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4- That. in cedar to protect mere fully tM severity of this tttortgage. ttts Mort p~ t r ~t t~ payments uridar tM terms of the -
note secured hereby. on the specified pymu?t data of cad, month una4 ilU~1~ ciation tM fotbwinp wrns:
U ~ Is1 An instsNrrtent of tM taxes attd assessments Nvied a M be levied egairtst the premises covered by the rrtortg3ge: and sn ir?staNment of tM premium
' ~ a premiums tMt wi4 become dw and payable to renew tM instirartce on tM premises covered hereby against loss by fus. and trindsta,~. as provided
.1 C ~ fa by puagraph 3 prscedirtp, a such othu hoard as may reasonably Oe required by tM Association: and an instsNmatt of the premium that vviN
' ~ becene due and payable to reMw tM mortgage ittsurattCe, it any Such irtatsNrrtants sltaM nor equal. respectively, to orte•twettth (t/12th) 01 the es- i
~ m timatsd premium a premiums for such insurarta. and taxes and assessments next dw less estimated by tM Association) lass all insullments already !
_ . , 7 ~ paid thusfa. divided by tM number of months tMt us to e4pse Otte month prte to tM date wMn such premium a premiums and taxes end
. ~ ~ essessrttents wiN become delirtgtient. The Association, while
D become delirtgtiertt. shall not pay interest to tM Mort such payments to inwrutu premiums. toss end assessments, betas tM grrta
gaga on such funds. and sN such payments may bs commingled by the Associatiot with any
_ , ~ 4~ other such /urtds a watt its own funds. TM funds are pledged as add+tanal security fa the sums sscared by this Mortgage end ere strbjeet to use by
the Asrocistion in payment of "late cMrges" and bank toNection charges.
~ ~ Ibl All payments mentioned n the preudtng subsection of this Wr aph and aN
agr payments to OB made under the note severed hereby shed be addw
Y+' ~1, ~ together and the aggregate amount tltereot shah bs pad by tM Mortgage each month in a s+ngls payment to be applied by tM Association to the
. _ folbwing hems in the ado set forth: /.Tues. assessntsrtts, end insurance prenuums. 2. "Late charges' and Oartk oollectio~t charges, unless paid b
' ' ~ merino provided in pusgraph 4 Is) 3. Interest on tfte note secured Mreby. 4. Amortisation of the principal of said note.
.
! , ~ O Any tleficiericy in the amartt of such aggregate montNy payments shah, unless pad by the Mortgagor pier to the due date of the next such payment, con-
stituta-sn event of defstrh under the mortgage Without waiver of any right. the Assotation may collect a '"bte charge" ss provided m the Note ;
~ 3 v6. That it the total of the Payments made try tM Mortgage under lal of paragraph 4 preudtng athak exiled the amount of payments sctwlry made by the
U = Association for taxes end assessntsrtts and instirartca premiums. as tM case may be. such ucess shad be crsdtted by the Assocration on subsequent payments 4
f to be made by the Mortgage. It. howwer, the monthly payments made by the Mortgagor under ia) of paragraph 4 precednp shau not have heart wfhttier?t to ~
s~ _ Pay taxes a.~d assessments end iristirartca prenuums. ss the use tray bs. when the same shah become due and parable. then, the Assotaatton may. at its op-
p y lion, tmmediateb psy suM taxes end assessments aril inwranca prenuum. and the Mortgagor shall pay to the Assoiation arty amount necessary to make tip
the deficiency. aril suM payment shah be dos and payable within thirty 1301 days alias the date of maiLrtg of notice by the Association setting forth the amount
" of such deficierecy. If, at any time. the Mortgages shah tender to the Association. in accordance with the provisions of the rate secured hereby. tuN payment of
the entire indebtedness represented hereby, the Assocation sMN. in oomputirig the amount o1 such indebtedness. credit to l1tQ account of the Mostgsga any
balance remaining in the funds arxumulated under the provisions of Ial of paragraph 4. -
6. To permit. commit or wffer ra waste. impairment a detertaation of said property, a arty part thereof. and upon the iatlurs of the Mortgage to keep the t
' bueldtngs on sad property in good condition a repair end maintertartca, tits Assocation may demand popes maintertsnce and the immediate repair of sad
ttuildirtgs, a an ir?crsase in the amount o/ security, a the immediate repayment of the debt hereby severitd, end the fsilii-,i of the Mtutgsga to tamely with
'r-;= said demand d the Assoiation /or a period o1 thirty 1301 days shah constitute a breach o/ this mortgage. and. at tM option of the Association, immediately
i ~ mature the entire amount of principal and interest hereby secured. and the Association imirtadiataly and without notica may institute protxedings to foreclose
this mortgage and apply for the appointment of s receives. as hereinafter provided, and in use of the refusal- neglect or inabhty of the Mortgage to repair end
maintain sad property. the Association may. at ifs option, make atxh repairs a cause the semis to be made, end advance mateys in that bahaH.
