HomeMy WebLinkAbout0409 at aU times pe:~crably und quietly to e~ter upon, h~~ld, cxrupy uud enj~~y s:i~d Ia~J; that said land is frc~ from all encumbrances;
that they will make such futther assurances to perfed the fee simple title to said land in the Association as may reasonably ix>
recluired; and that they do hereby fiilly warrant the tide to said land 1nd will defend the same against the la~~~fu) clain?s oE
all ~x~no~u whomscever,
PRO~IDED ALWAYS thcd if the :~fortgugurs shall ~vell aud tnily pay unto tl~e ~lsscxiation, thr inJebteclness evidencecl
by that certain promissory note, of even date herewith, made bv the ~fortgagon a~d p:?~:~bie to the A~cociation, in thr Princi~~.~l
sum of _TWENTY THQUSAND ANU ~IO/ 100ths----------------------1)ollars (S 20, 000. 00
which note, together ~vith interest thercon us themin specified, is p:?yable in monthlv instaliments of ONE HUNDRED
FIFTY-FOUR AND 3?/100ths-----------------------------------------------------
- _ ~Dollars (S 154. 3? _ _
on the _ 5th d:?y of each month c~mmencing ~v~eh August_5~ _ 1973_.._________ _ which payments
are to be applied, fint to interest, and the balance to principal, until said indebtedness is paid in full, and shall perform, comply
~.~ith and ubide by each and every ihe stipulations, agreements, conditions and covenants of said promissory note and ihic
mortgage, And, including any advances made by the Association to the `iortgagors, or their successors in tide, fur any purpose,
at anv time beEore the release and cancellation of this mortgage, but at no time shall this mortgage secure advances on account
of said original note together ~vith such additional advancrs in a sum in excess of____ T_~lENTY_THQUSANII-AIIIII-_ -
NO ~ l 00th~_- - - - - - - - - - - - - Dollars ( 3 2 0, OD Q. 00 plus any advances necessan•
to protect the security and costs, then this deed and the estate hereby created sh:ill cease and be mill and void.
A~'VD THE ?110RTGAGORS DO hereby c~venant and agree:
1. To pay all and singular the principal and interest and other sums of money pa~•able b}' ~~ue of said promisson~ note
:~ncl this mortgage, or either, pmmptly on the clays respeetively the same severally rnme due.
2. To gay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every natare and kind
now on said described property, or that hereafter may be imposed, suffered, placed, levied, or assessed thereon, or that hereafter
may be levied or assessed upon this ~tortgage, or the indebtedness seeurecl hereb~~, eaeh and evecy, ~vhen due and payable,
.~cconln~g to la~v, before they become delinquent, and before any interest attaches or an~• penalty is incurred; and insofar as
.~nv thereof is of record the same shall be promptly s:?tisfied and discharged of record :md the original official document (such
:is, for instance, the tax receipt or the satisfaction paper officiall~ enclorsed or certifiecl) shall be placed in the hands of said
Association as ~tortgagee ~~ithin ten da~~s next after pa~~nent; and in the event that any therc~f is not paid, satisfied and dischargecl.
said Association ma}• at any time p.1~• tiie same or ;my p:irt thereaf ~vithout ~~•aiveng or affecting an~• option, lien, equih~ or right
imder or bv ~~rtue of this ~tortgage, and the full amuunt of each and every such payment shall be immecliatelv due andpa yable
and shall bcar interest from the date thereoE until paid at the r.ite stated in the note securecl hereb~• and t~gether ~vith such inter-
est shall Ue secured by the lien of this 1~lortgage.
