HomeMy WebLinkAbout0883 at all times peace~ably and quicdy to enter upon, hold, ocrupy and enjoy said lund; that s:?id land is free from al) ei~cumbra~ces;
that they will make such futther assurances to perfect the fee simple title to said land in the Association as map te:uonably he
required; and that they do hereby fuUy warrant the tide to said land und will defend the same against the lawful claitiu of
all jx~rsoiu whomsoever.
PRO\'IDED ALWA~S thut if the :~lortgagurs shall well aiid truly ~v unto the Aswci:?tion, the indebtedness evidenced
6y that certain promissory note, of even date herewith, made bv the \toctgagors And ~}•uble to the Assc?ciation, in the principa)
~um of TWELVE THOUSAND AND NO/ 100------------------------ ~~?;~n ~s 12, 000. 00
~~•hich note, tc~ether ~~~th interest thereon as themin specified, is p:i~:?Ltc in munthiy installments oE interest payments
due August 10, 1973,_ _Segtember 10, 1973 and October 10. 1973, and then ONE HUNDRED
FORTY-TWO AND 45/100---------------------------------------------------------
noltars ( 3 14 2. 4 5
on t}1e . lOth_ day of each month cummenciug with _ NOVembe2' .10: _1973___________ ..__H,hich payments
are to be applied, first to interest, and the balance to principal, w~til said indebtedness is paid in ful1, and shall perform, eomply
«~ith and abfde by each and every the stipulations, agreements, ronditions and covenants of said promissory note and this
modgage, And, including any advances made by the Association to the Nortgugors, or their successors in title, for any purpase,
at anv time before the release and ranceilation of this mortgage, bui at no time shall this mortguge secure advances on account
of said original note together with such additional advances in a sum in e~cess of _T~LELVE_TH~?Li~A~iD_.Q1iYI?___._. _
Do)lars 1 ~I 00..), plus any adv ssan•
NQ/_1Q0-_-_----------.-.--,-_----_--.-_-----_--_~---- (g 2,.Q , ances nece .
to protect the secwity and costs, then this deed and the estate hereby createcl sh;~ll cease and be mill and void.
AND THE ~tOR1'GAGORS DO hereby cu~enant and agree:
1. To pay all and singular the principai and interest and other sums of money ~yable by virtue of said promissory notc
.~ncl this mortgage, or either, prampdy on the days respectively the same severally come due.
To pay ali and singutar the ta~ces, assessments, levies, Iiabilities, obligations and incumbrances of every nature and kind
now on said deseribed property, or that here~after may be imposecl, suffemci, placed, levied, or assessed thereon, or that hereafter
ma~~ be levieci or assessed upon this ~tortgage, or the indebtedness secured hereby, each ancl e~~ery, ~vhen due and payable,
accord'u~g to law, before they become delinquent, and before any interest attaches or an~• penalty is incurred; and insofar as
any thereof is of record the same shali be promptly s:itisfied and discharged of record and the original official document (such
as, for instance, the tax receipt or the satisEaction paper officially endorsed or certified) shall be placed in the hands of said
:~ssociation as ~iortgagee ~vithin ten davs next after pa~-ment; and in the event ihat any thercof is not paid, satisfieci anci discharged,
said Association muy at any time pa~• the same or any part thereof without waiving or af(ecting any option, Gen, equity or right
under or b~• ~~rtue uf this \tortgage, and the [~Il amuunt of each and every siich Payment shall be immediatelv due andpa
vable
and shall bear interest frum the date thereof until paid at the rate stated in the nute serurecl hereb~• :uid to~etFier ~vith such inter-
<~st shal! be secured by the lien of lhis 1~lortgage,
3. To keep the buildings and all equipmenc aml personal property now or hereatter on said premisa tovered by this mortgage,
insured in a sum equal to at least the amount o( the mongage, or an amount sufficient to comply with any co-insurance requice-
ment coa~ering the same under che laws of the Statr of Florida, corering loss [rom both [ire and storm, making the loas under said
policies, each and e~~ery, payable to the Association, as mortgagee, as its intrrest may appear, and said insurana shali be in a good
a~~d responsible insurance company satisfactury to said Association, anJ written by a tesponsible local agent satisiactory to said Asso-
ciation; and the policy or policies shall bear a st:inctard mortgage clausc K~ithout contribution, and, if the original principal amount
of the mort~aKc is Fifty Thousand and no% I INl Doliars (550,000.00) or in excess chereof, shaU be held by the Association, and, in
the e~ent any sum of money becomes payable wider such policy or policies, the Association shall ha~•e the option to receive and apply
the same on account of the indebted~ess hereb~ securrd, or to permit the mongagora to tecei~~e and use it, or any part thereof, for
ocher purposes, without thereby wai~•inR or impairing any equit}•, lien, or right under and by ~inur oE this mongage, and may
place aad ~ay~ tor such insurance, or any part thereof, without wai~•inR or at[ecting its option to foreclose, or any right hemunder.
