HomeMy WebLinkAbout0264 described property, and also all the estate, right, title,
interest, property, possession, claim and demand whatsoever
as well in law as in equity of the said mortgagor of, in and
to the same and every part thereof unto the said mortgagee
and its successors and assigns forever. ~
AND the mortgagor does hereby covenant with the Association
that it is indefeasibly seized of said land in fee simple; that it has
full power and lawfu2 right to convey said land in fee simple as
aforesaid; that it shall be lawful ~or the Association at all times
peaceably and quietly to enter upon, hold, occupy and enjoy said
land; that said land is free from all encumbrances; that it will
make such further assurances to perfeCt the fee simple title to said
land in the Association as may reasonably be required; and that it
does hereby fully warrant the title to said land and will defend
the same against the lawful claims of all persons whomsoever.
PROVIDED ALWAYS that ~f the mortgagor shall pay unto the
Association the principal indebtedness evidenced by that certain
promissory note of even date herewith, maturing December 10,
1998, made by the mortgagor and payable to the Association
~n the p~~ncinal sum of $500,000, the interest in said note
stated, being payable in 240 monthly installments, as tol3ows:
$4,368.50 on the lOth day of January, 1978, and a
like sum on the corresponding day of each month
thereafter, until and including.the lOth day of
Nov~r~her, 1RR8. fln the lgtr day of ~ecember, 1998,
a last payment of all remaining principal, amount-
ing to $209,770, ~ogether with interest accrued to
that date, shalI be due and payable at once;
and shall perform, comply with and abide by each and every the
stipulations, agreements, coriditions and covenants of the promissory
note and this mortgage, then this mortgage and the estate created
hereby shall cease and be null and void.
,
AND the mortgagor does hereby covenant and agree:.
1. To pay all and singular the principal and interest and
other sums of money payable by virtue of said promissory note and
this mortgage, or either, on the days respectively the same
several~y become due..
2. To pay all and singular the taxes, assessments, levies,
liabilities, obligations and encumbrances of every nature on said
described property when due and payable according to law, before they
bec~me delinquent, and if the same shall not be promptly paid, the
Association may at any time either beforQ or after delinquency pay
the same without waiving or affecting the option to foreclose, or any
right hereunder, and every payment so made shall bear interest from
the date thereof at the rate of twelve per cent (12$) per annum.
3. To keep the buildings and ail equipment and personal
property now or hereafter on said premises covered by this mortgage
insured in a sum equal to at least the amount of the mortgage, or an
amount sufficient to comply with any co-insurance requirement cover-
ing the same under the laws of the State of Florida, covering loss
from both fire and storm, making the loss under said policies, each
,~and every, payable to the Association, as its interest may appear,
and said insurance shall be in a good and responsible insurance
company satisfactory to said Association, and written by a responsible
local agent satisfactory to said Association; and the policy or
policies shall bear a standard New York mortgage clause without con-
tribution, and shall be held by the Association; and, in the event
any sum of money becomes payable under such policy or policies, the
~ -2-
,
FEE. PARKER & FEE, P. A.
ATTORNEYS AT 1./?W
POST OFFICE BOX /OOp
FORT PIERCE, FLORIDA 3.74E0 ftr~~~ ~
T[LEPNONE: IsO6/ 461-SO20 p`i ~