HomeMy WebLinkAbout0104 :~t all ti~nes peamably and quietly to enter uEwn, hold, cx.rupy ui~d enj~~v ~:i~i! 1:~nd; that said 1u~~~1 is [rr~ Frum all encu~nbra~icc~s;
that they will muke such further assurar?ces to perfect the fee simple title to wid la~d in the Asscxi:?tion as mav re.?sonably lx
rec~uired; and that ihey do hereby fully wamant the title to saici land und ~~•ill defencl ti~e s;ime .~t;ainst the la~~•f~d cluims of
all Ix rsuns ~rhomsoevcr.
PRO\'IDED AL\~'~l'S that if the \lortt;agurs shall ~~•ell .md tn~Iy untu ihe Ass~x•i:ition, thr inclebte~clnrss r~~idenc~et!
la~• that ce'rtain promissory note, of eve~ date herewith, made bv thc \tortga~;ors and pav:ibl~~ to the Asax~iation, in th~ ~~rinci~x~i
.um of SEVF..,NT.F.F,.N THO[JSAND k'iVE ~IUNDRED AND NO/100ths----~)oll:?rs (S 17, 500. 00
~rhich note, together ~~•ith interest thereon as thc~rein sixrcifiecl, is ~x»:il,li• in rnunthlv installments uf ONE HUNDRED
FiFTY-SEVEN AND 46/100ths----------------------------------------------------
1h,llars (S 15?.46 ~
_ _ which ments
un tLe ~ 8th day of each month cti~mmenring ~~•ith IVOVCII1V.~x' . 1~~~ - _ pay
:~m to be :~pplicd, first to interest, and the balance to principal, until said 'uidebtedness is paid in full, and shall perform, comply
~~~ith and abide by each and every thc stipulations, agreements, conditions and co~•enants of saicl promissory note and this
mortgage, And, including any advances made by the Association to ihe ~fortgagors, or their successors in tide, for any purposc,
at anv time before the release and r.mceliation of this mortga~e, but ~t no time shall this mortgage secure ad~~ances on arc~unt
oE s:iid original note together with surh additional acivances in a sum in excess of__SEVENTEEN.THOUSAND___..,_ _
FiVE HUNDRED_AND_ NOI_1QOt~t~.----.----------Dollsrs (S 1T, ~QQ. 00 plus any advances necessan•
t~~ proteet the seeurity and eosts, then this deecl and the estate hereb~~ ereated sh;ill eease and be nult and voic~. ~
A~D THE ~tORTGAGORS DO hereby,~u~•e~ant and agree:
l. To pay all and singular the princip.~l and interest and other sums of money pu~•aUle b~• ~imie of said promisson~ nute
.~nd thu mortgage, or either, pmmptly on the da}•s respecti~~el~,• the same severally come due. ~ ~
To pay all and singular the taxes, assessments, levies, liabilities, obligatiuns and incumbrances of e~~ery nature and kind
~io~~• on said drscribed pmperty, or that hereafter may be imposed, suf[erec#, ptacecl, levied, or assessed thereon, or that hereafier
~nay be le~•ieci or assessecl upon this \fortgage, ur the indebtedness secured herebr, cach aucl e~•ery, ~~~hen due and pay-able,
.~ccorclu~g to 1aw, be[ore~ they beo~me delinyuent, :111(I bCfOTC any interest attaches or am~ peualty is ineurred; and iasofar as
.iny thereof is of record the same shall be prompd~~ s:itisfied and dischargecl of record and tl~e original official document (such
~is, for iactance, the t:ix rrctii~~t c~r the satisfacYion p:~ger ~fFici;~il~~ PI1tI(1rtP.(~ or certifiecl) sh:~ll tse placec] in the hands of said
Association as ~tortgagee ~~ithin ten da~~s next after pa}~ment; and in ihe evcnt that anv thereof is not paid, s~~tisfied and dischargeci,
said Association may at anv time pat~ t3~e same or any part thereof n~thout ~caiving or affecting any optian, lien, equitr or right
~inder or b~~ ~~rtue uf this ~tortgage, and the full amount of cach and everv siich pa~Tnent sF~all t~e immecliatetv due a~id payable
:ir?d shall ixar interest from the date thereof until paid at thc rnte statecl in ih~ note scrurc>d hereb~• ;eied to~ethPr with such intcr-
est shall securecl by the lien of this ;~iort~a~e. ~
3. To keep the_bui[dinp,s a~id all equipment and personal propertr- ooM or hereafter on said premises covered by chis morcgage,
..,.,~al r.. ar lPaxt the amount of thr monRaRe, ot an amount su[ficient to comply with any co-insurance require-
ment~co~•etinp the same under the laws of the Statr o( Florida, co~~ering loss [rom both [ire and storm, making tne ioss unur~ aa;u
policies, each ancl e~~ery, payable to the Associatio~~, as mortgagee, ax its interrst may appear, and said insurance shall be in a goai
and responsible insurance company satisfactor}~ to said Auociation, and written by a responsible local agent satis[actory to said Asso-
~iation; anc! the policy or policies shatl bear a standanl mongage clause without contribution, and, if the original principal amount
of the mortgage is Fi[ty Thousand and no/1011 I)ollan (550,000.0(1) or in excess themof, shall be held by the Association, and, in
ehr ecent an}' sum of money hecomes pa}~able under such policy or ~wlicies, the Association shall ha~~e the optioR to receiti•e and apply
che same on account of ehe indebtedness t~ereb~• securc~, or to permit the mort~aRors to recei~•e and use it, or any pan thereof, for
other purposcs. xithout thereL~~ waicin~ or impairing any eyuit~•, licn, or right under and by ~~irtue of this mortgage, and may
~ place and pay [or such i~esurance, or am• part tl?ereot, ~.ithout waiviny; or af(ecting its optio~~ to foreclose, or any right hereunder.
