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HomeMy WebLinkAbout0784 PROVIDED ALWAYS. that if Mo~tgagor shall pay Mortgagee the wms speci~cd in that certain prumiswry note substantiaUy copied or identified below, to-wit: . ; , histallmcnt Notc ~ _ ~ HoF?e ~und. Fl~rid:~. Apri 1 g , 19 7 3 For value received, ihe unders ned promises to pay to the order ot HOBF. SOUND NATIONAI. BANK, a nationa) THIRTY THOUSAND t?ankin ti ri~c~~l at[ic in Hobe Sound, Florida. Ihe ~rinci ~:il sum ot___ -30 ~000 0~ S ~ ~ ~ ~ . together with interest from Apri , pay e mont Y at the ra~e .~c ~~I~~ (Seven and ) three .fourth 7 3 4 ~ per cent er annum on th~ unp~id b~lan~c. The rinci al and interest shalt be p~yabie in - instalin n~ ot Two ht~ndred forty six and n~/1~~~ars~S z46.00 ~ 9th August ~ 73 9th beginning on t day of 1) , and on the day of ~a`~~ mont~ereafter un the entire sum hereunder has heen fully paid. ^ 1. A payme s shall be first applied to interesl on !he unpaid balance, and then to principal. This note st»II be in de- f~ult yficn any p yment ~ not paid within I S days of its due datc. While in default, this note sh~ll bear interest at the rate of,`~~ per aqnum. If thi note " in default for I_5 days the rggregate unpaid indebtedness sh~ll, at the option of the hotder, become immed- iatel~? due and paya . 2. The makers and endorsers hereof sever~lly waive demand, notice and pratest, and any defense by reason of extensian ~~f tE~e for payment ur other indulgenre gr~nted by. the holder, and filrtl~er agree to p~}~ all costs of' ~;ollection, including a reasonable attor eyzfee, if ihis note is in detault and is plared in the h3nds of an atturney fur collection u~ if it hecomes necessary to protect the securi ~ her , whether or not a complaint is liled. This nute sh~ll be the juint ~nd several ohligation of all makers, sureties, gu~r~nturs and endorsers and shall be binc~ing upon them. their heirs, persanat represent;wtives, successyrs a~id assigns_ 3. If the effect of any p~rt ai'the loan transaction evidenced by this noee results in interest (or charges deemed to be interest) paid or to be paid ta the hotder, being in excess of the ~nnissible civi! usur~~ limits as est:?blished by the laws ot Florida, then such cxcess ~•ill be promptly refunded. . - 4. This nole may be prepaid in part or in full at .in~• timc without pcnalty. No partial prepayment, however, shall relieve the maker of paying ihe regular payment. . ~ 1 SEAL) ' (SEAL) ~ o er i s e ~ . ~ , (SEALI ' ~~~ir-~'-,i 1 ~-1J-il~~-*' (SEAL) V elma Silsbe and shall also perform and comply with ail the terms and conditions of this mortgage, the estate hereby created shall cease and be null and void. TERMS AND CONDITIONS: MORTGAGOR dces hereby covenant and agree: ' 1. TAXES AND - ENC[JMBRANCES To promptly pay the taues and ofher governmental levies, judgments, liens, and other encum- branas which now or hereafter appear to be a lien on said property; Mortgagee shall be the sole judge of the legality of such ~ encumbrances and the amount necessary to be paid in discharge thereof; and to deliver to Mortgagee receipts for the payment ~ of: the preceding year's taxes (prior fo March 15th annually) and, other governmental levies (within ninety (90) days from due date). ~ 2. INSURANCE To continuously maintain fire and windstorm insurance on the mortgaged property of such ' type and amounts u the Mortgagee may from time to time require, but never less than a sum equal to the amount of the mort- gage, or an amount sufficient to comply with any cainsurance requirement under Fiorida law. All inwrance shall bear the ' standard New York mortgage clause without contribution and shal) otherwise be in a form and with companies acceptable to ~ Mortgagee. The policies and renewals thereof shall be held by Mortgagee. Mortgagor shall give immediate notice bv mail of any loss, and Mortgagee may make proof of loss if not made promptly by Mortgagor. Each insurance company concerned shall make payment for such loss directly to Mortgagee, as its interest may appear, (instead of jointly) and the insurance proceeds may be applied by Mortgagee, as its option, either to reduce the indebtedness hereby secured or to tht restoration of the property damaged. In any foreclosure, or other transfer of the mortgaged property in extinguishment of the indebted- ness secured hereby, all interest of the Mortgagor in said inwrance policies shall pay to the purchaser or transferee. If the parties hereto agree. Mortgagor will carry life insurance upon their lives, in an amount equal to the aggregate unpaid indebted- ness secured hereby, with Mortgagee named as beneficiary. 3. WASTE To keep the mortgaged property in its present condition, reasonable wear and tear expected, and to commit or permit no waste of the mortgaged property. 4. CONVEYANCES JUNIOR LIENS AND ADDIT[ONS To permit no foreclosure ar execution procredings to be initiated on any junior lien and, in any event, shall immediately notify Mortgagee in writing of any litigation affecting the mortgaged property. The title to the mortgaged property shall not be transferred without the written consent of Mortgagee. In any event, however, Mortgagee may deal with successors in interest in the same manner as with Mortgagor. and may forebear to sue, extend time for pay- ment of the debt, or otherwise act without affecting the (iability ot the Mortgagor hereunder. To erect no new or additional structures. and make no additions or alterations. u wel! as no demolition, dismanteling or removing any of the existing, r.~ortgzged property without the prior written consent of Mortgaga. , Q~ =G' ~r~.1!1 ''u` ~Jcl y` ~ -