HomeMy WebLinkAbout2783 ~
E
11. It is specifically agreed that time is the essence of this
contract and that no waiver of any obliqation hereunder or of the obliga-
tion secured hereby ahall at any tin?e thereafter be held to be a
waiver of the terms hereof or of the instrument secured hereby.
12. If foreclosure proceedings of any second mortgaqe or- second
trust deed or any junior lien of any kind ahould be instituted, the
Association may at its option, immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable.
13. To the extent of the indebtedness of the mortgagor to the
Association described herein or.secured hereby the Association is hereby
subroqated to the lien or liens and to the riqhts of the owners and
holders thereof of each and every mortgaqe, lien or other encumbrance
on the land described herein which is paid and/or satisfied, in whole
or in part, out of the proceeds of the loan described he=ein or secured
hereby, and the respective liens of said mortqages, liens, or other
encumbrances, shall be and the same and each of them hereby is preserved
and shall pass to and be held by the Association herein as security for
the indebtedness to the Association herein described or hereby secured,
to the same extent that it would have been preserved and would have been
passed to and been held by the Association had it been duly and requ-
larly assigned, transferred~ set over and delivered unto the Associa-
tion by separate deed or assignment, notwithstandinq that the same
may be satisfied and cancelled of record, it being the intention
of the parties hereto that the same will be satisfied and cancelled
of record by the holders thereof at or about the time of the recording
of this mortgage.
14. To pay all and singular the costs, charges, and expenses,
including lawyer's fees, incurred or paid at any time by the Associa-
tion because of the failure of the m~rtgagor to perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of said promissory notes and this deed, or either,
and every such payment shall bear interest from date at the rate ~
of nine (9$) per cent per annum.
15. Upon the occurrence of the filing of an arrangement or
proceeding in bankruptcy by or against mortgagor, ix~itiation of
insolvency proceedings by or against mortgagor, or assignment by
~ mortgagor for benefit of mortgagor's creditors, all of the sums .
~ secured by this mortgage shall be immediately due and payable at the
4 option of mortgagee, without notice or demand.
~
! ~16. To submit to Association within ninety (90) days of
E the end of each fiscal year its annual stateinent or balance sheet,
~ and in addition thereto, a profit and 3.oss statement for the opera-
~ tions on the premises encwnbered hereby.
t
17. To keep the Association insured against any loss sus-
- tained by reason of the default in payments by Mortgagor of this
first mortgage loan during the first five (5) years of the life of
this mortgage in a company or companies to be approved by Associa-
tion, and to pay the premiums for such insurance in the manner _
~ hereinafter provided in Covenant 18 of this mortgage.
~ 18. To pay to mortgagee with-each monthly payment an
R additional sum estimated by mortgagee to be equal to 1/12 of the
~ annual costs of ~fie following:
~
~ A. All real property taxes levied or assessed against
~ the above described real estate.
~
~ B. Premiums on fire and windstorm insurance as herein
required to be carried on the improvements situate on
~ the above described premises.
~
~ -6-
FEE. PARKER & FEE, P. A.
ATTORNEYB AT LAW
POST OFFICE BOX /000
~ FORT PIERGE. FLORIDA 334D0 OC RX ~42 P~~GF ~r ~$5
T[L[rHOt+[_ (sOS) 4ai-6020
~ ~ .~tr ;s s',a
~ r E'^"`
~ _ 'r'
1- s-