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HomeMy WebLinkAbout0507 t,:~~( " t . . ~ ~a~ ~ ~i~iCi ~~ii,, . ; . . G1 f';Oi:~a . d. ~ ~ y at all timespe.~ ceably and quiedy to entec upon, ho1d, «~cu1? y~nd cnjoy said Ixnd; that snid land 'u free Erom all cncumh~: that they will make such furthet assutanaes t° Pacf°d th° f°° d~nple title to said land in the Associvtion as may reusonably ba required; and that they do hereby fully warrant the tide to said land and will defend the same agairut the lawful claims of all persons whomsoever. PROVIDED AL\VAYS that if the riortgagors shall well and tnily pay unto the Assaciation, the indebtedness evidenced by that certain promissory note, of evea date he[ewith, made by the Mortgagors and pay~able to the Association, in the principal THIRTY SIX THOUSAND AND NO/100ths------- __.~~~z~ ~a 36, 000. 0 _ _ sum of - - ~vhich note, together with interest thereon as therein sPecified, is payable in manthly installments of THREE HUNDRED FOURTEEN AND 54/100ths----_------- _ . - - - - - - ~ - noll~rs (3 - -314. 54- - _ October 20,19?4 ~ W~, on the..20~h -----~y of each ma~th commencing ~vith P~Y~ are to be npplied. first to interest, and the balance to principal, until said indebtedness is paid in full, and shs~ll petform, comply .vith and abide by each and every the stipulations, agreements. conditions and oovenants of said pmmissory note snd this mortgage, Md, including any advances made by the Association to the Mortgagors, or their succ~ssors in tiths, far aaY Pwpose~ at any time before tbe m1e~e and cancellation oE this mortgage, but at no Hme shall this mortgage secure advances on account of said originAl note together ~vith such additional advances in a sum in excess of__~~TY S1X THOUSAND AND NO/100ths--------------------------Dollars (s 36, 000.-00 plus any advances necessan - - • - . to protect the security and costs, then this deed and the estate hereby createcl shall cease and be null and void. ~ AND THE MORTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular ihe principa1 and interest and other sums of money payable by virtne of said promissory note and this mortgage, or either, promptly on the days respectively the same severally come due, 2. To p~y all and singular the taxes, as~ments, levies, liabilities, obligations and innunbrances of cvery nature and ldnd now on said desc~ribed praperty, or that hereafter may be u° ,~uffered, placed, ]evied, or assessed tliereon, or that hereafter . may be levied or assessed upoa this Matgage, or the inde tedness serured hereby, cach and every, when due and payable, according to law, before they become delinquent, and before any interest attaches or any penalty is incu?ted; and insofar as any thereof is of record the same shall be promptly satisfied and discharged of recocd and the original official document (such as, for instance, the tax receipt or the satisfaction paper officia2ly endorsed or certified) shall be placed in the handt of said Association as ~lortgagee within ten days next after payment; and in the event that any thereof is not Iraid, satisfied and discharged, said Association may at any time pay the same or any part thereof ~vithout waiving or affecting any option, lien, equity or right under or by virtue of this \tortgage, and the full amount of each and every such payment shall be i-nmediately due andpa yable and shall bear interest from the clate thereof until paid at the rate stated in the note secured hereb~ anci together ~vith such inter- est shall be secured by the lien of ihis Mortgage. 3. To keep the buildings and all equipment aud penonal property now or hereafter on said premises coveted by this mortgage. ~insured in a sum equal to at least the amount ot the mongage, ot an amount sufficient to comply ~vith anr co-insurance requise- ment mvering the same under the laws of the Sute of Florida, rnveting loss [rom both tire and storm, making che loss under said policies, each and every, payable to the Assaciation, u mortgagee, as its interest may appear. and said insunnce shall bt in a good I and responsible insurante company satisfactory to said Association, and written by a responsible local agent satis[actory to said Asso- ! ciacion: and the policy or policia shali bear a standard mortgage dause without contribution, and, if the original prinapal amount ~ of the mortgage is Fifty Thousand and no/ 100 Dollan (s50.000.00) or in e~ccesa thereof, shall be hdd by the Associacion, and, in i the event any sum of money becoines payable under such policy or policies, the Association shall have the opcion to receive and apply chc same on account of the indebtedness hereby secured, or to permit the mortgagon to receive and use it, or any part theicoi. for ~ other purpcues, without thereby waiving or impairing any equity, lien, or right under and by vinue of this mortgage, and may ~ place and pay [or such insurance, or any part thereof, without waiving or affecting its optian to [oreclose, or any right hereunder. and the full amount of each and every such payment shall be immediacely due and payable and shall bear interest from the date ~ chercof until paid at the rate swted in the noce secured hemby and together with such interest shall be secured by the lien of this ~ ~tongage. 4. To permit; commit, or suffer no waste, impairment or deterioration of said propert~•, or .iny part thereof, and upon tt~e failuro of the mortgagors to keep the biiildings on said pt~operty in good condition of repair, the Associatan may demand the immediate repair of said bu:ldings or the immediate rejraymeaC. of the debt hereby secured, and the failure of the mortgagors to rnmply ~vith said demand of the Association for a period of Thuty (30) days, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured, and the :lssociation, immediately and without notice, may institute proceedin;s to foreclose thu mortgage and apply for the appou?tment of a Rereiver, as hereinafter provided. 5. This mortgage contraM ~rovides for additional advances ~vhich 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 ihe amount may be added to the mortgage debt and shall inerease the unpaid balance of the note hereby secured by the amount of svch advance and shall be a part of said note indebtedness under all the terms of said note and this contract as fully as if a ne~? such note and tontract ..•ere executecl :,nd delivered. An additional advance agreement may be given and atcepted for such advance and provision may be made for ~ ciifferent monthly payments :.nd a different interest rate and other express modifications of the oontract, but in al) other respecis ~ ihis contr:ict shall remain in full force and effect as to said indebtedness, including all advances. ~ ~ 8. If any of the sums of muney herein referred to be not promptly and fully paid within Thirty (30) days next after ~ the same severally come due and gayable, or if each and every the stipulations, agreement, conditions, and covenants of said ~ ~ pmmissory note and ihis deed, or either, are not dWy performed, complied ~vith and abided by, the aggregate sum mentioned ~ in said promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgage ~ shall become due and payable forthwith or thcreafter at the option of the Association, as ful}y and rnmpletely as if said aggregate ~ sum of money was originally stipulated to be paid on such day, anything in . said promissory note or herein tu the contrarv not- ~ .vithstanding. 7. To deliver to the Association, on or before \iarch 15th, of each }'ear, tax receipts evidencing the p~yment of all law•- ~ h~lly impose~ taxes for the preceding calendar year, to deliver to the Association receipts evidencing the payment of all liens .,~~~ea for pub ~l'c improvements within ninety (90) days after the same shall hecome due and payable, and to pay or discharge within ~ ninety (90) da~~s after due date, any and all govemmental levies that may be made on the mortgaged property, on this mortg~ge ~ ~r note, or in any other way msulting from the mortgage indebtedness secured by this mortgaRe. ~ soeK 23~ rac~ 507 ~ ~ ,~p~. ~ ~ _ X~~ _ ~~,r~~. ~ r~~ ~:~,..,.v t__~.