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18. It is specifically undpr~to~d that tfie MortRaRor shall have the riRht to prepay
the amount due lierPUnder~ ~r any rortion thetreof, at any time, in muttiples of
t1,•• monthly payuent 4tipulated in the pro~iasory note eecured by tAis MortgaRe
deed~ hovever as may be 1lmited by the ters• of eaid promisaory note.
19. The abstr.act of titlc ~•ov~rlnR the encumbered property shall r aoain in the
possessi~n ~f SMA ducln~ th~ lien of this lbrtgage, and after foreclosure it
shall becane the pruncr t y of SMA .
20. That it is the intent hrr~nf to secure payment of the note herein desccibed,
vhether the full am~~~~t ~h~r~of chall have been advanCed to the MortRagor at
the date hereof, or at later date; the Mortgagee may, at the sole option of
the MortRagee, fram cimc• t~ time before the payoent of all indebtedness secured
hereby, make further advances to the Mortgagor~ vhich advances shall be like-
vise secured by thia MATtR~1RP; provided, hovever, that the total principal sum
secured herebv and remainin~ unpaid~ including any such advances, shall not at
any time excee?d the oriRinal pcincipal eu~ of note heYein described. Al1 advances
made pursuant to [h~ prc~rious~sentence shall be made vithin the ti~ae limit
authorized by Flurida l.~v for~mak.inR valid future advances. MortgaRor shall
repay all cuch furth~r adv:~nces with interest and the indebtedness created by
virtue of such furth~•r advan~es shall be and are secured hereby. All provisions
of this MortRa~r applr to c~~h and every further advance taade pursuant to the
provisions of thi; paraRraph. Nothing herein contained shall limit the anwunt
secured by this Nortgag~, ro the extent eaid amount is increased by advances
made by SMA, as I~erein elsewhere provided and authorized, for the protection
of [he securitv of g~.
21. That the mailinR~of a vritten notice of demand, addressed to the owner of record
of the MorcRaRed premises, directed to the said ovner at the last address actu-
ally furnished tn SMA . nr directed to the said owner at said Mortgaged prenises,
and mailed by the Unired States mails, shall be sufficient notic~ and demand in
any case arisinR undar this instrument and/or the note secured hereby or other-
wise required by thN pr~visians hereof or by law.
22. If the mortRaRed pre~aiseG is other than a sinRle family dwelling, the Mortgagor
covenants and aRrees th.it he vill, not later than thirtq (30) days after the end
of the fiscal year, furnish unto g~ a complete and accurate balance sheet and
profit and lass s[atem~~nt reflectinR the Nortgagor's liabiliti-es as well as profit
and loss for the !Kc~rtg~Qor's business for the year i~ediately preceeding the end
of the ~(ortAaRor's fiscal year, and auch balance eheet and profit and loss statr
ment shall be prepare:i by a certified public accountant licensed in the State of
Florida, and shall certified as being correct by such certified public
accountant.
I 23. To the extent of rhe ~ndPhtedness of the Mortgagor to gl~fA described herein or
l secured hereby, $MA ~s hereby subrogated to the lien or liens and to the rights of
~ the ovners and holders thereof of each and every mortgage, lien or other encum-
brances on [he lan~l described herein vhich is paid and/or satiefied, in whole or
~ in part, out o~ tt~e procepds of the loan described herein or secured hereby, and -
~ the respective liens of said mortqaRes, liens, or other encumbrances, ahal2 be
and the samP ~nd eacn oF rhem hereby is preserved and shall pass to and be held
by SMA herein as scc~~rity for the indebtedness to SMA herein described or here-
by secured, to che s:+mc• Pxtent that it would have been preserved and ~ould have
been passed to and hee:~ held hy SMA had it been dulq and regularly aseigned, •
transferred. set over and delivered by SMA by aeparate deed of assig~ent, not-
vithstandinR th~ fact that the same say be satiefied and cancelled of record,
it being the intPnr.i~n of the parties hereto that the sase will be satisfied
and cancelled of rP~or+i bv the holders hereof at or about the time of the record-
ing of this Mort~a~P.
24. To pay all and singular the costs, charges atd ncpenses, including attorney's fees,
reasonably i~currai or paid at amr time by g~, becauee of the failure of the
IbrtRaqor to perform. crnoply vith and abide bq each and every the stipulations,
agreements, conditinns and covenants of said praniesory note and this der~, er
either, and every such payment shall bear intereet at the rate of t~a (lOx~ per-
~ cent. per annum.
~ 25. It ie epecifically ~~;rced that time ie the essence of thie contract and that no
~ vaiver of any ohliRarion hereunder or of the obligation secured hereby ehall at
~ auy time thereaf ter be held to be a waiver of the ter~a hereof or of the inetrisent
~ secured herehy.
~ 26. That no extenston of t,t~c timP or modification of the terss or payoieat hereinabove,
~ and no release of any part or parts of the aartgaged prsises shall release,
relieve, or dischar~;e the Mortgaqor fro~ the pay~ent of any of the suas hereby
:g secured but in such Pvent the Mortgagor ahall nevertheless be liable to pay such
s~e according to thN ~erm4 of such actension or ~odification unless specificallq
released and disc?,arRPd in vritinR by SMA and further~ore, that acceptance
of part payment of any inscallaent of princip~l or int~rast, or both. or of part
' perfossance of any c~v~nant or dclay for any period of tL~ in exercisinR the
option to mature rhe entire debt, shall not operate as a vaiver of the riRht to
acetcise such optt~n ~n account of such default. parti~l acceptance or anq sub-
sequent default.
~o ~~n~ P~~E 361 5
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