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HomeMy WebLinkAbout0379 I. • ! r 18. It is specifically U~PTtiCO(~d that the MortRaRor ahall have the riRht to prepay the an~ount due I~erPUnder. ~r any portion thereof, at any time, in muttlples of tl~•• monthly payment stipulated in the pro~i~sory note aecured by this MortgaRe deed~ hovever as may be ltmited by the tere• of eaid promisaory note. 19. The abstract of titlc ~•nvrrlnR the encumDered property shall r asain in the possesQion ~f SMA d~~rin~ th~ lien of this lbtrtgage, and after foreclosure it shall becane the prurcrtv of SMA. 20. That ft is the intenr h~r~~f to secure paqment of the note herein described, whether the fult am~unt ~h~r~of ch.~ll have been advanced to the.MortRagot at the date hereof, ~r at l~ter date; the Mortgagee may, at the sole option of the HortRagee, from cimc• t~ time before the payoent of all it~debtedness aecured heTehy. make further ndvances to the t4ortgagor, vhich advances shall be like- vise secured by Xhic Mc~rtRaRP; provided, hovever. that the total principal sum secured herebv and remainin~ unpaid~ including any such advanees, ahall not at any time exceed the oriRinal principal sum of note~herein described. All advances made pursuant ro ch~ prcMrio~~s sentence Bhall be ~ade ~rithin the time limit author!zed by Flurida I.aw for makinR valid future advances. MortgaRor shall repay all ~uch furtlic~r adv:~nce~ with interest and the indebtedness created by virtue of such furth~•r adv~n~es shall be and are Qecured hereby. All provisions of this MortRa~~~ apply tr. cach and every further advance made pursuant to the provisions of thi; paraRr~ph. Nothing herein contained shall limit the amount secured by this Mortgagc, ro the extent seid amount is increased by advances made by SMA. as I,erei» els~vhere provided and authorized, for the protection of the securitv of $~p. 21. That the mailinR of ~ writtPn notiee of demand. addressed to the owner of record of the MortRaRed premisec, directed to the said ovner at the last address actu- ally furnished t~ SMA . ~r directed to the said ovner at said Mortgaged pTanises, and mailed by the Unired States mafls, shall be sufficient notice and d mand in any case arisinR undar this instrument and/or the note secured hereby or other- vise required by thr. pr~visions hereof or by law. 22. If the moTtRaRed preteises is other than a single family durelling, the I~Iortgagor covenants and aRrees that he vill, not later than thirty (30) days after the end of the fiscal year, furnish unto SMA a complete and accurate balatfce sheet atd profit and loss statem~~nt reflectinR the Nortgagor's liabilities as well as profit . and loss for the MnrtgaQor's business for the year im0ediately precee~ing the end of the Mort~aRor's fiscal year, and auch balance sheet and profit and loss state- ment shall be prep~reti by a certified public accountant licensed in the State of Florida, ~nd shall !~e certified as being correct by such certified ~blic accountant. 23. To the extent of rl~e indPhfedness of the Hortgagor to g~p described herein or ~ secured hereby, $MA ~s herehy subroqated to the lien ar liens and to the rights of ; the ovners and holders thereof of each and every mortgage, lien or other encua- i brances on the lan~ descri6ed herein vhich is paid and/or satisfied, in whole or ` in part, out o' tt~e ~roceeds of the loan described herein or secured hereby, and ~ the respeccive liens of said m~rtqaRes, liens, or other encumbrancea, shall be ` aad the sa~r a~s:' ea=A tt~e- ~:ereby is preserved and shall pass to and be held ~ by SMA herein as sccur~cy for the indebtedness to SMA herein described or here- by secured, to the s~+mc• P~ctent that it would have been preserved and vould have been passed to and hee:~ held by SMA had it been duly and regularly assigned, transferred, set over anci delivered bq SMA by separate deed of assigt~ent. not- vithstandinR th~ fact that the sa~e say be satisfied and csncelled of record, it being the intenr.inn oF the parties hereto that the sase will be satisfied and cancelled of rP~or<i by the holdera hereof at or about the tise of the record- ing oi this Hc~rc~a~r. 24. To pay all and singular [he costs, charges a~ rxpenses, including attorney's fees, - reasonably incurr~i or paid at any time by S~. becauee of the failure of the MortRaqor to perform. crnoply vith and abide bq each and every the stipulations, agreements, conditinns wnd covenants of said prasissory note and this der~, er either, and every such payment shall bear intereat at the rate of ten (lOx~ per- ~ - cent, per annum. ~ 25. It ia specificaily ~~;rced chat time is the essence of this contract and that no wiver of any ~b1iR~tion hereunder or of the obligation secured hereby shall at a~ time thereaftcr be held to be a waiver of the ter~s hereof or of the inetnsent ~ secured heYehy. ? ~ 26. That no extenston of the time or modification of the ter~s or paqwent hereinabove, ` and no release of ~ny Part or parts of the sortgaged prsises shall release, ~ relieve, or dischar~;e the Mortgaqor fro~ the paq~ent of any of the su~s hereby - secured but in such Pvent the Mortgagor ehall nevetrtheless be liable to pay such s~ms accordinR to thN rerms of such extet»ion or sodificatioa unless specifically relei~ed and diacl,arR~i ;n writinR by SMA and furthet~ore. that acceptance of part payeent ot any installaent of principal or int~rut, os both, or of psrt perforsance of any c~v~nwnt or delay for any period of tiae in exercisinR the option to mature che entire debt. shall not operate as a vsiver of the tiRht to ~ esercise such optinn ~n account of such default, partial acceptance or any sub- ~equent default. ~ 5 ~ooK206 ~~~E 37~ ' ~ . . : _ - - - - ~3_ : - , .