HomeMy WebLinkAbout0450 and mad~ psyable to th~ ordar of ss~d NATIONAL BANK OF MEl80URNE AND TRUST COMPANY, at Melbourn~, Flwda, or at wch
od~~r plac~ o~ placa ss tMMwtqap~~ m~y from t~m~ to tim~ d~siy~st~: principal a~?d i~arest to b~ paid in i~staliments as spocif~od ~n sa~d
not~, tinal payment o/ sa~d principal and ~~twest, if not soom? mad~. to b~ du~ snd paYabM on eh~ ].St day ot .
Apr i 1~ 1989 with intwest ~t 10 p~r cMtum per snnum whil~ any default ~xisu in tM
makinq of snY of said paYmMts or in tM paformanc~ o~ ob~va~w.v of any covenant, eo~dition o? ayr~n~nt in said ~ote, or in sny instru-
ment now o? Mreafur w~d~nciny o~ s~curinq tM sam~, u~d tM hddN ot said not~ may apply psyments ~eceived o~ any smounts due the~e-
unde? or undsr th~ t~ms oi s~y inst~ument ~ow or Mnsfter wid~ncinq or securinp said nots, ss such holda may determinr, ,
2. This mortqapt shall also covK all extensions sod futun sdva~as thst msy b~ mxle to this mortyap~ or tha indebtsd~?ess securod
theroby within ZO yaus from dat~ h~reof, provid~d that ths total unpaid b~lsnc~ so se~ured the~eby at any time shall not ~zceed a maximum
p~incipsl wm of S 12 5~ . .
3. To PiY ~ ind~btsd~ M~bY s~eur~d and intK~st tMr~o~ promptly on the d~ys specifi~d fa tM same to betom~ du~ and paV-
abls, and~also on demand any othw ind~bndness that msy aoerw s~d b~com~ dw or payaW~ to th~Mortysp~~ unda Me tNms a~d provi-
sions ot this mortyap~: and shaN duly, promptly, and fully pNform, disehsry~, ~xxutt, rifect, eompNt~, and eomply with ard abide by each
and ev~ry tM stipulsta~s, sq~~~n~nts, conditio~s, and cov~nsnts of said promisswy not~ and oi Mis mortqaye. TMMonpayss may cdtecc a
'9ate eharye' ~ot to ~zc~ed four unts (4f) for ~ach (St) of ~aeh paym~nt mwe than fiftNn (151 days in arrears to eova th~ extra expanse
imolwd in Asodlinp dali~qwnt psym~nts.
4. To keep the mortqaysd {x~mises ~n 9ootl ropair; to rnithK commit nw suffsr strip w watt on the mortqagsd premises,; to obtain
th~ written consent ot tA~ Mortq~yK b~for~ danolisfiirg, nmovi~g or msbriaYy sltKinp soy buildiny, structure w improvement now or here-
after upoo ths mort~ped p~Nnisn or befon allowirp any wch buildinp, struetur~ or improwm~nt to be danolished, ramored or msterially
alte?ed; not to eommit no? suffK any act by which the valu~ of tM matyaped Prom~~es maY bs impsirod; and not to violat~ nw permit ths
violstion of any law, by1aw, wdinance or contnct sffeetinq th~ mo?tysp~d premis~s; not to vidata nor suffer the violation of tt~e coverwnu
and aqreaments, if anY. of rscord apairut Ms matqsy~d Pr~misss:
5. To pay bsfore delinqwnt or beton sM? penslty fw nonpsyment attach~s dro~eto all tsxes, impositio~a, ~nents, wate? ~ates,
and char{ps of avery natu?e and to whomwM as~d that maY noM? or I~eaft~r b~ impos~d, leried or assesssd upon or agai~st the mat-
ya9sd premises or sny part ther~of, or upo~ tM rents, isw~s, incom~ w profits th~reof, whrtlror any w aN of said taxes, auessme~u or
chsryss bs levisd dir~ctly or indiroctly o~ ss axeiss bx~s or as ineom~ tax~s:
6. If required by Mortpaya~, to abo mak~ mo~thly d~posits with Mortysq~e. io a~i~terast bssrinp xcount, toy~ather with and in
addition to interast and principal, of a sum pual to one-twMfth of tM y~srfy tsx~s and ~sssssmsnts whid~ msY be Iwied ayainst the pre-
misss, and (if so req~~irsd) orn•twalfth of t!a yearlY prwniums for inwranc~ Mw~on. Ths artwunt of weh taxes, assesvnents and premiums,
when udenown, shall bs estimated by Moriy~ys~. Such deposits ~MI b~ us~d bY MortYpse to pay such taxes, assesane~ts and premiums
when dus. My i~uffieieney of such account to pay weh charyss wMn due shaN b~ paid by Mortyapor to Mwtyages on demand. If, by
reason of any default by Mortpapor under smP provision of this mwtyap~, MartYapw deduss ar sums sscured hereby to be due snd payaWe,
Mwtyayea may th~n spp1Y a~y funds in said aceount syainst the a~tir~ ind~btedmss 9ecured hereby. TM enfwctability of the cownants
relatiny to tsxes. aaesvna~ts a~d inwrsna pramiums hsroin othuwis~ proridad shsll not be affectad except in s~ far as tfioas obtiyatioru -
have been met by compliance with this parapraph• Mo?tya9~~ may iram tim~ to time at its optan waiva, and aftsr any such waiver reinstate,
any or all provisioos hereoL?e4uiring suth depos~ts, by notic~ to Mortyapor in writinp. Whis any such waiver is in effect Matgaqo? shall pay
taxes, assespnents and i~surance promiums as Mrein elsewh~n prov~dd.
