HomeMy WebLinkAbout2388 at all times pr.ice~ably and quiedy to rnter upon, }wid, ~xrupy and enjov ~id land; that s:?id laud is frc*z from all ch~cumbrances;
that they vvili make such further assuraz~ees M perfect the fee simple title to said land in the Association as mav reasonably
required; and that they do hereby fully warrant the title to said land and ~vill defend the s:?me ag:unst tl~e la~~~fu) claims of
.:U persons ~~•humscever.
PRO\'1DED AL\\'A1'S thut if the \fortga~un shall ~veU and truly w~to the :~ssoc•i:ition, the~ indebtc~c~nrss ~~~•idt~?eed
bv that certain promisso~ note. of even date herewith, made b~~ the'~fortgagors and pa~~:?ble to the A.scx•iation, in the princi~xil
sum of FOURTFEN THOUSANU FOUR HUNDRED AND NO/100ths --~~ll:+rs ~S 14, 400. 00
~.hich note, together ~~ith interest thereon as thcrein specified, is p:~~:~ble in monthlv installmcnts ~~f ONE HUNDRED
TWENTY AND 46/100ths------------------------------------------------------
_ D~llars (S 120.46
on the 20th day of each month cY~mmrncing ~~ith February .2D, .1172 _ _ which payments
.~re to be:?pplied, first to interest, and the balance to principal, until said indebtedness is paid in full, and shall perfortn, comply
.ti-ith and abide by each and e~~ery the stipulations, agmements, eonditions and eo~•enants of said promicsor~~ note and thic
mortga~e, And, including any advances made by the Association to the ~lortgagors, or their s~ccessors in titlr, for any purpose>
at anv time before the release and cancellation of this mortgage, but at no time shall thic mortgage secure advances on account
uf wid original note together ~vith such additional ad~ances in a sum in excess of_F4URT~EN _TH4U~A_NA._E4UR
t
HUNDRED. AND. NOI l OUths- - - - - - - - - - - - Dollsrs ( S 14, ~ Q.Q, 00 . ) , plus any advances necessan• '
~o protect the securitV and costs, then this deecl and the estate hereb~• created shall cease and be null and ~~oid.
A.'~D THE r10RTGAGORS DO hereb~~ cv~•enant and agree_ -..s
1. To pay all and singular the principal and interest and other sums of mone~ ~a , b1~ gb.victusiof said promissorv nutc
.~nd this mortgage, or either, promptl~ on the days respectively the same severaIly ~~e. ~t-'
'.t ,,t; ~t
2_ To pay all and singu]ar the talces, assessments, levies, liabilities, obligations and iacum~rane~ o~ e~t~? nature and kind
now• on said dc+scribed property, or that hereafter mav be imposed, sufEered, placed, leviecl, or assessed thereon, or that hemaEter
mae be le~~ed or assessed upon this \tortgage, or the indebtedness secweci hemb~•, cach and e~•en~, when due and pa~able,
~,croniing to law, before they bec.'ome delinquent, and before any interest attaches or anv penalty is incurred; and 'uuofar as
.~nv thereof is of record the same sl~all be promptly satisfied and discharged of record and the original oFficial document (such
ss, for instance, the tax receipt or the satisfaction ~per officialiv endorsed or certified) shall be placed in the hands of said
Association as'~lortgagee w~thin ten davs next after pa~~cnent; and in the event that any thereof is not paid, satisfied and dischargc~,
said Association mav at anv time pa~~ the same or any part thereof ~~~thout waiving or affecting any option, lien, eq~ih• or right
iinder or b~• ~~rtue of this '~lortgage, and the full amount of each and everv such payTnent shall ~e immecliately due and payable
and shall t~ear interest from the date thereof until paid at the rate stated in the note sec•urect hereb~• and together ~~•ith s~ich inter-
rst shall t,e secured bv the lien of this Mortgage. ~
3. "To keep the buildings and all equipment and penonal property now or hereatter on said premises covered by this mortgage, i
E insured in a sum equal to at least the amount of the mongage, or an amount su[iicient to comply with any co-insurance require- _
E ment co~•ering the same under the laws ot the Sute of Florida, covering loss [rom both tirr and storm, making the loss under said ~
~ policies, rach and e~~er}~, payable to the Association, as mortgagee, as iu interest may apptar, 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 said ~sso- €
