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HomeMy WebLinkAbout0091 '1 at aU times ~aceably and quietly ta enter upon, huid, oc.rul~y arsd enjoy saiJ lui?d; that said lanJ is fre~ from all encumbrai~ces: that they will make such futther assurances to perfect the fee simple title to said land in the Association as may reasonably lx~ ; required; und that t}?eJ? do hereby ftilly w~rrant the tida to saiJ lancl and ~vill defend the same against the lawEul claims af ; all petsons whomsoever. 3 PROVIDED AL~VAYS thut iF the 1ltortgagors shall well nnd truly pay unto the Aswciation, thc iudebteclness e~~denced ~ by that ccrtuin promissory note, of even date herewith, made bv the \lortgagors and payable to the Asscxiation, in the (~rinri~~:il TWENTY _THREE THOUSAND SIX HUNDRED AND NO/ 100ths~~~,~~ ~s 23, 600. 00 ~ .umoE. . - _ _ ~~•hich note, together with interest thereon as themin specifiecl, is pay:ible in mor?thly installments oi ~terest payments ; due on November 20, 1976, December 20, 19?6, January 20, 1977, February 20, 197?, ~ _ . _ _ - - March 20, 1977, April 20, 1977 and then ONE HUNDRED NINETY EIGHT AND 46 / 100ths ' -------------------------------------------~,llsrs (g 8.06 - - _ . _ _ _ - - 19 ~ 20th May _20th, 19?? which ments Pa on ihe. . _ _ d•ry oE each month c~mmencing with . - - ~ :ue to be applied, first to interest, and the balance to principal, until said indebtedness is gaid in full, and shall peiform, comply w~ith and abide by each and every the stipulations. agreements, conditions and covenants of said promiscory note and thic mortgage~ And, including any advances made by the Association to the Mortgagors, or their successors in title, for any purpose, at anv time before the mlease and rancellaNon of this mortgage, but at no time shall this mortgage secure advances on account oE s:iid original note together with such additional advances in a sum in eacess of.__TWEN'TY THREE THOUSAND SIX HUNDRED_AND NO/100ths---_--_--_------_-~oliars 23, 600. 00_ plus any advances necessa»• to protect the seeurity and c~sts, then this deed and the estate hereby created sh:~ll cease and be null and void. AND THE i~iORTGAGORS DO hereby cvvenant and agree: 1. To pay all and singular the principal and interest and other sums of money payable by virtue of said promis.wry nute :~nd ihis mortgage, or either, prompdy on the days respectively the same severully come due. 2. To pay all and singular the taxes, assessments, levies, liabilities, obtigations and incumbrances of every nature and kind now on said described property, or that hereafter may be imposed, suffered, placed, levied, or assessecl thereon, or that hereafter may be levied or assessed upon this ~todgage, or the indebtedness securecl hereby, cach and e~•ery, ~vhen due and payablr, ucconling to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and insofar as any thereoE is of recvrd the same shall be promptly satisfied and dischargeci of record and the orii;inal official document (such as, for instanee, the t~uc reeeipt or the satisfaetion paper offieially endorsed or certified) shall be plaeecl in the hands of said Association as ~Iortgagee ~vithin ten days next after pa~Rnent; and in the event that any thereof is not paid, satisfiecl and discharged, said Associ.ltion m:ry any time ~av tl~e same or any part thereoE ~vithout ~vaivir~g or affecting any option, lien, equih~ or right i?nder or by ~~rtue of this \iortgage, and the full amount of each and every such payment shall be immediately due a~idpa ~~able and shall bear interest from the date thereof until paid at the nte stateci in the note seeurecl hereb~• and together ~vith sueh inter- est shall be secured by the lien of this 14~ortgage. . ; 3. To keep the buildings and all equipment and petsonal property now or hereafter on said premises covered by this morcgage. insured in a sum equal to at least the amount o[ the mortgage, or an amount sufficient to rnmply with any co-insurance tequire- ~ ment covering the same under the laws of the State of Florida, co~ering loss from both fire and storm, making the loss under said 'I policies, each and every•, payable to the Association, as mortgagee, as its interest may appear, and said insurauce shall be in a good C