HomeMy WebLinkAbout0474 28. It is specifically undPr~tand that the Mort~aRor sha~ll have the riRht to prepay
the amount due I~erpunder, ~r any portion theTeof~ at anq clme, in muttiples of
tl~•~ monthly payment ~tipulated in the pro~issory Aote eecured by this MortgaRe
deed~ hovever as m~y be limlted by the test~~ of 8aid promisaory note.
19. The abstract of title ~•ov~rlnR the enc~bered property shall remain in the
possessio~ ~f SMA durin~ th~ lien of thls Mortgage, and after foreclosure it
shall becane the prune~t v of SMA.
20. That it is the intenr h~r~~f to ~ecure payaen~ of the note herein~described,
vhether the full amnunt ~I~~r~of chall have been advanced to the MortRagor at
the date hereof, ~r ~t l~ter date; the Mortgagee may, at the sole option of
the MortRagee, from timc• t~ time before the paq~snt of aYl it?debtedness secured
hereby, make further advances to the liortgagor, vhich advances shall be like-
vise secured by thic MortRa~P; provided, hotrever, that the total principal sum
secured herebv and remainin~ unpaid~ including any auch advances, ahall not at
any time excee~ the ariRinal principal eus of note herein described. All advances
made pursuant co rh~ prc~a•ious sentence shall be wade vithin the time limit
authorized by Flurida l.av for makinR valid future advances. MortgaRor shall
repay all such f~~r~i~~r aciv:~~ces 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~~~ appty to cach and every further advance made pursuant to the
provisions of thi, parzRraph. Nothing herein contained shall limit the amount
secured by this Moitgag~, to the extent said a~wunt is increased by advances
made by SMA, as I,erein els~where provided and suthorized, for the protection
of [he secutritv of S~.
21. That the mailin~ of ~ writtpn notice of demand, addressed to the oarner of record
of the 1~1ortRaged premisec, directed to the said awner at the last address actu-
_ ally furnished tc? SMA . or directed to the said ovner at said Mortgaged premises,
aad toailed by the Unired States mails, shall be sufficient notice and d eoand in
any case arisinR undor this instrument and/or the note secured hereby or other-
wise required by th~ provicions hereof or by law.
22. If the mortRaRed pre~ise~ is other than a sinRle faaily dvelling, the Nortgagor
covenants and aqrePS that he will, nat lateY than thirtq (30) days after the end
of the fiscal year, furnish unto g~p a cosplete atd eccurate balance sheet and
profit and loss st~tem~nt reflecting the Irbrtgagor's liabilities as well as profit
and loss for the M~rtgaqor's busiaess for the yesr i~ediately preceeding the end
of the HortRaRor's fiscal year, and auch balance eheet at?d profit and loss state-
ment shall be prepare:i hy a certified publlc accountant licensed in the State of
Florida, ~nd shall be certified as being correct by such certified public
accountant.
23. To the extent of rr~e ~naPhtedness of the Hortgagor to g~ described herein or
secured hereby, ~s hereby subrogated Lo the lien or liens and to the rights of
the owners and holdc~rs thereof ~f each and every mortgage, lien or other encum-
brances on the land described herein vhich is paid sud/or satisfied, in whole or
in part, ouc o' tl~e procee~ls of the loan described herein or secured hereby, and
the respec[ive liens of said mortRaRes, liens, or other encumbrancea, shall be
and the samP and each o~ chem hereby is pteserved snd sitall pase to ar,: be h~2a
by SMA herein ,s scc~~r ~ ty f~r the indebtedness to SMA herein describea or here-
by secured, to the s.+mc• Pxtent that it wuld have been preserved and wuld have
been passed to and nee:~ held by SMA had it been duly and regularly assigned,
trsnsferred, set over an~i delivered by SMA bq separate deed of assig~ent, not-
withs[andinR th~ fact that the saae ~tay be satisfied atd cancelled of record;
it being the intenr.inn of the parties hereto that the sme vi12 be satisf ied
and cancelled of TPCOTc~ by the holdera hereof at or about the tiae of the record-
ing of this Mc~rt~a~P.
' 24. To pay all and singular th~ costs, charges and expenses, including attotney's f ees,
' reasonably incurr ~i or paid at any tise by g~, because of the failure of the
TbrtRagor to perform. crnnplv with and abide bq each and every the stipulations,
agreements, conditinn~ afxi covenants of said prasiesory note and this derd, er
either. and every such payment shall bear interest at the rate of t~a (lOxj PeT-
cent, per annum. •
25. It is specificaliy ~c;rced chat time is the eseence of this contract and that no
waiver of any ohtlRarlnn hereunder or of the obligation ~ecured hereby ehall at
any time thereafter be held to be a vaiveT of the terss hereof or of the instrusent
secured herehy.
26. That tw exten~lon of ene ti~P or modification of the ter~s or payaient hereinabove,
and no release ef an~ part or parts of the wortgsged pre~ises shall release,
relieve, or discharc;e the Mortgagor fro~ the payaeat of sny of the suds hereby
secured but in such Pvent the lbrtgagor shall nevertheless be liable to pay such
s~e accordinR to thN rer~ng of such extension or sodification unless apecifically
relea~ed and diACharRPCi in vritinR by SMA and furthas~oie, that acceptance
of part payaent ot any install~ent of pri~cipal or interast. or both~ or of part
perfottiance of any ~~v~•nant or delay fot any period oi tLt in exercisinR the
option to esature rhe entire debt, shall rwt operate a~ a vaiver of the tiRht to
' exercise such optt~n ~n account of such default. partial acceptance or any sub-
r
f sequent default.
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