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HomeMy WebLinkAbout2259 TO HAVE AND TO HOLD the above described property unto the Mortgagee forever. ; The Mortgagor hereby covenants with the Mortgagee that the Mortgagor is indefeasibly seized with the absolute and fee simple title to said property, and has full power and lawful authority to sell, convey, transfer and mortgage the same; that it shall be lawful at any time hereafter peaceably and quietly to enter upon, have, hold, and enjoy satd pro- perty, and every part thereof; that said property is free and discharged from all liens, encumbrances, and claims of any kind, including taxes and assessments except as herein noted, and that the Mortgagor hereby fully warrants unto the j Mortgagee the title to said property and will defend the same against the lawful claims and demands of all perstxts whomsoever. 4 PROVIDED ALWAYS, and these presents are on these express conditions, that whereas the Mortgagor is indebted to the Mortgagee by virtue of a certain promissory Note, of even date herewith, made by the Mortgagor and payable to the~order of the Mortgagee in the principal sum of TWO HUNDRED THOUSAND and No/100 ($200, 000.00) Dollop with interest thereon, all payable as provided in said Note, in lawful money of the United States 'of America. NOW, THEREFORE, if the Mortgagor shall fully pay said Note, or any extensions or renewals thereof and shall fully ' pay all other indebtedness or liability that may become due and owing hereunder and secured hereby, and shall faith- fully and promptly comply with and perform each and every other covenant and provision herein on-the part of the ~tottgagor to be cornplicd with and performed, then these presents shall be voiti anti released at the expense of the Mort- - gagor, otherwise to remain in full force and effect. AND the Mortgagor does hereby expressly covenant and agree: . ; 1.. To pay the Note hereinbeforc referred to, accordieg to the terror thereof; and the interest thereon promptly as the same shall become due. j S. To pay all taxes, assessments and public comes a4eady levied a :ssased a that may hereaker be levied or assessed upon a agaitut said land and premises or against any persaral herein canayed, when due and payable according to law, before they be- come dclingrrent,. and before any interest or penalty shal attach; to deliver to the Mortga ce, on or before March' 1st of each year, tax receipts evidencing the payment of all such tares for the preceding calendar year, and to ~eliver to the Mortgagee receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall became due and payable, and to pay and dis- charge within ninety (90) days after due date any and all governmental levies that may be made on the mortgaged property. i 3. To permit, commit, or suffer no waste, impairment or deterioration of said property oa any part thereof, and upon the failure of ; the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of ; said buildings, a an increase in the amount of security, a the immediate payment of the debt hereby secured, and the failure of-the Mort- gagor to comply with said demand of the Mortgagee, for a period of thirty (30) days, shall oonstitute a breach of this mortgage, and G at the option o~f the \lortgagee, immediately mature the entire amount of principal and interest hereby secured, and the Mortgagee immedi- ately and without notice may institute proccedings to forecbse this mortgage and apply for the appointment of a Receiver. as hereinaker Provided- 4. To keep the buikiin~s and all equipment and per property now or hereaker oa said premises covered by this mortgage in- sured against bsc by fire and windstorm or other casua yh inra sum or sums sufficient to gi.•e full protection to the Alortgagee, but in ra event in a sum less than the unpaid principal secured by this mortgage. Prrnided, however, that such insurance be in amounts sufficient to-canply with any co-insurance requirements covering same under the laws of the State of Fbrida, and provided farther that the policy or policies shall be written in a rnmpany or companies and through an agency satisfactory to the Mortgagee, and that said policy or policies shall be held by the Mortgagee and shall bear a standard New York Mortgagee Clause withart rnntribntion making the bas under said policies payable to the Mortgagee as his interest may appear. It is agreed that in case the buildings on said real estate are destroyed or damaged by fve, windstorm, or by any other casualty against which insurance shall have been required by the Mortgagee, then, the Mortgagee shall have the right to apply the imurarrce pr in payment of the debt secured hereby, either in whole a in part, and whether then due or not, or to regoire the imltrrn•emcnts to lie r~epasued ; or laced, either partly a entirely, by the use of said procctds, the unpaid portion of the ban to remain in force. Any such proceeds held~y the Mortgagee for repairs or replacements shall be so held without payment or allowance of interest. d • , 5. In the event the lien of this mortgage is accepted u a secondar}• or inferior lien, subordinate and subject to any prior mortgage ~ lien or other erierrmbrance, the Mortgagor covenants and agrees to keep all of such prior mortq:rge liens and other .encumbrances in good ) standing