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HomeMy WebLinkAbout0734 at all times ~ceably und quiedy to enter upon, hold, oc~cupy and enjoy said lxnd; that s:?id land 'u ire~ Erom all encumbrances: that they will make such futth~ assurances to pesfect the fea slmple title to said laad in the Association as may rcasonably be required; and that they do hereby fully war*aM the title to said land and will defend the same against the lawful claims ~~f :~ll ~ersons whomsoever, PROVIDED ALWAYS that if the r4ortg:~gurs shall we11 and truly pay unto the ~lssoeiation, the inciebteciness e~~idei?iz~ by that certain promissory note, of even date herewith, made by the ~lortgagors and pay:?blc to the Asscxiation, in the principa) TWENTY NINE THOUSAND SIX HLTNDRED AND NO/100ths--- 29, 600. 00 .um of - _ - Dollars (3 interest payments .vhich note, together with interest thereon :u therein specified, is pa)•able in monthly instaliments af due on April 7,1975, May 7,1975, .June ?,_1975, July_7,1975 and then TWO HUNDRED FIFTY THR,~E Al`TD 5Q/2QQths--------------------------------------------------- _ _ _ - - - - 253:5~1 - t~ii:~r~ ls . _ - - i. - - - - - - on the_ day oE each month cwmmencing ~vith --AUguSt.?i.1975----------------------- ..------which payments .~re to be applied, first to interest, and the balance to principal, until said indebtedness is paid in full, and shall perEorm~ comply _ .~•ith and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this mortgage, Md, including any advances made by the Assoc~ahon to the Modgagors, or their successors in tidr, for any purpose, at anv time before the release and cancellation of this mortgage, but at no time shall this mortgage secure advances on account " TWENTY NINE THOUSAND ` - - - of said original note together ~vith such additional advances in a sum in excess o____.________.___. _ SIX HUNDRED AND NO/100ths------------- ~a 29, 600. 00~~ P~~ any advunces neceuan~ . - . to protect the security and costs, then this deed and the estate hereby created shall cease and be null and voi . AND THE ?110RTGAGORS DO hereby ct~venant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory note :~nd this mortgage, or either, promptly on the days respectively the same severally come due. 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and }:ind no~v on said described property, or that hereafter may be imposed, suffered, placed, levied, or assessecl thereon, or that hereafter ' n~a~~ be levied or assessed upon this Atortgage, or the indebtedness secured hereby, cach and e~•ery, when due and payable, .~ccorcling to la~v, before they beeome delinquent, and before any interest attaches or anv penalty is incurreci; and insofar :u any thereof is of record the same shaA be promptly satisfied and dischargecl of record and the original official document (such f~r ;netanre_ the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of said . ~ •a .:..r.,,~ ...,a a~~..~,,s,,,n...t Association as ~fortgagee wzthin ten days next after payment; and in the even[ tnai anv i,~erru~ is ~.a~~, o---, said Association may at any time pay the same or any part thereof ~~~thout ~vaiving or affecting any option, lien, equity or right E • iinder or by virtue vf this ~tortgage, and the full amount of each and every such payment shall be immeciiately due andpa yable f and shall bear interest from the date thereoE until paid at the rate stated in the note securecl hereb~• and together ~vith such inter- ' est shall be secured by the lien of lhis Mortgage. ~ 3. To keep the buildings and a11 equipmenc and personal property now or hema[ter on said premises covered by this mortgage, { insured in a sum equal to at least the amount of the mortgage, or an amount sufficient to comply with any co-insurance require- f inent covering the same under the laws oE the State of Florida, covering loss from both fire and storm, making the loss under aaid 3 policies, each and e~•ery, payable to the Association. as mortgagee, ac iu interest may appear, and said insurance shall be in a good ; and responsible insurance company satisfactory to said Association, and written by a responsible local agent satistaccory to said Asso- ciation: and the policy or policies shall bear a standard mortgage clause without contribution, and, iE the original principal amount ~ of the mongage is Fifty Thousand and no J 1 W Dollars (~50,000.00) or in excess thereof, shall be held by the Association, and, in t the event any sum of money becomes payable under such policy or policies, the Association shall have the option to receive and apply ehe same on account of the indebcedness hereby secured, or to permit ehe mongagors to mceive and use it, or any part thereof, for ~ other purposes. without tt?ereby wai~•ing or impairing any equity, lien, or right under and by ~irtue o[ thu mortgage, and may ; place and pay tor such insurance, or any part thereof, without waiving or a[[ecting iu option to foreclose. or any right hereunder, F and the full amowu of each and every such payment shall be immeciiately due and payable and shall bear interest from the date ~ thereot until paid at the rate stated in the note secured hemby and together with such interest shall be secured by the lien oE ihis ~ ~forcgage. r~ : To permit, commit, or suEEer no waste, impairment or deterioration of ~id propert~•, or any part thereof, and upon ~ the failare of the mortgagors to keep ihe bUildings on said propert~~ in good condition of repair, the Association may demand the ; immediate repair of said bu:ldings or the immediate repayment of the debt hereby secured, and the failure oE the mortgagors :x to comply ~vith said demand of the Association for a period of Thirty (30) da~~s, shall constitute a breach of this modgage, ~ ~ and, at thc option of ihe Association, immediatelv m~ture the entire amount of principal and interest hereby secured, and the .association, immediatcly and ~vithout notice, may institute proceedinRS to foreclose this mortgage and appl~• for the appointment - of a Receiver, as hereinafter pmvided. 1,j 5. This mortgage contract provides for additional advan ~ may be made at the option of the associadon and = secured by this mortgage, and it is agreed that in the event of suc ances the amount may be added to the mortgage debt , and shall increase the unpaid balance of the note hereby secured by t e amount of such advance and shall be a part of said note indebteciness under a;l the terms of said note and this contract as fully as iE a new such note and contract ~+•ere executecl .~nd deliverecl. An additional advance agreement ma~~ Ue given and accepted for such advance and provision ma}' be made for different monthlv pa~~ments and a different interest rate and other expr~ss modifications of the contrac., but in all other respects ~ this contract shall remain in full fome and effect as to said indebtedness, including all advances. -a 6. If anv of the sums of muney herein referred to be not promptly and fullv paid within Thirty (30) days ne~t aftcr ;_5 the same severally rnme due and payable, or if each and everv the stipulations, aoreement, conditions, and covenants of said promissory note and this deed, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned - in said promissory note and anv other amount or amounts added to the mortgage indebtedness under the terms oE this mortgage shall become due and pay3ble forthwith or thcreafter at the option of the Association, as fnlly and completely as if said aggregate - sum of money ~vas originally stipulated to be paid on such day, anything in said promissory note or herein to the conirarv not- ~vit}utanding. 7. To deli~~er to the Association, on or before ~farch lith, of each }•ear, tax receipts evidencing the payment of all la~~-- Fully imposed taxes for the prececling calcndar vear; to deliver to the Association receipts evidencing the payment of all liens for public impmvements w~thin ninety (90) days after the same shall hecome due and payable, and to pay or discharge within - ninety (90) davs after due date, any and all govemmental levies that may be made on the mortgaged property, on this mortgage = or note, or in any other way resultin~ fmm the mortgage indeUtedness secured bv this mortgaQe. s~oK Par~ . T - - = z~ ~ ~ _ . _ . _ _r .