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HomeMy WebLinkAbout1090 i + at all times pe:?ceabiy and quiedy to enter upon, hold, occupy und ~~t~Joy said land; that said lru~d is free from all encumbrances; that they will make such further assuranoes to pesfed the fee simple title to ssid land ia the Association as may reasonably be rc~uired; and that they do hereby fuUy warrant the tide to said land and ~vill defend the same against the lu~vful claims of all persoiu ~vhomsoever, PROVIDED ALWAYS that if the I~iortgagors shall well su?d truly pay unto the Association, the indebtedness evidenced . by that certain promissory note, of even date herewitb, made by the :ltortgagors and pa};ible ta the As.co~iation, in the principal swn of ..TWENTY FOUR THOLTSAND AND NO/100ths---------------~~~,in ~s 24, 000. 00 ~ ~vhich note, togethet ~vith interest thereon as therein sPecified, is p:a~~:eble in monthly instal)ments of TWO HUNDRED NINETEEN AND 81/100ths----------------------------------------------------- _ - - _--nollars (s . _ 219. 81- - on the. .__8~?_._ ._.._.day of each month commencing ~vith MaI'Ch 8,1g74 _----------------------------------------whi~h p~ya,enc~ are to be applied, first to interest, and the balance to principal, until raid indebtedness is paid in full, and shall perEorm, oomply with and abide by each and every the stipulations, agreements, conditions and covenants of said pmmissory note and t?iu mortgage, And, including any advances made by the Association to the ltortgagors, or iheir successors in titlr, faa~ any purpose, at any time before the release and cancellation of this mortgage, but at no time shall this mortgage secwre advances on account of said original note together with such additional advances in a sum in e~cess of.__TwENTY FOUR THOUSAND AND NO/100ths--------------------------- 24,000.00 . _ - - Dollars (S plus anv advances necessarv to protect the security and casts, then this deed and the estate hereby created sh.~ll cease and be null and void. ~ Ai11D THE ~fORTGAGORS DO hereby cvvenant nnd agree: 1. To pay all ana singular the principal and interest and other sums of money pay~abk by virtue" of said promissory note and this mortgage, or either, promptly on the days respeMively the same severally come due, 2. To pay all and singular the taxes, asseuments, levies, liabilities, obligations and incumbrances of every nature and kind now on said described property, or that hereafter may be imposecl, sufEered, pl~eed, levied, or assessed ihereon, or that hereafter may be leviecl or assessed upon this ~iortgage, or the indebtedness seeurecI hereby, eaeh and every, when due and Payable, acconling to la~v, before ihey become delinquent, and before any interest attaches or any penalty is incurred; and insofar as any thereof is of reeord the same shall be promptly satisfied and c3ischarged of reeord and the original official document (such as, for instance, the tax receipt or the satisfaction pape~r officealty endorsed or certified) shall be placed in the hands of said Association as \iortgagee within ten da~~s next after pa}'n?ent; 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 under or by virtue of this \fortgage, and the full amount of each and every such payment shall be immecliately due andpa yable and sha11 beaz interest from the date thereof until paid at the rate stated in the note securect hereb~• and together with such inter- est shall be secured by the lien of this biortgage. ' 3. To keep the buildings and all equipmenc and personal property now or hereafter on said premises covend by this mortgage, insured in a sum equat to at least the amount of the mortgage, or an amount sufficient to mmply with any eo-insunnce require- ment covering the same under the laws of the State o[ Florida, co~ering loss from both fire and storm, making the loss under said policies, each and every, Payable to the Association, as mortgagee, as iu interest may appear, and said insurance shall be in a good and tesponsible insurance cdmpany satufactory to said Association, and written by a responsible local agent satisEactory to said Asso- ciacion; and the policy or policies shall bear a standard mortgage clause without contribution, and, if the original principal amount o[ the mongage is Fi[ty Thousand and noJ100 Dollars (s50.000.0(?) or in excess thereof, shall be held by the Association, and, in the event any sum oE money becomes payable under such policy or policies, the Associaeion shall have the option to recei~e and apply the same on account of the indebtedness hemb~ securcd, or to permit the mortgagors to reteive and use it, or any part thereof, for other parposes, without thereby wai~•ing or impairiog any equicy, lien. or right under and by virtue o[ this mongage. and may place and pay for such insurance, or any part thereof, without wairing or atiecting its option to (oreclost, or any right hemunder, and the full amount of each and every such payment shall be immecliately due and payable and shall bear interest from the date thereof until paid at the rate stated in the note secumd hereby and together with such interest shall be secured by the lien of this Atortgage. 4. To petmit, ccmmit, or su(fer no waste, impairment or deterioration of s;iid propert~•, or ciny part ihereof, and upon the failuro of the mortgagors to keep the buildings on said propert~• in good condition of repair, ihe Association may demand the immediatc repair of said bu:ldings or the immediate mpavment of the debt liereby secured, and the failure oE the mortgagors to comply ~vith said demand of the Association for a period of Thirty (30) days, shail cotistitute a breach of this mortgage, and, at the option of ihe Association, immediatelv mature the entire amount of principal and inte~est herebv secweci, and the Association, immediately and w~thout notice, may institute proceedinRS to foreclose this mortgage and appl~~ ~or the appointment of a Receiver, as hereinaker pmvided. 5. This mortgage contract provides for additional advances ~~•hich may be made at the option of the association and secured by this mortgage, and it is agreed that in the event of such advances th~ amount may be addecl to the mortgage debt and shail increase the unpaid balance of the note herebv secured by the amount of such advance aoa shall be a gart of said note indebtedness u~ider all the terms of said note and ~this eontract ~s fully as if a new such note ;u~d contract ~+-ere executeci and delivered. An :idditional advance agreement may be given and accepted for such advance and pmvision ma~• be made for different monthlv pay~ments and a different interest cate and other espress modiEications oE the contrac., but in ail other respects ihis contract shall remain in f~ill force and effect as to said indebtedness, inclucling a~l advances. 6. If any of the svms of money herein referred to be not promptly and full~~ ~aid ~~•ithin Thirty (30) days next after } the same sever.illy come due and payable, or if each and every the stipulations, agreement, conditions, and covenants of said promissory note anci this deed, or either, are not duly performed, complied with and abided by, ihe aggregate sum mentioned in said promissory note and any ather amount or amounts added to the mortgage indebtedness under the terms of this mortgage shall become due and pa~•able forth~vith or thcreafter at the option of the Association, as fully and completely as if said aggregate sum of money was originally stipulated to be paid on sach dav, an}~thing in said promissnry note or herein to the contrarv not- withstanding. " ~ i. To deliver to the Association, on or before ~farch lith, of each }-esr, tax receipts evidencing the payment of all la~~-- fully imposed taxes for the preceding r.~lendar vear; to deli~-er to the Association receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall ixcome due and payable, and to pay or discharge within ninety (9p) dars after due date, any and all governmental levies that may be macle on ihe mort~aged pmperh•, o~ this mort~age nr note, or in an}' other way resulting from the mortgage indebtedness secured bv this mortgar;e. ~ - aoar ' ~3 # .