7. To keep the buildinys and improvana~ts now stand~~9 or heresfter e~ected upon the mortyiged premisss and any and all appua-
( tus, fixturas and sppurtenancas ~ow or hKeahar in a attached to said 6uildirgs or improwme~ts, insured spainst loss or damaye by fire
and wch other huards as tMMo?tqa9~s maY from time to tirrn requin, all sueh inwrance to ba i~ forms, in companias and 'm sums Inot
~ lass than sufficieM to aroid any claim on th~ part of the iruurers fo? eo-inwrsnea) satisfseWry to theMwtyagsr, that all insurance policies
; ~all be held by and sl+all bs for the hsnefit of snd fi?st paysble in csae of bta to tM Mortpsps~, ard th.rt at I~st fifteen days before the
expintion of ~d+ such policy, a new and wffieiaot policy to nke th~ plsee of the one so expiriny shsll be dd'nered to the Mortpagse•
; Th~Mort9spor t~ereby assiyns to ih~Mortyipw aN moneys rocowrsb~e und~r exh wch Po~~cY, and ay~ees that in ths went of a loss the
~ arnount cdlected uoder any pdicy of insursnct oo said property may, at th~ option of ths Mor~, ba spplied by tha Mortyayss upon
y any indebtedness and/w obligation sxursd hereby and in wch o?dw asMortypse may detormine: w said amouot or any portion thareof
~ may, at the option of theMortqsyse, either be usad in replsarg, repairiny or restoriny the improrements partiaNy or totaNy destroyed to a
~ condition satisfsctory to said Mortyayss. or bs relpsd to d» Morty~por, in either of which events ths Mo~tqpae ~all not be obligated ~o _
~ see to the prope~ app~~cstion thereof; nor shalt the smount so rdwsed o~ ussd bs deemed a paYment on snY i~debtedness setured hereby.
~ TheMwtyaqw hereby appoiots theMo?tpsp~s attwney irrovocsWe to thsMortysyw to assgn exh sueh poliey in the eve~t of the fo~e-
" closure of this mortgage;
~
~ 8. To pay aN sums, the tailure to psy which may rewlt io tM acquisition of a lien p?ior to the lien of this mortgage, before wch a
prior lien may attach;
~
~ 9. That upon failure to comply with the precedinq covenant or with any of tM cove~ants and agreements as to payment of taxes,
~ impositions, a~sments, water ~ates snd charpes, makirg of repaKS o~ maintensnce of inwrsnce as aforesaid, 1heMortsages, without pre-
x:: judice to a~y rights give~? under wbssquent psaprsphs herein, may make adva~c~s to perform the same in behalf of the Mortyayor, and the
~ Mortqayor hereby ayrees to repay all wms so sdranced in his behslf, on demaod, with ioterest f?om the date advaoced at the rate of
~ 10 per eentum per amum, and all sums so adranced, with inte?ast as aforesa~d, shall be immediately due and Pa1l-
~ able a~d be secured hereby, haring the bensfit of N~e lien heraby crsat~d, snd oi its prio~ity, but ~o such advances s1~a11 be deemed to relieve
tfisMwtyapor from any default hereunder w impair any riyht w remedy co~aequent thereo~, and the exarcise of the ri¢~t to make adrances
grantsd in this panyraph shall be optional with theMwtyap~~ and not obliyatory. and theMortpaq~ sha~l not in any case be IiaWe to the
~ Mort9ayor fw failure to exerciss any wch right;
~
10. That the MortpayN shal~ be wbrogated for further sscurity to the lien, although released of recwd, of any and all encumb?antes '
paid out of the p~oceeds"ot thctoan secured by this mort9a9e:
11. That, while tt?ere is no dafwlt in tM performance w obsenance of any of the covenants or aqreements herein containwi, the
Mortya9w shall have the privilege of cdlectiny and reesiviny all rents accruiny under leases or eontracts of tenancy for the mort9aged prem~ses
=r=? or any part thereof;
12. That, if any actio~ or proc~adi~g bs commsnced (exceptinq an action to forsdoae this mwtgaye or to edlect the debt hereby
sewredl, to which actio~ or procesding the MdtqayN ~s msde s pxty by r~aso~ of the ezxution of Mis mortqage or the note which it secures,
or in which the Mortysy~s deams it necesssry to d~f~nd in orde~ to uphdd the lien of tfiis mostyspe or th~ PriwitY thereof o? Poss~s~°n of said
- mortyaysd Premiaes, sq sums psid o? incuned by the Mwtp~y~e for counsN feas and other supensas in wch action o~ proceedinp shall be repaid '
by th~ Mwtsa~w, togather witF? interast Merwn from dat~ af paymfnt by tMs Mort9ap~t, at tM na of 1~ P~~
=3 centum persnnum,andall wchwms and tM intuest thereon ~all be immediately due s~d psyable a~ be secured hereby, having the benefit
of t1~e Iien f~eby created and of its p?iority;
~ goex226 PAcE 4~0
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