HomeMy WebLinkAbout1690 TU HAVE AND TO HOLD the atbove described properiy unto the Mertgagee forevar.
The yio~iqaqor hereby covenants with the Mortqaqae that the Morigaqor :s indeteasibly scsized with tho
abeoluta and tee simple tiQe to said property, and~ has !ull power ard lawful autho~ity to seU, convey, tranafer
and mortqage the same; that it ahall be lawfui at a~y time hereafter peaceably and quietly to enter upon, have,
hold, and enjoy said pzope~ty. and every part thereot; that said propei+.y is free and dischcuged fcom all liens,
encumbraaces. and claims of aay kind, including taxes and assassments e:cept as hereia noted, and that the
idortqaqor hereby fullp wanants unto the Mortqaqoe the title to said pzoperty and will defend the same against
tha law~ul claims and demands o! aU persons whomsoever. -
PROVIDID ALWAY3, and these pressnts cae on theso eupress conditioas, that whereaa the Mortqagor is
indebted to ths Matgaqee bp virtue of a certain promisso~ Note, of even date herewith, made bp ihe Mortgagor
and papable to the order of the Mortqagee in the principal gum of _ FIVE HUN~RED THOUSAND =
($500,000.00)-------------------------------~~~.
with interest thereon, all payrable as provided in said Note, in lawlul moaey o! the United States o~f America. _
NOW, T~~REFORE, if. the Mortgagor shall fully pay said Noto. or any e:tensions ar senewala thereof and
shall tully pay~all other indebtedness or liability taai may become due and owinq hereunder and aecured here-
- by, and shall faithfully and prompdy comply wiih and nerform each and every othei correnant and provision
herein on the part of the Mortqaqor to be complied wiih and perfoiined, then these presents shall be void amd
released at the expense of ihe Morigaqor, othervaise to reinain in fuU force and effect.
AND ffie Moriqaqor does hereby expreasly covena nt and agree:
1. To pay the Note hereinbefore refemed to. accordiag to the tenor thcreot, and the interest thereon prempay as the
same s5all become duc. -
2. To pay all taxes. assessments aad ~ublic charges aUead~ levied or ~ss~ssed or t6at ma,y berea[.er be levied or as-
sessed upon or againat said land aad prem~ses or against any personal property hereia convered. when due and paysble
acconiing to law. before they become delinquent, and Defore any interest or penalty shall attach To deliver to !he Mort-
gagee. on or Detore Aiarch lst of each year, tu receipts evidencing the payment of all such tues ior the precediag
calendu year, and to deliver to i6e Mortgagor receiQts evidencing the paymeat of all liens for publie imprnvements within
ninety (90) da~vs after the same shW become due and payable. and topa
y and discharge within ninety (90) da~ps after due
date aqy and all governmental le~ies that msy be made on the mortgaged pmperiy.
3. To permit. commit~ or suffer no waste. impairment or deterioration of said propcriy or any Fsrt Wereof, and upon ~
the failure of the Mortgagor to kcep the buildines on said property ia good condition of repair. tbe Dio: tgagee may demand
the immediate repair of said buildings, or an i~crease in the amount ot secwity. or the immediate ~~~yment of the debt
hereby secured. and the failure of the Mortgagor to comply.wit6 said demand of the 1ltortgagee. for a; criod of thirty (90)
days. s6a11 constitnte a beeac6 of this morigage. aad at the option of the Morigsgee. immediateky matur~ the entire amount
of pnacipal and interest hereb3 secured. and the Mortgagee ianmediatel~ aad without notice may ins:itute proce~dings to
foreclose this mortgage and apply for the appointment of a Receiver. as hereinaiter pmvided. ~
4. To keep the buildings and all equipment and persoaal property aow or hereafter on said premisea rnvered b}? this
morigage insured against loss by fire and wind3torm or other casualty in a sum or sums sufficient to give full protechon to
the Mortgagee, but in no event in a sum less than the unpaid principal secured by this mortgAge. Provided. however, that
such insurance be in amounts sufficient to comply with anq co-insurance r~quirements rnvering same under the laws of the
State of Florida. aqd-pmvided further that tLe policy or policies shall be vvritten in a company or companies and thmugh
an agency satisfacfory ta-t6e Morigagee. and that said policy or policies sball be held by the Mortgagee and shall bear a
standard New York Mortgagee Clavse wiWout contribution making the loss under said policies payable to the Mortgagee as
bis iaterest may appeu.
