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18. It is specifically undpr~to~d that the MortRsRor ahall have the riRht to prepay
the amou~t due 1~eTPUndet~ nr any portion thereof, at aay time, in muttiples of
t1~•• monthly payment Rtipulated in the pro~i~sory note secured by this MortgaRe
deed~ hovevet as aNy be limited by the ter~~ o# said pTOmissory note.
19. The abstract of titlc ~•~v~rlnR the encumbered property shall remain in the
possesgion of SMA d~~rtn~ th~ lien of this Nortgage, and after fareclosure it
shall becane the pr~~ner t v of SMA .
20. That ic is the inten~ h~r~nf to Qecure peqment of the note herein desctibed,
whether the full am~~~nt tl~~rrnf shall have been advanced to the HortRagor at
the date hereof, c+r at later date; the Mortgagee may, at the sole option of
the MortRagee, from cimc• t~ ttme before the paqaent of all indebtedness secured
hereby~ IDake further ndvances to the Mortgagor, vhich advances shall be like-
vise secured by this Mc~rtRaRp; provided, howe~rer, that the total principal sum
secured herebv and temainin~ unpaid~ including any such advances, shall not at
any time exceed,;4he•~orlRi-nal Principal eu~ of note herein described. All advances
made pursuant fb ih~ pre~•io~~s sentence shall be made within the time limit
authorized hy Florida I.av for maktnR valid future advancea. MortgaRor shall .
repay all ~uch furrl~c~r a~iv:~nces aith interest and the indebtedness created by ~
virtue of such furth~•r advan~es shall be and are secured hereby. All provisions ~
of [his t~lortRa~~ ~1~P~ Y<<' cach and every further advance made pnrsuant to the
provisions of thi; paraRr~ph. Nothing herein cotttaitt+ed shall limit the amount
secured by chis Hortgage, ro the excent sa3d aiwunt is increased by advances
made by SMA, as l~ereiu el~~where provided and suthorized, for the protection
of [he securitv of g~.
21. That the mailinR of a written notice of demand, addressed to tfie ovner of record
of the HortRaRed premises, directed to the said owner at the last address actu- i
ally furnished t~ SMA . ~r directed to the said owner at said Mortgaged pr~nises, •
aad mailed by the Unirpd States mails, shaZl be sufficient notice and de~eand in %
any case arisinR a~dor this instrument and/or the note secured hereby or other-
Wise required by th~ ~r~visions hereof or by law.
22. If the mortRaRed premise~ iG other than a single family dwelling. the Mortgagor ~
covenants and aRrees that he vill, not later than thirtq (30) days after the end
of the fiscal year, furnish unto S~ a complete at~d ac~urate balance sheet aad.
profit and loss statem~nt reflectinR the Nortgagor's iiabiiities ss well as profit
and loss for the "t~rcgaq~r's busineas for the year imediately preceeding the end
of the MortRaRor's ffscal year, arid auch balance sheet at~d profit and loss atate-
ment shall be prep.yre~i hy a certified public accountant licensed in the State of
Florida, and shall !~e certified as being eorTect by auch certified public
accountant.
23. To the extent of rt~e ~naPhtednesc of the Hortgagor to g~p described hetein ar
secured hereby, ~s herehy subrogated to the lien or liens and to the rights of
the ovners and hol~i~ra thereof of each and every mortgege, lien or other encum-
brances on the land described herein which is paid atd /or satisfied, in whole or
in part, out of tl~e proceeds of the loan described herein or secured hereby, and
the respec[ive liens of said mortRaRes, liens, or uther encumbrances, sha11 be
and the samP and ea~A ~F chem hereby is preaeTVed atd shall pass to at~d be held
,by SMA herein ,s sccur~cy for che indebtedness ta SMA herein described or here-
by secured, to che s.~mc• P~ctent that it ~+ould have been preserved and u~ould have
been passed to and t+ee:~ held by g~ had it been duly atd regularly assigned,
' transferred~ sec over and delivered bq SMA by separate deed of assignment, not-
vithstandln~ th~ fact that the sase Aay be eatisfied and canc~lled of record.
i it being the intenr.i~n oF che partiea hereto that the sase will be satisfied
, and cancelled of r~~ord by the holders hereof at or about the tise of the record-
- ing of this Pk~rt~a~p.
24. To pay all and singular che costs~ charges and expensea, including attorney's f ees,
reasonably incurr ~i or paid at arry time by g~p, because of the failure of the
AlortRaqor to perforr~. crnoply vith and abide by each and every the stipulations.
agreements, conditinns and covenants of said prosiseory note and this der~, er
either, and every such payment shall bear interest at the rate of t~ (jp~~ per-
cent, per annum.
25. It is specifically ~y~reeci that time is the essence of this contract and that no
vaiver of any ohti~afi~n hereur~er or of the obligation secured hereby ehall at
any [2me thereaf ~er bP held to be a vaiveT of the teras hereof or of the instriaent
secured herehy. .
26. That no exten~ton oF t,he timP or aodification of the ters~ oT paqsent hereinabove,
and no release ~f any part or parts af the ~ortgaged prsises ahall release,
relirve, or disch~r~;e the Mortgaqor fro~ the pay~ent of any of tht ausa hereby
secured buc in such Pvent che Mortqagor shsll neverthelsas be liable to pay such
su~s accordinR ta th~ rerms of such e~cte~ioa or sodification ualeas specifically
relea~ed and diA~harRrd in vritinR by SMA and furthes~oTe, that acceptance
of part pay~ent of any installsent of principal os istt~te~t, or both, or of part
perfoic~ance of any c~v~~nant or delay for any period of tiat in rxercisinR the
option to ~aature ~he entire debt, ahall not opetate as a vaiver of [he riRht to
~ercise such opttc,n on account of such defau2t, partitl ~cceptance or aay sub-
•equent default.
5 $ooK 2~6 vaGf 199?
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