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claim and demand whatsoever as well in law as in equity of the said mortgagors
of, in and to the same and every part thereof unto the eaid mortgagee and its ~
successors and assigns forever. '
AND the mortgagors do hereby covenant with the Association that they are
indefeasibly seized of said land in fee simple; that they have full power and lawful
right to convey said land in fee simple as aforesaid; that it shall be lawful for the
Association at all times peaceably and quietly to enter upon, hold, occupy and ;
enjoy said land; that said land is free from all encumbrances; that they will make '
~ such further assurances to perfect the fee siunple title to said land in the Associa-
tion as may reasonaoly be required; and that they do hereby fully warrant the title to
said land and will defend the same against the lawful claims of all persons whomscever.
PROVIDED AI~VAYS that if the mortgagors shall pay unto the Association the
indebtedness evidenced by that certain promissory note of even date herewith made
by mortgagors and payable to the Association in the principal sum of $100, 000. 00,
the interest in said note stated being payable monthly beginning February 15, 1972
to and including June 15, 1972. and thereafter principal and interest being payable
in successive monthly installments of $985. 00 each. beginning July 15, 1972 with
the final payment of principal and interest due June 15, 1989, and shall perform, comply
with and abide by each and every the stipulations, agreements, conditions. and coven-
ants of the promissory note and this mortgage, then this mortgage and the estate
created hereby shall cease and be null and void; however, this mortgage likewise
secures any advances made by the Association.
THIS MORTGAGE is second in priority to mortgage of record in O. R. Book
192, page 611 from the same mortgagors encumbering the same real property and
it is agreed that any event of default under said firet mortgage shall likewiae con-
stitute 3n evsnt of default under this mortgage.
^ AND the mortgagors do hereby covenant and agree:
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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. •
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~ 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
y shall not be promptly paid, the Association may at any time either before or
~ after delinquency pay the same without waiving or affecting the optien to fore-
close, or any right hereunder, and every payment so made shall bear interest
~ from thP date thereof at the rate of Nine (9%) per cent per annum.
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; 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- insurar.ce requirement covering the same under the laws of the State of Florida,
covering loss from both fire and storm, making the loss under said policies,
each and every, payable to the Association, as its interest may appear, and said
insurance shall be in a good and responsible insuranee company satisfactory to
~ said Association, and written by a respansible local agent satisfactory to~the
said Association; and the policy or policies shall bear a standard New 1'ork
<; mortgage clause without contribution, and shall be held by the Association; and, ~
;i 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 8ecured, or to permit the mortgagors to receive.and i
use it, or any part thereof, for other purposes, without thereby waiving or ~
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