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HomeMy WebLinkAbout0161 _ , . at ail timespeaoeably ar?cl quietly to eater upon, hoW, occupy and enjoy said lund; tl~at slid lund is (rea fmm aU encumbrances: that they will make sudr futther ass~u~anoas w pa:fect tbe fee simple titk to said land in the Assoc;ation as may re=uonably be ~ requimd; aud that tl~ay do Dereby fully wattant the titb to sAid tand and ~v:ll defend the sume Against the 1:?~~~ful claims of all persc,tu whomscever. PRO\'IDED AL~YAYS that if ii~e riortg;~gors shaU well und inily pay unto the A~ociation, tl~e indebtedness e~~ide~ioed hy that certain promissory nott. of even date herewith. made bY the ~ioitgagon and pa~able b tt.e Ascoc':ation, in thc~ princi~~l FORTY FNE THOUSAND AND NO/100--•------------------ s 45 000.00~, • sum of - - - - - - . _ - . . . - ' - . ~ ~ s]~ec~ ed, ~ pUY' ..h~ch nate, together with interest .h~n as thercin ifi is sble in monthly installmencs of ~UR HUNDRED z-~ SEVENTEEN ANI3 16/100------------------------------------------------------ . _ _ . _ . oii . - - - - - - - . . - - - - • - - - : - . Dollars (i _ _ 417.-1s-- - 5th February 5, 1973 ~ . ~ on the-- ------day of each month c~mme~cing with.- wh~ch payments are to be u plied, first to interest, and the balRnce to principal, until said iadebtedr~ess is paid in fuU, and shall perform, onmply ~ ..zth and a~ide by each aad every the stipu1ahons. agreements, conditiau and covenants of saicl promissory note and thu s mortgag~ Md. includ~n8 any advance.s made by the 1~sociation to the M~igagors, ~r their succes9o~s in tidr, for anY pa*P°se? at any time before the release and canecllation of this mortgage, but at no time shall this mortgxge secw~e advances on account of said original note together ~vith such additionai advanres in a sum in excess of________FORTY_FIVE THOUSAND ~ AND NO~100---------------------------- ~ 45, 000.00 plus any advances necessan i -.Dolla~rs Z-- to pmtect the security and .~sts, then this deed and the estate hereby created shall cease and be null and void. ~ AND THE btOR1~AGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and inierest and other sums of money payabk by virtue of said promissory note .~nd thic mortgage, or either, promptly on the days respectively t}ks same severally come due. L 2. To pay all and singular the tazes; a~mentry le~~es,leabilities, obligations and incumbrances of every nature and kind n~w on said described property, or that hercafter may be imp~s~, suffered, placed, levied, or assessed thereon, or that hereafter may be levied or asse~ed upon this Mortgage, or the indebtedness secured ltereby, eacb and 'ev~ry, when due and payable, accorciing to law, before they beeome delinquent, and before any interest attaches or any penalty is incurred; and ins~far :u ~ any thereof is of r~cord the sdme shall be promptly satisEied and dicrharged of record and the original of6cial document (such ' s~ me as, for instance, the tau receipt or the satisfaction paper officially endorsed or certified) shall be placecl in the hands of said Associatioa as ?liortgagee within ten days ne:t after payment; and in the event that any thereof is not paid, ~tisfied and discharged, said Association may at any time pa.y the sane or any part thereof ~vitl;out vvAiving or affecting any option, lien, equity or right under or by virtue of this '~~ortgage, and the full amount of each and every sueh payment shall be immeciiately due andp~ yable : and shall bear interest from the date thereoE nntil paid at the rate state~d in ihe note serurecl hereb~• and together with such inter- ! est shall be secured by the lien of ths Mortgage. ~ 3. T~ kcep the buildings and all equipmenc and penonal propeny no~v or herrafcer oa said premises rnvered by this mortgage. ~ insured in a sum equal to at leut the amount o[ the mortgage. or an amount sutEicient to eomplp ~vit6 any co-insunnce rtquur- ; menc mvering the same under tt?e laws oE the Sace o[ Florid~. rnvering laas fmm both tin and seorm, making the loas under said + policia. each and every, payable to the Association, as mortgaget, as its interest may appear, and uid insurance shall be in a good ~ and responsible insunnte rnmpany satisfactory