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HomeMy WebLinkAbout1674 18. It is specif ically UT1dPTti[A(?d that the MortRaRor shall have the riRht to prepay the amount due I~erPU~der~ ~r a~y ~+ortion thereof. at anq time, in muitlples of t1~•~ monthly payment stipulated !n the pro~iaaory note eecured by this Mortgage deed ~ hovever as mAy be ~ i,.i cea by the tet~~ of said promissory note. 19. The abstract of titlc ~•ov~rlnR the encumbered property shall rasain in the possesaien nf SMA d~~rin~ th~ lien of this liortgage, and after foreclosure it shall becane the prurcrty of SMA. 20. Thac it is che intent h~r~~f to secure payment of the note hereir described, vhether the full amnunt ~h~r~of ~hall have been advanced to the MortRagor at the date hereof, ~r ~t later date; the Mortgagee mey, at the sole option of the MortRagee, from cimc• t~ time before the pay~ent of all indebtedness secured hereby, make further advances to the Nortgagor, vhich advances shall be like- - vise secured by thic Mc~rtRaRp; provided, hovever~ that the total principal sua secured herebv and remainin~ unpaid~ including aey such advances, shall not at any time exceed the oriRinal principal sua of note herein described. All advances made pursuant to chP prc•rioi~s sentence shall be wade vithin the time limit authorized by Flurida l.av for makinR valid future advances. MortgaRoT shall repay all such f~~rtl~~r adv:~nces vith irterest and the indebtedness created by virtue of such furth~~r advan~es shall be at~d are Qecured hereby. All provisions of this MortRa~~~ arply cr cach and every further advance made pursuant to the provisions of thi; para~tr~ph. Nothing herein contaired shall limit the amount secured by this Mortg~gc, ro the extent said anount is increased by advances made by SMA, as I~erein elsevhere provided and suthorized, for the protection of the securitv of 21. That the mailinR of a arritten notice of demand. addressed to the ovner of record of the I~iortRaRed premises, directed to the said owner at the last address actu- ally furnished t~ SMA . or directed to the said ovner at said Mortgaged pre~nises, aad mailed by the Unicc~d States mails, shall be suff icient notice and desand in any case aTisinR und.r this instrument and/or the note secured hereby or other- vise required by the previsions hereof or by law. 22. If the mot-tRaRed prereises is other than a single family dwelling, the ?brtgagor covenants and aqrees that he vill, not later than thirtq (30) days after the end of the fiscal year, furnish unto g~ a co~plete and accurate balance shett and profit and loss stwtem~~nt reflectinR the Mortgagor's liabilities as well as profit and loss for the !t~rtsaqor's businese for the year imediately preceeding the end of the ltortRaqor's fiscal year, and such balance sheet atd profit and loss statr ment shall be prepare~i by a certified public accountant licensed in the State of Florida, and shall be certffied as being correct bq such certified public accountant. 23. To the extent c+f ~t~Q ~ndPhtedness of [he Mortgagor to SMA described herein or secured hereby, ~s hereby subrogated to the lien or lieas and to the righte of i the ovners and holders ther~of of each and every mortgage, lien or other encum- ~ brances on the land described herein which is paid and/or satisfied, in vtwle ot ~ in part, out of tt,e proceeds of the loan desciibed herein or secured hereby, and the respective liens of said ~oortqaRes, liens, or other encumbrances, ahall be ~ and the samP and each o~ chem hereby is preaerved a~d shall pass to and be held ~ by SMA herein as secur~ty for the indebtedness to SMA herein deacribed or herr ~ by secured, to the s~+mc• Pxtent that it wu2d have been preaerved and wuld have been passed to and hee:i held by SMA had it been dulq and regularlq aseigned, ~ transferred, set over and delivered by SMA bq sepsrate deed of assignment, not- vithstandinR thc~ facc that the saae say be satisfied and cancelled of record, it being the intPnr.i~n of rhe parties hereto that the saae wi21 be satisfied and cancelled of rPCOr~i by the holdera hereof at or about the tise of the record- ing of this Mnrt~a~P. 24. 2o pay all and singular che costs~ charges and ncpenses, including attorney's fees, reasonably incurr~i or paid at atry tise bq g~p, becauee of the failure of the . MortRagor to perform. crnoplv with and abide by each and every the stipulations, agreements, conditlnn~ and coven.lnts of said prosiesory note and this der~. er either, and every such payment shall bear interest at the rate of t~ (lOx) per- ~ cent, per annum. ~ 25. It is specifically ~t;rced that [ime is the essence of this contract atd that no ~ wiver of any ohliRation hereunder or of the obligation secured hereby ahall at ~ a~ time thereafter be held to be a vaiver of the ter~s hereof or of the instrusent ~ secured herehy. 26. That no extens[on of u~e tine or modification of the te~• or paysent~ hereinabove, ~ aed n~ release of any part or parts of the eortgaged prsises shall release, . relieve, or dischar~;e the Mortgaqor fros the pay~ent of any of the su~s hereby ~ secured but in such Pvent the Nortqagor ehall nevertheless be liable to pay such ~ su~s accordinR co thN rerma of such exte~sion ot ~odification unle~s specifically ~ relea~ed and diPCharR~f jn vritinR by SMA aad furtha~ore. that acceptance of part pay~ent ot any inscallsent of priucipsl or iat~rut. or both. or of part perfotr~ance of any cov~nnnt or deliy for any period ot tise in eocercisinR the option to m ture che entire debt, shall ewt operat~ a~ a vaiver of the riRht to esercise such option on account of such default~ partial accepunce or aay sub- aequent default. 5 80~ P~if# _ _ _ ~ , ~;r~ ~,.~t..~'~ ~~:v~~; s.