and to perf~nn, comply with and abide by each and every the stipulations, agreements, cmrditions and covenants contained in the agreements evidencing such prior liens and will not permit such Frier liens- or mortgages to become in defauh and will promptly pay any indebtedness secured by such prior liens and mortgages before tlrc same becYnne dclinqui•nt. and in the e~•cnt the Mortgagors shall fail so to do, then such failure shall constitute a defauh in this mortgage in the same manner and to thr• same extent as if there were adefauh - _ in the trans aril conditions of this mortgage, a' the note scarred hercb}•. l 8. Should the Mortgagor fail to make payment of any taxes, assessments or public charges before they hernma delinquent,.or before any interest or penalty shall attach, or of any insurance premiums or other charges pa}•able by the Mortgagor, or should the Mortgagor fail to make payment of any principal or interest secured by any rrrortgage or lien prior to the lien of this mortgage before the same become delinquent, then the Mortgagee may make payments of the same, and also may redeem said premises frrnn tae sale without any obligation to inquire into the validity of such taxes, assessments and tax sales (the receipts of the proper offian being rnnclusive evidence of the ealidity and amount thereof In case of such payments by the 1liortgagee, the Mortgagor a¢rces to reimburse the \lortgagee on demand, ~ and the amounts so paid, with interest thereon at the rate of ten per cent per annum shall he added to and become part of the debt se- cured by these presents without waiver of any right arising from breach of any of the rnvenantc, ar?d for such payments, with interest as ; t aforesaid, the premises hereinbefore described, as well as the Mortgagor, shall be baind to the same extent that they-are bound for the pay- meat of the note herein described. 7. That any sums which shall cwt be paid when due, whether principal, interest, or money awing for advancements by the holder pursuant to the terms of this 1lortgage, shall bear interest at the rate of ten per cent per annum. 8. That in the event that said Note is placed in the hands of an attorney for collection, or in case the ~tortga~ee shall become a party either as plaintiff or as defendant in any suit or legal proceeding in relation to the property described or the )ten created herein, or for the recovery a protection of said indebtedness, the Mortgagor will repay on demand all costs and expenses arising therefrom, in- eluding reasonable attorney's fee, with interest thereon at the rate of ten per cent per annum until paid, all of which sums, if unpaid. shall be added to and become a part. of the debt secured by these presents. 9. That the Mortgagee, without notice, may agree with any party obli¢ated on said indebtedness, or ha~inq an interest in the searrity described herein, to renew or extend the time for payment of any part or all of dre indebtedness segued hereby, withart in any way af- fecting either the lien hereof or the liability of any other party. d s 10. That if defauh he made in the payment of any installment of said Tote, whether of principal or interst, or in the pe~prmance of any of the covenants contained in this Mortgage, and any one or more of such defaults shall have continued for a period of - days or more, or upon the happening of any other event which according to the terms of this lortgage or said Vote shall entitle the holder to accelerate the due date of said Note, then the whole unpaid principal sum in said Note agreed to be paid, with interest accnred there- e on, shall at any time after the expiration of such period, or at any time after the happening of such event referred to, at the option of the I holder of said Note, become due and payal:k without notice or demand, anything herein or in said Note to the contrary notwithstanding. and rro anission on the part of the holder to exercise such option when entitled so to do shall be rnnstnred as a waiver of such right. 11. As additional and collateral security for the payment of said Note, the ltortaagor assigns to the \lortgagee all the rents, issues. profits, and income of the real estate and personal property above described from the date of this instnrment until the debt hereby rescued shall be paid in full, with the right to receive the same and apply them to said Note or other indebtedness owing on account thereof after default in the rnnditions thereof. 12. That the Mortgagor will pay all taxes, before the same become delinquent, which may be levied or assessed under any law of the State of Florida, err any Federal Law, upon the MortgaRess interest in said real estate and imprmements, and which may be levied upon this Mortgage or the debt secured hereby or the holder thereof (but only to the extent that such is cwt prohibited by law and only to the extent that such will not make this loan usurious), but excluding any insane tax, State or Federal, imposed on the Mortgagee, and will file the official receipt showing such payment with the Mortgagee. If, at any time, any law or-court decree prohibits the payment by the Mortgagor of any tax, other than income tax, levied upon the Matgagce's interest in the mortgaged real estate sad improvements, a 1 t s $OOK W~ P~~ ~~,2W _ k ~~yy({ o yas ~ jj "s~ ~ - _