~ ciation: and the policy or policies shall bear a standard mortgage dause without contribution, and, if the oriqinat principal amount
' of the mortgage is Fift~ Thousand and no; lU(1 Dollars (;50.OOO.W) or in excess thereo[, shall be held by the Asaociation, and, in
F chr e~ent any sum oE money becomes pa}able under such policy or policies, the Association shall ha~-e the option to receive and apply
~ che same on account o[ che indebtedness hereby secured, or to permi[ the mortgagots to receive and use it, or any part thereof, for 2
other purposcs, without therebv MaivinR or impairing any eyuit}'. lien, or right under and by vinue of this mortgage, and may
~ place and pay tor such insurance. or any part thereo(, without wai~ing or af[ecting its option to foredose, or any right hereunder, ;
~ and the tull amount o[ each and e~~ery such payment shall be immediately due and payable and shall bear interest (rom the date i
~ chereo[ uncil paid at ehe race staced in the notr secured hereby and together with such interest shall be secured by the lien of this '
' ~fortgage. , ~
's'
~ 4. 7~o permit, ccmmit, or suffer no waste, impairment ~r deterioration of said propert~-, or :iny part thereof, and upon
~ the failurc of the mortga~ors to keep the buildin~;s on said prupert~• in good condition of repa'v, the Association mav demand thc
F immediate re~ir of said bu;ldings or the immediate reirayment of the debt hereby secured, ancl the failure of the mortgagors
~ tr, rnmplv ~sith said demand of the Aswc4~tion for a period of 'Thirty (30) da~~s, shall constitute :i breach of this mortgage,
; and, at the opti~n of the Association, immediatPlv mature the en6re amount of principal and interest herebv secured, and the
~ Association, immediately and ~vithout notice, mav institute procceclin~s to fore~lose this mort~a~e and apph- for the appointment
x ~,f a Recei~•er, as hereinafter provided.
,
S. This mortgage contract provides for additiunal advances H•hich may be made at the optiun of the association and
tecured by this mortgage, and it is agreed that in the event of such advances the a:nount may be addecl to the mortgage debt
` nrid shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of said
~ note indebtedness t~nder all the terms of said note and this contract as fully as if a new such note and contr.ict w•ere executed
:,nd deli~•ered. An ,+dditional ad~•ancr afireement ma~• be given and accepted for such advance and pro~ision ma~• be made for
ciifferent monthlv pa~ ments and a difFerent interest rate and other express mociifications of the cuntract, but in all other resEx~cts
- ~his contract shal~ remain in full forre and eFfeM as to said indebtedness. including al) advances.
6. If anv of the sums of money herein referred to be not promrtly and fullv haid within Thirty (30? days nrxt aftrr
_ the same se~~erally cY,me due anct pa~~able, or if each and every the stipulations, aorcrment, conditions, and covenants of said
- promissory note and this deed, or either, are not duly performed, cc~mplied vvith and abided by, the aggregate sum mentioneci
= in said promissory note and anv other amount or amounts added to the mortgage indebtedness under the terms of this mortgage
shall become due and ~~~sble forthK~th or thereafter at the option of the Association, as fu11y and completeiy as if said ag~;regate~
- sum of monev w~as originaUy stipulated to be paid on such day, ant~thin~ in said promissory note or herein to th~ amtrarv not- ~
.+~t}tstanding. ~
= ?o delicer to thr Assoeiation, on or Uefore ~farch lith, of each ~•ear, tax receipts evideneing the payment of all la«--
fully impc~ c~d taxrs for the preceding calendar vear; to deliver to the Association receipts evidencing the p3yment of all liens
for pub,l'c improrements w•ithin ninety (~JO) days after the same shall hcrome due and payable, and to pay or discharge within
_ ninety (90) da~~s after due date, ai~y and al! governmental levies that may be made on the mortgaged property, on this mort~a~e
- nr note, or in an~~ other wav msultin~ from the murtgage indebtedness s~rurcd b~~ this rrK~rt~a~e~.
E~~ ~99 ~~'387