HomeMy WebLinkAbout0486 18. It is specifically under~co~d that the MortRaRor shall have the tiRht to ptepay
the amount due lierPUnder~ ~r any ~+ortion thereof, at any time, in mutcipl~s of
t1,•• monthly payment stip+~lated in the pro~issory aote aecused by this MortgaRe
deed~ however as may be limited by the ter~s of said promisaory note.
19. The abstract of ticlc ~•ov~rt~R the enc~bered property shall raoain in the
possession of SMA d~~rin~ th~ lien of this lbrtgage, aad after foreclosure it
shall become the prup~rtv of SMA.
20. That it is che inten~ h~r~nf to ~ecure paqoent of the note herein described,
whether the fult am~unt tl~~r~~f chall have been adv~nced to the HoTtRagor at
the date hereof, ~r at l~te.r date; the Mortgagee may, at the sole option of
the MortRagee, from cimc• t~ time before the pay~ent of all indebtedness secured
hereby, make furtFier sdvances to the Kortgagor, vhich advances shall be like-
vise secured by thic Mc~rtRaQp; provided, hovevet, that the total principal sum
secnred herebv and remainin~ unpaid~ including any auch advances, shall not at
any time exceed the orlRina,l principal sw of note herein described. All advances
made pursuant ro [h~~prcwious sentence shall be ~eade vithin the ti~se limit ~
authorized by Flurida I.aW for makinR valid future advances. MertgaRor sha21 . '
repay all cuch furtlic~r adv:~nces vith interest and the indebted~ess created by
virtue of such furth~•r adv~n~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, paraRr~ph. Nothing herefn cotttained shall limit the amount
secured by chis Mortgage, ro the extet?t said amouttt is increased by advances
made by SMA, as I~erein el;~where provided and suthorized, for the protection
of the securitv of g~p.
21. That the ~iiinR of a written notice of demand, addreseed to the ow~er of t-ecord ~
of the ibrtRaRed premises, directed to the said ovner at the last address actu-
ally furnished t~ SMA . or directed to the said owner at said Mor[gaged premises,
aad mailed by the UnicPd States mails, shall be sufficient notice and demand in
any case arisinR undPr this instrument and/or the note secured hereby or other-
wise required by thr prc~visions hereof or by law.
22. If the mort~aAed pre~nise~ ic other than a single family dwelling. the Nortgagor
covenants and aqrees that he vi21, not later than thirtq (30) days after the end
of the fiscal year, furnish unto g~ a cooplete atd accurate Dalance sheet and
profit and Ioss statem~~nt reflecting the liorigagor's liabilities as vell as profit
and loss for the *l~rcgaqor's busineas for the year ia~diately preceeding the end
of the NortRaRor's fiscal year, and such balance sheet at~d profit and loss state-
ment shall be prep.~re;i by a certified public accountant licensed in the State of
Florida, and shall !,e certified as being correct by such certified public 5
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accountant.
23. To the extent of rt~e indPhtednesc of the Hortgagor to gMp described herein or
secured hereby, ~s hereby subrogaied to the lien or liens and to the rights of 3
the owners and hol~iers thereof of each and every sortgage, lien or other encum-
brances on the land de~cribed herein which is paid atd /or satisfied. in whole or
in part, out o~ t1~c procee~ls of the loan described herein or secute+d hereby, and ~
the respective liens of said mortRaRes, liens, or other encumbrances, sha12 be
, and [he samP and ec1~b o~ rhem hereby is preserved atrd sha21 isass to an~ ~e held
by SMA herein as sccucicy for the indebtedness_to SMA herein descrfbzd ar ?sez r ;
by secured, to che s~m~• Pxtent ihat it would have been preaerved and wuld have ~
been passed to and hNe:~ held by SMA had it been duly and regularly asaigned, ;
transferred, set over an~i delivered bq gMA bq separate deed of assignment, nat-
vithstandinR th~ fact that the eaae ~ay be satisfied and cancelled of record,
, it being the intencinn of che parties hereto that the sa~e vill be satisfied
and cancelled of rF~or.i by the holders hereof at or about the tiae of the record-
; - ing of this Mnrc~a~P.
24. To pay a21 and singular the costs, charges acd expenses, including attorney's fees,
reasonably incurr~i or paid at atry ti,e by g~, because of the failure of the
Mortqaqor to perform, c~mply vith and abide bq each and every the stipulations,
agreements, condittnn~ and covenants of said pro~iesory note and this der3, er =
either, and every such payment shall bear intereet at the rate of t~ (lOX) per-
cent, per annum. ~
25. It is specificatiy ~c~rce~i that time is the essence of this contract and that no i
vaiver of any ohli~ca~ion hereunder or of the obligation secured hereby shall at ~
•ny time thereafter bp held to be a vaiver of the ter~s hereof or of the instr~aent ~
secuted herehy.
26. That no extenctnn of t,he timp or modification of the tess~ or pay~ent hereinabove, ~
and no release ~f any part or parts of the wortg+tged pre~iees shall release. '
relie~ve, or disch~r~;e che Mortgagor fro~ the paqaent of any of the suas hereby ~
secured but in such pvent the Mortqagor shall neverthelesa be liable to pay such '
suas accordinR to th~ rermg of such extension or ~odification unless •pecifically
released and diRcharRPd in vrttinR by SMA and tutcthas~ore. tl~at acceptance
of part payaent ot any installsent of priocipal or iAt~re~t. or both, or of psrt
perforaance of any ~~v~n~+nt or delay for any period of ttae in exercieinR the
option to ~eature che en~ire debt, sha12 not opetate a~ a vaiver of the riRh[ to
acerciee such optton on account of auch default, partial acceptance or any sub-
•equent defau2t.
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