HomeMy WebLinkAbout0075 of the said mortgagor of, in and to the same and every part thereof
unto the said mortgagee and its successors and assigns forever.
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AND the mortgagor does hereby covenant with the Association
that it is indefeasibly seized of said land in fee simple; that it has
,full power and lawful right to convey said land in fee simple as
aforesaid; that it shall be lawful for the Association at a11 times
peaceably and quietly to enter upon, hold, occupy and enjoy said
land; that said land is free from all encumbrances; that it will
make such further assurances to perfect the fee simple title to said
land in the Association as may reasonably be required; and that it
does hereby fully warrant the title to said land and will defend
the same against the lawful claims of all persons whomsoever.
PROVIDED ALWAYS that if the mortgagor shall pay unto the
Association the indebtedness evidenced by that certain promissory
note of even date herewith, maturing thirty-six months after date,
made by the mortgagor and payable to the Association in the princi-
pal sum of $775,000, the interest in said note stated being payable
in monthly installments beginning November 1, 1972, and shall per-
form, comply with and abide by each and every the stiFulations,
agreements, conditions, and covenants of the promissory note and this
mortgage, then this mortgage and the estate created hereby shall cease
and be null and void.
AND the mortgagor does hereby covenant and agree:
l. To pay all and singular the principal and interest and
other sums of money payable by virtue of said promissory note and
this mortqage, or either, on the days respectively the same
severally become due.
2. To pay all and singular the taxes, assessMentG, levies,
liabilities, obligations and encumbrances of every nature on said
described property when due and payable according to law, before they
become delinquent, and if the same shall. not be promptly paid, the
Association may at any time either before or after delinquency pay
the same without waiving or affecting the option to foreclose, or any
i~y;;~ ~~--~••„a~Y, ?n~ PvPrv nayment so made shall bear interest from
the dateythereof at the rate of nine per cent (9$) per annum.
3. To keep the buildings and all equipment and personal
property now or hereafter on said premises covered by this mortgage
insured in a sum equal to at least the amount of the mortgage, or an
amount sufficient to comply with any co-insurance requirement ~~ver-
ing the same under the laws of the State of Florida, covering loss
from both fire and storm, making the loss under said policies, each
and every, payable to the Association, as its interest may appear,
and said insurance shall be in a good and responsible insurance
company satisfactory to said Association, and written by a responsible
local agent satisfactory to said Association; and the policy or
policies shall bear a standard New York mortgage clause without con-
tribution, anc~ shall be held by the Association; and, in the event
i any sum of mortey becomes payable under such policy or policies, the
4 Association shall have the option to receive and apply the same on
` account of the indebtedness hereby secured, or to permit the mort-
~ gagor to receive and use it, or any part thereof, for other purposes,
without thereby waiving or impairing any equity, lien or right under
and by virtue of this mortgage; and the Association may place and
pay for such insurance, or any part thereof, without waiving or
affecting its option to foreclose, or any right hereunder, and each
and every payment so made shall bear interest from the date thereof
at the rate of nine per cent (9$) per annum.
4. To permit, commit, or suffer no waste, impairment or
deterioration of said property, or any part thereof, and upon the
failure of the mortgagor to keep the improvements on said property
in good condition of repair, the Association may demand the imraedi-
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