HomeMy WebLinkAbout0596 .~t aU times pc:~c~.,bly :u?d qu;edy to ~ntcr u~x,u, hald, ~K~tupy und cnjm• wtJ l.iud; that s:?id laud is (r~~ from all encumbr.u~ces;
that thcy will make such further assurances to pedect the fee simple litle to said lund in the Aswriation as mav re:uonably lx•
rryuirc~cl; and that they do hereby fully warrant the tide to said I:wd unci «~ill ~lefend the s:une :~gainst the I:?~~•ful elaims of
.;Il pcrs~» ?s ~~•h+~mscx~vcr.
PRO~'1DED AL~~'Al'S th:~t i( the \lurtt;:~gurs shall ~~~ell :u?d tndy pa}• unto thc: Assix•iation, the in~lrbtc~cl~zess evident~ed ~
l,v th:et crrtain promissory note, of even date here~vith, made bv the ~tortgagors :incl pa~•ahle~ to thc Asuxiatiun, in thc princi~x~l }
:um of T~TY SEVEN THOUSAND TVfFO HUNDRED AND NO/ 100ths ~~~~~~.~~5 ~s 37, 200. 00 ~ ~
~.•hich notc, together ~~•ith iuterest t}?ercrm as the~ein sPecified, is ~~:~valil~• in ~nunthly installments ot interest payments
due on August 20th, 19?6, September 20th, 1976, October 20th, 1976 and then THREE
HUNDRED FIVE AND 85/100ths--------------------------------------------------:
--------------------------=----------------1k,11 ~s 305.85
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on the 2~h d~y uf each maith a~mmencing .~;ch November 20th, 1976 which payments ;
.~re to be appliecl, first to interest, and the balance to principal, ontil said indebtedness is paid in full, and shall perform, eomply
~.~ith and abide by cuch and every thc stipulations, agreeinents, conditions und rnvenants of said promissory note and this
mortgage, And, including any advances made by the Association to the \iartgagors, or their succ~essors in titlr, for any purpoae,
at anv time before the mle~.ue ancl rancellation of this mortgage, but at no time shall thic mortgage secure advanccs on account
oF suicl ori~inal note together with such additiun~l advances in a sum in excess of._THIRTY SEVEN THOUSAND
TWO HUNDRED AND NO/100ths------------- 37, 200, 00 ~iu any advunces neccssan•
- - - Dollars (S p -
tu protect the security and costs, then this deed_and the estate herebv createcl shall cease and l~e null and void.
A\D T}~E ~iORTCAGORS DO hercby cv~~enaut and agme:
l. To pay all and singular the priucipal and interest and ~thcr sums of money payable b~• virtue of s:iid promissorv note
,~~~d this mortgage, or cither, promptl~~ on the days respectively the same ~e~~erally come due.
2. To pay a11 and singular the taxes, assessments, levies, 1iaUilities, obligations and incumbrances of every natare and kind _
u~~~~• on saicl deseribecl pmperty, or that hereafter mav be imposecl, suEferecl, placecl, leviecl, or assesseci thereon, or that hereafter
n~a~• be levicd or assessed upon d~is ~lortgabe, or the indebtedness securecl hemb~•, c.ich and e~•erv, ~~•hen clue and payable,
~~thergeoE~~.s~of~recuf
rd t} eesamxeslu
ll~~be ~~x mptiy sat sFiedeanclydisc•hargc~cltofcr:c~~nl ancl t1
cl~urigi al offie~ial~doeument (sueh
~s, for in~tancr, the tax reccipt or the satisfactiun Pa~r officiallv endorsecl or certified} sh.ill hc~ placecl in the hands of said
.~sscaciation as \fortGa~ee «~thin ten davs next after p:»'ment; and in the e~•ent that anv therc~f is not ~k~id, satisfied and dischart;ecl,
~aicl As~~xiation mav :it anv time pa~• tiie ~ame or 111~' 1):ilt LI1Creof ~~-ithout ~~•ai~~ng c~r affc~ctin~ any option, lien, ec;uih~ or right
~~nder or bt• ~~rtue uf this V~?rt~a~;c, and the full amount of earh and even• such payment shall }>e immediatch• d~~e and payahle
and sl~all bear interest frum the date thereof urrtil ~;aid at the r:ite stated in the uote secvrecl 6ereb~- and to~eth~r ~~•ith such inter-
t~st shal) be sccured by the ]ien of lhis ~1ort~:ige,
~i 3. To keep the buildinRs and all eyuipment and penonal property now or herea[ter on said premises covered by this mortgage,
i insurcYl iu a sum eyual to at least ehe amount of thr mortRage, or an amount su[ficient to comply with eny co-insurance requim-
~ mrnt co~•ering the same w~drr the IaNS o[ thc Statr o( Florida, co~•ering lo~s from both (ire and storm, making the loss under said
' ~~olicie~s. each and e~ery•, pa~•ablr to the Assotiation. as mortgagee, as its intrre~st may,appear, and said iusurance shall be in a good
I .ind responsible insurance company satistauor~ to said :~ssociation, and ~ritten b) a responsible local agent satisfactory to said Asso-
! ciation; •rnd the ~wlic}• or poliiies shaU t~ear a staudarci mortga~;e cL-~use Nithout contribution, and, if the oriqinal principal amount
i of the mottKaKe is Fift}• "l~housaud and no; I(NI IMllan (S50,0(NI.(NI) or in excess thereof, shall be held by the Association, and, in
` che e~•ent any sum o[ inone}~ becomrs ~,a~~able under such ~lic~ or policic~s, the Association shall have the option to recei~~e and apply
~ thr same m~ accown ot the iudebtednrss hereb~~ securcYi, or to permit the mortgaRors to receive and use it, or any part thereof, for
; ~~hrr pur},oses, without thereb}• ~+ai~iuK or impairinR any e~c~uity, licn, or right under and by ~•irtue of this mortgage, and may
s ~~lace ai~d ~?ry for such insuraner, or am part thrreof, without wai~•inK or aEfectinK its option to (oreclose, or any right hemunder,
s ,wd the [ull amount of each and r~rr~• sueh p:+}~ment shall be immcYliatrl~• due and payable and shall bear interest (rom the date
; therrot untit paid at the ratr statrd in the notr ~ecured hrreby~ and togett~er ~vith such interest shall be secured by the Iien of this
~ Jfortgage.
