HomeMy WebLinkAbout0692 18. It is specifically undPr~tond that tha MortRaRor ahall have the riRht to prepay ;
the amount due I~erP~~nder~ ~r any t+ortion thereof, at any time, in muittples of `
t1~•• mo~thly payment 4tipulated in the pto~i~sory Aote secured by this MortgaRe
deed~ hovever as aiay be ltmlted by the terr• of said promisaory note.
19. The abstract of titlc ~•~v~rlnR the encumbered property shall re~aain in the ;
possesaion of SMA durin~ th~ lien of this lbrtgage, and after foreclosure it F
shall became the p~up~rty of SMA. s
20. That it is the intenr h~r~~f to secure paye~ent of the no[e herein described, ;
vhether the fult am~~int th~r~of chall have been advanced to the MottRagor at j
the date hereof, ~r at later date; the Mortgagee may, at the sole option of
the MortRagee, from ~imc• t~ time before thc paqsent of -all it~debtedness secured
herehy~ make furcher Advances to the ?tortgagor, vhich advances shall be like- .
vise secured by thiR HartRaRp; provided, hovever, that the total principsl sus
secured herebv and remainin~ unpaid~ including anq euch advances, ahal2 not at
any ti~ne euceed the oriRinal principal sua of note herein described. Al1 advances
made pursuant to rhP prcwi o~~s sentence ghall be a~ade tiithin the time limit
authorized by Flurida l.aw for aiakinR valid future advances. MortgaRor shall
repay all cuch f~irti~~t adv:~nces vith interest and the indebtedness created by
virtue of such furth~•r ~dvan~es shall be and are Qecured hereby. All provisions
of this MortRa~r ,pply t~~ c~ch and every further advance made pursuant to the
provisions of thi; paraRr~ph, Nothing herein contained shell limit the amount
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secured by ~his Mortg~g.:, co the extent said amount is increased by advances ~
made by SMA, as I,erein el~cvhere provided and authorized, for the protection
of the securitv of
21. ?hat the mailinR of n+rritten notice of demand. addressed to the ovner of record
of the HortRaRed premises, directed to the said owner at the last address actu-
ally furnished c~ SMA . or directed to the said owner at said Mortgaged pteaises,
snd mailed by the Unirpd States mails, shall. be sufficieni notice and desand in
any case arisinR un.l.r this instrument and/or the note secured hereby or other-
wise required by the prc~vicions hereof or by lav.
22. If the moTtRaRed pretnisec is ocher than a single family dwelling, the ?tortgagor
covenants and aRrees that he will, not later than thirty (30) days after the etd
of the fiscal year, furnish unto S~ a complete and accurate balance sheet and
profit and loss statem~~nt reflectinR the lbrtgagor'a liabilltfes as vell as profit
and loss far the !~+resaqor's busineas for the year imedistely preceeding the end ~
of the Mort~aRor's fiscal year, and auch balance eheet and profit and loss statr !
ment shall be prppareci hy a certified public accountant licensed in the State of ~
~
Florida, and shall !~e certified as being correct by such certified public
accountant. t
23. To the extent of r1~e ~naPhredness of the Hortgagor to described herein or
secured hereby, ~s herehy subrogated to the lien or liens and to the righte of
the ovners and holders thcrcof of each and every mortgage, lien or other encus-
brences on the lan~1 described herein which ie paid and/or satisfied, in whole or
in part, out of tf~e proceeds of the loan described herein or secured hereby, and
the respective liens of said mortqaRea, liens, or other encuunbrances, shall be
and the samP and ea~A ~F rhem hereby is preserved and shall pass to and be held
by SMA herein as sccuricy for the indebtedness to SMA herein described or here-
by secured, to the s:+m~• P~cte~t [hat it vould have been preserved and i+~ould have
been passed to and hee:~ held by g~ had it been dulq and regularly assigned,
transferred. set over and delivered by SMA by separate deed of aesignment, not-
withstandinQ thr facc ~hat the saae ~ay be eatisfied and cancelled of record,
it being the intPnr.inn of che parties hereto that the saae vi1l be eatisfied
and cancelled of rPCOrii by che holdera hereof at or about the tise of the record-
ing of this ltort~a~P. ~
24. To pay a12 and singular the costs, charges snd expenses, including attorney's fees.
reasonably incurr~i or paid at airy tise by g~p, becauee of the failure of the '
liortqaqor to perform. crnoply vith ard abide by each and every the atipulations,
. agreements, conditinn~ arxi covenants of said pranissotcy note and this der~, or
either, and every such payment shall bear interest at the rate of t~ (jp~) per-
cent, per annum.
ZS. It is specifically ~~rced that tfine ie the essence of thie contract and that no
wtver of any ohtiRati~n hereunder or of the obligation secured hereby shall at
s~ tise thereaftcr be held to be a vaiver of the tersa hereof or of the inetruaent
secured herehy.
26. That no extenston of t,t~e tinP or modification of the terss or paysent hereinabovt.
and no release of any part or parts of the aartgaged pre~ises shall release,
relieve, or disch~r~;Q the Mortgaqor fron the pay~ent of any of the suss hereby
secured but in such Pvent che Mortgagor shall nevertheless be liable to pay such
~ a~ss accordinR to thN rermg of euch extetrior or ~odification unlas specifically
relea~ed and discharRPd in vritinR by SMA and further~ore. that acceptance
of part pay~ent ot any inscallwent of priocipal or intara~t, or both, or of part
perfor~ance of any c~v~n,~nt or delay for any period of tise in exercisinR the
option to wture che entire deht, shall not aperate as a vaiver of the riRht to
esercise such optt~n on account of such defanlt. patrtial acceptince or anq sub-
aequent defaulc.
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