HomeMy WebLinkAbout2509 :~t all times pr.?c~ably and c~uicth~ to e~~!er uiwn, hotd, ~xrupy and c~~i~~v s:ud 1:ind; that s:aid land 'u fn~ from all cy~cumbr:u~ces;
thrt they will make such furthei assurances to perfect the fee simplc ti11e to said land in the Ass~ciation as mav re:sun:~bly lx~
re~c~uired; and that they do herrby fully warrnnt ihe tide to said I~nd and ~~ill dN[end the same :~g.unst the lu~~•ful cl:iinu o[
.,Il penons ~~•humsorver.
PROVIDED AL~~'AYS th.?t if the ~lurt~;3~un shall H•ell and tndv pa~• wito thr ~ssociation, the i~xit•bt~~clneic evidrnced
b~• that ce~tain promissory note, of even date hereH•ith, made b~~ the ~tortgagors :ind ~x~~•uble to the Asscx~iution, in tr~~ rri„~~;~,:~i
.??m o! FIFTY THQUSAND AND N~/100--------------------------- I)uJlars ~S 50, 000. 00
.~hirh note, tngether ~~zth interest thert•on :~s thcrein sPecifieci, is ~x~~abk• in rnonthh• inst;~lhne~zts of FOUR ~3UNURED
TWO AND 80/;00----------------------------------------------------------------
_ ~ll:~r~ ~s 402.80
~~n the 20t11 dav of each month c~~mrnrnci~~g ~.~th ,Iat1118Y`~ 2.0. . 1~72 _ H~hich payments
.~re to l~e :ipplied, first ~to interest, and the balance to pri~icipal, ~ntil said indebtedness is paid in fiill, and shall perform, comply
.~•ith and abide by each and e~~ery the stipulations, agreements, conditions and co~~enants of said promissory note and tliic
mortgage, And, including any advances made b~~ the Association to the \lortgagors, or their successors in titir., for any purpose,
at anv time before the rele-ase and cancellatioii ~nf this mortgage, but at no time shall this mortgage src~ire ad~•ances on account
~~f s;iid ori~inal note together ~~~th such additioual advancrs in a sum in excess of.__FIETI' THQIISANI2_A11TD.__.____ _
~TO/100------------------------------------Dollars (S 50~000.00 plus anv advances neeessan•
tu protect the security and casts, then this deed and the estate hereb~• crcatecl shall cease and be null and void. ~
A:\1D THE ~fORTGAGORS DO hereb~• cv~•enant and agree:
1. To pay all and singular the prieuipal and interest and other sums of money p:~)•able b~• ~zrtue of said prumissory nute
~«d this mortgage, or either, prvmpth• on the davs respectively the same severally come due.
To paY all and singular the ta;es, assessments, levies, liabilities, obiigations and incumbrances of ever~• nature and kind
on said de~scribed property, or that hereafter inav be imposed; suffered, placed, levied, or assessed ihereon, or that hereafter
rt,a~• be le~~ied or assessed upon this :~tortgage, or the indebtedness securecl herebv, each and e~~en•, K~hen due and pati•able,
.~crord'u~g to law, before they become delinyuent, and before any interesi attaches ~r an~~ penalty is in~urred; and iruofaz as
.+n~• thereof is of record the same shall be prompd}` s.~tisfied and discharged of rec~ord and the original official document (such
is, for instance, the tax receipt or the satistaction paper officiailv endoned or certified) shall be placed in thc hands of said
Ascociation as ~fort~a~;ee ~.~thin ten da~~s next after pavment; and in the event that am thereof is not paid, s~~tisfied anc! c~ischargecl,
said Association m.~~~ at anr time pa~~ t~ie s:ime or am• part thereof without ~ti~aiving or affecting any option, lien, equih• or right
~i?~det or b~• ~~rtue of this J1ort~a~e, and the full amount of rach and even• such pa}~r?ent shall be immediateiv due a~?d ~•able
:md shall tx•ar interest from the date thereoF until paid at the r:?te stateci in the note secured herebr and togethPr ~~•ith suc~infer-
t~st shall be scrured bv the lien of this titortgage. ~
3. To keep the buildings and al! equipment and personal property now or herta[ter on said premises covered by this mortgage.
