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HomeMy WebLinkAbout1274 at all times Pe:?crably und quiedy ta enter upon, hold, occupy und enjoy said land; that suid land is free from all encumbrances; . that they will make such further assurances to perfect the fee simple title to said land in the Association as may re:?sonably bc; required; and that they do hereby fuUy warrant tha title to said land und will defend the same agvnst the lawful claims of all persons ~vhomscever, PROVIDED ALWAYS that if the riortgagors shull weU and truly p:?y unto the Association, the indebtedness evidenced by that certain promissory note, of even date herewitL, made by the '~fortgagors and ~ay;~ble to the Association, in th~ princiral THIRTY EIGHT THOUSAND. AND NO/100ths--------------- nollars (S 38, 000. 00 ' sum of - - - - - . . . _ which note, together with interest thereon as thercin slieciFied, is lk?y:?blc in monthly i~stallments of THREE HUNDRED TWENTY FIVE AND 43/100ths------------------------------------------------- _ ~~il:~r~ ~a _ . 325. 43-- : on the. 9~ . da oE each month commencin ..~~h May _9, 1975 ____._which payments - - - - are to be applied, first to interest, and the balancego principal, until said indebtedness is paid in full, and shall perform, comply ~ .~~ith and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this mortgage, And, including any advances made. by the Association to the Mortgagors, or their successors in tidr, for any purpose, at anv time before the mlease and cancellation of this mortgage, but at no time shall this mortgage seci~re advances on account ~ THIRTY EIGHT THOUSAND of said original note together with such additional advances in a sum in e~cess of____________ AND NO/100ths------------------------- • 38 000 00 any advances necessan• - - - _ . Dollars (S - - P to protect the security and costs, then this deecl and the estate hemby createcl sh~ill cease and be null and void. AND THE T10RTGAGORS DO hereby c~venant and agree: 1. To pay all and singular ihe principal and interest and odier sums of money payable by virtue of said promissory notc :~nd this mortgage, or either, promptly on the da~~s respectively the same severally come dne. 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and Idnd nc~w on said described property, or thaE hereafter may be imposed, suffered, place-d; levied, or assessed thereon, or that hereafter ?nay be levieci or assessed upon this ~tortgage, or the indebtedness securecl hereby, cach and every, when due and payablc, :~ccorcluig to la~v, before they l~ecome delinquent, and before any interest attaches or anv penalty is incurred; and insofar :~.ti .iny thereof is of recotd the same shall be prompdy satisfied and discharged of record and the original official document (such 1s, for instance, the tax receipt or the satisfaction paper officially endorsed or certified) shali be placed in the hancis of said Association as ~tortgagee within ten days next after payment; and in the event that any thereof is not paid, satisfieci and discharged, said Association may at any time pay the same or any part thereof ~vithout waiving or affecting any option, lien, equitv or right imder or bv virlue of this ~tortg::ge, and ihe [ull amount oE each and every such payment shall be immediatcly due andpa yable .ind shall bear interest from the date thereof until paid at the rate statecl in the noie secured hereb~• and together with such inter-. ~st shall be secured by the lien of this Mortgage. 3. To keep the buildings and all equipment and petsonal property now or heteatter on said premises covered by this mortgage. insured in a sum equal to at least the amount of the mortgage, or an amount su[ficient to comply with any co-insurance tequim- ment covering che same under the laws of the Scace o[ Florida, covering loss (rom both fire and storm. making the loss under said policies, each and everv, payable to the Association. as mortgagee, as its interest may appear, and said insutance shall be in a gooei a~?d responsible insurance company satisfactory to said Association, and written b~r a responsible local agent satisfactory to said AsSO- ciation: and the policy or policies shall bear a standard mortgage clause without contribution. and, if the original principal amount , o[ the mongage is Fifty Thousand and no/100 Dollars (550,000.00) or in excess thereof, shall be held by the Association, and, in the e~~ent any sum ot money becomes payable under such policy or policies, the Association shall have the opcion to receive and apply ~ che same on account ot the indebtedness hereby secured, or eo permic the mongagon to receive and use it, or any part thereof, for other purposes, without themby wai~~ing or impairing any equity, lien, or right under and by virtue ot this mortgage, and may ~ place and pay for such insurance, or any part thereof, without wai~•inR or atfecting its option to forecloae, or any right hereunder. ~ :~nd ehe full amount of each and e~~ery such paymene shall be immecfiately due and payable and shall bear interest from the date ~ ~hereo[ until paid at the rate scated in the note secured hemby and eogether with such interest shall be secured by the lien oE this ~ ~fortgage. ~1. To permit, commit, or suffer no waste, impairment or deterioration of said propert}', or any part thereof, and upon ~ the failuro of the mort~;agors to keep the buildings on said pmperty in good condition of repair, the Association may demand the immediatc repair of said bu;ldings or the immediate repayment of the debt hereby sec;urecl, and the failure of the mortgagors ~ to comply ~vith said demanc! of the Association for :i period of Thirty (30) d:iys, shall constitute a breach of this mortgage, ~ and, at thc option of ihe Association, immecliately mature the entire amount of principal and interest hereby secured, and the ~ :\su~ciation, immeciiately and without notice, may institute proceeclin;s to foreclose ihis mortgage and appl.• for the appoindnent nf a Recei~~er, as hereinafter providecl. : S. This mortgage contraM provides for additional advances ~.•hich muy be made at the option of the association and secured by this mort,~,age, and it is agreed that in the event of such advances the amount may be added to the modgage debt ~ :ind shall increase the unpaid balance of the note hereby secured by ihe amount of such advance and shall be a part of saicl ~ note indebtedness under all the terms of said note and this contract as fully as if a new such note :tnd conUact ~~•ere executecl ~ :~nd delivered. An additional advancc agreement may be given ancl accepted for such advance and provision ma}' be macle for ~ clifferent monthiv pa~~ments znd a different interest rate and other express modifications of the contract, but in all other respects _ ihis contr:ict shall remain in foll force and effect as to said indebteciness, inclucling all advances. 6. If am~ of ihe sums of muney herein referred to be not prompdy and fu11v paid ~vithin Thirty (30) days next after the same severally rnme due and payable, or if each and every the stipulations, agreement, conditions, and covenants of said promissory note and this deed, or either, are not duly performed, romplied with and abided by, ihe aggregate sum mentioned in said promissory nate and anv other amount or amounts added to the mortgage indebtedness under the terms of this mortgage shall become due and pa~•3ble forthwith or thereafter at the option of the Asso:,iation, as fully and completely as if said aggregat~ - sum of money ~vas originally stipulated to be paid on such dav, am~thing in said promissory note or herein to the contrarv not- - ' ~vithstanding. " • ~ 4 7. To deliver to the Association, on or before :ltarch 13th, of each year, tax receipts evidencing the payment of all laH-- ~ fully imposed taxes for the prececling c:ilendar vear; to deliver to the Association receipts evidencing the payment of all liens ~ for public improvements K•ithin ninety (90) days after the same shall l~ecome due and payable, and to pay or discharge within ~ ninety (90) da~~s after due date, any and al) governmental levies that may be made on the mortgaged property, on this inort~age ; nr note, or in any other w•ay resultin~ from the mortgage indeUteclnes.e secured bv this mort a e, x " ao K 238 ~ncE 127 ~ ~ 3 ~ } ~ j 3:* ' . . ~'~."^n t ~vl~ y'S~. . . _ _'Y"`,`-'a_'Y YS T~ 'Y, ~Li . ' ~`i~+..~ '~a T.`' Z,.__ . ~ . -A~ ~ . . .w .