HomeMy WebLinkAbout1804 at all times peaceably and quiedy to enter upon, hold, ocrupy and enj~~y s:ud l.~nd; tte.~t s:iid lai~d 'u free from aU encumbrances;
that they wilt make such further assu~arK.~es to perfoct the fee simple title to said land in the Association as may reaso~uzbly be
required; and that they do hereby fully warnnt tho dtle to said land and will deEend the same ngainst the lawful ctaims of
aQ persons ~~•homsoever.
PROVIDED ALWAI'S that if the 111artgagurs sh:?ll well und truly pay unto the Association, the indebtedness evidenoed
by that certain promissory note, of even date herewith, made by the 1~4ortgagors and payable to the Association, in the principal
sum of THI~i~TY_-SEVEN TH~U~ANI?.ONE HUNDREA AND _NO/ 100----Doll:us (a 37, 100. 00
H~hich note, together with interest thereon as therein s~ecified, is paynble in monthly installments of interest payments
Q~n~y._aue .~ar~ua~ry_4, ~974,.. ~ebruary 4, 1974, March 4, 1974, April 4~ . 1974~ May 4~ 19?4
_J.une 4,. 1_974 and.then THREE ~IUATDRED E~,,EVEN AND 35/100---.---.-----------------
nollsrs 311.35 . _
on the. 4th -----.day of each month cummencing tivith_. _ July-4,--1974 -----which payments
are to be applied, first to interest, and the balance to principal, until said indebtedness is paid in fuU, and shall perEoim, comply
.vith and abide by each aad every the stipulations, agreements, conditions and covenants of said promissory note and this
mortgage, And, including any advances madc by the Association to ihe `tortgagon, or their succc~sssors in titlc. for any purpose,
at any time before the release and cancellation of this mortgage, but at no time shall this mortgage secure advanrns on account
oE said original note together with such additionat advances in a sum in e~cess of..THIRT'X.-~EyE~_T~OUSAND.__
QN.~__~UlY~~3~~2_A~NA_ N911.4Q-----_-_--_-_-_ ~ollars (s ~7,1_QQ. QQ__.); plus any advances necessan
to protect the sec~rity and casts, then this deed and the estate hereby created shall cease and be null and void.
AIVD THE ~iORTGAGORS DO hereby cvvenant and ngree:
1. To pay alt and singular ihe principal and interest and other sums oE money payable by virtue of said promissory note
:md this mortgage, or either, prompily on the days respectively ihe same severally come due.
2. To gay all and singular the taxes, assessments, levies, liabili:ies, ebligations and incumbrances of every nature and kind
now on said described prnperty, or that hereafter may be imposeci, suffered, placed, le~~ied, or :?ssessed thereon, or that hereafter
may be levied or asse.cseci upon thu :~lortgage, or the indebtedness seeureci hereby, each and e~~ery, tivhen due and payable,
:~ccording to la~v, before they become delinquent, and before any interest attaches or :~nv penalty is incurred; a~td insofar ,u
any thereof is of record the same sl~all be prompily satisficd and discharged of reoord and the original official document (such
1s, for instance, the tax receipt or ihe satisfaction ~per officially endorsed or certified) shall be placecl in the hands of said
Association as \tortgagee within ten days neut after payment; and in the event that any thereof is not paid, satisfied and discharged,
said Association may at any time pay the same or any part thereof ~~~thout waiving or affecting any option, lien, equity or right
i?nder or by virtue of this \lortgage, and the [ull amount of each and every such payment shall be immeciiately due and payable
and shall bear interest from the date thereof until paid. at the rate stateci in the note seeurecl hereb~• and together ~vith sueh inter-
Nst shall be sec~ued by the lien of this ;~iortgage.
