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HomeMy WebLinkAbout0775 at all times~ raceably and quietly to e~ter upon. hold, occuNy und cnjoy said lu~d; that said land is free from aU encumbrances; that they vrill make such fucther assurat?ces to perfe~! the fee slmple title to said lund in the Association as may re:uonably required; and that they do hereby fully warrant the title to said land and will defend the same against the la~vfu) claims oE all persons ~vhomscever. _ PROVIDED ALWAYS thut if thc rlortgagon shxll well s~nd truly ~ray unto the Assoriation, the indebtedness evidenced by that ec~rtain promissory note, of even date herewidt, made by the 111ortgagors and pa~~able to the Association, in the princip.ll FOUR THOLISAND TWO HUNDR.ED AND NO/lOOths----------po~i;,~ ~a 4, 200.00 sum of ~ . _ . _ - which note, together ~vith interest thereon :u themia sPecified, is p:?yable in manthly installments oE EIGHTY EIGHT AND 22/100ths------------------- Dollars (s _ .88. 22 - - on the. 20~h. day of each month commencing ~vith._- -----DeCeYrihP..r__2Ui.1S45--------------~------- --------~'hich payments are to be appUed, fint to interest, and the balance to principal, until said indebtedness is paid in fuU, and shall perfortq oomply .vith and abide by e~ch and every the ~ stipulations, agreements, conditions and covenants of said pmmicsory note and this modgage, And, including any advances made by the Association to the Mortgagors, or their successors in tidr, for any purpoae, at any time before the release and cancellation of this mortgage, but at no time shall this mortgage secure advances on account of said original note together ~vith such additional advances in a sum in eacess of__FOUR THOUSAND_ TWO HUNDRED AND NO/100ths---_-_------------Dollars (3 .4~_2QQ,QO__.__), plus anv advances necessan~ - - ~ - to protect the security sind costs, then this deed and the estate hereb~ createcl shaA cease and be null and void. ~ AI~D THE ~10RTGAGORS DO hereby cvve~ant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory note :~nd this mortgage, or either, promptly on t~ie day~s respectively the same severally come due. 2. To pay all and singiilar the taxes, assessments, levies; liabilities, obligations and incumbrances of every nature and kind now on said dcrseribed property, or that hereafter may be imposed, suEfered, plaeecl, levied, or assessed thereon, or that hereafter may be levieci or assessecl upon this ~tortgage, or the indebtedness seeurecl hereby, eaeh and e~~ery, ~rhen due and payable, according to la~v, before they become delinquent, and before any interest attaches or any penalty is incurrPd; and insofar :u .~ny thereoE is of record the same sl~all be promptly 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) shall be placed in the hands of said Association as ~tortgagee ~vithin ten da~5 next after payinent; and in the event that any thereof is not Iraid, satisfied and dischazged, said Association m:ry at any time pa}~ the same or any part thereof without waiving or affecting any option, lien, equitv or right iu~der or by virtue of this ~tortgage, and the [ull amount of each and every such payment shall be immediately due andpa yable :u?d shall bear interest from the date thereof until paid at the r•?te siated in the note sec~~red hereb~• and to~ether with such inter- est shall be secured by the lien of this rtortg~ge. 3. To keep the buildings and all equipment and personal property now or herea[ter on uid premises covered by this mortgage, insured in a sum equal to at least the amount ot the mongage, ot an amount su(ficient to mmply with any co-insurance require- ment cov~::ng the same under the laws ot the 5tace o[ Florida. rnvering loss from both tire and storm, making the loss under said ~licies, each and e~•ery, payable ta the Associatiou, as mortgagee, as its interest may appear, and said insurance shall be in a gooci and responsible insurance company satisfactory to said Association. and written by a responsible local agent satislactory to said Asso- ciation: and the policy or policies shall bear a standard mortgage clause without tontribution, and, if the original prindpal amount s I oi the mortgage is Fifty Thousand and no/1W Dollars (550,000.00) or in excess thereof. shall be held by the Association, and, in I the ecent any sum of money becomes payable under such policy or policies, the Association shall have the option to rrceive and apply che same on account ot the indebtedness hereb~ secured, or [o permit the mongagors to receive and use it. or any part thereol. for ~ other purposcs, wiehout thereby waieinR or impairing any equity. lien, or right under and by vinue of ehis mortgage, and may ~ place and pay [or such insurance, or any part chereof, without wai~•ing or a[fecting it; option to torecloae, or any right heteunder, k and the [ull amount of each and e~•ery such payment shall be immediately due and payable and shal! bear interest irom the date themo[ uneil paid at the rate stated in the note secured hereby and cogether with such interest shall be secured by the lien of thit ~ ~fortgage. ~ To ~.ermit, commit, or suffer no waste, impairment or detcrioration of said propert~•, or :~ny part thereof, and upc~n the failure of the mortgagors to keep the buildings on said property in good condition of repa'v, the Association may demand the ~ immediatc repair of said bu:ldings or the immediate repavment of the debt hereby secured, and the failure of the mortgagors ~ to comply ~~-ith said demanci oE the Association for a period of Thirty (30) days, shall constitutp a breach of this mortgage, ; and, at the option of the Association, immediately mature the entire amount of principal and interest herebv secured, and the # :lssociation, immediately and ~vithout notice, mav institute proceeclin~s to foreclose this mortgage and appl~• for the appointment nf a Recei~~er, as hereinafter pm~~ided. ~ ~ ~ S. This mortgage contract provides for additional advances ~~•hich may be made at the option of the association and secured by this mortgage, and it is agreecl that in the event of such advances the amount may be added to the mortgage debt ~ :?nd shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of said note indebtedness under all the terms of said note and this contraM :u fully as if a new such note and contract tisere executed ~ :?nd deli~•ered. An additional advance agreement mat~ be gi~•en and accepted for such advance and provision may be made for i rliffemnt monthlv j~a}•ments and a different interest rate and other express modifir<?tions of the contract, bui in all other respec~s ! - this contr.ict shall remain in full force and effcct as to said indebtedness, including all advances. ~ 6. If am~ of the sums ~f money herein referred to be not promptly and fully paid ~~7thin Thirty (30) days nezt after ~ the same severally come due and payable, or if each and every the stipulations, agrccment, conditions, and covenants of said ~ ~ promissory note and this dced, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned in said promissory note and anv other amount or amounts added to the mortgage indebtedness under the terms of this mortgage ; ~ shall become due and pa~•able forthw~th or thcreafter at the option of the Association, as fuUy and comptetely as if said aggregate £ ~ sum of money ~+-as originally stipulated to be paid on such day. anything in said promissory note or herein to thc contrarv not- ~ ~vithctanding. E ~ i. To deli~•er to the Association, on or before ~iarch l~th, of each year, tax receipts evidencing the payment of all la~+•- . ~ fully im~ taxes for the preceding r.ilendar vear; to deli~•er to the Association receipts evidencing the payment of all Iiens ~ ~ for pub ~l'c improvements K•ithin ninety (90) days after the same shall become due and payable, and to pay or d~ccharge within : ~ ninety (90) da~~s after due date, an~• and al) governmental levies that may be madc on the mort~aged property, on this mort~;a~e ; ~r noie, or in an~~ other way resultin~ from the mortgage indebtedness secured by this mort~{aQe. ~ ~ F' ~ . , » , ~ ~ BCuK ~ J FAGE ~ f ~ - . ~ ~ - ~ , : ~ : _ ~ ~~~~,R"~.xH°~a Fe~ a.. . .