ue~ of the mortgagors to keep the buildings on said propeity in good condition of repair, the Association may demand the immediate repair of said buildings or the immediate repayment of the debt hereby socured, an~! the failure of the mortgagors ta rnmplv ~vith said deznand of the Association for a period of Thuty (30) day~s, shall constitute a breach of this mortgage, and, at t~hc option of i}~e AssociaHon, immediately mature the entire amount of principal and interest hereby secared, and the Association, immediately and without notiee, may institute proceec)ings to foreclose this mortgage and apph f~r the appoiniment of a Receiver, as bereinaker provide~. 5. '17us mortgage contract provides for additional advances which may be made at the option of the association und serured by this mortgage, and it is agrced that in the event of such advances the amount may be added to the mortgage debt and shall increase the vnPaid balance of the note bereby secured by tbe amount of such advance and shaii 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 and contract H~ere executed ~nd delivered. M additional advance agreement may be given and accepted for such advance and provision may be made for ciiffetent monthlv payments and a different interest rate and other eapr~s modifications of ihe rnntraci~ but in all other respects ~his contraet s}Laj] remain in full force and effect as to said indebtedness, including all advances. 6. If any of the sums af money herein referred to be not promptly and fully paid w~thin Thirty (30) days next after the same severally come due and payable, or if each and every the stipuZations, ooreement, conditions, and covenants of said Pranissory note ancl this deed, or either, are not duly performed, complied with and abided by, ihe aggregate sum mentioned in said promissory note and any other amount ar amounts added to the mortgage indebtedness under the terms of this mortgage shal! become due and pay~bk Eorthwith or thcreafter at the option of ihe Associatioa, as fully and rnmpletely as if said aggregate sum~~ma~ey was originally stipulated to be paid on such day, anything in said promissory note or herein to the contrarv not. & " 7. To deliver to the Associatmn, on or before March 15th, of each year, tax receipts evidencing the poyment of all law•- f~dly imposed ta:es for the precec]ing calendar year; to deliver to the Association receipts evidencing the payment of a1t liens for public improvements within ninety (90) days aker the same shaD hemmc due and payable, ancl to pay or discharge within ninety (90) daps after due date, any and aU govemmental kvies tbat may be made on the mortgaged property, on this mortgage nr note, o~ in any other way resultin~ from the mortgage indebtedness secured by this rnortga~e. d00K~~~ FA~E1~~j : ~ - ~ ~ ~ ~ : ; ~ ~ _ . .