3. To keep the buildings and all equipment and penonai property now or hereafter on said premisa co~•eted by this mortgage,
i~uured in a sum equal to at teast the amount o[ the mortgage, ot an amount sufficient to rnmply with any co-insurance require-
ment covering the same under the laws of the State oE Florida, co~ering loss trom both fire and storm, making the loss under said
policies, each and e~•ery, payable to the rlssociation, as mortgagee, as iu ineerest may appear, and said insurance shall be in a good
and responsi6le insurance company satuEactory to said rlssociation, and written by a responsible local agent satis[actory to said Asso-
ciaeion: and the policy or policies shall bear a standar~d mongage dause without contribution, and, if che original principal amount
of the mongage is Fitty Thousand and no/ 100 bollan (550,000.00) or in excess thereof, shall be held by the Association, and, in
the event any sum of money becomes payable under such policy or policies, che Association shall have che option eo receive and apply
the same on account o( the indebtedness hereby secured, or to permit the mortgagots to receive and usr it, or any pan thereoE, for
other purposes, without thereby, wai~•ing or impairing any equit}•, lien, or right under and by virtue o( [his mortgage. and may
place and pay [or such insurance, or any pan thereof, without wai~•ing or a[[ecting its option to [oreclose, or any right hereunder,
and che full amount of each and every such payment shall be immecliately due and payable and shal! bear incerest fnom the date
thereo[ until paid at the race stated in che noce secured herrby and together with such interrat shall be secured by the lien of this
~fortgage.
4. To permit, cc~mmit, or su[fer no ~vaste, impaiiment or deterivration of ~id propert~-, or .iny part thereof, and upon
the failuro of the mori~agors to keep the buildings on said property in good condition of repair, the Association may demand the
immediate repair of said bu:ldings or the immediate repa~Tnent of the debt hereby secured, ancl the failure of the mortgagors
to comply «7th said demand of the Association for a period of Thirty (30) da~~s, shall constitute a breach of this mortgage,
and, at the option of the Association, immediatelv mature the entire amouni of principal and interest herebv secured, and the
.~su~ciation, immediately and without notice, may institute proeeeclinas to foreclose this mort~age and applv for ihe appointment
of a Receiver, as hereinaher pmvide~l. ~
5. This mortgage contract provides for addition.s) advancrs ~~~hich muy be made at the option of the association and
secured by this mortgage, and it is agreed that in the event of such advances the amount may be addecl to the mortgage debt
and shall increase the w~paid balance of the note hereby secured by ihe amount of such advance and shall be a pari of said
note indebtedness under a~I the terms of said note and this contract as fully as if a new such note and contract ~~~ere executecl
:~nd delivered. An additional advance agreement mav be given and arcepted for such advance and provision ma~• be made for
~ifFerent monthlv pa~~ments Nnd a diffemnt interest rate and other express modifirations of the contract, but in aii other respects
ihis contract shall remain in full force and effect as to said indebteclness, inclading a!1 advances.
6. If an~~ of the sums of muney herein referrecl to be not promptiy and fuilv paid ~~•ithin Thirty (30) days next after
the same severally come due and payable, or if cach and every the stipulations, agreement, conditions, and covenants of said
promissory note ancl this deed, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned
in said promissory note and am~ other amount or amounts added to the mortgage indebtedness under the terms of this mortgage
shall become due and pa~•sble forthwith or thereafter at the optior~ of the Association, as fully and completely as if said a~~regate
sum of money ~vas originally stipulated to be paid on such dav, anvthing in said promiasory note or herein to the conirarv not-
~vithstanding, " " -
7. To deliver to the Associativn, on or before ~iarch 1ith, of each }~ear, tax receipts evidencing the payment of all la~c-
fully im~ taxes for the prececling calendar vear; to deliver to ihe Association receipts evidencing the payment of all liens
for pub 'c improvements a~thin ninety (90) days after the same shall hecome due and payable, and to pay or discharge within
ninety (90) da~^s after due date, am~ and a1i govemmental levies that may be made on ihe mortgaged property, on this mortgage
nr oote, or in any other way restdtin~ from the mortgage indebtedness secured b~• this mortga~e.
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