HomeMy WebLinkAbout1510 18. It is specifically undPr~to~d that the ~artRaRor shall have the riRht to prepay
the amount due l~erpunder. ~r any rortion thereof, at any time, in muttiples of
ti~•• monchly pay~sent Rtipulated in the pro~issory note eecured by this MortgaRe
deed~ however as m~y be limited by the term• of said pro~oisaory note.
19. The abstract of title ~~ov~rlnR the encumDered property shall remain in the
posaesaion of SMA durin~ th~ lien of this lbrtgage, and after foreclosure it
shall becane the prunerty of SMA. ~
20. That it is the inten~ h~r~~f to secure payaent of the note herein described,
vhether the fult amn~~nt ~h~r~of ~hall have been advanced to the MortRagor at
the date hereof, or at .i l~ter date; the Mortgagee may, at the sole option of
the MortRagee, from ttmc• t~ time before the paysent of all imdebtedness aecured
hereby, make further advances to the ?brtgagor, vhich advances shall be like-
wise secured by this MartR~~e; provided, hovever, that the total principal sum
secured hereby and remainin~ unpaid~ including any such advances, shall not at
any time exceed the ariRinal principal sus of note herein described. A1•1 advances
made pursuant to rh~ prcwio~~s sentence shall be aiade vithin the time ii~ic
authorized by Florida I.av for makinR valid future advances. MortgaRor shall
repay all such furtl~c~r adv:~nce~ vith interest and the indebtedness created by
virtue of such furth~~r advan~es shall be and are secured hereby. All provisions
of this MortRa~~ apply to cach and every further advance made pursuant to the
provisions of thi; para~traph. Nothing herein contained shall limit the amount
secured by this Hortg~gc, ~o the extent said amount is increased by advances
made by SMA, as I~erein elsewhere provided and autharized, for the protection
of the securitv of
21. That the mailinR of written notice of demand, addresaed to the owner of record
of the 1~l~ortRaged premises, directed to the^said owner at the last address actu-
ally furnished t~ SMA . or directed to the said o~Grner at said Mortgaged premises,
and mailed by the Unired States mails, shall be sufficient notice and de~and in
any case arisinR undor this instrument and/or the note secured hereby or other-
vise required by [he provicions hereof or by law.
22. If the moTtRaRed pre~nises is other than a single family dwelling, the t(ortgagor
covenants and aqrees that he vill, not later than thirty (30) days after the end
of the fisca2 year, furnish unto gMA a complete and accurate balance sheet and
profit and loss statem~~nt reflectinR the l~brtgagor's liabilities as vell as profit
and loss for the Morcgaqor's business for the year i~ediately preceeding the end
of the t~tortRaRor's fiscal year, and such balance eheet at~d profit attd loss state-
ment shall be prepareti hy a certified public accountant licensed in the State of
Florida, and shall !~e certified as being corYect by such certified public
, accountant.
23. To the extent of r1~e inaphtedness of the Mortgagor to S~ described herein or
secured hereby, $MA ~s hereby subrogated to the lien or lieas and to the righta of
! the ourners and holders thereof of each and every mottgage, lien or other encum- ,
j bta~es on the Jand described herein which is paid and/or satisfied, in whole or
~ in part, ouc of tl~e prnceeds of the loan described herein or secured hereby, and
the respective liens of said mortqa~es, liens, or other encumbrances, ahall be ~
~ and the samP and ea~A dF rhem hereby is preserved and shall pass to and be held
~ by SMA herein as securlcy for the indebtedness to SMA herein described or here-
~ by secured, to the G~+mc• P~ctent that it would have been preserved atd ~uld have
been passed to and hee:i held hy SMA had it been duly and regularly assigned,
r transferredR set over an~i delivered bq SMA by separate deed of sesignment, not-
vithstandin~ th~ fact that the sa~e may be satisfied and cancelled of record,
it being the intPnr.i~n oF rhe parties hereto that the sane vill be satisfied
and cancelled of rP~or:i by the holders hereof at or about the time of the record-
ing of this Mort~a~p.
24. To pay all and singular [he costs, charges and expenses, including attorney's fees,
reasonably incurre~i or paid at arry time by g~, becauae of the failure of the
Mortqaqor to perform, comply vith and abide bq each and every the stipulations,
agreements. conditi~ns and covenants of said pranissory note and this der3, er
either, and every such payment shall bear~interest at the rate of t~a (lOX~ Pei-
, cent, per annum.
25. It is specificaily ~~;rced chat time is the essence of this contract and that no
vaiver of any ~h1iQ~tion hereunder or of the obligation secured hereby shall at
~ aay tise thereafter bp held to be a vaiver of the ter~s hereof or of the instru~ent
~ ,
secured hereby.
26. That nfl extension of c,r~e timp or modification of the terss or paqaient hereinabove,
and Ao release of any-par[ or parts of the ewrtgaged ptsisea shall release,
relirve, or dischar~;e the Mortgaqor fros the pay~ent of any of the auaa herebq
secured but in such Pvent the Mortqagor shall nevertheless be liable to pay auch
s~s accordinR to th~ rerm4 of such extension or ~wdificatioA unless specifically
released and diRCharQPd ;n vritinR by SMA and fucther~ore, that acceptance
of part pay~ent of any installsent of principal or intereat, or both, or of part
perforaance of any c~v~~ant or delay for anp period of tiae in e~cercisinR the
option to mature rhe entire debt, shall not oparate as a vaiver of the riRht to _
ezerciae such optton on account of such default. p~rtial acceptsnce or any sub- `
sequert default.
5 ~ooK 2U5 Ya~E 1510
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