HomeMy WebLinkAbout1900 And Morytagor hereby covenants and agreca wiU~ Morlaager:
l. That Mortgagor owns and han ~ssesaion of said property with tull power and tawtul right tci mortgage the s~me; that
~~ul pruperty ~.s free frc~m ail liens and encumbrances; that Mortgagor fully wurranta the title to said property and will defend the
..vrne against the claims ot alt ~~ersons whom.~oever.
2. To pap alt principal, inte~est and other suma payable by virtue ot said note and this morigagt, o~ either, prompUy
whc~n the seme hec~ome due.
3. To pay all texeR, a4ses.9menia, levies, tiabilities, obligations and encumbrances ot every nature and kind now on, or w~hich
may her~aflc~r acerue on said pmperty, this mortgage and the indebtedness secured hereby, or any of them, when due and to deliver
t}~<• receipts to Mortgagee prornptly upot~ demand, and it the same, ot any nart the~eo[, is not paid when due, Mortgagee may pay t
thc- same without vraiving or attecting the optian to torecloae this mottgage or any other right hereunder by reason of such detault ~
~u~d each such payment shalt bear interest at the ma:imum lega! rate from the date thereof and shall be eecured by this tnortgage. ;
4. To pay all casts, fe~, charges, and ezpen.4es o[ cw•ery nature snd k~nd, including (but not ?imited to) the coat af title ~
.:~an•he~ on said property found to be necessary or convenient in conncrt~on with any suit for the foreclaaure of this mortgage, to-
~t•tiiPr with reasonable attnrney's fees incurred by Mortgagee in the foreclosure of this mortgage or the ealli+ction of thp amoants
~~~•ure~ hereby and any ap?x•!late prnceedings arisinR themtram or c~nnected therewith and esch such payment shall bear interest at
tt~~• maximum legsl rate trom the date therc~of and shall he ~ecured by this mortgage.
5. To keep the buildings now or hereafter on said lands insured again.gt loss by fire and other hazards rnver~ci by the ternse ?
~~x;e•ndc•d rnvPrage" and "other perils" for an ~nsurable ~•alue approvec! by Mortgagee in a company approvetl bv Martgagee thmugh ;
.~n a~;t~nt r~icie~nt in Florida approved hy MortgaRer The ~whc>• or palicie:s shaU be held by and madP payable toMortgagee by Stand-
anl '.~t•w 1'ork Alartga~t~• Clau~ without contribuUun ac MortgaRm's interest may appear_ I( an~• sum beromes papable under '
:eu•h ~x,lic>• or policies. Mortgagep shall have th~ option to receive and appty thP same on acrnunt af the indebtedness hereby secured
tc~ permit Mortgagur to rereive and ase it, o~ any part thereof, for other purpoees without wai~•ing or impairing any right under
ttif• murtFagc~ if MortRagor fails tc~ perform th~c covi•nant, Mortgagee mati• procure and pa~~ for such insurance or any part
the~Tf`Of without wai~•in~ or a(fectinR the option to forErlose this mortgage or sny other right hereunder by reason nf such default
and each such payment shall bear interest at the maximum tegal rate fmm the date thereof and shall be secured by ihis mortgage_
~ 6_ To permit, commit ar suffPr no wacte, impairment or deterioration ot said property, or any part thereof. lJpon failum
<.z MortgaRor to keep the buildings on said properh~ in good condition of repair, Mortgegee mey make demand for the immediete
~~pa~r o[ said buildings. or an increase in the amount of security, or the immediate pa~ment of the debt hereby secured or any of ~
fhE•ce if 1ltortgagee takes Ex~ssession ot said property by~ foreclosure or otherwise and fincLa it necessary to make any repairs thereto.
~t~~rt~agar agrees to ~~ay for the same and such pa>•ment shall be secured by tfie lien ot this mortgage, it not theretofore torecloaed. ~
1 f th~s morlRage shall have been foreclosed, such payments msy be recoverPd b~• 111ortgagor in anv dpficiency decree rendered or
ti~f•r~aftPr at law with interest at the mazimum legal rate from the date ot each auch payment and this covenant ahall survive any
cuch foreclosure.