7. To perform, comply with end abide by each and every the stipulations. aprsemants. cortditiats and covenants in said promissory note and this mortgage set
forth.
8 To comply with the wbdmsion restrictiats and the municipal zoning ordinartcas applicable to thr mas;lsgrd property, not to erect a permit to be erected any
stew buiWtngs on the premises herein mortgaged or to add to a permit to be added to. make: a tiennit to be made. arty structural alterationsFo arty of the ex-
rsting improve+rtertis thereon without the written consent of the Association: and in the event of arty vtobtion a attempt to violate these stipulatans. a arty of
them, this mortgage and all wms severed hereby shall immediately become due end payable st the option of the Association.
9 That in case of a default in arty of the terms Qf this mortgage end ttte filirp of a bill tr. fo+ecbse this a any other mortgage encumbering the within described
property. the Association shah be entitLrd to apply. st any time without settee pending such fasdowre wit. to the covet having junsdict,ort thereof for the sp-
pantment of a receiver of aN and singular the n-.,^,stgagnd property. and of aN the rants. incomes. profits. iswes and revenues thereof. from vrhatsoerer sowca
derived. and- thereupon. it is hereby expressly covenanted end agreed that the court shah lorthwtih appant a receiver of sad mortgaged property, sN end
~nguWr. and of such rents. incomes, profits. issues and revenues thereof. from whatsoever source dertvid, with the caveat powers and duties of receivers in Eke
- .aces: and such appointment shell be mails by such court ss a matter of strict right to the Assocaton, and without rsterertca to the adequacy a rnadagtisiy of
the value of the property hereby mortgaged, a to the solvency a insdvertcy of the Mortgagor, and that such rents. profits. incomes. iswes. arM revenues shah
be applied by such receiver to the payment of the mortgage indebtedness. costs and charges. accadirtg to the order of such court.
1 O That in the event the prenuses hereby mortgaged- a any part thereof, shall be condemned and taken under the power of eminent domain. the Association shall
have the right to demand that aN damages awarded fe the takutg of a injury to sad premises shall be pad to the Association. rts successors a assigns. up to
the amount then unpaid on this-.mortgage. and may bs applied to arty wins last payable hereunder.
t 1 fat came a of the essence of true contract and that rto waiver o! any obLgttrori hereunder. a of the obl,gaton secured hereby. shat! at any came thereafter be
held to be a waiver of the terms hereof a of the promissory note secured hereby.
12. In the event of arty default m arty of the terms of flue mortgage. a in the note secured hereby. and acceleration by ttte+wlder, a any other situation that would
cause the interest pad a payable under this obligation to exceed the interest rate authoraed by law, then in such event erg excess interest thereto:ae pad shah '
be credited to pnrcipal and aM acuued and unpad excess interest shall abate and ~shaH not be an obligation of the maker a of arty other person.
t 3 That to the extent of the indebtedness of the Mortgagor to the Asstxiation descrtbsd herein a secured hereby, the Assocation is hereby wbrogated to the Bert
a hens and to the rights of the owner ar+d holder thereof of each and every mortgage. lien a other encumbrance on the Wttd described herein. which is paid artd
satisfied. in whole a in part. out of the proceeds of the ban described herein a secured hereby. and the respective karts of sad mortgages, harts a other';tt- c
cumbrances. shall be. aril the same and each of them hereby n preserved end shad pass to and tie held by the Association herein as security for theih-
tiebtedrtess to the Asstxiatan herein described a hereby severed, to the same a:tent that it world have been preserved and would have been passed to slid
tteen held by the Association had it been duly aril regularly assigned, trsnsterred, set over, and delrrered unto the Assoaation by separate deed of a t.
notwrtitstarding the tact that the same may be satisfiird and cancelled of record. it being the rttentiet of the parties hereto that the same will be saris afid
cancelled of record by the holders thereof at a about the time of the recording of tMs mortgage. -
14. That d any of the wms of nwiriey herein referred to be not promptly and fully pad within thirty 1301 days next alias the same severally become due and Dyable.
e if each and every the st,wiattorts. agreements. conditions and covenants of said pronassory rate and true mortgage. a either. are not duly prsrfamed, coin-
pied with and abided by. the aggregate win unpaid under said promissory rate and flue mortgage shall become due and payable forthwith or thereafter, at the
option of the Association. as fuNy and completely as if said aggregate win of money were eiginally stipulated to be pad on wch day, anythutg in said '
promissory note a basin to the contrary ratvnthstsrtding. r
S S That in ceder to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgage to pay any tax assessment. liablity: bbtips-
tan a encumbrartca titan sad property as herein provided, rt shall not be necessary nor requisite that the Association shah first pay the same! .