to said Association, and written br a responsible lacal agent satisfactory to said Asso~ x ~ ciation; and the poli~r or policies shall bear a scandard moztgage dause without mntribu[ion. anc1, if the original prn~cipal amount ' i oE the mongage is Fi[ty Thousand and no(100 Dollars (~50.OW.OU) or in acceas thereof, shall be hdd by the Association, and, in ` ! che event any sum of money becomes parable und=r such policy or policies. the Ass~ciation shall have tt~e option to receive and apply ` ~ the same on aco~unt oE the indebtedness hereby secu~rd. or co permit the mongagois to rective and use it, ur any part thereof. for i ocher purposes, without therebY wai~ing or impairing any equity, lien, or rigbt under and by virtue ot this mort~e. and may , place and pay Eor such insurance, or anr pan thereot, rvithout xai~ ing or a[[ecting its option to foredose. or any right htreunder. ; and the fi:l1 amount of each and ever~+ such payment shal! be immediatdy due and payabk and shall bear interett from the date -E ~ e:~ereot until paid at the rue statfd in the note secured herebr and together with such intt:at shall br secured by tbe litn of this ~ ~tortgage. To permi:, commit, ur suffer no waste, unpai~ment or deterioration of said propert}•, or any part thereof, and upon = the failuro of ihe morigagors to keep the buildings on said property in good condition of repair, the Association may demand the ; immediate repair of said bu;idings or the immediate repayment of the .lebt hereby secured, an~ the failure of the mortgagors ~ to complv ~vith said demand of the Association for a period of Thirty (;0) days; sha11 constitute a breach of this mortgage, # ~ and, at t~e option of the Association, immc~i.ltely mature the entire amount of principal and interest hereby secured, and the - Association, immediately and witho»t notice, may institute proceedin;s to foreclose this mortgage and appiv for the appoinhnent ~ of a Receiver, as hereinaiter provided. ~ 5. This mortgage con~aM provides for additional 'advances ~~•hich may be made al the option of the association and ~ secured by thu mortgage~ and it is agreed that in the event of such advances the amount may be added to the mortgage debt : ~ and shall increase the un~sid balance of the note hereby scxured by the amount of such advance and shall be a part of said ~ ~ note indebtedness under all the terms of said note and this cm~tract as fully as if a new such note and rnntract ~-ere executed ~ and deliveret]. An additional advance agreement may be given and accepted fo: such advance and provision may be made for ~lifferent monthlv pa}'~nents and a different inicrest rate and other express malifications of the contract, but in :11 other respects ~ ~his contract shall remain in fuli force and effect as to said indebtedness, including all advances. - ~ 6. If any of the sumc of mimey herein referreci tQ be not promptly and fully paid within Thirty (30; days next after : ~ the same severally come due ~nd payable, ~r if each and every the stipulations, oarcement, conditions, and rnvenantr of said + ~ promissory note and this deed, or either, are not duly performeu, complied with and abicied by, the aggregate sam mer.tioned - in sa;d promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgage ~ shall beoome due and gavzble forthwith cr thtreafter at the option of the Associat:on, as fully and compktely as if said aggregate ~ sum oi money was originallv stiFulatec~ to be paid on such day, anyihing in said promisson note or i~erein to the contrarv not- ~ «~thstanding. ~ ~ 7. To deli~er to th~ Ass~ciation, on or before ~iarch l~th, of eaeh year, taa receipts evidencing the payment of all IaK•- ~ fiiliy imposed taaes for the precedi~g calendar year; to de:iver to t~~e Association rereipts evidencing the payment of all liens ~ for public improverr.ents v~thin ni~ety (90) days aker the same shall tx~:ne due and payable, and to pay or discharge within ~ ninety (9p) day~ after due date, any aod all govemmental Ievies that may be made on the mortgaged pruperty, on this mortgage ~ ~r note, ar in any other way msulting from the n~ortgage indebtedness secured by this mortgaRe. _ ~ ~ ~ BaRx 211 a~~E 6~ ~ ~ _ _ - _ . . T .