7 No rnnveyar?c-e oi said property, or any part thereof, aha11 be ms+de by Mortgagar without the written con+ent of Mort-
~;~egee and without as.cumption by the grantee of the obligation to Mortgagee heteunder in the form prescribed by Mortgagee. Ir;
~F«rtive of such a~sumption biortgagee may, upon such conveyance by Mwtgagor, deal directly with I?'Iartgagor's grantee withdut
an~~ hotice to Mortgagor in all respecta pertaining to this mortgage. Mortgagee may grant to Mortgagor or any other person an ~
t~itFnsion or extencions of time tor pa}•ment ot any s~un due hereunder and may take other or additional security for payment F
thE•r~i or waiv~ defaulLs or obliRat~ons of this mortgage and said note and may decrease the rate of interest or amount of install- ~
mc~nt pa~•ments without reieaging an}~ person fmm any IiabiGty under said n~te or this mortgage.
f A. That if said property, or an~ part thereof, is taken under an~- ~wer of eminent domain. Mortgagee shall have the right ~
3 t~~ rec-eive and apply all damages awardc~ or paid for surh taking on thic mortgage up to the amount then unpaid and may agply ~
5 the same on the payment~c tast due under said note and this mortgage.
9 To the extent ot the indebteclness of Mortgag~r to Mort~aRee scrured hereby, Mortgagor is subrogated to the lien or liens
and to the riRhts of the ownPr;s and halders thereot nf each mortgaRe, lien or other encumbrance on said property which is paid or
; .:-~tisf~~ci, ur both, in whole or in part, out of the proccrdc of the loan sPCUred herebp, and the respective liens of said mortgages.
~ {~rns or other encumbrances shati be preserveci and shall pa4s to and be he)d by Mortgagee as security for the indebtedness hereby
! ~t~c•urt~d to thE• came extent that it would have been preserved and would have been passcd to and heen held by Mortgagee had it ?
- t~«•e•n dul~~ 'and regularlv acs~gned to Mortgagee b~ separate assignment notwithstanding the fact that the same may be satisfied and
y :•anrt~tie~i of record.
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~ 1Q. Timr is of thP es.vc~nce of this martgage. No waiver of or failure tc~ enforce a default or any obligation hereunder shall
~ tx• held to be a waivPr of any subaequent default or of the terms hereof. ~
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' 11. MortgaKee may retain possesgion of an~ abetract of title on said propertp until all sums payable hereunder are fully '
~ G~~~d It shall not be necessary for Alortgagee to pay any tax. as.4essment. levr, insurance premium, lien or other sum due or pay-
.,hlF~ in runnertion w~th said pmperty in order to accelerate the payment of the obligation secured herebv or to include the same
~n MortRagee's claim under any foreclosure hereof, it being sufficient fur such purposes that am• of the same be then due.
` 12. It Mortgagee shall hold more than one mortgage or lien on said propert~•, a default or 6reach of any covenant or
~ r~ind~tion of am• such other mortgage or I+en shal! be dc~emed a breach or default of this mortgage also. An}• de[ault or breach =
i ~~t any covenant or condition o[ this mortgage shall likewise be deemed a default or breach c~f such other mortgage or lien.
