HomeMy WebLinkAbout0690 at alt timesp raceubly and quietly to enter upon, hold, oc~cupy and c~yoy said land; that said land 'u free From all encumbrances;
that they wil) make sucb further assur~nces to perfect the fee simple title to said land in thc Associstion as may re:?sonably be
rec~uired; and that they do hereby fully warrant tha title to said land and will deEeod the same ngainst the lawful claims of
all persons whumsoever,
PROVIDED ALWAYS thut if the 1ltortgagurs s}wll weU and truly pay unto t}~e ~ssociution, the indebtedness evidenced
by that ccrtain promissory note, of even date herewith, made by the :~lortgagors and ~yable to the Association, in the rrincipal
TWENTY THOUSAND AND NO/100ths--------------------- ~
sum of - - - - . _ _ -uoll:irs S 20, 000. 00
which note. together with interest thereon as therein specified, is payable in monthly instalhnents of ON~ HUNDRED .
FORTY-FOUR AND 5?~-100ths------------
- - - . . _ - . Doiiars (z 244. 5~
on the _ 8th. day of each month cu~nmencing ~vith Aug1LS~--$,._.1.~.~3_--------------------------, ---,--...-----H+hich pay~nents
are to be :?pplied, first to interest~ and the balance M principal, until said indebtedness is paid in full, and shall perform, oo~ply
.~•ith and abide by each and every the stipulations, agreements, conditions and covenants of said pc+omissory note and this
mortgage, And, including any advances made by ihe Association to ihe Nortgagors, or thcir successors in tidC, for any purpose,
at any time before the mlease and rancellation oE this mortgage, bnt at no time shall this mortgage secure advances on accaunt
of s:iid original note together ~vith such additional advances in a sum in excess af.__T~TENTY, TI~Q~_SA1~D_AND____ _
NO / l 0 0t hs - - - - - - - - - - - - - - - - - - -Dollars ( ~ 2 0, _ 00.0. 00 . . ) , plus any advances necessan-
to proteM the security and costs, then this deed and the estate hemby createcl shall cease and be null and void, ~
AND THE ~iOR'PGAGORS DO hemby c~venant and agree:
1. To pay all and singular the principal and interest and other sums of money pa~•able b,y virtue of said prnmissory, note
ancl this mortgage, or either, promptly on the days respectively the same severally come due.
2. To pay all and singular the taxes, assessments, le°vies, liabilities, obligations and inc~unbrances of every nature and ldnd
no« on said described property, or that hereaEter may be imposecl, sufferect, placed, levied, or assessecl thereon, or that hereafter
ma}• be Ievied or assesseci upon this itortgage, or the indebtedness serured hemb}•,_ rach and everv, ti+hen due and pay~ble,
:,cconling to law, before they become delinquent, and before any interest attaches or any penalty ~is incurmcl; and iruofar ,u
.iny thereof is of record the same shall be prompdy satisfied and discharged oE record and the original official document (such
1s, for instance, the tax receipt or the satisfaction paper officiallv endorsed or certified) shall be placed in the hands of said
Association as ~tortgagee within ten davs next after ~rayment; and in the event that any thereof is not ~~aid, satisfied and discharged,
said Associ.~tion inay at any time pay the same or any part thereof ~vithout waiving or a[fecting any option, lien, equicv or right
imder or b~- ~~rtue of ihis \iortgage, and the full amount of each and everv such payment shall be immediatelv due andpa
yable
and sh.ill bear interest from the date thereof until paid at the r.~te statect in the note sec•ured hereh~• and togeth~r with such inter-
pst shail be secured by the lien of this ~lorigage, '
3. To keep the buildings and a11 eyuipment and personal property now or hereaEter oe said ptemises tovered by this mortgage,
insured in a sum equal to at least the amount of ~he mortgage, or au amount sufficient to comply with any cainsurance require-
mcnt co~~ering [he same undet the laws of the State of Florida, covering losa (rom both [ire and storm, making the lass under said
policies. each a~~d e~~ery, pa}able to the Association, as mortgagee. ac its interrst may appear, and said insunnce shall be in a good
and responsible insurance company satisEactory to said Association, and written by a responsible local agent satufaccory to said Asso-
ciation; and the policy or policies shall bear a standard mottgage dause without conttibution, and, if the original principal amount
of the mortgaqe is Fifty ?housand and no/1W Dollars (550.000.00) or in excess theteoE. shall be held by the Association, and, in
the event any sum of money becomes payable uncler such poticy or poticies, the Association shall have the option to receive and apply
the same on account of the indebtedness hemby secured, or to permit the morcgagors to receive and use it, or any pan thereof, for
other purposes, without thereby wairing or impairing any equity, lien, or right under and by virtue ot this mortgage, and may
place and pay [or such insurance, or any part thereo[, without wai~•ing or af[ecting its option to [oredose, or any right hereunder,
and the full amount of each and e~•ery such payment shall be immecliately due and payable and shall bear interest trom the date
theteo[ unti! paid ai the rate stated in the note secured hereby and cogethet with such interest shall be secured by che lien oE this
~forcgage.
