HomeMy WebLinkAbout2522 18. It is specifically undP~~tond that the MortRaRor shall have the riRht to prepay
the amc?unt due l~er~~ander. ~r any ~+ortion thereof, at any time, in ~nuitiples of
t 1~~~ monc hl y payment stipulated in the pro~i~sory t~ote secuted by this MortgaRe
deed ~ howevec as nwy be 11~si ted by the ter~s of said promisaory note.
19. The abstract of title ~~~v~TInR the encumbered property shall remain in the
posses~ion ~f SMA d~?~in~ th~ lien of this lbttgage. and after forec2oaure it
shall becane the prarcrty of SMA. ,
20. That it is the intenr h~r~nf to aecure payeent of the note herein descTibed,
vhether che full ~mn~int ~hrrrc+f shall have been advanced to the MoctRagor ac
the date hereof, ~r at later date; the Mortgagee msy, at the sole option of
the MortRagee, from t imc• t~ ttme before the paqsent of ,~i~. it~de4tedn,e~s ,secured
herehy, make further Advances to the Nortgagor, vhich advances shall be like-
wise secured by thic MotrtRaRP; pxovided, hovever~ that the tota2 principal sum
secured herebv and remainin~ unpaid. incZuding any such advances, shall not at
any time excee~ the oriRinal principal aua of note herein described. All advances
made pursvant io [hF prr~io~?s sentence shall be aiade vithin the tit?e ~limit
authorized hy Flurida l.av for maktnR valid future advances. MortgaRor shall
repay all cuch f~~r~lu~t a~1v:?nces vtth interest and the it~debtedness created by
virtue of such furth~~~- ~dvan~es shall be and are secured hereby. All provisions
of this MortRa~~~ apply co cach and every further advance made parsuant to the
provisions of thi~ paraRraph. Nothing hetein contaiaed shall limit the amount
secured by this Mortg~g~, to the extent said a~ount is increased by advances
made by SMA, as~l~ereiu els~where provided and authorized, for the protection
of the securitv of gMp. ~
21. That the mailinR of z written notiee of deloand, addressed to the ovner of record
of the MortRaRed Fremisec, directed to the said ovner at the last address actu-
ally furnished t~ SMA . ~r directed to the said owner at said Mortgaged premises, '
and mailed by the Unired States mai2s, shall be sufflcient notice and demand in
any case arisinR undPr this instrument and/or the note secured hereby or other-
aise required by thN prc~visions hereof or by law.
22. If Lhe mortRaRed preTeiset i~ other than a single family dwelling, the ?[ortgagor
covenants and aqrees that he will, not later than thirty (30) days after the end
of the fiscal year, furnish unto g~ a cowplete and accurate balance sheet and
profit and loss statem~~nt reflectinR the Nortgagor's liabilities as well as profit
and loss foY the "t~rtgaqc+r's business for the year iasediately preceeding the end
of the MortRaRor`s fiscal year, and such balance sheet and profit and loss state- ~
ment shall be prep~re~i hy a certified public accountant licensed in the State of
Florida, and shall certified as being correct by such certified public
accountant.
23. To the extent ~f rt~e ~naPhtedness of [he Hortgagor to described heteln or
secured hereby, ~s hereby subtroqated to the lien or liens and to the rights of
the owners and holders thereof of each and every mortgage, lien or other encum-
bYances on the land described herein which is paid and/or satisf ied, in vhole or
in part, out o~ tl~c; proceeds of the loan described herein or secured hereby, and
the respec[ive liens of said mortqaRes, liens, or other etacumbrances, shall be
and the sam~ and ea~b <hem hereby is preserved atd shall pass to and be held
by SMA herein is scct,r ~ cy for [he indebtedness to SMA herein described or here-
by secured, to the s:+mc• Pxtent that it would have beea preserved and wuld have
been passed co and hee:~ held by SMA haid it bten duly and regularly assigned,
; transferred, set over and delivered bq SMA by separate deed of aesignment. not-
withstandinR thN fact that the saae say be satisfied atd caucelled of record,
i it being the intenr.inn of the parties hereto that the saae vill be satisfied
; and cancelled of r~~or~i by che holders hereof at or about the tiae of the record-
t ing of chis Mf1TC~a~P.
` 24. To pay all and singutar the costs, charges and rxpeneea, including attorney's f eea,
~ reasonably incurr~f or paid at any? tiae by glyp~, because of the failure of the
MvrtRaqor to perform. crnoply vith and abide bq each atd every the stipuiations,
' agreements. conditinns and covenants of said prosiseory note and this derd, er !
either, and every such payment shall bear intereat at the rate of tea (lQx) per-
; cent. per annum.
25. It is specifically ~y:rced that time is the essettce of this contract atd that no
waiver of any ohliRaci~n hereunder ot af the obligation secured hereby shall at
any time thereafter be held to be a vaiver of the tet~s hereof or of the instruaent
sacuTCd herehy. '
26. That no extension of t~~e timp or ~wdification of the ter~~ otr pay~ent hereinabove,
and no relesse of any part or parts of the wortgaged prsises shall re2ease.
; relieve, or dischar~;e che lbrtgagor fro~ the pay~ent of any of the suas hereby
secured but in such Pvent the lbrtp~agor sha12 navertheleas be liable to pay euch
suss accordinR to th~ term4 of such acten~ion or ~odification unless specifically
relea~ed and diACh~rRPd in vritinR by SMA and further~ore. that acceptance
of part pay.ent ot any installsent of priacipal or intersst. or both, or of paYt
~ perfor~ance of any ~~v~nnnt or delay for any petiod oi tise in axercisinR the
option to ieature che entire debt, ahall not opeTat~ as a w iver of the tlRht to
~ acerciae such optt~n on aacount of such default. partial ~eceptance or any sub-
sequent default. ~
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