16 That the abstract a abstracts of title covering the mortgagetd property shall at all times, during the late of this mortgage. remain in the possessiote~otthe
Association and. in event of tits faeclowrs of this mortgage. a other usnster of titb to the ntetgaged property, in extinguishment of the irtdebtedrtess secured
hereby. all rght. title and interest of the Mortgages in and to arty such absuacts of title shah pass to the purchaser a grantee. _
17 Should the vatdiry a Len of this mortgage. a the note secured thereby. be contested by Ltigatari a otherwise. the Mortgage agrees to pay to the Associalan r ,
the cost of defending the same including a reasonable attorneys tee.
18. To pay all and singular the costs. charges and expenses. including attorney-s fees reasonably :recurred, rx paid at any time by the Association. because °t the -
failure of the Mortgages to pe+fem. comply with and abide by each and every the stiouWtiorts. agreements. cgtditiorts aril covenants of said promissory rate
and this mortgage. a either- and evr+rv such (except for the payment of the rranthly installment as requued by the Promissory Note) shaft bear interest front
Bate at the rate of 15~ per annum until fully paid.
t g The Associatan shall have the right st any time and hen time to time and vnthout notice to a veneerer of any person to lal release any patios of the premises
(sere the Item of this mortgage; (b) retssse arty person liable (a payment of arty indebtedness secured hereby: (cl extend the time of payment a alter the terms
of pay**+nt of all a any part of the indebtedness, without affecting or releasing the personal Lability of arty Person Cattle (other than arty person released p~r-
want hereto) for the payment of arty win a interest secured hereby and without cat arty wise altering. varying. or dinwnisFting the forces, eNects. a Bert of tliiF
mortgage on alt the premises not specificaly released from the lien of this mortgage by the Association.
20. Ariy.agreerrtertt hereaher made by Mongaga aril Associatan purwant to this mortgage shall be wpena to the rights of the holder of any intervening Bert a
encumbranu.
21 upon request of Mitgagor, the Assoaation may. at its sob optan. from time to time. before tu11 payment of all indebtedness secured hereby. make further ad-
vances to Mortgage: provided, however, that •lte totN prirtcipai severed hereby and remamuig unpaid. irtciuding any such advances. shall not at arty time ex-
ceed the orrgirta! pr+ncipal win secured Aersby. Mortgages shah pay ell st,ch further advances vnth interest and the same shall be secured hereby. AM provisions
of this reiortgage shah apply to each ftxther advsrtca ss vveN ss to ell outer indebtedness severed hereby. Nothing herein verttatned. however, shah limit the
amount secured by [his mortgage d such amount is inueassd by sdvsricas made by ilia Association. as herein elsewhere provded for to protect 1M security. '
22 In the event ilia Mortgages hereto, a arty wbsegisertt Mortgage. a arty person a corporation owrwt a
herein mortgaged by an instrument coin referred to and known as a "wr g rey interest whatsoever- should ertvember the property
~Y ap•arourd mortgage"' without first abtairting the written consent of the Assoaa-
tion, then. at the option of the Association. the obligation secured by this Mortgage shah emrried:ately become due and payable.
23 To provide the Association with Flood trtsurartca Coverage if the real property is now a hereaher determined to be within a special flood hazard area as shown
on Flood Nazerd Boundary Map/Fbod Irtwrartu Rate Map as published by the Federal Insura.•ice Administration.
STATE OF FLORIDA ) The foregoing instrument aas •acknowl gad before me
COUNTY OF RARTIN) this 22 day of Augtt~t: ` ~ B MARCHANT,
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P_ A t979 CEP 24 P~? 2- ~ 4 _ _ -
FILEO A+VQ FECUrttic 0 - c~ ;
sr.l,uCIE cCUeTr.l:~~. 40135 Ot 6 .i' _ L- - n
ROGER POITRAS My ~ ~ res
CLERK CIRCUIT COUR~ fi - r,-
RECORD 1'FaIF~CQ_,~%crc-~.~ Nobry ~ }~..nT,`
y .r Mey~Coat~ ~`~19~ y t
.nr I- Co,ao.., t