3. To keep the buildinqs and all equipment and personal property now or hetea[ter on said pmmises covered by this mortgage,
insured in a sum equal to at least the amount oI the mongage, or an amount sufficient to comply with any co-insurance require-
li mrnt cocering the same under the laws of the State o[ Florida, co~ering loss [rom both fire and storm, making the loss nnder said
i policies, each and e~•ery, pa}able to the Association, as mortgagee, as its i~urrest may appear, and said insurance shall be in a good
~ and responsible insurance company satis[actory to said Association, and r.ritten by a responsible local agent satis[actory to said Asso-
~ ciation; and the polic~ or policies shall bear a standard mongage clause without contribution, and, if the oriqinal principal amount
~ ot the mongaqe is Fi(ty Thousand and no!!00 Dollan (550.000.00) or in excess thereof, shall be held by the Association, and, in
~ the e~•ent any sum of money becomes payable uuder such policy or policies, the Association shall have the option to receive and apply
~ the same on account of the indebtedness hereb~ secured, or to permit the mortgagors to receive and use it, or any part theteof, for
g
~ other purposes, without thereby wai~•ing or impairing any equit}'. 1ien. or right under and by ~~irtue o[ this mortgage. and may
~ place aud pay [or such insurance, or an} part thereof, without wai~•inK or aftecting its option to foreclose, or any right hemunder.
~ and the tull amount o[ each and e~~ery• such payment shall be immeciiatrly due and payable and shatl bear interest from the date
~ thereo[ until paid at che race stated in the note secured hereby and together with such intrrest shall be secured by the lien oE this
~ ~fortgage.
~ ~1. To permit, cammit, or suffer no ~~•aste, impairment or cleterior<ition of said propertr, or .iny part thereof, and upo~i
~ the failure of the mortgagors to keep the buildinqs on said propert~• in ?ood condition oE repair, the Association mav demand t6e
immecliate rep:~ir of said bu~ldinos or the immediate re~yment of the debt hercU~• secared, an:l the failure of the mortgagors
to comph~ «•ith said demand of the Association for a pericxl of Thirty (30) d:i~•s, shall constitute a breach of this mortga~e,
and, at the option of the Association, immecliateh~ mature the entire armount of principal and interest herebv secureci, and the
~ .-lssociation, immediately and ~vithout notice, mav institute proceeclin~s t~~ foreclose this mortga~e and apph• f~r the appointment
~ ~~f a Recei~-er, as hereinafter provideci. ~
~ 5. This mortgage contr.ut provides for additional advanres ~~-hich may be made at the opti~n of the association and
~ secured by this mort~age, and it is agreecl that in the event of such aclvances the a:nount may be added to the mortgage debt
~ :ind shail inerease the unpaid balance of the note hereby secured bv the amount of such advance and shall be a part of said
~ note indebtec]ness under all the terms of said note and this contract as full~ as if a new such note :u~d contract ~~~ere execated
n :~nd ~leliverec]. An additional advance agreement mat• l~e gi~~en and accepted for such ad~~ance and pmvision mar be made for
- ~lifferent monthl~~ pa~•ments : nd a different interest rate and other express modifications of the contr.ic., but in all~other respects
~i ~his contract shall remain in full force and effect as to said indebtedness, including all advances.
~y 6. If am~ of the sums of money herein referreci to be not promptly and fullv paid ~~~ithin Thirty (30) days next aftcr
~ the same severally rnme due and payable, or if each and every the stipulations, aorcrment, conditions, anc} rovenants of s:iid
promissory note and this deed, or either, are not duly performecl, complied ~~•ith and abided by, the aggregate sum mentioneci
in said promissory iiote and anv other amount or amounts added to the mortgsge indebtedness under the terms of this mortgage
~R
~ shall become due and pa~•sble forthwith or thereafter at the option of the Asso:.iation, as fully and completely as if said ag~regate~
sum of money ~~~as originallV stipulatecl to be paid on such dav, an~~thing in said promissory note or herein to thr contrarv not-
~ ~~~ithstanding.
To deli~-er to the Association, on or bcfore ~Iarch lith, of each ~•e.ir, ta~ receipts evidencing the payment of all Ia~~--
~ h~lly im~~sed taxes for the prececling ealenciar ~~ear, to deli~•er to the Association reeeipts evideneing the payment oE all liens
for public improvements ~sithin ninety (90) days after the same shall l~ecome due and payaMe, and to pay or discharge ~vithin
ninety (90) da~•s after d~e datr_, an~- .~nd all govemmental levies that mav be made on the mort~aged properh~, ~?n this mort~a~e
nr note, or in 1D~' Ot}1Ci N•av resulting from the mortgage indebtechi~~ss securc~cl bv this mortQa~E~.
- - 3~a~ 216 ~~~t 409
~
~ ~
~ _
~ ~
~
.n._.~~: _