a
~ ~1. To ~ermit, a:mmit, ~~r suffer no ~~•astc, irnpairmeut or dcterior,ition of s.+id propert~-, or any part thereof, and u~wn
~ fuilure uf the in~ut~a~urs t~~ keep the builclinrs r~n saiel pmpert~~ in ;c~d conditio~~ uE repair, the :lssaciation may demand the
~ ~:nm~~cliate re~~air of said bu~ldin~s or thc immcdi,~te rrpa~•mrnt oE the debt herchy xrure~l, ;ind the failurc ~~f the rnortgagors
~ comph~ ~~•ith said demand of th~ :lsscxi.?tion for a~ri~xl ~~f Thirt~• (3f?) d:~~-~, shall c~nstitut^ a breach of this mortRa~e,
~ :ind, at th~ optinn of the Asca•iation, immedd:dFlv m:~tur~ the ~ntirc :im~~unt of princip:il :tnd intc•rest herebt~ secured, and the
~ lscoci~tion, immediately and ~~~ithout notice, mav institute proe~~erlin~e t~~ fnreclo~ thic mart~a~P and apph• f~r the ap~intment
r ~~F a liecei~•er, ac hereinafter prm•ide~l.
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~ This mort~age contract pro~~ides fur additiun:il advanci~s ~~•hich ~ns~• be made at the o~~tiun ~~f the association and
' ~~cured bv t}~is mort~age, and it is agreccl that in t}?e event of such ach•ances the a:nount may Ue add~d to thr mortga~e debt
; .uid shall increase the unpaid balance of the note hereb~• secured b~• 1he amount of such ach~ance and sha)l be 1 PBCf of said
e n~,te indeUtedn~~s. uuder all the terms nf said nute and ~this contraM .:s full}• ~s if a new such noic and contract ~~•~re executed
" ~nd ~leli~•ered. An additional adcanee a[;reement ma~• f~e ~i~~Pn ancl accepted for such ad~•~nee ancl pro~~ision ma~• }x~ made for
- ~lifferent monthh• pa~rnents ::ncl a clifFerent interest ratc anci other espress mociifications of the contrac~, but in al! other res~cts
c}~is contrlct sh:?II re~nain i~~ fi~ll force and effcct as to s:+id indcbtedness, includin~; all advances.
6. If am• nf the sums of money hercin referred to be not promptl~• and fi~ll~~ paicl ~~•ithin Thirty ( 30 ) days next after
~ the same sevcrally rnme d~ic and pavable, or if each and everv the stipul.itions, aorcrmcnt, conditions, and covenants of said
Promissory note ancl this dced, or either, are not duly pedormed, complied a•ith ancl abideci hy, the aggregate sum mentioneci
_ in caid promis.orv ~iote ancl anv other amount or amounts added to the mortgage indebtedness under the terms of this mortga~e
shall become duc and pa~~~ble forth«~ith or thcreaFter at the option of the Asso^iation, as fu11y and completely as if said a~~regatc• z
°ti wm of monev ~vas originally stipulatecl to be paid on such dav. :?n~~thing in said promissorv note or herein to the contr~rv not- •
~ «~ifhstanding.
' To deli~~er to th.• :lssociatiun, on or Lefore ~tarch 1ith, ~f rach ~e:~r, tax receipts evidencing the payment ~~f all 1a~~~-
fi~lly im~sed tax~•s for the ~recedins; cal~ndar ~~ear; to deli~•er to thc• Association receipts evidencing the payment of all liens
F~r public impro~•ements ~rithin ninety clays aftcr the same shcill i~ccomc due and payable, and to pay or discharge within
ninety (90) da~•s after due date, an~~ and all ~ocemmental levies that may be made ~n the mort~u~ed proPertv, on this mortgar~
- nr not~, or in am• ~~ther ~~:iv rc~snltin~* fr~m thc~ mi~rtgage indebteclness seeure~l b~• this mort~a~r.
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