HomeMy WebLinkAbout4759 18. It is specifically und Pr~t~~~d that tfie MOT[ReROT shall have the riRht to prepay
the amount due I~erf•~~nder . any rortion thereof , at any time, in mui t Iples of
~1~•• montt~ly payment ~cipulated in the promiasory note aecured bv thls MortgaRe
deed~ havever as m~y b~ limited by the terme af said promissory note.
19. The abstract of title ~~~v~TJnR the encumbered property shall re~ain in the
possesaion ~f SMA d~~rfn~ th~ lien of this tiortgage, and after foreclosure it
shall becane the pr~~nert~~ ~f SMA. .
20. That it is che intent h~rc~nf to Secure payment of the note herein described,
vhether the ful i amnunt ~ ~~~r~c+f ch~l l have been advanced to the HartRagor at
the date hereof, ~r at .i i~ter date; the Mor[gagee may. at the sole option of
the MoctRagee, from tim~• t~ time before Lhe payment of all indebtedness secured
herehy, make further advances to the Hortgagor, vhich advances shall be like-
wise secured by this Mc,rtRa~P; provided, however, that the total principal sum
secured,.herebv and.remainin~ unpaid~ including any such advances, shall not at
any time exceed the ortainal principal sum of note herein described. All advances
made pursuant co ch~ rrrriot~s sentence shall be made ~ichin the time limit
authorized by Florida t.aw far m~kinR valid future advances. MortgaRor shall
repay a21 such f~~r~l~i~r ~i~IV.IttCPS vith interest and the indebtedness created by
virtue of such furth~•r advanrps shall be and are secured hereby. All provisions
of this MortRa~~~ ap~~y t~~ cach and every further advance made pursuant to the
provisions of thi~ paraRraph. Nothing herein contained shall limit the amount
secured by chis Mortg:~b~, ra the extent said amount is increased by advances
made by SMA, as i~erein el~~where provided and authorized, for the protection
of the securitv of
21. That the maflinR of 4T1CCPfl notice of demand, addressed to the ovner af record
of the MortQaRed Fremi~e~. directed to the said owner at the last address actu-
ally furnished t~ SMA . nr directed to the said owner at said Mot[gaged presnises,
and mailed by the t'nir~d States mails, shall be sufficient notice and de~nand in
any case arisinR ?~t:dvr this instrument and/or the note secured hereby or other-
vise required by th~ rrc•visions hereof or by law.
22. If the moTtRaRed prc~i~~~ i~ other than a sinRle family dvelling. the Hortgagor
covenants and aqrees th.~t he vill, not later than thirty (30) days after the end
of the fiscal year, furnish unto S~ a complete and accurate balance sheet and
profit and Ioss statem~~nt reflectinR the Mortgagor's liabilities as well as profit
and loss for the Mnrcg~s~or's business for the year ia~ediately preceeding the end
of the MortRaRor's fiscal year, and such balance aheet and profit and 2oss state-
ment shall be pTPF1.~TF':1 hv a certified publ3c accountant licensed in the State of
Florida, and shalt ~.e certffied as being correct by such certified public
accountant.
23. To the extent ~f r i~e ~ rxtPh[e~nesc of the Mortgagor tos~p described herein or
secured hereby, $[u~p~ ~s herehy subroqated to the lien or liens and to the rights of
the ovners and hold.~rS thec~of of each and every mortgage, lien or other encum-
bYances on the lan~1 described herein which is paid and/or satisfied, in vhole or
in part , ouc or t!,e prc•cee~tti of che loan described herein or secured hereby. and
the respective liens of said mortqaRes, liens, or other encumbrances, shall be
and the sam~ and ea~h o~ rhe~ hereby is preserved and shall pass to and be held
by SMA herein :~s scc~~~ ~ c~ t~r the indebtedness to SMA herein described or here-
by secured, to che G~+m~• p~ctent that it would have been preserved and wuld have
been passed to arui nee:~ held by gMA had it been duly and regularly assigned,
' transferred. set ~ver an~i delivered by SMA by separate deed of assignment, not-
~ withstandinR thr fact that the same may be satiafied and csncelled of record,
it being the intenrinn of the parties hereto that the same will be satisfied
and cancelled of r~~or.! hv the holders hereof at or about the time of the record-
ing of this Mc~rt~~t~P.
24. To pay all and singular [he costs, charqes and expenses, including attorney's fees,
' reasonably incurrw~i ur paici at any time by S[~p, because of the failure of the
NortRaqor to perform~ compiy vith a~d abide by each and evety the stipulations.
agreements, conditinns .an~i covenants of said pramissorq note and this dec~, er
' either. and every such payment shall bear interest at the rate of t~ (lOx) PeL-
cent, per annum.
25. It is specificallv ~~r~P~i chat time is the essence of thie contract and that no
waiver of any ~hliRiti~n hereunder ar of the obligation •ecured hereby shall at
any time thereaft~r bP held to be a waiver of the t~tms hereof or of the instriment
secured herehv.
26. That no extenst~n of c,ne cimP or modification of the terse or pay~eent hereinabove,
atd no release n! anv part or parts of the awrtgaged pre~ises shall telease,
relieve. or disch~r~;e the MortgaRor from the peysent of any of the sums hereby
secured but in such ~vent the tiortgagor ehall nevertheleas be liable to pay such
s~me accordinR co th~~ rerms of such extension or sodification unlesg specifically
released and discl~arRP~i in vrttinR by SMA and furthersore, that acceptance
of part payieent ot any installment of principal or iatere~t, or both, or of part
performance of any ~~v,•nwnt nr delay for any petiod of t Le in rxerciainR the
option to ~nature nc~ enttre debt, shall not operate as a vaiver of the riRht to
exercise such optt~n ~n accoun[ of such default, partial acceptance or any sub-
sequent defaulc.
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