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HomeMy WebLinkAbout0380 at aU times peace~ably and quietly to enter upon, hold, ocxupy und enjny s:ii~l land; that s.~id land is frcti from all encumbrances: thut they will make such furthet assurances to perfe~t the fee simple tide to sxid land in the Associution as may masonably !x> re~uired; and that they do hereby fully warrant the tide to said land and ~~~iU defend the same against the la~~•ful claims af all penons ~vhomsoever. PROVlDED ALWAYS that if the \lortgagors shnU ~vell and truly pa}~ unto the Aswci:~tion, tl~e indrbtedness evidenced by that certain promissory note, of even date here~vith, made bv the ~lortgagors und j~:?yuble to the Asu?ciation, in the princil~:il TWENTY FIVE THOUSAND AND NO~ 100------------------- Doll:~rs (S 25, 000. 00 sum of _ . - - - . _ - - ~~~hich note, together ~vith interest thereon as therein specifiecl, is p:?~•:?t~le in munthl~~ instaliments ~~E ONE HUNDRED NINETY-TWO AND 96/100------------------------------------------------------ ~ Doll~rs (3 192.96 on the _ 2nd ~y of each month c~mmencing ~vith August_ 2=.__1973_ _ which payments are to be applied, Eirst to interest, and the balance to principal, until said indebtedness is paid in ful1, and shall perform, oomply ~~~ith and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this mortgage, And, including any advances made by the Assaciation to the Mortgagors, or their successors in_titlr, for any purpose, at anv time before the mlease and cancellation of this mortgage, but at no time shall this mortgage secure advances on account of said original note to~ether ~vith such additional advances in a sum in excess ofTWENTY-FIVE_THOUSAi~TD__. _ AND_NO~1.00_-------.----.---.----_---_-----_--_---Dollars 25, 000.00--), plus any advances necessan• to protect the security and costs, then this deed and the estate hereb~~ createcl sh:?11 cease and be null and ~roid. A,11D THE :110RTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and interest and od~er sums of money payable by virtue of said promissorv nute ,md this mortgage, or either, prompdy on the da~~s respectively the same severally come dve. 2. To pay all and singutar the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind no~v on said deseribed propedy, or that hereafter inay be imposecl, suffered, plaeed, leviecl, or assessed thereon, or that hereafter may be leviec! or :~csessed upon this \tortgage, or the indebtedness securecl hereby, cach and e~•ery, when dae and payablc, :~cconlu~g to law, be(ore they become drlinqucnt, and before any interest attaches or an~• penalty is incurred; and iRSOfar as :~ny thereof is of record the same shall be promptly satisfied and dischargecl of r~cord and the original official document (such ~s, for inttance, the ta.+c receipt or the satisfaction paper officially endorsed or certifiecl) shall be placecl in the hands of said Association as \tortgagee within ten da~~s next ;?fter pa~•ment; and in the e~~ent that any thermf is not paid, satisfied and dischargecl, said A~sociation may at any time thc same or any part thercof ~vithout ~vaiving or afferting any option, lien, equih• or right i?nder or bv virtue of this ~iortgage, and the full amuunt of each and every such payment shall be immediateiv du~ and payable and shall bear interest from the clate thereof until paid at the r•?te stated in the note sec•iued hereb~• 3nd together with such intcr- est shall bc securecl by the lien of this \tortgage. ~ 3. To keep the buildings and all equipment ancl personal property now or hereafter on said premisa covered by thu mortgage. insured in a sum equal to at least ehe amount ot the mortgage, or an amount su[(icient to rnmply with any co-insurance require- ment co~•ering the same.under the laws oi the S[ate o[ Florida, covering loss from both fire and storm, making the loas under said policies, each and e~•ery, payable to the Association. as mortgagee, ac its interest may appear, and said insurance shall be in a good and respQnsible insurance compauy satisfaceory to said Association, and written by a responsible local agent satisfactory to said Asso- ciation: and the