and the (ull amount of each and e~~er~~ such ~~a~ment shaU be immediatclv due and payable and sha!! bear interest from the date
` thereof antil paid at t}ie rate stated in the notc secumd hereUy and together with such interest shall be secured by the ~ien oE this
~f ortgage.
; 4. To pern~it, cc:mmit, or suEfer no u•aste, imi~airment or detcriur.ition of said propert~~, or .?n~• part thereof, and ufwn
t}~e fai]urc~ of the murt:;agors to kecp the b~~ild~~~~s on said pmpert~~ in ~ood conclitiun ~~f repair, the Association ma~• demand the
i~nmediate repair oE said bu:ldin~s or the immediate repa«nent of the deUt hereb~- secure~l, anil the failure of the m~rtgagors
€ tn com~l~• ~~•ith said demand of the Asscxi:ttion for a period oi Thirt}• (30) d:~~•s, sh:el! constitut^ a bre:ieh nf this mort~a~e,
~ :ind, at thc opti~~n of the Association, immecliatrh• mature th~ entire am~lunt. of princip:+l and interest herebv secured, and the
; :lssoeiation, immecliately and ~~~ithout notice, mav institute procce~linRs t~~ foreclose this m~>rt~an~ and apph• for the appointment
; ~~f a Recci~•er, as hereinafter provide~l. ~
i 3. This mortgage contraet provicies for additiun:~l ad~•ances ~~~hich n~.?~• be made at d?e optiun ~if the ~ssoei:ition ancl
eecurcd by this mort~age, and it is agreed that in the e~•ent oE such ach•anees the a:nount ma}r be aclclecl to tl~e mortgzge debt
` .?nd shall increase the unpaid balance of the note herebt• sectu~d by !he amount of such advance and shall be a part of said
' riote indebteclness under all the terms of said note and ~this contract ::s f~illt- as if a new~ such note and contract .~~ere eaecuted
.~nrl ~lelivered. An additional ad~•ance a~rec~ment ma~• be ~i~•~n and aciepted for suc6 aclv.ince and pro~•ision nr.?}• bc- made for
~ different monthl~• p:i~-ments and a different interest rate aiid other espress modific.?tior?s of ihe contrac., but in :~ll other res~ects
ihis contr~ct shatl remain in f~~l! force and c•fEcct as to said indebtrdness_ includin~ all advances.
~ 6. If an.• thc sums of money herein referred to be not promptlr and Eiel~~• paid ~~•ithin Thirt~> ( 30 ) days ne~t aftcr
the same serer.;llti~ cY~me de~e and payable, or if eaeh and even~ the stipulations, a~rcrment, conditions, and c~venants of said
promissory note and this dced, or either, are not duly performed, a,mplicd ~~-ith and abidecl by, the aggregate sum mentionecl
in said promissorv note and anv other amount or amounts added to the mort~age indebfedness imder the terms of this mort~agc~
shall become cluc and pa~•sble forthwith or thereafter at ihe optior? of the Assa iation, as fu11t• and completely as if said aRt;regat~
_ sum of money ~~as ori~inally stipulatec] to be pa":d on such dat•, an~-thing in said promissorv n~te nr herein to thc contrarv not-
~.~ithstanding. ' ' " "
Tn rl~li~•er to thc~ Association. on or be:fore \larch lath, ~?f cach ~•ear, tax receipts evidencing the payment of all ]a~~--
fu11y imposed taxcs for thc ~rececling c:~lendar ~•ear; to dc•liver to the Association reccipts evidencin~ the payment of atl Iiens
for public improvements ~~•ithin ninety (90) da~•s after the same shall l~ecome due and payable, and to pay or discharge K~thin
~ ninety (90) da~~s aFtcr due date, ant~ :~nd all go~•e:nmental ler•ies that mav Fic~ made• on the mortqaged pr~~rx~rtv, ~?n this mort~are
; nr note, or in :my other ~•av r~~sultin~ fr~m the murtga~e indebtedness secur~~<l h~• this m~rt~a~e.
- R`O~K ~~O PA~t ~O~ ~