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18. In addition to the monthly payments on the Note,
Mortgagor will deposit with Mortgagee, if Mor~gagee shall request
the same, an amount equal to 1/12th of the annual real estate taxes
and insurance premiums payable with respect to the mortgaged
property, as estimated by Mortgagee, so as to place sufficient funds
in the hands of Mortgagee for the payment of said taxes and insurance
as they become due, which sums be deposited shall not bear interest
and shall be held by Mortgagee and applied by it to the payment of
such taxes and insurance as they become due and payable. If at any
time the funds so held by Mortgagee are insufficient to pay such
taxes and insurance as they become due and payable, Mortgagor shall
immediately upon notice and demand by Mortgagee deposit with
Mortgagee the amount of such deficiency. Whenever any default exists
under the Mortgage, Mortgagee may at its option apply any funds so
~ held by it upon such of the indebtedness secured hereby, and in such
order and manner of application, as Mortgagee may elect.
19. Within ninety days after the end of each fiscal year as '
defineci herein, Mortgagor shall furnish Mortgagee with an operating
statement for the mortgaged premises, in form and detail satisfactory
, to Mortgagee, either prepared by a certified public accountant ac- ;
ceptable to Mortgagee or supported by the affidavit of Mortgagor t
testifying to the truth and correctness of the entries on such oper-
ating statement. Wherever used in this Mortgage, the term "fiscal
year" shall mean the twelve month period starting with the first
, of the month preceding the day that the first installment of
! principai and interest shall be payable according to the Note (or
a such date may be changed by written agreement between Mortgagor and
o Mortgagee).
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0 20. IT IS MUTUALLY COVENANTED AND AGREED by and between the
; Mortgagors and the Mortgagee that this mortgage and the promissory ;
o note secured constitute Florida contract and shall be construed :
~ according to the laws of that State.
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~ Paragraphs nwnbered 1 through 20 above shall be covenants of '
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° ST. LUCIE ENTERPRISES, INC., and not.of LUCILLE V. COSTA and GEORGE
= A. COSTA or either of them provided however that the breach thereof
o shall subject the secured property, including the interest of ~
; LUCILLE V. COSTA and GEORGE A. COSTA to foreclosure or such other i
Q remedy as the Mortgagee shall elect. It is the intention of the ~
Y parties that the Mortgagors, LUCILLE V. COSTA and GEORGE A. COSTA, :
o shall have no personal liability or responsibility under this
: mortgage or the loan documents but that their interest inthe property
` herein mortgaged shall be fully liable and responsible in the event
~ of default under any of the covenants herein. The Mortgagors,
LUCILLE V. COSTA and GEORGE A. COSTA fully recognize the loan of
~ the mortgage as superior to their interest in the property herein
mortgaged. They further agree that in the event of default by
+ ST. LUCIE ENTERPRISES, INC., under the terms of its lease with them,
~ they will give the holder of this mortgage written notice of such
default and thirty (30) days from receipt of such written notice to
i correct said default. In the event such default is not corrected
!4 and the Mortgagors, LUCILLE V. COSTA and GEORGA A. COSTA, retake the
premises, then the Mortgagors, LUCILLE V. COSTA and GEORGE A. COSTA,
will retake such premises subject to all of the terms hereof and of
the documents relating to the loan secured hereby except that they
shall have no Fersonal liability on the promissory note secured hereby.
~ Mortgagee agrees that in the event of default hereunder or under
the note secured hereby by Mortgagor, ST. LUCIE ENTERPRISES, INC., ~
I it will give Mortgagors, LUCILLE V. COSTA and GEORGE A. COSTA, written
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