and responsible insurance company satisfactory to said Association, and written by a responsible local agent satis[actory to said tlsso- ciation; and the policy or policies shall bear a staudard mongage clause without contribution, and, if the original principal amoun't ~ of the mortgage is Fifty "Thousand and no/IOb I)ollars (550.000.00) or in excess thereo(, shall be held by the Association, and, in ~ the e~•ent any sum ot money becomes par•able under such policy or policies, the Association shall have the option to receive and apply the same on account ot the indebtedness hereby secured, or to permit the mongagots to receive and use it, or any pan chereof, for ; other purposes, without thereby wai~_inR or impairing any equity. 1ien. or right under and by virtue ot this mortgage, and may ~ place and pay tor such insurance, or any part thereof, without wai~~ing or a~fecting its option to foreclose, or any right hemunder, and the full amount of each and every such pa~~ent shal) be immediately due and payable and shall bear interest Erom the date thereo[ until paid at the rate stated in the i~ote secured hereby and together with such interest shall be secured by the lien oE this :~fortgage. 4. To permit, commit, or suffer no tvaste, impairment or deterioration of said propert~•, or :~ny part thereof, and upon tt~e failure of the mortgagors to keep the bi~ildings on said pmperty in gooci condition of repair, the Associa:ion may demand the immedi:?te rep:~ir of s;iid bu;ldings or the immediate repayment of the clebt hereUy sec:urecl, and the failure oE the mortgagors to comply w-ith said demand of the Association for a peri«i of Thirty (30) days, shall constitute a breach of this mortgage, and, at thc option of the Association, immediatelv mature the entire amount of principal a~d interest hcreby secured, and the :~ssociation, immediately and without notice, mav institute proceeclinRS to foreclose this mortgage and appl~• for the appointment of a Receiver, as hereinaker pmvided. S. This mortgage contr.?ct provides for additional advancti:s ~chich may be made at the option of the association and seeured bV this mortgage, and it is agreecl that in the event of sueh advanees the amount may be addeci to the mortgage debt w and shall increase the unpaid balance of the note hereby secured by ihe amount of such advance and sh111 be a part of saicl ~ note indebtedness under aU the terms of said note and this contract as fully as if a new sach note and contract H•cre executed ~ anci delivered. An additional advancc agreement ma}• be given and accepted for such advance and provision ma}• be made for ~ ciiffc7ent monthlv pa~-ments and a different interest rate and other express modifications of the contr.~c., but in all other respec~s ihis contract shall remain in full force and effect as to said inclebtedness, including all advances. 6. If anv of the sums of muney herein referred to be not promptly and fu11y paid ~~•ithin Thirty (30) days ncxt after the same sever.~lly come due and payable, or if each and every the stipulations, aorcement, conditions, and covenants of said ~ promissory note and this deed, or either, aze not duly performed, complied with and abided by, the aggregate sum mentioned ~ in said promissory note and any other amount or amounts added to the mortgage indebtedness under the terms of this mortgagc ~ shall become due and pa~-~ble forthwith or thereafter at the option of the Association, as fully and completely as if said aggregate ~ sum of money was originally stipulated to be paid on such day, am~thing in said promissory note or herein to thc contrarv not- ~vithstanding. 7. To deliver to the Association, on Qr before ~larch l~th, of each ~•e3r, tax receipts evidencing the payment of all la~?•- h~lly imposecl taxes for ihe preeecling ealendar year; to deliver to the Assoeiation receipts evideneing the payment of all liens for pub~ic improvements wtithin ninety (90) days after the same shall hecome due and ~rayable, and to pay or discharge within ninety (90) da~~s after due date, an~~ and all governmental levies that may be made on the mortg:~ged pmperty, on this mortgage or note, or in any other way resultinR from the mortgage indebtedness secured bv this mort~a~e~.