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HomeMy WebLinkAbout2878 . 'i ~ ~ ~f ~ at all timespeaceably and quietly to enter upon, hold, occupy and cnjoy said lxnd; that said land is free from aU encumbr~u~s: ; that they will make such further asauitanoea to pafect tbe fee simplo title to said land in the Association at may reasonably be .i required; and that thay do henby fully waasnt the title to so?id la~d and will defend the sume against the lawful claims of all persons whomsoever. PROVIDED ALWAYS chut if the 1liortgagon shgll weU and tn~ly pay unto thc Association, t6c indebtedness evidenced by that certain promissory note, of even date b~vItb. mads by ihe Modgagors and payable to the Association, in the principal ~m ~ FIVE THOUSAND ONE HUNDR,ED SEVENTY FIVE AND NqI100po~~1~ 5,175. 00 - - - - - - ONE HUNDRE D which note, together with interest thereon as therein sPecified, is payable in monthly installments of. _ EIGHT AND 68/100ths--------------------------------------------------------.. _ - - - - - - - . - - - - - - - - - - . - - _ _ . - - - - - - - Dollars (i_--.-108. 68.----- - - - - . November 1?,1975 on the------ ---1.~ -._~Y of each month c~mmencing with------- ------------------------------------------------------------------which ts are to be ~pplied, first to intere,st, and the balance to princigal, until said indebtedness is paid ia fiill, and shall pecform. ~this with aad abide by each and every the stipulations, agmements. conditions and covenants of said promissory ~wte and mortgage, And, including any advances made by the Associatia~ to the Mortgagors, or tbeir suocessors in titles, for any purpose, _ at any time before the release and cancellation of this mortgage, but at no time shaU this mortgage secure advances on account FIVE THOUSAND ONE of said original note together with such additional adva~ces in a sum in excess of-_-------------------_-------------------------------- ---HUNDRED_SEVENTY. FNE AND_N01100ths---..Dollars (a---- 5~_175. 00----), plus any advances necessary to protect the security and costs, then ihis deecl and the estate hereby created sball cease and be null and void. AND THE riORTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and iaterest and other sums of money payable by virtue of raid promissory noM and this mortgage, or either, prompdy on ihe days respectively the same severally come due. 2. To pay all and singular the taxes, as~ments, levies, liabilities, obligatians and incumbrances of every nature and kind now on said desc7ibed property, or that hereafter may be imp~s~ , suffered, placed, levied, or assessed thereon, or that hereafter may be levied or assessed upon this Nortgage, oi the indebtedness securecl hereby, cach and every, when due and payable, according to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and inwfar as ~ any thereof is of record the same shall be prompdy ratisfied and discharged of record and the original official document (such ~ as, for instance, the tax receipC or the satisfaction paper officially endorsed or certified) shall be placed in the hands of said Association ~s ~lodgagee within ten days ne~ct after payment; and in the event that any thereof is not paid, 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 iinder or by virtue of this ~iortgsge, and the full amoimt of each and every such payment shall be immediately due andpa yable and shall bear interest from the date thereof until paid at the rate stated in the note secureci hereby and together with such inter- est shall be secured by the lien of this Mortgage. 3. To keep the buildings and all equipment and peisonal property pow or hereatter on said premises covered by this mortgage. insured in a sum eqnal to at least the amount of the mortgage, or an amount sutficient to mmply ~vith any co-insunnce require- ment covering the same under the laws ot che Sute o[ Ftorida, covering loas [mm both fire and scorm, making the loas under said policies, each and every, payable tn the Association, u mortgagee. as its interest may appeu. and said insurance shall be in a good and responsible insurance company satistactory to said Association, and written by a responaible local agent satisfactory to said Asso- j ciation: and the policy or policies shall bear a standard mortgage clause without rnntribution, and, if the original principal amount ~ of the mortgage is Fifty Thousand and no/100 Dollan (~50,000.00) or in excess thereof, shall be hdd by the Association, and, in ~ che event any sum of money becomes payable under such policy or policies, the Association ahall have the oprion to receive and apply the same on account o[ the indebtedness hereby secured, or to permit the roortgagors to receive and ux it, or any part thereof, for other pur~wses, without thereby waiving or impairing any equity, lien, or right under and by vinue oE this mortgage. and may ~ place and pay tor such insurance, or any pan thereo(, without waiving or affecting its option to foredose, or any right hereunder. ~ and the tull amount of each and every such payment shall be immediately due and payable and shall bear interest from the date chereof until paid at the rate stated in the note secuted hereby and together with sudt interest shall be secured by the lien oE this ~ ~fortgage. ~ To permit, commit, or suffer no waste~ impairment or deterioration of said proped~•, or .iny part thereof, and upon ~ the failuro of the mortgagors to keep the buildings on said property in good condition of repair, the 4ssociation may demand the immediate repair of said buildings or the immediate rep:?yment of the debt hereby secured, :u~d the failure of the mortgagors to comply with said demand of the As.wciation for a period of Thirty (30) d.1ys, shall constitute a breach of this mortgage, and, at thc option of the Association, immediately mature ihe entire amount of principal and interest hereby secured, and the :-~ssociation, immediately and without notice, may institute proc:eedin;s to forerlose this mortgage and appl~• for the appointment of a Receiver, as hereinaher provided. 5. This mortgage rnntract provides for additional advances ~vhich may be made at the option of the association and secured by this morigage, and it is agreed that in the event of such advances the amount may be added •to the mortgage debt ~ and shall increase 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 s?s fuIly az if a new such note and contraM w•ere executed ` and delivered. M additional advance agreement may be given and accepted for such advance and provision may be made for `y c:ifferent monthly payments and a different interest rate and other eacpress modifications of the contract, but in all other respects ~ ihis contract shall remain in full force and effect as to said indebtedness, including ali advances. + ~ 6. If any oE the sums of muney herein referred to be not prompdy and fully paid within Thirty (30) days next after ~ ~ the same severally come due and payable, or if cach and every the stipulations~ ao eement, conditions, and covenants of said ~ ~ promissory note anJ this deed, or either, are not duly performed, complied with and abided by, ihe aggregate sum mentioned ~ in said promissory note and any other amount os amounts added to the mortgage indebtedness under the terms of t~is uwrtgage ~ shall beoome due and pa~~ble forthwith or thcreafter at the option of ihe Association, as fully and completely as if said aggregate sum of money was originally stipulated to be paid on such day, anything in said promissory note or herein to the contrary not- .vithstanding. ~ 7. To deliver to the Association, on or before 1liarch 15th, of each year, tax receipts evidencing the payment of all la~+•- fully im~os~ taxes for the prececling ralendlr year; to deliver to the Association receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall txxome 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 ~r note, or in any other way msulting fmm the mortgage indebtedness secured by this mortga~e. . B0~(~~~ PAG~~~ ~ _ _ . . . _ _ : .