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HomeMy WebLinkAbout0714 at aU timespeu ceab[y and qufetiy to eater upon, hold. ocrupy and cnjoy said lu~d; that said land ~s free trom all encumbrances; that they will make such f~nther assuranoes ~o pe~fed tbs fee dmPle title to said land in the Association as may reasoaably be required; and that t~y do hereby fully wsutant the title to s~id land and will defend the sume against the lawful claims of all persoos whumsoever, PROVIDED ALWAYS thut if the I~iort ag gon shall well and truly pay unto the Asst~ciation, the indebtedness evidenced Uy that certain pmmissory note, of evea date he~ewitb, made by the Mortgagors and payable to the Association, in the principal ,um of TWO. HUNDRED THOU~AN.D AND.N~jX.QOths----------------i~o.flars (~20.0, 000. 00 which note, together with interest thereon as therein specified, is payable i~ monthly installments of ~interest payme~ts . due.Apr.i1.9,.__1975.,_.Ma3r..9, 1943. June _9, 1973,_ July 9, 19Z3..Augu~st_~, ~973, .Septemb~r 9, 1373.and then_ONE. THOU~AND.NINE ~~RED_SIXTY__NR~IE..AN.l?__~.Q~1.00#h~-------- - . nollars (s 1,..9.69,. 50----- on the- ---_..day of each month commencing with. _._---•---------------------------------------------•---_------------.---------._.which payments are to be :~pplied. first to interest. and the balance to principal. until said indebtedness is paid in full, and shall perfazm, eomply with and abide by each and every the stipulations, agreements, conditions and rnvenantc of said prami~ory note and t7~is mortgage, And, including any advances made by the Assodatior? to the Mortgagon, or their successors in tit1C, for any purpose, at any time beEore the release and cancellation of this mortgage, but at no time shall this mottgage secure advances on account of said original note together with such additional advances in a sum in eacess of_ TV~O_I~UND~ED TI~QT~.SAND___ AND NO~l00ths------------------------_-----DoUars (=200,_OOO..U4_.), plus any advances neressarv - - - to protect the senuity and costs, then this deed and the estate hereby created shall cease and be nul) and void ~ AND THE MORTGAGORS DO hereby cvvetnant and agree: 1. To pay all and singular the principal and intere.tt and other sums of money payable by virtue of said promissory note :~nd this mortgage, or either. promptly on tfie days respectively the same severally come due. 2. To pay all and singulaz ihe taxes, assessments, le~+ies> liabilities, obligations and inrumbrances of every nature and kind now on said desciibed property, or that hereafter may be imp~s~, sufferei, placed. levie~d, or assessed thereon, or that hereafter may be levied or assessed upon thu Mortgage, or the indebtedness securecl her+eby, cach and every, when due and payable, according to law, before tbey become delinquent, and before any interest attaches or any penalty is incurred; and insofaz .u .iny thereof is of record ihe same shall be promptly satisfied and discharged of record and the original official document (such ss, for instance, the tax receipt or the satisfaction paper officially endorsed or certiEied) shall be placed in the hands of said Association as Mortgagee within ten days neat after payment; and in the event that any thereof is nat paid, satisfied and discharged, said Association may at any time pay the same or any part thereoE without waiving or affecting any option, lien, equity or ri~t under or by virtue of this !liortgage, and the full amount of each and every sueh payment shall be immediately due andpa ya le and shall bear interest from the date thereof until paid at the rate stated in the note securec~ hereby and togethPr with such inter- est shaIl be secuc~ed by the lien of this b~ortgage, 3. To keep the buildiags and ali equipment and personal propeny now or hereafter on said pn~rnixa oovered by t6is mortgage. insu~+ed in a sum equal to at least the amount of che mortgage, or an amounc suiEiciene to rnmply with any cainswance requin- ment covering the same under the lavrs ot_ the Stace of Florida. rnvering loss trom both tire and storm, making the loss undrr said policies, each and every. parable to the Association, as aartgag~e. u its interest mar appear. and said insunnce shall be in a good and taponsible insurance company satis[actory to said Assoteation, and written by a re~poiuible local agent satisfactory to said As.w- ciation; and the policy or policia shall bear a standard mongage clause without mntributioa. and, if the original prindpal amount o[ the mongage is Fi[ty ?housand and noJ100 Dollan (=50,000.00) or in rzceaa thereoE. shall be held by the Association, md, in the event any sum of money becomes payable under such potie7r or policies, the Associacion ~all ttave the option to meive and apply the same on account o[ the indebtedness hereby securtd. or to ptrmit the mortgagon to rtceive and use it, or any part thereof. for other purposes, without thereby waiving or impairing any equity, lien, or right undtr and by vinue oi this wortgage. and may place and pay [or such insurance, or any part thereof, without waiving or aEtecting its option to foreclose, or any rig6t he~+eunder. and the [ull amount of each and every such payment shall be immediately due and payable and shall bear interest from the date chereof until paid at the rate stated in the note secured hereby and together with such intere~t shall be secured by the lien oE thia ! ~tortgage. 4. To permit, commit, or suffer no ivaste, impairment or deterioration of sxid propert~•, or :iny part thereof, and upon the failuro of the mortgagors to keep the buildings on said property in good condition of repau, the Association may demand the immediate repair of said buildings or the immediate repayment of the debt hereby secured, and the failure of the mortgagors to comply with said demand of the Association for a period of Thirty (3Q) duys, shall constitute ~ breach of this modgage, and, at thc option of the Assocfation, immediately mature the entire amount of principal and interest hereby secured, and the Association, immediately and without notice, may institute proceeclin;s to foreclose ihis mortgage and apply for the appointrnent of a Receiver, as hereinaker provided. 5. This mortgage contract provides for additional advances which may be made at the optiun of the associa°n and secured by this 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 unpaid balanoe of the note hereby secured by the amount of such advance and shall be a part of said note indebtedness under al1 the terms of said note and this contraM as fully as if a new such note :uid rnntract were executed and delivered. M additional advance agreement may be given and accepted for such advance and provision may be made for different monthly payments and a different interest rate and other express modifications of the contract, bnt in all other respec~s ?his contract shall remain in full force and effect as to said indebtedness, including all advances. 6. If any of t6e sums of money herein referred to be not promptly and fully peid within Thirty (30) days next after the same severally eome due and payable, or if each and every the stipulations, ao eement, conditions, and covenants of said promissory note and this deed, or either, are not duly performed, comp]ied with and abided by, the aggregate sum mentioned in said promissory note and any other amount or amounts added to the mortgage indebtedness ander ihe terms of this arortgage shall become due and payable forthwith or thcreafter at the option of ihe Association, as fully and completely as if said aggregate sum of money was originaDy stipulated to be paid on such day, anything in said promissory note or herein to the contrary not- ~ withstanding. 7. To deliver to the Association, on or before :?iarch l~th, of each ye~ar, tax receipts evidencing the payment of all IaH~- fully im~ taxes for the preceding calendar year, to deliver to the Association receipts evidencing the payment of all tiens for pub 'c ~mprovements within ninety (90) days aEter the same shall hecome dae and payable, and to pay or discharge within ninety (90) days after due date, any and all governmental kwies tbat may be made on the mortgaged property, on this mortgage ~r note, or in any other way msulting from the mortgage indebtedness secured by this mortgaRe. BGOK 212 PACE ~~4 ~ _ _ ~ v~ 'eT~,z„_.