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HomeMy WebLinkAbout2781 r , ~ 1 ~ and shall perform, comply with and abide by each and every the stipulations, agreements, conditions, and covenants of the promissory notes and this mortgage, then this mortgage and the estate created hereby shall cease and be null and void; however, this mortgage like- wise secures any aclvances made by the Association to the mortgagor or its successors in~title for any purpose any time before the release, satisfaction and cancellation of this mortqage, but at no time shall this mortgage secure advances on account of the oriqinal notes together with such additional advances to a maximum~principal amount in excess of $1,300,000.00 plus interest thereon and any disbursements made for the payment of taxes, levies, or insurance on the property covered by the lien with interest on such disbursements: AND the mortgagor does hereby covenant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory notes and this ~ mortgage, or either, on the days respectively the same severally ' become due. 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on said described property when due and payable according to Zaw, before they become delinquent, and if the same shall not be promptly paid, the Association may at any time either before or after delinquency pay the same without waiving or affecting the option to foreclose, or any riqht hereunder, and every payment so made shall bear interest from the date thereof at the rate of Nine (9$) per cent per annum. 3. To keep.the building and all equipment and personal property now or hereafter on said premises covered by this mortgage insured in a sum equal to at least the-amount of the mortgage, or a~ amount suffi- cient to comply with any co-insurance requirement covering the sanre under the laws of the State of Florida, covering Ioss from both fire and.storm, making the loss under said policies, each and every, payable to the Association, as its 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 satisfactory to said Association; and the policy or policies shall bear a standard New York mortgage clause without contribution, and shall be held by the Association; and, in the event any sum of money becomes payable -under such policy or policies, the Association shall have the option i to recei.ve and apply the same on account of the indebtedness hereby i secured, or to permit the mortgagor to receive and use it, or any f part thereof, for other purposes, without thereby waiving or impairing ~ any equity, lien or right under and by~virtue of this mortgage; and the ~ Association may place and pay for such insurance, or any part thereof, without waiving or affecting its option to foreclose, or any right hereunder, and each and every payment so made shall bear interest from the date thereof at the rate of Nine (9$) per cent per annum. ~ 4. To permit, commit, or suffer no waste, impairment or ~ deterioration of said property, or any part thereof and upon the failure ~ of the mortgagor to keep the improvements on said property in good ~ condition of repair, the Association may demand the immediate repair of ~ said improvements or the immediate repayment of the debt hereby ~ secured, and the failure of the mortgagor to comply with said demand ~ of the Association for a period of Thirty (30) days, shali 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 Association, ir~?ediately and without notice, may ~ institute proceedings to foreclose this mortgage and apply for the ~ appointment of a Receiver, as hereinafter provided; or the mortgagee ~ may make and pay for such repairs as in its descretion it may deem ~ necessary for the proper preservation ~hereof, and the full amount ~ ~ -4 FEE, PARKER 8~ FEE, P. A. ~ ATTORNEYS AT LAW ~ P08T OFFiCE BOX 1000 ~~~x /Q/ ~rC~7Q~ FORT PIERCE. FLORIDA 98480 FrZf~~ i~r ~ l~J ~ TEL[PXONC csoai 4s~-aozo ~ ~ ~C ,~.x E- y ~`a ~-a . . " "473+• g#a- K . ~,pa..% • s ;f`= ~ _ ~ ~ _ - ~ . ~ ~c. i