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HomeMy WebLinkAbout2282 File 5-29,408 notice thereot by rtril Lo thr 111ungakeu ~nd the \fortgugue m~~~ make proof o( l~us i( thr same i+ nut madr promptly by t!~ Mortgaqor In e~~en` o( (o?r closure ut thi.+ mortgalte or otArr transter ot title to the mort~ag~1 propert?• ~n e:tingt?i9hment o( the indeWedness se~vred hsteDy. ~U right, titk ~nd mtere~t ot tAe ~torig~got i~ and w any ~nsur~nte puGcwn thm in torcr sMdl pass to the purchaner ur g?antee. IA1 To pertorm, comply with and ~Dide by e~ch ~nd e~•ery the ~tipuluiuro. ~greerne~ts, condiUon~ and covenanu in said proaas.+ory ~wce and in tAis deed xtforth. 1i11lut iI any ot ~id suau ot money herein refcrred to be not promptly and tully paid ~ritAiti- --_-~'iftcen daya ne:t ~her the aame sevetaUy ~ecome~+ due ~nd p~yabk. ot it ach and every the stipul~t'was, a~reme~ts. conditions and oovenanta of said p~omi~ory rote ~nd this deed. or eitAer. uo not tully pertoRaed. canplied wtitA and abided by. the said aggregste sum mentioned in said promiesory note sAall become due ud pay~bk [orthwith or thereyfter ~t the optan ot the Nongagee ~e tuUy and completdy as il t he aaid a~regste eum ot said promissory note waa origirrUy stipulatcd to be paid on nrh day, ~nything in eaid promissory rate or Ae~ein to tdecontrary nutwiRRstanding. 1 j 1'llut ~n order w~ccelente the maturity ot tAe indebtedneas hereb~~ secv¦ed, becawe ot tAe ta~lure o( t~e :~tongagor to pay any tu, aseessment, lubili- ty. oblig~tion w encumbrance upon xid property. ~s herein pro~ided. it shaU not be ne~~sary or requisite that the mortgagee sh~ll Gnt pay the same. 2. The Mortgagee mey, at his option, and without waiving his right to accelerate the indebtedness hereby secured and to foreclose the same, pay eithe~ before o~ after deGnquency any or all of those certain obligations required by the terms hereof to be paid by the Mortgagor for the protection of the mortgage security or for the collection of the indebted- ness hereby secured. All sums so advanced or paid by the Mortgagee shall be charged into the mortgage account and become an integral part thereof. subject in sll respects to the terms, conditions, end covenants of the aforesaid promis- sory note, and this mortgage. es fully and to the same e:tent as though a part of the original indebtednesa evidenced by seid note and secwed by this mortgage, ezcepting however, that said sums shall be repaid the Mortgagee forthwith upon its demand and be in addition to the regular monthly instaWnents provided by the mortgage note. ~ 3. That the abstract or abstracts of title covering the mortgeged property shall at all times, during the life of this mortgage. remain in possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in e:tinguishment of the indebtedness secured hereby, all right, title and interest of the Mort- gagor in and to any such abstracts of title shall pass to the purchaser or grantee. 4. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby. the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or other incumbrance on the land described herein which is paid and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liena or other incumbrances, shall be end the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagce herein described or hereby secured. to the aeme eztent that it would have been preserved and would have been pessed to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over. and delivered unto the Mortgagee by separate deed of assignment, notwithstanding the ' fact that the same may be satisfied end cancelled of record, it being the intention of the parties hereW that the same will be satisfied and cancelled of reoord by the holders thereof at or about the time of the recording of this mortgage. 5. In the event the ownership of the mortgaged premises, or any gart thereof, becomes vested in a person other than the Mortgagor. the Mortgagee may, without notice to the Mortgagor, deal with such auccessor or successors in in- terest with reference to this deed and the debt hereby secured, in the same manner as with the Mortgagor without in any way vitiating or discharging the Mortgagor's liebility hereunder or upon the debt hereby secured. No sele of the premises hereby mortgaged and no forbearance on the part of the Mortgagee, and no extension of the time for the payment of the debt hereby secured given by the Mortgagee shall operate to release, discharge, modify, change or affect the original lia- ; bility of the Mortgagor herein either in whole or in part. ~ 6. The lien of this deed secures and shall continue to secure paymenc of said indebtedness or i~ebtedness, however E evidenced, whether by said promissory note or any renewal or eatension thereof or substituce therefor, or otherwise. ; until all such indebtedness shall have been fully paid. 3 7. In the euent the mortgagors sell, conuey or tnansfer the mortgaged pr+emises during the life of this mortgage, i then this mortgage shnll, at the option ojthe Mortgagee herein, 6ecome immediately due and payable (or the full sum of the prineipal balance and interest then due. 8. The terms "Mortgagor" and "Mortgagee" whenever used in this instrument shall include the heirs, per- ; sonal representatives, successors and assigns of the respective parties hereto_ Wherever used the singular number shell ~ include the plural and the plural the singular, and the use of any gender shall include all genders_ ~ ~ ~ Si d, sealed a er in t nce f: ~ ~ ~ ~ " 1Seal? ~ ~ ` - ~ Sli[l~ J~.•~ ~r ~ /r ~st /C~ ~ - ~ ~ STATE OF FLORIDA ss COUNTY OF ~ ST . LUG~ Before me personall~• appeared JOHN R. SCRUGGS JR. and MARY E. SCRUGGS, his wife ~ = to me well imown and known to me to be the individual describe~ in and who executed the foregoing instrument, and acknowledg~d before me that they executed the same for the purposes therein ezpressed. WITNESS my hand and ~i official seal in the County and State last aforesad this 2nd Day of March, 1974 `.~s ~3 . ' '!1~~~ '''i . ? _ • : . I My Commission Expires: _ JUriE 3~ , 1975 _ lVotary Public. 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