HomeMy WebLinkAbout1359 at all times praceably and quietly to enter upon, hold, ocrupy a»d c~~joy said 1:?nd; that said land 'u frc~ from al! encumbrances;
that they wil! make such further assurances to perfect the fee simple title to said land in the Association as may maso~iably txe
~equired; and that they do hereby fuUy warrant the tide M said land and wi11 dFfend the same ~gainst ihe ta~~•ful cl:~ims of
all persons whomso~ver,
PROVIDED AL\VAYS that if the rlortgagurs shall well und tndy pay unto the Association, thr indebtedness eti~denced
by that certain promissory note, of even date herewith, made by ihe !?tortgagors ancl pa~~able ro the Association, in th~ princil~;il
sum of . FORTY THOUSAND SEVEN HUNDR.ED AND NO/ 100ths ~s 40, 700, 00
~vhich note, together ~~zth interest thereon as therein specified, is p:ryable in manthly installments of interest due
September 19?2, October 1972, Novexnber 7, 1972, and then TW.O HCTNDRED
NINETX-F'OUR A,ND 1~l 100ths - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Dollars (s 294,.19
on the _ 7th__ d:~y of each month a~mmencing ~vith. . ,_D~Ceirib~EZ'--4._-19?~-----_------ ---.which payments
.ue to be :?pplied, first to interest, and the balance to principal, until said indebtedness is paid,in full, and shall perEornu, oomply
~~ith and abide by each and every the stipulations. agreements, conditions and c~venants of said pmmi~sory note and this
mortgage, And, including any advances made by the Association to ihe Mortgagors, or their succe,csors in tidC, for any purpose,
at anv time before the mlease and cancellation of this mortgage, but at no time shall this mortgage secure advances on account
of said original note together with such additional advances in a sum in excess of_.FORTY_ THOUSAND SEVEN_._. _
HUNDI~,ED_A~1~__rIC,?1_1.QQLhs---------------'-------- - Dollars (S. 40,_TIIO.. QU--), plus any advances necessan~
ta protect the security and costs~ then this deed and the estate~hereby created shall cease and be null and void. ~
AND THE MORTGAGORS DO hereby cvvenant and agree:
1. To pay all and singular the pruicipal and interest and other sums of money p-ayable by virtue of said promissory note
and this mortgage, or either, pmmptly on ihe days respectively the same severally come due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind
now on said described propeity~ or that hereafter may be imposed, suffered, placed, levied, or assesseci thereon, or that hereafter
ma}r be levied or assessed upon this ifortgage, or the indebtedness secured hereby, cach and every, ~vhen due and payable,
according to law, before ihey become delinquent, and before any interest attaches or any penalty is incurred; and incofar ;~s
.iny thereof is of record the same s1i111 be prompdy ratisfied and discharged of reeord And the original ofEicial document (such
as, for instance, the tax receipt or ihe satisfaction paper officially endorsed or certified) shalt be placed in the hands of said
Association as ~tortgagee ~~thin ten days nezt after ~rayment; and in the event that any thereof is not paid, satisfied and discharged,
said Association may at any time pay the same or any part thereof without waiving or affecting any option, lien, equitv or right
under or by virtue of this ~tortgage, and the full amount of each and every such payment shall be immediately due andpa yabie
and shall bear interest from the date thereof until paid at the rate stated in the note secureci hereb~• and to~ether ~vith such ir~ter-
est shall be s~ecured by the lien of ihis biartgage.
3. To keep che buildings and all equipment and penonal property now ot hemafter on said premises covered by this mortgag~,
insured in a sum equal to at least the amount of the mortgage, or an amount sut[icient to mmply v~ith any co-insurance require-
ment covering the same under the laws of the State o[ Florida. covering loss [rom both [ire and•storm, making the loss under said
policies, each and every, payable to the Association, as mortgagee, as its interest may appear, and said insurance shali be in a good
and responsible insurance company satisiactory to said Association, and written by a responsible local agent satisfactory to said Asso-
ciation; and the policv or policies sha11 bear a standard mortgage clause without conttibution, and, if the original principal amount
of the mortgage is Fi[ty Thousand and no f 100 Doqars (s50.000.00) or in eucess thereoi, shall be held by the Association, and, in
the e~~ent any sum of money becomes payable under such policy or policies, the Association st~ail have the option to receice and applr
che same on account of che indebtedness hereby secured, or to permit the mongagors to receive and use it, or any part thereof, for
other purposes, without thereby waiving or impairi~g any equity, lien, or right undet and br virtue of this martgage. and may
p13ce and pay for such insurance, or any part thereof, without waiving or aEfecting its option to [orecloae, or any right hereunder.
and the [ull amount o[ each and every such payment shall be immediateiy due and payable and shall bear ineerest [nom the date
thereoi until paid at the rate stated in the note secured hereby and together wieh such interest shall be secured by the lien of this
1lortgage.
~1. To permit, commit, or suffer no svaste, impaument or deterioration of said propert~•, or :iny part thereof, and upon
the failuro of the morigagors to keep the buildings on said propert~~ in good condition of repair, the Association may demand the
immediate repair of said buildings or the immediate repayment of the debt hereby secured, and the faiiure of the mortgagors
; to comply ~vith said demand of the Association for a rericxl of Thirty (30 ) day~s, shali constitute a breach of this mortgage,
; and, at thc optinn af the Association, immediately mature ihe entire amount of principal and interest herebv secured, and the
i A~.sociation, immediately and without notice, may institute proceedin;s to foreclose this mort~age and apph• for the appointment
i ~f a Receiver, as hereinafter pmvided.
S. - This mortgage contract provides Eor addition.d advances ~~•hich may be made at the option of the assock~?tion and
' secured by this mortgage, and it is agreed that in the event of such advances the amount may be addecl to the mortgage debt
` and shall increase the unpaid balance of the note hereby sec~red by the amount of such advance and shall be a part of said
note indebtedness under all the terms of said note and this contract as fully as if a new such note and contract «•ere executed
; and deliverecl. An additional advance agreement may be gi~~en and accepted for such advance and pmvision may be made for
c~ifferent monthlv pa~•ments und a diffemnt interest rate and other express modifications of the contr.~ct, but in :~ll ot?~er respectc
~his contr:ict shall remain in full farce and effect as to said indebtedness, including all advances.
6. If any oE the sums of muney herein referred to be not prompdy and fultv paid within Thirty (30) days next after
the same sever.~ll,v come dve and payable, or if each and every the stipulations, agreement, conditions, and covenants of said
promissory note and this cleed, or either, are not duly performed, complied with and abided by, ihe aggregate sum mentioned -
in said promissory note and am• other amount or amounts added to the mortgage indebtedness under ihe terms of this mortgage
shall become due and pa~~3ble forthwith or thcreafter at the option of the Association, as fully anc~ mmpletely as if said aggregatP
sum of money ~vas origioally stipulated to be paid on such day, am~thing in said promissory note or herein to the contrarv not-
~vit}utanding. " '
7. To deli~~er to the Association, on or before ~tarch l~th, of each ~~ear, tax receipts evidencing the payment of all la~~--
; fully imposed taxes for the prececling ealendar year, to deliver to the Association receipts evidencing the payment of all liens
; for public improvements within ninety (90) days after ihe same shall t?ecome due and payable, and to pay or discharge within
ninety (90) da~~s after dae date, any and all govemmenta! levies that may be made on the mortgaged property, on this mortgaGe
~r note, or in any other way msulting from the mortgage indebtedness secured bv this movtgaRe.
~a~x2~5 ~~1359
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