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HomeMy WebLinkAbout0127 . ~ ~ . . •.~~t~ . PROVIDED ALWAYS, that if Mortgagor shali pay Mortgagee the sums specified in that certain promiswry note substantially copied or identified below, to-wit: /nstdlment N~~te Hobe Sound, Florida, . 1~8• i For vnlue received, the underaisned promises to pay to the order ot HOBE ND IONAL BANK, a national bankin~ a~wciation, at its principal otfice in Hobe Sound. Flotida, the principal sum ot IFTBEN THOUSAND AND I30 1~0------------------------------------------------ pollars(S 15~ 0~0.0~ ~ together with interest from at the rate of EIGHT AND TNR$E F~LT~~$ ( 8. 75 ) per cent per annum on the unpaid balance. The principal and interest shall be payable in 240 installments oF ~1E HUNDRED IRTY-TW'0 AND 56 100 po~~ars (S 132 . 56 inning on thc day of ~ 19~_, and on the day oi each ~Ont thereaiter untit the entire sum hereunder has been tully paic~. ,1. All payments shail be first applied to interest on the unpaid balance, and then to principal. This nute shall be {'~,~~~le- fautt when any payment is not paid within I S days of its due date. While in default, this note shall bear interest at the rate of,~M per annum. IP this note is in default for I S days the aggregate unpaid indebtedness shall, at the option of the holder, bec-ame immed- ~ iately due and payable. 2. The makers and endorsers hereof severally waive demand, notice and protest, and any defense by reason of extension af time for payment or other indulgence granted by the holder, and further agree Io pay aU costs of collection, including a reasonable attorneys fee. if this rtote is in default and is placed in the hands of an attorney for collection of if it becomes necessary to protect the security hereof, whether or not a complaint is filed. 'Ihis note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers and shall be binding upon them, their heirs, personal representatives, successors and assigns. 3. If the eftect of any part of the loan transaction tvidenced by this note results in interest (or charges deemed tu be interest 1 paid or to be paid to the holder, being in excess of the permissible civEl usury limits as established by ti~e laws ot Florida, then such excess wilt be promptly refundrd. . 4. This note may be prepaid in part or in full at any time " hout penalty. No partial prepayment, however, shall relieve the maker of paying~he regular payment. (SEAL) (SEAL) c:. S tevena ' (SEAL) ISEAL) exa M. Stevena and shall also perform and comply .with all the terms and conditions of this mortgage, the estatr hereby created shall cease attd be null tnd void. TERMS AND CONDITIONS: MORTGAGOR does hereby covenant and agree: l. ~ TAXES AND ENCt1MBRANCFS To promptiy pay the taxes and ofher governmental levies. judgments, liens, u?d other encum- brances ~rhich ao~? or hereafter appeu to be a lien on said property; Mortpgee shap be the sole judge of the tegality of wch encumbrances and the amnunt necessary to be paid in discharge thereof; and to deliyer to Mortgagee receipts for the payment of: the preceding year's tanes (prior to Much 15th annually) and, other governmental levies (within ninety (90) days from due dute). - 2. lNSURANCE To cor~tinuously maintain fue and windstorm insurance on the mortgaged property of such type and smounts u the Mortg~a may from time to time require, but never kss than a wm equal to the amount of the mort- ~e. or an amount suff'icient to oomply arith my co-insurana requirement under Fbrida law. All inwrance shall beu the standud New York mortgage ciause without contribution and shaU othenivise be in a torm and with companies acceptable to Mortgagee. The policies and renewais thereof shall be held by Mortgagee. Mortgagor shall give immediate notice by mail of any loss, and Mortgagee may make proof of loss if not made promptly by Mortgagor. Each iasurance company concemed shaU make p~yment for such loss directly to Mortgsgee. as its interest may appear, (instead of jointly) and the insurance proceeds may be applied by Mortgsgee, as its optan, either to reduce the indebtedness hereby secured or to the restoration of the property damaged. In any foreclosure, or other transfer of the mortgaged propecty in extinguishment of the indebted- neu tecured hereby. all interest ot the Mort~agor in said insurance policies shall pay to the purchaser or transferce. If the putia hereio agree, Mortgagor will cury life inwrance upon their lives, in an amount equal to the aggregate unpaid indebted- neu secured hereby, with Mortgaga named as beneficiuy. 3. WASTE To ketp the moctgaged ptopetty in its present condition, reasonable wear and tear expected, and to commit or pemtit no wute of the mortgaged property. 4. CONVEYANCES JUNIOR LIENS . AND ADDITIONS To permit no foreclosure or execution proceedings to be initiated on any junior lien and, in any event, shaq immod'utely notify Mortgagee in writing of any litigation affecting the mortgaged property. The title to the mortgsged property shall not be tnasferred without the written consent of Mortgagee. In any event, however, Mortgagee may deal with wccessors in interest in the same manner as with Mortgagor~ and may forebeu to we. extend time for pay- ment of the debt. or otherwise act without affectir~ the liability of the Mortgagor hereunder. To erect no nrw or additanal structura. and makt no additions or alterationt. as well as ao demolition. disatanteling or removing any of the existin~! ~rartgaaed property without the prior written con~ent of Mortgagee. Q g~A 600K 1 PACf ~ ~ . ~ - _ . _ _ ~ , ~ ~ - • - ~ ~ _ : ~ _ ~ - ~ n~~ - - ~-,~W~