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HomeMy WebLinkAbout0836 at aU times pracrably and quiedy to enter upon, hold, oc.rupy und cnjoy said land; that ~:iid land is free Irum all ei~cumbrances; that they wiq make such furthet assurat~ces to perfect the fee si?nple title to said la~d in the Association as may reasonably be required; and that they do hereby fully wacrant the titte to said land and wi11 defend the same agvnst the lawful claims of all persans ~vhomsoever. ' PROVIDED AL\VAYS that if the 111ortgagors shail wel) and truly pay unto Ihe As~oci.~tion, the indebteciness evidenced by that certain promissory note, of even date herewith, made bv the ?~iortgagors and p;i}•uble to the Association, in the principal THIRTY N1NE 1'HOUSAND AND NO/100ths----------------- 39 000.00 ' sum of - - _ . - - - . Dollars (S ~ i~•hich note, together ~~~th interest thereon :?s themin specifiecl, is payaLle in monthly installments of interest payments due on April 1,1974, May 1,1974, June 1,1974, July 1,19?4, August 1,19?4, September 1, 19?4 and then THREE H[TNDRED TWENTY SEVEN AND 29/100ths------------------ ~ - - Dollan (s _ 32?. 29 - - • on the . 1St day of each month commencing ~vith . OCtObeI' 1, 19?4 __.,______~,~ch paymentr ' ~ - - - - • :~re to be applied, first to interest, and the balance to principal, until said indebtedness is paid ~ fu11, and sha11 perform, comply ..•ith and abide by each and every the stipulations, agreements, _c_onditions and co~•enants of said promissory note .and tl~is morigage, Aod, including any advances made by the Association to the ltortgagors, or thenr succes.wrs in tide, for any purpose, at any time before the mlease and rancellation of this mortgage, but at no time s6alt this mortgage secure advanees on account of said original note together ~vith such additional advances i~ a sum in e~cess oE____. THIRTY NINE THOUSAND ~ AND NO/100ths-------------------------- 39, 000. 00 ' - - - _ Doltars (S . . _ plus any advances necess.~n• tc~ prote~t the security and costs, then this deed and the ~state hembv createcl shall .cease and be null and void. ~ Al~'D THE TiOR1'GAGORS DO hereby cvvenant and agree: i. To pay all and singular the pru~cipal a~l interest and other sums of money jra}'abte by virtue of said promissory nvte .~nd this mortgage, or either, prompdy on the ctays respectively the same severally come due. 2. To pay all and singular ihe taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind n~~~~• on said described property, or that hereafter may be imposecl, sufFered, placed, levied, or assessed thereon, or that hereafier ,nay be levied or assessed upon this ~iortgage, or the indebtedness serured hereby, cach and every, when doe and payable, .~ccord'v~g to law, be(ore they become delinquent, and before any interest attaches or unv penaity is incurred; and insofar au .iny thereof is of record the same shall be promptly s:itisfied and discharged of record and the original official document (such is, for inst~lnce, the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of said .issociation as ~fortgagee ~~~thin ten days next after payment; and in the event that any thereof is not p~id, satufied and dischargecl, said Association may at any time pa~ the same or any part thereof ~~~thout ~vaiving or affecting any option, lien, equitv or right imder or by ~irtue of this \lortgage, and the fult amount of each and every such payment shall be immediately due andpa yable ~ :ind shall bear interest from the date thereof until paid at the nte stateci in the note sec~~red herebt• and together ~vith such inter- r•st shall be secured by the lien of this 111ortgage. ~ 3. To keep the buildings and all equipment and personal property now or hereafter on said prcmises covered by this mortgage, insured in a sum equal to at least the amount o[ the mongage, or an amowu suf[icient eo comply with any co-insurance require- ment covering the same under the laws of the State o[ Florida, covering loss irom both [ire and storm. making the loss nnder said poiicies, each and e~•ery, payable to the Association, as mortgagee, ac its interest may appear, and said insura~ice shall be in a good a?:d responsible insurance company satisfactory to said Association, and Mritten by a responsible ~ocal agent satis[ateory to said Asso- ciation; and tt?e poticy or policies shall bear a standard mortgage clause without contribution, and, it the original principal amount of the mortgage is FiEty ?housand and no/ 100 Doltaa (550,000.00) or in excess thereof. shall be held br the Association, and. in che erent any sum o[ money becomes payable under such policy or policies, the Association shaU have the opcion to receive and apply the same on accoune ot the indebteciness hereby secured, or co permit the mottgagon to receive and use it, or any part theteof, for other purposes, without thereby wai~•ing or impairing any equity, lien, or right under and by virtue oi this mortgage, and may place and pay tor such insurance, or any part thereof, without wai~•ing or af[ecteng its option to foreclose, or any right hereunder, ~ :tnd the ful! amount ot each and e~ery such pa}~nent shall be immeciiately due and payable and shall bear interest from the date ; ctrereof until paid at d~e rate staeed in ehe note secumd .hereby and together wieh such interest shall be secured by th~ lien of thu :tortgage. i To permit, commit, or suffer no H•aste, impairment or detcrioration of ~id propert~•, or any part thereof, and upon ~ s ^ the failura of the mortgagors to l:eep the biuldin~s on said property in good condition of repair, the Association may demand the ~ ~ ir;~mediate re~ir of said bu;tclings or the immediate repayment of the debt hereby see~~recl, and the failure of the mortgagors = ~ to comply with said demand of ihe ~lssociation for a periocl of Thirty (30) da~~s, shall constitute a breach of this morigage, :ind, at thc option of the Association, immeciiately mature the entire amount of principal and interest hereby secured, and the :lssociation, ~immediately and without notice, may institute proceeciinrts tn forectose this mort~age and app)ti• Eor the appointment ` •,f a Receiver, as hereinafter provided. - i ' T6is mortgage contract provides for adciitional advancrs ~c•hich may ~e made at the option of the assaciation and ~ E tecured by this mortgage, and it is agreed that in the event of such acivances the amount may be added to the mortgage debt :~nd shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of said - note indebtedness under all the terms of said note and this contract as fully as iE a new such note and contract ~i-ere executecl :ind delivered. An additional advanee agreement mar be given anc! accepted for si~eh advanee and pmvision ma~• be made for ~tifferent monihh~ payments and a different interest r,ite and other express moclifications of the contraci, but in all~other respects ihis contraet shall remain in full force and effect as to said indebteclness. incl~xiing all advances. B. If any of the sums of muney herein referrecl to be not prompd~ and fullv paid ~~~thin Thirty (30) days next after tlie same sevenlly c~me clue and payable, or if each and every the stipulations, agreement, conditiuns, and covenants of saict ' promissory note and this deed, or either, are not duly gerformed, complied with and abided by, ihe aggregate sum mentioned in said promissory note and anv other amount or amounts added to the mortgage indebtedness under the terms of this mortgagc shaU become due and pa~~sble forthwith 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 such dav, am~thing in said prom~ssory note or herein to the contrary not- «~thstanding. ' 7. To deliver to the Association, on or before ~tarcli 15th, of each ~~ear, tax receipts evidencing the ~yment af all la~~•- ~ fn1ly im~ taxes for the preceding calendar year, to deliver to the Association receipts evidencing the payment of all liens for pab ic improvements u~ithin ninety (90) days after the same shall hecomc due and payable, and to pay or discharge within ninety (90) da~~s after due ciate, any and all govemmental levies that may be made on the mortgaged property, on this mort~age nr note, or in any other way resulting from the mortgage indebteclness secureci bv this mort~aQe. • F'^ i 22~ FAvE 8~ - _ ~ y_ _ - _ . - : ~ _