HomeMy WebLinkAbout2551 c?t aU times peace~ably and quiedy to enter upon, hold, oc.rupy;~nd enjoy s:iid lund; that s:iid land is [re~ from aU cncumbrances;
that they will make such further assurances to perfect the fee simple title to said land in the Association as may rcusonably lx~
required; and that they do hereby fully warrant the title to said land and ~~•ill defend the sume against the laivEu! claims of
all persons ~vhomsoever,
PROYIDED AL~YAYS that if the rlortgagors shatl well and truly p:ty unto the ~lssoeication, the indebteclness c:videneecl
by that certain promissory note, of evett date hetewitL, made bv the A9ortgagors anu payable to the Association, in the princi~u~l
SIXTEEN THOUSAND EIGHT HUNDRED .AND NO/ 100 16, 800. 0p
.um of . . - _ . . . - - _ . _ Uoilars (S 7.
.~•hich note, together ~vith interest ther~~*on as iherein specified, is p:t~~uble in monthlY installments oE ONE HUNDRED
THIRTY-FIV.E AND 35/100-------------------------------------------------------
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. . nollars (s 13,~i. 35 _
on the_ ?th day of each month c~mmencing ~vith - MaI`Ch_ 1_973_. which payments
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are to be applied, first to interest, and the balance to principal, until said indebtedness is paid in futl, and sha11 perfomi, comgly
~~•ith and abide by each and every the stipulations, agreements, conditions and covenants of said promi.ssory note and this
mortgage, Md, inctading any advances made by the Association to the Mortgagors, or their surcessors in tidr, for any purpose,
at any time before the release and cancellation of ihis mortgage, but at no time shall this mortgage secure advances on acc.~aunt
of suid original note togeth~ ~vith such additional advances in a sum in excess of_____ SIXTEEN THOUS.AND EIGHT
HUNDRED AND NO / 100 - - - - - - - - - - - - - - - - - - ~llars ( i-- --16, _800. 00~ ~ plus any advances necessan•
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to proteM the security and costs, then this deed and the estate hereby cmated shall cease and be null and void.
AND THE riORTGAGORS DO hereby cvvenant and agree:
1. To pay all and singular the principal and interest and other sums of r,~oney payable by virtue of said promissory note
,~nd this mortgage, or either, pmmpdy 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 nature and kind
now on said described property, or that hereafter may be im~, suffered, plac~d, tevied, or assessed thereon, or that hereafter
may be levied ~r assessed upon this itortgage, or the inde tedness secured hereby, each and every~ when due and ~tyable.
.~ccording to law, before they become delinquent, and before any intere:~t attaches or any penalty is ineurred; and 'uuofar :u
.?ny thereof is of record the same shall be promptly satisfied and discharged of record and the original official document (such
1s, for instance, the tax receipt or the satisfaction paper officially endorsed or certiEied) shall be placed in the hands of said
Association as ~tortgagee within ten days next aEter payment; and in the event that any thereof is not paid, satisfied and discharged,
said Association may at any time pay the same or any part thereof ~~~thout waiving or affecting any option, Uen, equity or right
~?nder or by virtue of this \fortgage, and the full amount of each and every such payment shall be immediately due andpa
yable
and shall bear interest from the date thereof until paid at the rate stated in the note secured herebt• and to~ethPr ~vith such inter-
est shalt be secured by the lien of this Mortgage, ~
3. To keep the buildings and all equipment and pe~sonal property now or hereatter on said premisa rnvered by this mortgage,
ir~sured in a sum equa! to at least the amount ot the mongage, or an amount su[ficient to comply with any co-insurance require-
ment covering the same under the laws o[ the State of Florida. coveri~~g loss Erom both Eire and storm, making the loss under said
policies, each and every, payable w the Association, as mortgagee, a~ iu interest may appear, and uid insurance shall be in a good
and responsible insurance company sacistactory to said Association, and written by a responsible local agent satistactory to said Asso-
ciation: and the policy or policies shall bear a standard mongage dause without rnntribution, ar.3, if the original principal amount
o[ the mortgage is Fitty Thousand and no/ 100 Dollars (=50,000.00) or in excess thereof, shall be held by the Association, and, in
ehe event any sum oE money becomes payable under such policy or policies, the Association shall have the op[ion to receive and apply
che same on account of the indebcedness hereby secured, or to permit the mongagon to meive and use it, or any pan thereof, for
other purpoaes, without thereby waiving or impairing an7 equity, lien, or right under and by vinue ot this mortgage. and may
Niace and pay tor such insurance, or an} part themot, w~ithout v?ai~•ing or aftecting itt option to foreclose, or any right hereunder,
and the full amount of each and every such paymene shall be immediately due and payable and sha11 bear interest frnm the date
' [hereof until paid at the rate stated in the note secured herebr and tage[her with such interest s6a11 be secured by the lien oE this
~f ortgage.
j 4. To permit, commit, or suEfer no waste, impairment or deterioration of said propert~•, or any part thereof, and upon
t}~e failuro of the mortgagors to keep the buildings on said pmperty in good condition of repair, the Association may demand the
immediate repair of said bu;ldings or the immediate repayment of the debt hereby secured, and the faiiure of the modgagors
to comply ~vith said demand of the Association for a period of Thirty (30) days, shall oonstitute a breach of this mortgage,
and, at the option of the Association, immediatelv mature the entire amount of principal and interest hereby secured, and the
.~ssociation, immediately and ~vithout notice, may institute proceeclin;s to foreclose thu mortgage and appl~• for the appointment
of a Recei~~er, as hereinafter pmvide~l.
5. This morigage contract provides for additional advances ~vhich may be made at the option of the associ.ltion and
secured bv thu mortgage, and it is agreed that in the event oE such advances the amount may be added to the mortgage debt
and shaII increase the unpaid balance of the note hereby secured by the amaunt of such advance and sha11 be a part of saicl
note indebtedness under all the terms of said note and this contract as fully as if a new such noie and contract H~ere executed
and delivered. An additional advance agreement may be given and accepted for such advance and provision may be madc for
ciifferent monthlv pa~•ments and a different interest rate and other express modifications of the contract, but in all ather respects
ihis contrict shail remain in futl farce and effect as to said indebtedness, including al) advances.
6. If any of the sums of muney herein referred to be not prompdy and fu11v paid within Thirty (3Q) days next after
the same severally come dae and payable, or if each and every the stipulations, agreement, conditions, and covenants of said
promissory note and this deed, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned
in said promissory note and anv other amount or amounts added to the mortgage indebtedness under the terms of thu mortgage
shaA become dae and pa~•sble forthwith or thcreafter at the option of the Association, as fu1)y and completely as if said ag~regat~
sum of money was originally stipulated to be paid on such dav, am~thing in said promissory note or herein to the contrarv not-
~vithstanding, " "
i. To deliver to the Association, on or before ~farch 15th, of each year, tax receipts evidencing the payment of all la~~--
Fully imposeci taxes for the prececling ailendar year; to deliver to the Association receipts evidencing the payment of aU liens
for public improvements within ninety (90) days after the same shall hecomc due and payable, and to pay or discharge within
ninety (90) da~~s after due date, any and a11 governmentai levies that may be made on the mortgaged property, on this mortgage
~r note, or in any other way msulten~ from the mortgage indebtedness secured bv this mortga~e.
~oo~ 2~0 P~~E~548
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