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HomeMy WebLinkAbout1978 at aq times ceably and quietly to eater upon, hold, occupy and cnjoy suid lund; that xdd land 'u frce from all encumbrances: ~t ~ w~make such f~rth~ aasur~noes to perfed tbe foe simple tide to said land in the AssociaHon as may reasonably bc requi~; and that they do hereby fully wamnt the title to said lund and will defend the snme against the lawEul claims of aU persons whomsoever, PROYIDED ALWAYS that if the Mortgagors shall well and tnily pay unto the Associatio~, the indebtedness evidenoed by that certain promissory aote~ of evea date besewitb, made by the Mortgagors and payuble to the Associatioa, in the principal SIXTEEN THOUSAND FOUR HUNDRED AND NO/100ths----- ~s 16 400. 00 sum of . - - ' . which note, together K~th interest thereon as thcrein sPecified, is payable in monthly installments oE.ONE HUNDRED _ TWENTY THREE AND 89/100ths------------------------------------------------ _ - - - - ~ - ~ 123. 89 Dollars (3------- - . - - • on the.. _ 18tY1_._-------day of each month commencing ~vith. ----------------J~1~.Y--~.$a-14-Z~---------------------------------which payments pe .u+e to be applied, first to interest. and the balance to principal, until said indebtedness is paid in full, and shall pe~form, com ly wzth and abide by each and every the stipulations, agreements, conditions and covenants of said pmmissory note and ' mortgage, Md, including any advances made by the Association to the Mortgagors, or their successors in titl~s, for any purpose, at any time before the release and cancellation of this mortgage, but at no time shall this morigage secure advances on account SIXTEEN THOUSAND FOUR of said origina] note together wiih such additional advances in a sum in excess of_._______________________________ HUNDRED AND NO/100ths------------------~~~a~ ~s__16,_400. 00 p~~ any advances necessarv . to protect the securit}? and costs, then ihis deed and the estate hereby cmated shall cease and be null and void. AND THE 11~ORTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and interesi and other sums of money payable by virtue of said promissory note :?nd this mortgage, or either, pmmptly on t6e days respectively the same severally rnme due. 2. To pay all and singular the taues, asse.ssments, levies. liabilities, obligations and incumbrances of every nature and ldnd no~v on said described property, or thnt hereafter may be impo.ced, s~ffered, placecl, levied, or assesseci thereon, or that hereafter ~nay be levied or assessed upon this I~iortgage, or the indebtedness secured hereby, cach and e~~ery, when due and payable, acconiing to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and- iiuofar as any thereof is of record the same sl~all be promptly satisfied and dischargecl of reoord and the original official document (such as, for instance, the tax receipt or the satisfaction paper officially endoned or certified) shall be placed in the hands of said Association as ~iortgagee within 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 part thereof ~vithout ~vaiving or affecting any option, lien, equity or right imder or by virtue of this \Iortgage, and the full amount of each and every such paymeM shall be immediately due andpa yable and shall bear interest from the date thereof until paid at the rate stated in the note secured hereb~• and together with such inter- est shall be secured by the lien ~f this biurtgage. ~ 3. To kcep the buildings and all equipment and penonal property now or hereafter on said 'premises rnvered by this anortgage. ? ! insured in a sum equal to at least the amount oE ehe mongage. or an amount sui[itient to complr with any co-insurance require- ! ~ ment covering the same under the laws of tht State of Florida, covering loss from both [ire and storm, making the loas under said j ' policies, each and every, payable to the Association. as mortgagee, as iu intetest may appear, and said ic?sunnce shall be in a g~ood ( ~ and responsible insurance company satisfactory to said Association, and writeen by a responsible local agent satis[actory to said Asso- f ciation: and the policy or policia shall bear a standard mortgage clause without rnntribution, and. if the original ptintipal amount i of ehe mongage is Fi[ty "Thousand and no/!00 Dollars (=50,000.00) or in excess thereof, shaU be held by the Association. and, in the event any sum o[ money becomes payable uuder such policy or policies, the Association shall have the option to receive and apply che same on aco~unt of the indebtedness hereby secured. or to permit the mortgagozs to reteive and use it, or any Part thereo[, for other pur~tues, without thereby waiving or impairing anr equity, lien, or right under and by virtue of this mortgage, and may place and pay Eor such insurance, or any part thereof, without wai~•ing or a[fecting its option to foreclose. or any right hereunder. ~ and the tull amount of each and every such pay-ment shall be immediately due and payable and shall bear interest trom the ~ate ~ thereoE until paid at the rate stated in the note secured hereby and together with such interest shall be secured by the lien oE this ~ \Iortgage. ' 4. To permit, commit, or suffer no waste, impairn~ent or deterioration of said propert?•, or .~ny part thereof, and upon i the failuro of the mortgagors to keep the buildings on said property in good condition of repair, the Association may demand the ; immcdiate 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 Thirty (30) days, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature ihe entire amount of principal and interest hereby secured, and the ~ .~lssociation, immediately and without notice, may institute proceeclin;s to foreclose this mortgage and applv for the appointment of a Receiver, as hereinaRer providecl. 5. This mortgage contraM provides for additional sdvances which 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 ~ and shall increase the unpaid balance of the note hereby seciued by the amount of such advance and shall be a part of said ~ note indebteclness under all the terms of said note and this contract as fully as if a new such note and contract ~~•ere executeci ~ ~ an d de live r e d. M a d di tiona l a dvance agreement may be given and accepted for sach advance and provisian ma~• be made for ~ ~ c~i(ferent monthiv payments and a different interest rate and other express malifications of the contract, but in alI other respects ~ ihis contract shall remain in f~dl force and effect as to said indebteclness, including all advances. ~ ~ 6. If any of the sums of muney herein referred to be not promptly and fullv paid ~vithin Thirty (30) days next aftcr ~ the same sever:?ll come due and able or if each and ev the sti ulations aorcement, conditions and covenants of said ~Y P • o ~ E,romissory note r~J .his e~ither, are nct d:i2y gerformed, cozs~l6~3 :ri:h ~nd w~:d~3 by, the aggregate sum mentioned ~ w: 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 payable focthwith or thereafter at the opHon of the Association, as fully and rnmpletely as if said aggregate sum of money was originally stipulated to be paid on such day, any~thing in said promissory note or herein to the contrary not- ~vithstanding. . ~ ~ i. To deliver to the Association, on or before :1larch lith, of each year, tax receipts evidencing the payment of all la~~•- ~ fully im~ taxes for the prececling calendar year; to deliver to the Association receipts evidencing the payment of all liens ~ for pub 'c improvements within ninety (90) days after the same shall hecome due and Frayable, and to pay or discharge within ninety (90) da~~s after due date, an}' and all governmental levies ihat may be made on the mortgaged properiy, on this mortgage nr note, or in any other way msultin~ fmm the mortgage indebtedness secured by this mortgage. ~ ~ ~ ~ soeKz~S FAc~19 / ~ µ `~5 # - ~~.{2 • ~ ~ . . _ , . _ .a ~ '~"-.~,y~~ ~ . j~.. . . , ~ *-~~y , ' . ; : ' . _4_-'_'.~. ...~5':~.~+.