It is a~c.~ed that in case the buildings on said real estate are destmyed or damag
ed by fire. windstorm, or by any other
catualU? against which insurance shall have been requit+ed by tLe Modgagee. Wen, the ~iorigagee shall have the right to
appu the insuraace pmceeds in payment of the debt secured bereby. either in whole or in part, and whether then due
or no~ or to r~quire We improvements to be repaired or replaced, eiWer parfly or entirely, by the use of said proceeds,
the nnpaid portion of the loan to remain in force. Any suc6 proceeds held by the Mortgagee for repairs or replacements
s6a11 be so held without payment or allowance of interest. •
5. In the event the lien of this morigage is arcepted as-~ secondary or inferior lien. subordinate and subject to any
i prior mortgage lien or other encumbrance, the Mortgagors covenant and agree to keep~tl of such prior mortgage liens and
~ ather encumbrances in good standing and to perform, rnmplq with and abide by each and every the stipulations, agreements.
conditions and covenants contained in the agreements.evideacing such prior liens and will not permit such prior liens or
morigages to become in default and will promptly pay any indebtedness secureci~bys~cL prior liens and mortgages before the
same become delinquent, and in the event the Mortgago:s shall fail so to do. ttien such failure shall constitute a defauit in
this mortgage ia the same manner and to the same extent as if there were a default in the terms and conditions of this
mortgage, or the note secured hereby.
6. Should the Mottgagor fail to make payment of any ta xes, assessments or public charges before they become de-
linquent, or before anp interest or p~nalty shall attac~, or of any insurance preauums or other charges payable by the
l~ortgagor. or should the Mortgagor isil to make payment of any principal or interest secured by anp mortgage or Hen pdor
to the lien of tbLs mortgage before the same become delinquent. t6en the l~ortgagee may make payments of the same. and
also may redeem said premises from ta~c sale without any obiigation to inqaire into the ~alidity of such tazes, ass~ssments
and tsz sales (the receipts of the proper ofiicers being conclusive evidence of t6e ralidity and amount thereo~. Ia case of
suchpa
yments by ffie ldortgagee. We Mortgagor agrees to reimburse the Mortgagee on demand, and the amoants so paid.
with intecest thereon at tbe rate of ten per cent per a~num shall be added to and become part of the debt sPcured by these
presents wiWout waiver oi anq right arisin8 fmm breath of any of the rnvenants, and for such pa~ments, with interest
as aforesaid. the premises hereinbefore described. as well as the Mortgagor. shall be bound to t6e same ezteat t6at tbey arc -
bound for the payment of the note Lerein desrribed.
~
7. T6at any sums ~vhich s6all not be paid when due. whether principal, interest. or money o~ring for advancements ny
tbe bolder parsuant to the teros of this Mortgage. s6all bear interest at tbe rate of ten per cent per annum. -
8. That in tLe event that said Note is placed in tfie hands of an attorney for collection, or in c~se the Mortgagee
sLall beoome a partq eit6er as plaintiff or as defendant in any suIt or legal proceeding in relation to the properiy descsibed
or We lien created berein, or for t6e recovery or pmtection of said indebtedness, the Mortgagor v?ill reps~y on demand all
rnsts and e:penses arising t6ereirnm, including r~asonable attorney's fees, with interest thereon at the rate of ten per cent
per annum until paid, all oi which sums, ii unpaid, shall be added to and become a part of We debt secured by these presents.
9. T6at t~ 1[ortgagee. without aotice. may'agree with aq~ party obligated on said iadebte`dness. or haviog an inter-
eat ia the secnrIty descrtbed berein, to renew ar er.:e~d tae time forpay~ ut oi any part or all of the indebtedness secured
hereby. without ia aay way affectjng either she lien hereof or tl~e liability ot any other party. -
10. T6at it default be made in the payment of any instaUmeat of sald Note. whether ot principal c?r interest, or in lhe
performance oitey q~~qe covenants contained in this ~ortgage. and any oae or more oi snch defaults shall have continued
for s period oi n~IV
~ day:. or more, or upon tbe happening of any other event wtuch according to the terms ot this
llortgage or sud Note shall enL'tle the holder to accelerate thP due date of said Note. then the ~6ole unpaid principal sua~ s
ia aaid Note agreed to be paid, with interest acccued thereon, shaU at anq time atter the eacpiration ot such period. or at any ~
time after the 6appening of such everet reterred to. at the option of the holder of said Note. 6ecome due and payable vrith-
out notice or demand, anytWng berein or In aaid Note to the contrary notwithstanding, and no omission on tbe part oE We ~
hoIder to e=erciae sucb option when entitled so to do shall be construed as a waiver ot suc6 rl~ht. r
11. As additional and coUateral aecuritq for the payment ct sald Note. We Aiortgagor assigns to the liortgagee all the ~
tents, issues, pmfits, and incume ot the reai estaie and pertonal property above described from the date ot th6.~ instrument
unt~1 the deht bereby~securr~! shali be paid in full, with lhe right to tecetve lhe same and apply thrm to said Note or other
lndebtedness ~wing on account thcrc~t atter detault in the conditfons tbereot.
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