4. T~j permit, commit, or suffer no ~vaste, impairment or deterioration of s:iid propert~•, or :iny part thereof, and upon
tiie failure dF the mortgagors to keep the buildings on Sa~a rro~n,- in good condition of repair, the Association may demand the
immediatc re~ir of said bu~dings or the immediate repayment of the deUt hereby sccureci, 1nd the failure of the mortgagors
to compiy ~~~ith said demand of the Associat;~n for a period of Thirty (30) da~~s, shall eonstitute a hreach of this mortgage,
and, at thc option of the Association, immediately mah~re the entire amoant of principal and interest herebv secured, and the
Association, immediately and without notice, may institute proccedin~s ro foreclose this mortgage and apph• for the appointment
of a Recei~~er, as hereinafter pmvideci.
This mortgage contract provides for additiunul advancrs ~~~hich muy be made at the option of the association and
tecured by thic mortgage, and it is agreed that in the event of such ad~ances the a:nount may be addeci to ihe mortgage debt
:~nd shall increase the unjiaid balance ef the note hereby secured by ihe amount of such advance and shall be a nart of saicl
note indebteclness under all the terms of said uote and this cantraet as fully as if a new such note and contract H~cre executed
and deliverecl. An additional advanee agreement ma~~ be gi~~en and accepted for such advance and provision ma~• be made for
~{ifferent monthh~ pa~•ments wnd a different interest tate and other erpress modifications of the contract, bat in all~other respects
~his rnntract shall remain i~~ full force and effect as io said indebtedness, including all advances.
6. If anv of the sums of money herein referred to be not prompth' 3R(~ IiII~Y paid ~~~ithin Thirty (30) days next after
the same severally rnme due and payable, or if each and every the stipulations, aorrement, conditions, and covenants of said
promissory note and this deed, or either, are not duly performed, rnmplied with and abided by, the aggregate sum mentioneci
in said promissory note and anv other amount or amounts added to the mortgage indebteclness under the terms of this mortgage
shall beiome dac and pa~-able forthwith or thereafter at the opNon of the Associateon, as fu11y and completely as if said ag~regate
sum of money ~vas originally stipulated to be paid on such day, am~thing in said promissnry note or herein to the contrarv not-
~vithstanding. ' -
7. To deliver to the Association, on or before ~tarch 13th, of each ~•ear, tax receipts evidencing the payment c~f all la~~--
fully imposed taxes for the prececling caicnd:u ~~ear; to deliver to thP Association receipts evidencing the payment of all liens
for public impro~~ements within ninety (90 ) days after the same shall hecome due and jxiyable, and to pay or discharge within
ninety (90) da~~s after c~ue date, any and al! govemmental levies that may be made on the mortgaoed pr~~~erh•, cm this mortgage
~r note, or in any other ~~ay resulting fmm the mortgage indeUtedness secarc,l bv this mort~agr.
- • dooK 216 P~~~ s90
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