~nsured in a sum equa! to at least the amount o( thr mortgage, or a~i amount se(ficient to tomply with any co-insurance requim-
mrnt cotiering the same under che laws of ehe State o( Florida, co~~rring loss (rom both fire and s~orm, making the loas under said
fwlicies, each and e~•er~~, payable to the Association, as mortgaqee, as its interest may appear, and said insurance shall be in a good
~ and responsible insurance co*npany satis[actory to said Association, aud written by a responsible local agent satisiactory to said Asso-
~iation: and tt?r ~wlicy or policies shail bear a standard mortgage clause without contribution, and, i( the original principal amount
v! tl~e mortqagr is Fifty "Thousand and no; 100 Dollars (S50.OOO.QO) or in excess thereof, shall be held by the Association, and, in
ehr r~r~n an} sum ot monev becomei paYablr under such polic} or policies, the Association shall have the option to receive and apply
che saine on account of the indebtedness heteb}• secured, or to permit the mortgagors to receive and use it, or any part thereof, tor
other purposes. without thereby w•ai~•inq or impairing any equity. lien, or right under and by ~•inue o( this mortgage, and may
place aud ~,a}~ tor wch insurance. or any part thereo[, without wai~~ing or a[lecting its option to toreclose, or any right hereunder,
aud the full amount of each and e~~en such ~ayment shall be immeciiately due and payable and shall bear interest (rom the date
thrrrof until paid at the ratr sta!ed in the notr secured hemby and togecher with such interest shal! be secured by the lien oE this
Jfortgage.
4. ?o permit, ccmmit, or suffer no waste, impairment or detcrioration of said prupertt•, or xny part deereof, and ulwn
the failarc of tfie m~~rt~a~vrs to keep the be:ildings on said propert}• in good cvndition c?f repair, the Associatiun may demand the
~ immediate re~ir of s:iid bu;ldinos or the immediate mpa}Tnent of the debt hereb~• scru~ed, BIlCI t}1Q failure of the mortgagors
' tu comph• ~~•ith said demand of the ~ssociation for a~eri~xl of Thirty~ (30) da~~s, shall constitute a breach of this mortga~;e,
' and, at the option of the Association, immecliatel~~ n?ature the entire amount of principal and interest herebv secured, and the
` -ismciation, immediately and a~ithout notice, mav institute proceeclir~Rs to foreclose this mortgage and appl~~ for the appointment
nf a Recei~~er, a~ hereinafter prnvidecl. +
S_ This mort~age contract provides for additi~~nal advancrs ~~~hich mav be made at t}ie uption of the asSOCiation and
~ecwed by this mortgage, and it is agreed that in the event of such aclvances the amount may be added to the mortgage debt
and shall increase Lhe unpaiu' balance of the note herebv secured by the amount of such advance and shall be a part of said
` n~~te indebtedr~ess under a11 the terms of saicl note and ~ihis rnntract as fully as if a new such note and contract .~•ere executecl
` ~r,~i ~leliveretl. An additional ad~•ance a~c~ement ma~• be ~i~•en a~id atcepted fnr such advance and provision rna~• be made For
~lifferent monthlv pa~•ments ~:nd a:lifferent interest rate and other espress modifications of the contract, but in :ill other respec•ts
~his contrsct s}?:ill rrinain in full force and effect as to said indebtedness. includin~ all advances.
6. If am~ of the sums of muney herein referred to be nol prompdy and fdilv paid within Thirty (30 j days neat aftcr
the same se~•era[lv come due ~nd payable, or il each and every the stipulations, aorecment, conditiuns, and c~ovenants c~f said
prumessory note aud this deed, or either, are not du7y performed, compiied with and abidecl by, the aggregate sum mentioneci
in said promis.ory note and an~~ other amount or amounts added to the mortgage indebtedness under the tcrms oE this mortgage
shaU become due :?nd ~.•~ble forchwith or thereafter at the option of the Association, as fully and comptetely as if said a~;regat~
sum of monev ~~~3s originally stipulated to be paid on such dav, ant~thing in said promissory note nr herein to the ccmtr~rv not-
w~thstandir?g. . . ~
To deli~•c•r ta the Associatiun, orr or before Jf~rcT~ 15th, ui each ~•ear, tax receipts evidencing the pa}'rnent of all la~c-
fnlly im~ taxes for thr precedinfi c;Jendar vear, to deliver to tlie Association receipts evidencing the Pctyment of all liens
for pub ic improvements k•ithin ninety (9Q) days after the same shall t~come due and payable, and to pay or discharge within
ninety (90) da~~s after due date, any 3nd all Ruvernmental Ievies that may t~e made on the mortgs~ed propertv, un lhis mortRa~P
nr nole, or in any ot}ier K';~V res~iltinR from ihe mortgage indebteJnrss sec•urc~d bv lhis mort~~~~.
b~Otc~~ P1lCE~N~