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HomeMy WebLinkAbout0614 . _ . T , _ , _ , : _ . - - - , . . . _ . . . Y - _ - - - ' claim and dem~nd wh~tsoever as well in law us in equity of the ~aid mortgagors oF~ in and to lhe same and every part thereof unlo the said mortgagee and its successors t~nd assigns forever. AND the mortgagors c~o hereby cc~venant with the Asso~:iation that they are indefea~ibly seixed of said land in fee aimple; that they have full power and lawful right to convey said lund in fee simple as aforesaid; that it shall be lawful for the Associ~tion at all times ~peace~bly and quietly to enter upon. hold, occupy and enjoy said land; that said land is free from all e~cumbrances; that they will make such further assurances to perfect the fee simple title to said land in the Asaocia- tion ~s may reasonably be required; and thnt they do hereby fully warrant the title to said land and will defend the same against the lawful claims of nll persons whomsoever. PROVIDFU ALWAYS that if the mortgagors shall pay unto the Association the indebtedness evidenced by that certain promissory note of even date herewith made b,y the mortgagors and payable to the Association in the principal sum of ~700, 000.00. the interest in said note stated being payable monthly beginning June 15, 1971 to and including March 15, 1972, and thereafter principal-and intei•est being payable in successive monthly installments of $6, 895. 00 each, beginaing April 15, 1972 with the final payment of principal and interest due March 15, 1987, and shall perform, comply with and abide by each and every the stipulations, agreements, conditions, and covenants of the promissory note and this mortgage, then this mortgage and the estate created hereby shall cease and be null and void; however, this mortg~ge likewise securea any advances made by the Association to the mortgagors or their successors in title for any purpose any time before the release, satisfaction and cancellation of this mortgage. but at no time ahall this mortgage secure advances on account of the original note. together with such additional advances to a maximum principal amount in excess of $700, 000. 00 plus interest thereon and any disbursements made for the pay- ment of taxes, levies. or insurance on the property covered by the lien with interest on such disbursements. r~ND the mortgagors do hereby covenant and agree: 1, To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory note and this mortgage, or either, on the days respectively the same severally become due. ' 2. To pay all and singular the taxes, assessments, levies, liabilities, ~ obligations, and encumbrances of every nature on said described property when € due and payable according to law, before they become delinquent, and if the same s ~ shall not be promptly paid, the Association may at any time either before or ~ after delinquency pay the same without waiving or affecting the option to fore- ~ close,~ or any right hereunder, and every payment so made shall bear interest ~ from the date thereof at the rate of Nine (9%) per cent per annum. ~ ~ 3. To keep the building and all equipment and personal property now or ~ hereafter on said premises covered by this mortgage insured in a sum equal to ~ at least the amount of the mortgage, or an amount sufficient to comply with any ~ co- insurance requirement covering the same ur:der the laws of the State of Florida, covering loss from both fire and storm, making the loss under said policies, ~ each and every, pa;;•able to the Association, as its interest may appear, and said ~ insurance shall be in a good and responsible insurance company satisfactory to ~ said Association, and written by a responsible local agent satisfactory to the ~ said Association; and the policy or policies shall bear a standard New York ~ mortgage clause without contribution, and shall be held by the Association; and, ~ in the event any sum of money becomes payable under such policy or policies, ~ the Association shall have the option to receive and apply the same on account ~ of the indebtedness hereby secured, or to permit the mortgagors to receive and ~ use it, or any part thereof, for other purposes, without thereby waiving or ~ ~ ~ ~ _ 2_. ~ ~ ~o~ 192 612 ~ - ~ F ~ .f . _ _ " . - I e~j ' ~ .a... ~ } . ;3 `r" , ' S , ? - ~ ~V~ . . _ ~'ti i~~ ~ ~~'$R~.',..'!~_~^ ,s,~ . . :+~'Tt €.t~t?.~~'.''"'~,~s~'~`'