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HomeMy WebLinkAbout0985 at aU timespeacesbly and qutetly to eater upan, ho1d. occu~y and enjoy stud land; that said land is froe hom all encumbranoe~s; that they wiIl make such further ast~~anoes ao perfect tbs fee dmple tide to sajd land in the As.'oc~iatbn as may reasonably be reqwred, and that they do hereby fdly wu~rant tbe tltb to said land aad will defend the same against the lawful claims ot all persons whomsoever, PROVIDED ALWAYS t~at if the I~iortgagon shall well and tndy p~y unto the Associatlon, the indebtedness evidenoed by that certain proarissoty not~e. of even date baewitb. mads by tbe Mortgagois and pa~rable to the Association, in thc ~ncipal - TWENTY THREE THOLTSAND AND NOJ100the-------------- 23 000 00 ri„~ o~ - ~ noi~.q~ ca ~ - which note, togetber with interest thereon as fherein srecified, is pnyable in monthly installments of DI~IFa ~UNDR~D . NINE1'Y Z~iREE AND 02~100ths--------------------------_--.----.---.-----_-_-------- _ - 183. 02 -----Dollars (S - - on the-----.- 20th------day of each mouth commenring .vich----------- NoVember 20~ 19?5 ----------__-_-------_.which po?yments nre to be npplied, first to interest, and the balance to principal, until said indebtedness is paid ia fi~ll, aad shall perfo~m, oomp1y with and abide by each and every the stipu1ations, agreements, conditions and oovenants oE said pmomi~or~? note and this mo~tgaSe. Md. iacludn'8 any advances made by the Association to the Mortgagon, ~ their successors in titks. for any pnrpose, at any time before the release and cancellation of this moitgage, but at no time shall this mortgage secure advances on account of said original note together with such additia?al advances in a sum in ea~oess of_ TWENTY TAR,EE THOUS~AND AND NO 100ths---- ~ . Dollazs (i---Z_3._QQQ._011__), plus any advances necessary to protert the security and costs, then this deed and the estate hereby created shall cease and be nnll and void. AND THE MORTGAGORS DO hereby cvveaant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory note and ihis mortgage. or either, promptly on the days respectively the same severally come due. 2. To pay all and singular the taxes, a~ments, levies, liabilitie~, obl~gations and incumbrances of every nature and ]dnd now on said described groperty, or that hereafter may be imposed, suffered, placed, levied, or assessed thereon, or that herrditer may be kvied or ass~sed upon this 1ltortgage, or the indebtedness, serured hereby, cach and every, when due and payable, aocording to law, before they l~coome delinquent, and before any interest attaches or any alt~t is incur~ed; and in9ofar us ~c any thereof it of record the same shall be promptly satisfied and discharged of reo~rrl and original official document (such as, for instance, ihe tax receipt or the satisfaction paper officiaUy enclorsed or certified) shall be placed in thE+ hands of said Association as Modgagee within ten days r~ext after payment; and in the event tliat any thereof is not paid, satitfied and di~charged, said Association may at any time pay the same or any part thereof ~vithont waiving or affecting any option, lien, equity or ri~t under or by virtue of this '.?lortgage, and the fuII amount of each and every such payment shall be immediately due andpa ya le and shall bear intercct feom the date ther~eof antil paid at the rate stated in the note. securecl hereby and together ~vith such inter- est shall be sec~red by the lien of ihic Mortgage. 3. To keep the buildings and all equipment and personal property norv or hereafter on said premixs oovered b~ thi: mortgage, insured in a sum equal to at kast che amount of the mortgage. or an amount sufficient to comply with an~ co-insunnce require- ment covering the same undet the laws of the State oE Florida. aovering loss imm both tire and stoim, making the loa under said policies, eac6 and every. pa~+able to the Association, u mortgagee, as its interest may appear. and said insurante shall be in a gooel and responsiWe insurance company satisfaaory to said Association, and written by a raponsibk local agent satisfactorr to said Asw~ ' ciation: and the poliry or policies ahzU bear a standard morEgage clause without oontribution. and. if the original prindpal amount o[ the mongage is Fifty Thousand and no/100 Dollars (Z50.000.00) or in encaa thereof. shall be heM by the Assodation, aad. in the eveat any aum of money becomes payable uoder such poliry or policia, the Aaociatioa shaU have the option to receive and apply ~ the ume on acoount o[ the indebtednas herebr secured, or to petmit t6e mongagots w troeive and ose it, or any part thereof, fot other purposes, without thereby waiving or impairing any equity, lien, or right undtr and by virtue o[ this mongage. and may place and pay for auch insurance. or any part thereof, without waiving or atEecting its option w fonclose, or any right hereunder. t and the iull amount of each and every such payment shall be immediately due and pa~rabie and shall bear interest Erom the due ' chereof unal paid at the rate stated in the note secured herebr and together wieh such interat ahall be secured by the lien oE th~ 1liortgage. ~ 4. To permit, commit, or suffer no waste, im~rdirment or deterioration of said property, or any part thereof~ and upon ~ the failurc of the mortgagors to keep the buildings on said property in good condition of repair, the Association may demand the immediate repair of said buildings or the immediate repayment of the debt hereby secwed, and the failure of the modgagors to rnmply with said demand of the Association for a period of Thirty (30) days, shall constitute a breach of this mortgage, and, at thc option of the Association, immediately mature the entire amount of principal and interest hereby secnred, and the Association, immediately and without notice, may insd~ite proceedin;s to foreclose this mortgage and applv f~r the appointment of a Receiver, as hereinaker provideci. 5. This mortgage contract provides for additional advances w~hich may be made at the option of the association and ~ secured by thu mortgage, and it is agreed that in the event of such advances the aznount may be added to ihe mortgage debt and shall increase the unPaid ba]ance of the note hereby secured by the amount of snch advance and shall be a part of said j note indebtedness under all the terms of said note and this cantract as f~illy as if a new such noie and contract w•ere executed f and delivered. M udditional advance agreement may be given and accepted for such advance and provision may be made for ~ different monthly payments und a different interest rate and other eapress modifications of the contract, but in all other respects ihis contract shall remain in full force and effect as to said indebtedness, including all advances. ~ 6. If any af the sums of money herein referred to be not prompdy and fully paid within Thirty (30) days next after the same severally come due and payable, or if e~ach and every the stipulations, agrcement, conditions, and covenants of said ~ promissory note and this deed, or either, aze not duly performed, complied with and abided by, the aggiegate sum mentioned in said pmmissory note and any other amount or amounts added to the morigage indebtedness under the te~ms of this mortgage ~ shaD become due and payable forthwith or thrreafter at the option of the Association. as fully and completely as if said aggregate ~ ~~~a~ ey was originally stipuiated to be paid on such day, anything in said promissory note or herein to the contrary not- ~ ~ & t ~ 7. To deliver to the Association, on or before ~sarch 15th, of each year, tax receipts evidencing the payment of"aU la~•- ' ' (ully imposed taxes for the preceding calendar year; to deliver to the Associatian receipts evidencing the payment of all liens ~ for public ~mprovements within ninety (90) days after the same shall hecome due sind payable, and to pay or discharge within ~ ninety (9p) davs after due date, any and all govemmental levies tbat may be made on the mortgaged property, on this mortgage or note, or in any other way resulting from the mortgage indebtedness secured by this mortgage. ~ . E~~K2~5 ~~E 980 e . ~ _ - - - . t. - _ - s,,~ - - - - . .