:iud tlie [ull amount ot each and e~•ery wch payment shall be immecliately due and payable and shap bear interest from the date
; therrof until paid at the rate stated in the note secured hereby and together with such interest shall be secured by the lien of this
'4 ~fortgage.
; ~1. To permit, commit, or suffer no ~caste, impairment or detcrioration of uid propertc-, or any part thereof, and upon
' the faitare of thc mort~agors to kcep the buildings on said propertJ• in gaxl condition of repair, the Association may demand the
! i~nniediate re~ir of said bu;ldinos or the immediate mirayment of the dcbt hereby secured, :?nd the failure of the mortgagors
€ to comply ~vith said demand of the Association Eor a perioci of Thirty (30) da}s, shall constitute a breach of this mortgage,
~ and, at thc option of the Association, immecliately mature the entire amount of principal and interest herebv secured, and the
:lsu?ciation, immediately and without notice, mav ins6tute proceeclin~s to foreclose thic mortgage and apph• for the appointment
e>f a Recei~~er, as hereinafter providecl. ~
;
' S. This mortgage contraM provides for addition:il advanms ~~•hich mav be made at the optiun of the assoeiation and
secured by this mort~age, and it is agreecl that in the event of such aclvances the a:nount may be addeci to the morigage debt
:~nd shall inerease the unpaid balance of the note hereby secured bv ihe amount of such ad~~ance and shal! be a part of said
i note indebtedness under all the ferms of said note and this contract as fu~ly as if a new such nole and contract ~~-ere executed
:~nd ~lelivered. An additional advance agre~met~t ma~• be gi~•en and acceptecl for such advance and pmvicion ma~- be made for
; ciifferent monthlr pavments :nd a different interest rate and other express modifications of the contrac:, but in all other respects
~ ihis contract shall remain in full £orce and cffect as to said indebteclness. inciudin~ all advances.
i 6. If am- of the sums of muney herein referrecl to be not prompth~ and fullv paid ~sithin Thirty (3Q} days ne~t after
the same se~•eraily cnme due and pa}able, or if cach and every the stipulations, a~rc~ement, conditions, and covenants of said
promissory note ancl this deed, or eiiher, are not daly performed, eomplied ~cith and abided by, the aggregate sum mentioned
E in said promis~ory note and anv other amount or amounts added to the mortgage indebtedness under the terms of this mortgage
shall become dae and pa~•~tble forthwith or thcreafter at the option of the Association, as fully and completel~• as if said agn`*regate
sum of money was originaIly stipulated to be paid on such dav, an~~thing in sai~ promissory note or herein to the contrarv not-
_ «~thstanding. ~ ~ "
~ To deliver to the Association, on or before ~tarrh 13th, of each }•esr, t~~x receipts evidencing the payment of all la~~--
folly imposed taxes for the prect-c]ing calend:ir year; to deliver to the Association receipts evidencing the payment oE all liens -
for public improvements K•ithin ninety (90) days after the same shall hecome due and payable, and to pay or discharge within
; ninety (90) da~~s after due date, an~• and all ~ovemmental levies that may be made on the m~rt~aged properh•, vn this mort~a~e
' nr note, or in an~• ather way resulting from the mortgage indebtedn~ss se~iued b~~ ihis mnrt~a~E~. ~
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