policy or policies shall bear a standarei mortgage dause without contribution, and, if the original principal amount ~ o[ the monga~c is Fifty Thousand and no110t1 Uollars ($50.000.00) or in excess thereof, shall be held by the Association, and, in the e~•ent any sum o[ money becomes pa}'able under such policy or policies, the Association shall hace the option to receive and apply ~ the same on account of the indebtedness hereby secured, or to permit the mongagors to recei~~e and use it, or any pan thereoE, for f other purposrs. without thereby wai~•ing or impairinp any eyuity, lien, or right under and by virtue o[ this mortgage, and may ~ ~ place and pay [or such insuraute, or any part thereo(, without wai~•in~; or af[ecting its option to foreclose, or any right hereunder, ~ and the full amom~t of each and e~•ery such paJ•ment shall be immecliatrl}~ due and payable and shall bear interest [rom the date ~ thereot until paid at the rate stated in the note secured hereby and together with such interest shall be secured by the lien of this ~ ~Iortgage. ~ 9. To permit, commit, or suffer no «•aste, impairment or cletcrioration of said propert~•, or any part ihereof, and upon ~ the failure of thc mortgagors to kcep the bi~ildin~s on said pmpert~~ in good condition of repair, the Association mav demand the immediatc repair of said bu:ldings or the immediate repayment of the debt hereby securecl, and the failure of the morigagors g to comply ~vith said demand of the Association for a pcrial of Thirty (30) days, shall constitute a breach of this mortgage, and, at the option of the Association, immecliateh• m:?ture the entire amount of principal and interest hereby secured, and the ~ .~ssociation, immediately and without notice, mav institute procce~linRs to foreclose this mort~a~e and appl~~ fnr the appointment ~ of a Recei~~er, as hereinafter providecl. ~ ~ S. This mortgage contract provicles for additional advaucrs ~~~hich muv be made at the option of the association and ~ tecumd by this mort,a,age, and it is agreeci that in the event of such ad~•ances the a:nount may be addeci to the mortgage debt ~ a~jd shall increase the unpaid 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 as if a new such nole and contract .~•cre executed ~ and deli~~ered. An additional advancc a~reement ma~~ be given and acceptecl for such advance and provision ma}~ be made for - rlifferent monthlv pa~•ments .:nd a different interest rate and other express modifications of ihe contrac., bat in all other respects g; ihis contr:~ct sh:~ll remain in full force and effect as to said indebtedness, incluclin~ all :idvances. = 6. If anv of the sums of muney herein referred to be nol promptly and fullv paid ~~•ithin Thirty (30) days nest aftcr ~ the same severally rnr~e due ;ind payable, or if cach and every the stipul~tions, aorecment, conditions, and covenanis of said promissory note and this deed, or either, are not duly performed, complied ~+~ith and abided by, lhe aggregate sum mentionecl ~ in said promissory note and anv other amount or amounts addecl to the mortgage indebtedness under the terms of this mortgag~ shall become duc and pa~•sble forthwith or thereafter at the optiun of the Asso:.iation, as fully and completely as if said ag~regat~ sum of money ~vas originally stipul~ecl to be paid on such dav. am~thing in said promissory note or herein to the contran> not- withstanding. ~ To deliver to the As.sociation, on or before ~(arch l~th, of each ~•e.ir, tax receipts evidencing the payment of all la~••- ~ f~~lly imposecl taxes for the prececling calendar ~•ear, to deli~~er to the Association receipts evidencing the payment of all liens for public improvements within ninety (90) days afcer the same shall hecome due and payable, :uid t~ pay or d'ucharge within ~"s ninety (90) da~~s after due date, any and all governmental ]evies that may be made on the mort~a~ed propertt~, on thic mort~afic~ nr note, or in an~• other «~ay resultin~ fmm the mort~age indebteclness secure~rl h~• this mortga~e~. ~ ~ ¢ ~ 5 ~ R~ e Y~~f 380 K,•''- ~j` ~Y" j ?~~`e L" _ ' ~a: 't ~a^ ~°,'31%'.¢3" .v __»_Yr. _ . . ~ _ ..L ..r._ _.,~-4T'.a~.._~^.'.;--'_.