HomeMy WebLinkAbout1546 - 1 ~ ' J
i
18. It is specifically undpT~to~d that the 1KortRaRor shall have the riptht to prepay
the am~unt due I~erP~inder~ ~r any portion thereof, at anq time, in muitlples of
tl~•• monthly paymert atipulated in the pro~issorq note secured by this Mortgage
deed~ hovever as may be 1lmited by the tet~~ of aaid promisaory note.
19. 'rhe abstract of titlc ~•ov~rlnR the encumbersd property stiall r main in the
poasesqio~ of SMA d~~rin~ th~ lien of this Mortgage, and after foreclosure it
shall became the pr~~ncrty ~f SMA.
20. That it is che intenr h~r~~f to secure paqwent of the note hereir desccibed,
vhether the fult am~~~nt th~r~of chall have been advanced to the TlartRagor at
the date hereof, ~r at l~ter date; the Mortgagee may, at the sole option of
the NortRagee, from tta~c• t~ tia~e before the pay~ent of all lndebtednesa secured
herehy, make further advances to the 14ortgagor, vhich advances shall be like-
vise secured by thia HATtj~AQP~ provided, hovi~ter, that the total principal sum
secured herebv and remainin~ unpaid~ including anq $uch advances, ahall not at
any time exceed the oriRinal principal su, of note herein described. All advances
made pursuant to thF prcwious sentence shall be ~sade ~rithin the time limit
authorized by Florida l.av for makinR valid future advances. McrtgaRor ahall
repay all Such furtl~c~r adv:~nces vith interest and the indebtedneas created by
virtue of such furth~~r advanres shall be and are ~ecure3 hereby. 1111 provisions
of this MortRa~~ apptr to csch and every further advance made pursuant to the
provisions of thi; paraRr~ph. Nothing herein contained shall limit the amount
secured by this Mortgagc, to the extent said a'ount is increased by advances
made by SMA, as I,erein elsevhere provided and authorised, for the protection
of the securitv of
21. That the ~iiinR of a written notice of de~and, addreseed to the ovner of record
of the MortqaRed premise~, directed to the said ovner at the last addreas actu-
ally furnished tc+ SMA . or directed to the said ovner at said I~lortgaged presises,
and mailed by the Unired States mails, shall be sufficient notice and de~and in
any case arisinR un.tor this instrument and/or the note secured hereby or other-
wise required by the provicions hereof or by law.
22. If the moTtRaRed premises is other than a single fanily dwelling, the ?~ortgagor
covenants and aqrees that he vill, not later than thirty (30) days after the end
of the fiscal year, furnish unto g~ a co~plete and accurate balance aheet and
profit and loss statem~~nt reflectinR the tiortgagor's liabilities as well as profit
and loss for the 'N~resartc,r's busineas for the qear i~ediately preceeding the end
of the MortgaRor's fiscal year, and euch balance sheet atd ptofit atd loss state-
ment shall be prepareti by a certif ied public accountant~licensed in the State of
Florida, and shall ye certified as being correct by such certified public
accountant.
23. To the extent of ~1~~ indPh~edness of the Mortgagor to g~ described herein or
' secured hereby, ~s hereby subrogated to the lien or liens and to the righta of
the ovners and holders thereof of each and everq mortgage, lien or other encum-
! bTances on the land described herein which is paid aad/or satisfied, in whole or
R in part, out of tl~e proceeds of the loan described herein or secured herebq, and
~ the respective liens of said mortRaRes, liene, or other encusbrsncea, shall be
and the samP and ~ach o~ chem hereby is preserved and shall pass to and be held
by SMA herein as sccur~[y for che indebtedness to SMA herein described or herr
by secured, to the S:~mE• Pxtent that it' would have been preaerved atd ~auld hsve
been passed to and hee:~ held by SMA had it been duly and tegularly asaigned,
tTansferred. set over ~nd delivered by SMA by separate deed of a4sigt~nent. not-
~rithstandinR thp fact t hat the same ~ay be satisfied and csncelled of record,
it being the intenrinn of rhe parties hereto that the sase vill be satiafied
and cancelled of rPCOrd by the holdera hereof at or about the tiae of the record-
ing of this Mnrt~a~P.
24. ?o pay all and singular the costs, chsrges and ncpenees, including sttorney's fees,
reasonably incurr~t or paid at any tiae by g~p, because of the failure of the ~
MortRaqor to perform. crnoply with and abide bq each and ~?erq the atipulations,
agreements. conditi~ns arni covenants of said prooissory note and this derd. er ~
either, and every such payment shall bear inteTest at the rate of t~a (lOx) per- ~
cent, per annum. ~
~ 25. It is specificatly ~y;rced that tiene is the esset~e of this contract and that no
y=
= wiver of any ohliRation hereunder or of the obligation •ecured hereby shall at
~ au~ tise thereaftcr bp held to be a vaiver of the tersa hereof or of the instr~sent
secured hereby.
~ 26. That no extensinn of t,r~e ti~P or aadification of the terss or pay~ent hereinabove,
~ atd Ao release of any part or parts of ihe ~ortgaged prsises shall release, ~
reli~re, or dischar~;e the Mortgaqor fra the pay~ent of any of tt~e suu hereby ~
•ecured but in such event the Mortqagor shall neirerthele~s be liable to pay such
~ s~s accordinR to thN rerms of such actetrion or ~odification unless specifically
rel~a~ed and diacharR~f in vrltinR by SMA and ~urthers~re. that acceptance
of part pay~ent of any install~ent of principal or intese~t, or both, or of psrt
perforsance of any c~v~nant or delay for an~ period of tiae in ~ocercisinR the
option to ,ature rhe entire debt, shall noe operate as a wiver of the riRht to
ezercise such optt~n on account of auch default, partial acceptance or any sub-
~~quent default.
x
. ~ 5 so~ z04 P~i545 ~
~
~;;~.~~-~f~~.~~~~ .
~ ~ ~ ~ _ ~