HomeMy WebLinkAbout2666 ld. It is speclfically urd ~r~t~~d that tfie lbrtRaRor shall have the rf~tht to prepay
the ~seunt due lurPUnder. ~r any pa?stion thereof. at any tLoe, in muatlples of
tl~•~ ~nonthly paywent Atipulated in the prosia~ory note secused by this lbrtgaRe
deed~ hovevec as ~y be ltsited by the tes~~ of said pro~issory note.
19. ?he abatract of title ~•ov~rlnR the encw~ber~d property ahall re~ain in the
posses~tan of SMA durinR th~ lien oi thi~ lbrtgage. and after foreclosute it
shall becowe ihe prup~rty ~f SMA. ~
20. That it is the intenr h~r~~f to Recure piyeent of the note herein described,
whethes the full an,~unt Ih~rrof chall have been advanced to the MortRagor at
the dste hereof, or at later date; the Mortgagee msq, at the aole option of
the MortRagee, from cimc• t~ tioe before the p~ayy~ent of all i~debtedness aecured
hereby, make further ~+dvances to the Mertgagor, vhich advances ahall be like-
wise.secured by thi~ MertRay~p; provided, however~ that the total principal sus
stcured herehy a~;rl~ai~in~ unpai8. iecluding any such advancea, shall not at
any tise acceed the oriRinal principal sua of note herein deacribed.~ All advances
sade pursuant to thr prcoic„~s dentence shall be wade vithin the ti~e 1Lsit
authorized by Florlda I.aw for wu~kinR valid futute advances. MortgaRos shall
repay all Ruch furthc~r a~iv:~ncea vith intereat and the indebtedness created by
virtue of such furth~~r advan~es shall be atd are secured hereby. All provisions
of~this MortRa~~ ~Pp~y ta c~ch and every further adva~e aade pursuant to the
provisions of thi; par.~Rraph. Nothi~g herein contained shall limit the amount
secured by this MortgagQ, to the exte»t aaid asouat is increaaed by advances
made by g~. as i~erein elsevhere provided and authorized, for the protection
of the securitv of g~.
21. That the a~ailina of a vritten notice of de~aand, addressed to the ovner of record
of the Mortgaged premises, directed to the said owner at the last addreas actu-
ally furnished t~ SMA . or dire~ted to the said owner at said Mortgaged preaiaes,
aad nai2td by the Unired States mails, ehall be sufficient notice and desaM in
any case arlsinR und.r this instrument and/or the note secured hereby or other-
vise Tequired by thr_ provi4ions hereof or by law.
22. If the mortRaRed pre~ise4 is other than a sinRle fa~ily dvelling, the !lortgagor
covenants and aqree.s that he vill, not later than thirtq (30) days after the end
of the fiscal year, furnish unto g~ a co~plete and accurate balamce shest and
ptofit and Ioss statemrnt reflectinq the Mortgagor's liabilities as vell as profit
and loss for the Mnrtyrastor's busi~esa for the qear iu~edi.ately preceeding the end
of the MortgaRor's fiscal year. snd such balance sheet and profit and loss atatr
ment shall be prepare~i by a certified public sccountant licensed in the State of
Florida~ and shall !~e certified as being correct bq such certified public
accountant. ~
23. To the actent ot ri~~ i~dPhcedneAS of the Mortgagor to g~ described herein or
secured hereby, ~s hereby subrogated to the lien or lieas and to the rights of
the ovners and holders thereof ~f each and every wortgage, lien or other encu~-
brances on th~ land described herein vhich ie paid aad/or satisfied* in vhole or
in part. out of tl~e procee~is of the loan described herein or secured hereby, and
the respective liens of said ~sortqaRes, liens, or other encuabrancea, sha11 be
and the samP an~i ~acA o~ rhem hereby is preaetved and shall pass to and be held
bj? SMA herein as s~curicy fer the indebtedness to SMA herein described or here-
by secured, to the s:+m~~ axtent that it wuld have been preserved and wuld have
been passed to and hee:~ held by gINF? had it been duly and regularly assigaed,.
transferred. set ~ver and delivered by gMA by separate deed of assignmeAt, not-
i withstandinR thr fact that the sa~e aia~ be satisfied aM cancelled of record~
; it being the lntenr.i~n of che parties hereto that the asse t~rill be satisfied
and cancelled of rPCOrA by the holdera hereof at or about the tise of the record- ~
; ing of this Mort~aRP.
~ 24. ?o pay all and singular Lhe costs, charges and e~cpenses, including attorney's fees.
R . reaaonably incurr~l or paid at arry ti~e by g~p, because of the failure of the
~ ?brtRaqor to perform~ crnoply vith and abide by each and eve~ry the stipulations,
; agreesents, condlttnns atxl covenants of said pra~isaory note and this der~, er
either, and every such payment sha11 bear interest at the rate of ~~p (Zpx) per-
; cent, per annua~.
25. It ia specifically ~krced that time is the e~sence of this contract and that no
: wivsr of any ~b1lR~tinn hereunder or of the obligatioA •ecured hereby shall at
~ an~ tiae thereaEeer bP held to be a vaiver of the ter~ hereof or of the instr~sent
secuted hereby.
26. Thst no exten~ion of tt~e ti~P or wadification of the ter~• or psy~ert hereinabove,
~ aad uo release of ~ny part or parts of the ~ortgaged prsisea shall release,
` selieve, or dischar~;Q the lbrtgagor fro* the pay~ent of any of ihe suss hereby
; ~~cured but !n such Pvent the lbrtgigor shall e~vertheless be liable to paq ~uch
~ sus~ accordinR to thN rermn of such actee~lon or ~wdification unlers specifically ~
rtlea~~d and d1~~liarR~1 fn vritiaR by SMA and turtbss~ote, that acc~ptance
` oi part pay~ent of any install~eAt of priacipal os lotttaat, or both, or of part
per~orsae~ce of any ~~v~~n,~nt or delay for sny period ot tist in ~csrcisinR the
i option to ~ature the entire debt, shall not o~erste as ~ w iver of the siRht to
; ~csrcise such optl~n ~n ac~ount of such defsult, partial accsptance or any sub-
~ ssquent default.
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~ ~ BOGK 213 ~A~E 26fi~
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