13. In order to more fully protect the securit~~ of this mortgage and to secure 114ort~agor's compliance with the covenants ~
t~> pa~~ tax~, as,4essments, and insurance premiums, Mortgagor shall pa>• to Mortgagee a sum equal to the annual taYes and assess- ~
m~~nis next due on said property plus the premiutns that vv~ll next bcrome due on policies of fire and casualh~ insurance covering
~~~d property (all a~ estimated by Mortgagee and of which I1'Iortgagee is natified), less all sums alread}• paid therefor, monthly in F
.•quivatent pmportioas divided by the number of months to elapse be(ore one montFf prior to the date when such premiunts, taxes
aind a.ksessments will become duP Such sums shall be held b>• Mortgagee to pay said premiutns, taxes and assessments in addition
t:. thP montht~• payment under the terms of said note. If the totat of the pa~•ments made b~• Mortgagor under this paragraph e:-
t~•e•d~ Lhe amnunt of paymenis actualh• made by Mortgagee for taxes, a~cessments, and insurance premiums. such ezces4 shall be
~ rt~d~ted on subsequent papments to be made by Mortgagor for such items. It such monthly payments are not sufficient to pay
,uc•h itemc wfien the same respectively become dae, Mortgagor shall pa~• to Mortgagee any amuunt nect~ssan• to make up the de- F
: u~:t•nc~~ Such payment shall be made within thirty days after written notice ttom Mortgagee. which notice may be given by maiL `
It this mortgage is foreclosed, MortQagee shall apply the amount then remaining to the credit of Mortgagor aa a credit on the 4
inte~res! and the Principal then remaining unpaid on said note at the t~r.ie af the cc.mmencement of such procerdings If Mortgagor ~
~ rc~uired by MortRagee to provide mortgage g?taranty inaurance as a condition of the loan secured by this mortgage, bTortgagor
a~rees tu E~ay the premium for such murtgage guarant}• insurance in the same manner as prt~scribed for tazes, assessments and ~
, insurance premiums All paymenis made by Mortgagee hereunder shall be securecl b~~ this mortgage. ~
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l4. It the loan which this mortgage ia given to secure is made for the purpase ~f financing either the construction of new '
~mprnvemenka or additior~e on existinR improvemenis, Mort~agor e:pressly agrees that the funds to be advanced by Mortgagee shall °
tK~ advartced in such amottnkc as I1l~rtgagee determinec as the building progres.ves and if there be a default of any kind or nature `
c~n the part of MortKagor unde~r the terras of this mortgage or if it shall become legally im~wssible to complete said improvement ~
~~r if there is a cessation uf ~•onctruc.ion of said improvement, Mortga~ee shall not be under any obligation or duty to disbarse the
rema~nin~ funcLs o[ said loan. Inierest on each disbursement under such loan shaU commence from the date of such disbursement
b~~ I~4ortga~Pe.
15 It any amount required to be paid hereunder is not paid w•ithin 15 days of thP datr it is due and payable and Mortgagee =
dc~ not elect to acceleratP papment of the unpaid principal balance. Mortgagor agrees ta pa~• a late charge ol 2 0 0! the past due
~ruitaltment ~~a>~ment or pavmen4s u{x~n demand wh~ch shall be secured b>• this mortgaRe ;
16 At its o~tion Mortgagee may make further advances to Mortgagor trom time to time prior to the satisfaction af all in- ~
debteciness secured by this mc~rtgage; provided that the total principal secured hereby and remaining unpaid, including any such -
y 400. 000 00 ~
advances, shall not at an ~ time e:cerd 3 _ . In such event Mortgagor shall e:ecute and deliver to Mottgagee a '
{~rum~sgon• note in the form prescrit~d bc Mortgagee and any other ~r4titrumc~n~s in the forn~s prescribed by Mortgagee which
may be necessary to fulh• secure the pa~~ment of such advances evidenc~ng such turther advances. All such further aclvances sha11
bc~ securpd by this mortgage togethPr with interest accruing therec~n. AIf other provisior?_c of this mortgage shali apply to each such
further advance This paragraph shaU not be construed to limit advanc~ made by Mortgagee as otherwise provided herein to
protect ita serunty, intrrest or tightx hFreunder '
17. It ~s the intent of this mortgaRe to secure payment of said note w~hether the whole amount t~as been advanted to Mort-
RaRor at the date hereof or thereafter w~th~n the time now or hereafter presc•ribed by Florida law~ and to serure any other amounta
that ma~• t?e added to the mortgage indebtedness under the terms ot th~s ~nstrument. This mortgage secures a pnncipal debt aS set
uut ~n said nutr and shall al~ t?e secunh• for any other debt due or advancrs recerved by Mortgagor from Mortgagee during the
term herevt and ac securitti• for al! ~ndebtedness that mey hereafter be~ duP, nwing or ez~sting irom Martgagor ta Mortgagee during
the ex~stence of th~s mortgage and an~• renPwal of sa~d note tor such present or future ~ndebtecinesa.
' 18 If Mortgagor haa a mortgage lite insurarne policy and Mortgagee makes any payment of premium under such policy.
Mortgagor agrNes tu promptly reimburse Mortgagee fvr sucj~ rem~um. If the same ~s not paid by Mortgagor Lo Mortgagee within
th~rtc cia~~ afte~r ..•nttrn demand thPrefor. even~ such ~av~e~~all at the ma~umum lega) rate from the date thereof
ar,' ik . . . ~ ~ r*.,,_r~~ge. ~ ~ 1~7 '
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