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HomeMy WebLinkAbout0873 .~t aU times peuce-ably and quiedy to enter upon, hold, occupy and cnjoy sa?d l.?nd; that said land 'u iree from all encumbrances; that they wil1 tnake such further assurances to petfect tha fee slmple title to said la~d in the Association as may reasonabiy be rr.~uired; and that they do hereby fully warrant the title to said laad and will defend the same ngainst tlie lawfid claims of all persons whomsoever. - PROVIDED ALWAYS that if the I~tortgagors shall wetl and truly pay unto the Association, the inclebtedness evidenced by that certain promissory note, of even date herewith, aoade by the Afortgagors and payable to the Association, in the princira! ~~~m of _ EIGHTEEN THOUSAND EIGHT HUNDRED AND NO/ 100ths-- 18, 800. 00 ~ ~vhich note, together with interest thereon as theiein sPecified, is gayuble in manthly installments of ONE HUNDRED FORTY-TWO AND 01/100ths------------------------------------------------------ _ . - - - - mn3~ ~ a . 142. 01 on the,_... 5th day of each month commencing with.- -.-------July__ 5~.1973------------ ------------which payments . :?re to be applied, first M interest, and the balance to principal, until said indebtedness ic paid in fu11, and sball perform, oamply ~.•ith and abide by each and every the stipulations, agreements~ conditions and covenants of said promicwry note and thu mortgage, Md, iacluding any advances made by the Association to the Mortgagors, or their successors in tidC, for any pu~ose, at any time before the mlease and cancellation of this mortgage, but at no time shall this mortgage secure advances on aecount of suid original note together with such additional advances in a sum in excess of.____EIGHTEEN THOUSAND EIG~H'i' HUNDRED AND NO/IOOths---------------- ~~~a~ ~s 18, 800.00 Plus any advances necessary - - - to protect the security and costs, then this deed and the estate hereby created shall cease and be null and void. A,~1D THE MOR1'GAGOAS DO hereby cvvenant and agree: 1. To pay all and singular the pru~cipal and interest and other sums of money payable by virtue of said promissorv note .~nd this mortgage, or either, promptly on the days respectively the_ same severatly come due. 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and Idnd now on said desctibed propetty, or that hereafter may be imp~s~ , suffered, placecl, levied, or assessed thereon, or that hemafter may be tevied or assessed upon this I~tortgage, or the indebtedness securecl hereby, cach and every, when due and payable, ' 3ecording to law, before they beeome delinquent, and before any interest attaehes or any penalty is incurred; and incofar .u any thereof is of record the same sl~all be pmmpdy satisfied and discharged of record and the original official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed- or eertified) shall be plaeed in the hands of said Association as Mortgagee K~thin ten days next after 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 pazt thereof ~vithout waiving or affecting any uption, lien, equity or right i?nder or by virtue of this ~iortgage, and the full amount of each and every such payment shali be immediately due andpa yable and shaU bear interest from the date thereof uniil paid at the rate stated in the note securc~cl hereb• and together with such inter- est shali be secured by the lien of ihis Mortgage. ~ 3. To keep the buildings and all equipment and personal property now or herea[ur on said premises covered by this mortgage. insured in a sum equal to at least cht amount o[ the mongage, or an amount sufficitnt to comply with any co-insurance require- ment rnvering the same under the laws of the Stace oE Florida. rnvering loss from both [ire and storm. making the loaa u~der said policies, each and every, payable to the Association, as mortgagee. as ia interest may appear. and said insurance shall be in a gooci and responsible insurance company satistactory to said Association, and written by a responsible local agent satis[actory to said Asso- ciation: and the policy or policies shall bear a standard mortgage clause without rnntribution. aad, it the otiginal printipal amount oE the mortgage is Fitty "I'housand and no/ 100 Dollars (s50,000.00) or in e~cceas thereof. shall be held by the Association, and, in _ che event any sum of money becomes payabte under such policr or policies, the Association shall have the option to receive and apply the same on account of thr indebtedness henby secured, or to permit the mortgagors to receive and use it, or any part thereof, for other purposes, without themby waiving or impairing anr equity, lien, or right under and by virtue o[ thu mortgage, and may place and pay [or such insurance, or any pan thereof, without waiving or affecting its option to forrclaae, or any right hereunder, and the full amount oE each and every such payment shall be immediately due and payablt and shall bear interest [rom the date ehereot until paid at the nte stated in the note secured hereby and together with such interesC shall be secured by the lien of this Jfortgage. 4. To permit, commit, or suffer no waste, impairment or deterioration of said propert~•, or any part thereof, and upon the failuro of the mort~agors to keep the buildings on said property in good condition of repair, the Association may demand the immediatc repair of said bu:ldings or the immediate repayment of the debt hereby securecl, and the failure of the mortgagors to comply ~vith said demand of the Association for a period of Th'uty (30) days, sha11 rnnstitute a breach of this mortgage, and, at ihc option of the Association, immediately mature the entire amount of principal and interest hereby secured, and the .~ssociation, immediately and without notice, may institute proceedinas to foreclose th~c mortgage and appb for the appointrnent ~f a Receiver, as hereinafter providecl. 5. This mortgage eontract provides for additional advances ~~hich may be made at the option of the association 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 .+nd shall increase the ~paid balance of the note hereby secured by the amount of such advance and shall be a part of said note indebtedness under all the terms of said note and this contract as fully az if a new such note ;u~d contract ~a•ere executed :ind delivered. An additional advance agreement may be given anci accepted for such advance and provision may be made for clifferent monthlv pa~~ments : nd a different interest rate and other express mociifieations of ihe eontraet, but in all other respeetc this contract shall remain in full force and effect as to said indebtedness, ineluding all advances. 6. If any af the sums of money herein reEerred to be not promptly and fully paid within Thirty (30) da}'s next after the same sevenlly come due and payable, or if each and every the stipulations, agreement, conditions, and covenants oE said promissory note anJ this cleed, 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 this mortgage shall become due and pavable forthwith or ihereafier at the option of the Association, as fully and completely as if said aggregatc sum ot money was originaiiy stipuiaied to be paid on such day, anything in said promissory note or herein to the contrarv not- wit}utanding. ' 7. To deliver to the Association, on or before :ltarch l~th, of each }'ear, tax receipts evidencing the payment of all la~+•- fully im~ed taxes for the preceding calendar year; to deliver to the Association receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shali t~ecome due and peyable, and to pay or discharge within ~inety (90) davs after due date, any and al1 govemmental levies that may be made on the mortgaged pruperty, on this mortgage ~r note, or in any other way resultin~ from the mortgage indebtedness secured by this mortgaRe. . g~Kz~S s7~ - Y ~ . _ . _ _ _ ~ ~~r.~.:.