HomeMy WebLinkAbout1770 ~i]~i~ '~s:;~ a1i~1 ~ l~~r~~
at aU times ~acrably nnd quietly to enter upon, hotd, occupy und cnjoy said l:~nd; that s:iid lund is free fran aU encumbrances;
that they will make such further assurances to perfect the fee simple tide to said land in the Association as may reuso»ably !x
required; and that they do hereby fully warrant the tide to said land and ~~~ill defend the same abainst the la~~~ful cl;iims of
..1) pcrsc~ns ~shumscever.
PRO\'IDED AL~VAYS that if the \tortgagors shull well a~d truly p:?y unto the Association, the indeUteci~?rss r~zde~ced
by that certain promissory note, of even date herewith, made bv the \tortgagors ancl p:?v:?hte to the Associatian, in tf~e princi~~;i)
FORTY-Z'WO THOUSAND AND NO/100--------------------- 42 000.00
,um of - - - . . . _ _ Doll:?rs (s •
.~•hich note, together ~vith interest thereon as themin specified, is p:?yable in monthlv instailments of THREE HL7NDRED
SEVENTEEN AND 24/100-----------------------------------------------------
. Dollars ( s 31 2 4
on the 2nd _ day of each month rummencir?g ~~~th _._._J~tlUal'y_2, 19?3_____ _ whieh pay~tnents
.~re to be upplied, first to interest, and the balance to principal~ until said indebtedness u paid in full, and shall perEoRa, comply
u~ith and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this
mortgage, Md, including any advances made bv the Association to the l~iottgagors, or their succes.wrs in titlr, for any purpose,
at any time before the release and cancellation of this mortgage, but at no time shall this mortgage secure advances on account
of s:iid original note together ~vith such udditional advances in a sum in e~cess of.___FORTY TWO TFiOUSAND
AND NO/100---------------------------- 42~ 000.00 ances nece
Dollars (s- - plus any adv ssarv
- - - - -
to proteM the security and easts. then this deed and the estate hemby created shall cease and be null and void. ~
AND THE btORT'GAGORS DO hereby cuvenant and agree:
1. To pay all and singular the principal and interest and other swns of money payable by virtue of said promissory nute
:~nd this mortgage, or either, promptly on the days respectively the same severally come due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every natare and ldnd
now on said described pt+operty, or th~t hereafter may be imposed, suffered, placed, levied, or lssessed thereon, or that hereafter
may be levied or assessed upon this 1ltortgage, or the indebtedness secured hereby, each and every•, Khen due at~d payable,
:~ccording to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and insofar .u
any thereof is of record the same shall be promptly satisfied and discharged of record and the original official document (such
ss, for instance, !he tax receipt or the satisfaction gaper officiallv endorsed or certified} shall be placed in the hands of said
Association as ~tortgagee within ten days next after pa~Tnent; and in the event that any ihereof is not paid, satisfied and discharged,
said Association may at any time pay the same or any part thereof ~vithout waiving or affecting any option, lien, equity or right
under or by virtue of this \tortg:?ge, and the tull amount of each and every such payment shall be immecliately due andpa
yable
and shall bear interest from the date thereof until paid at the rate stated in ihe note secured hereb~• and togethPr with such inte~-
est sha11 be secured by the lien of ihis Mortgage. ~
3. To keep the buildings and all equipment and petsonal property now or hereaiter on aaid premixs rnvered by this mortgage.
insured in a sum equal to at least the amount of the mottgage. or an amount suiiicient to rnmply with anr cair~sunnce require-
ment covering the same under the laws of the State of Florida, covering loss from both fite and storm. making the loss under said
policies, each and every, payable to the Association. as mortgagee, a~ iu interest may appear. and said insurance shall be in a good
and responsiWe insurance company satisfactory to said Association, and written by a responsible Iocal agent satisfactory to said Asso-
ciation; and the policy or policies shall bear a standard mongage clause without contribucion. and, if the original ptincipal amount
of the mongage is Eifty "Thousand and no/ 100 Dollars (s50,000.00) ar in excess thereof, shall be held by the Association, and, in
the event any sum ot money becomes payable under such policy or policies, the Association shall have the option to receive and apply
the same on account of the indebtedness hereby secured, or to permit the mongago~s to recei~e and use ic, or any pan thereof, for
other purposes, without thereby wai~•ing or impairing any equity, lien, or right under and by vertue of this mortgage, and may
place and pay (or such insutance, or any paTt thereot, without wai~•ing or aifetting its option to [oreclose, or any right hereunder.
and the full amounc of each and every such payment shall be immediately due and payable and shall bear intetest trom the date
thereof until paid at the rate stated in the noce secured hereby and together wieh such interest shall be secured br the lien of this
~fortgage. .
4. To permit, commit, or suffer no waste, impairrnent or deterioration of said propertr, or any part thereof, and upon
the failuro of the mo~tgagors to keep the buitdings on said property in good condition of repair, the Association may demand the
immediatc rep:iir of said bu;ldings or the immediate repayment of the debt hereby secured, and the failure of the mortgagors -
ta comply with said demand of the Association for a periad of Thirty (30) days, shall constitute a breach of this mortgage,
and, at thc option of the Association, immecliatel~~ mature the entire amount of principal and interest herebv secured, and the
:lssociation, immediately and without notice, may institute proceedin;s to foreclose this mort~age and applv for the appointment
~f a Receiver, as hereinafter providecl.
S. This mortgage contract provides for additiona) adva?zces ~+•hich rrwy be made at the option of the association and
secured by this mortgage, and it is agreed ihat in the event of such advances ihe amount may be added to the mortgage debt
and sha11 increase the unpaid balance of the note hereby secwed by the amount of such advance and shall be a part of said
note indebtedness under all the terms of said note and this contract as fully as if a new such note and contract ~rere executed
:md detivered. An additional advancc agreement may be given and accepted for such advance and pmvision may be made for
~lifferent monthlv pa~~ments : nd a different interest rate and other express modifications of the contract, but in ~Il other respec~s
~his contract shall remain in full force and effect as to said indebtedness, including all advances.
6. If any of the sums of money herein referred to be not promptly and fullv paid Kithin Thirty (30) days next after
the same sever.illy come due and payable, or if each and every the stipulations, agrc~ement, conditions, and covenants of said
promissory note anJ this deed, or either, are not duly performed, complied w•ith and abided by, ihe aggregate sum mentioned
in said promissorv note and anv other amount or amounts added to the morigage indebtedness under the terms oE this mortgage
shall become due and pa~•able forthwith or thcreaEter at the option of the Association, as fully and completely as if said aggregate
sum of money ~vas originally stipulated to be paid on such day, an~nhing in said promissory note or herein to the rnntrary not-
wit}tstanding. "
7. To deliver to the Association, on or before ~tarch l~th, of each year, tax receipts eviden~ing the payment of al) la~~•-
fulty imposed taxes for the prececling calend:ir year; to deliver to the Assoeiation receipts evidencing the payment of all liens -
for pub~ic improvements K~ithin ninety (90) days after the same shall t?ecome due and payable, and to pay or discharge within
ninety (90) da~s after due date, ~any and all govemmental levies that may be made on the mortgaged property, on this mortga~e
~r note, or in any other way msulting from the mortgage indebtedne~s secureci bv this mortgage.
, BOOK ~OS PAGf 1 V
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