HomeMy WebLinkAbout0293 Mortgagor shall pay in full unto said mortgagee all sums
due or to become due including all principal and interest when and
as provided under that certain promissory note hereinafter substantially
identified, to-wit:
A note of even date herewith by and between
Terry F. Harrigan (Mortgagor) and the First
National Bank of Lincolnshire (Mortgagee) in the
amount of $60,000.00 principal value, calling
for total repayment by: (i) payment of $5000 in
principal plus accrued interest 15 days after
its execution and (ii) 24 additional consecutive
equal monthly payments each in the amount of
$2558.72 of principal plus interest commencing
45 days after the date thereof and (iii) a balloon
payment of all unpaid principal and accrued in-
terest on November 15, 1981 ("Note").
Mortgagor shall perform, comply with and abide by each and
every of the agreements, stipulations, conditions and covenants of the
Note and of this mortgage and upon and contingent upon so doing
this mortgage and the estate hereby created, shall be released and
remised unto the mortgagor by the mortgagee.
The Mortgagor hereby covenants and agrees to pay promptly
when due the principal and interest and other sums of money provided
for in said Note and/or this mortgage, to pay all the singular
the taxes, assessments, levies, liabilities, obligations, and
encumbrances of every nature on said Property; to permit, commit or
suffer no waste, impairment or deterioration of said Property at any
time; to keep the buildings now or hereafter on said land fully
insured against damage by fire, lighting, windstorm or other casualty
in a sum of not less than $90,000.00 in a company or companies
acceptable to the mortgagee, with a copy of the policy or policies
to be held by said mortgagee, and in the event any sum of money
becomes payable by virtue of such insurance the mortgagee shall have
the right to receive and apply the mortgagor's proceeds from the
same to the indebtedness hereby secured after the avplication of such
proceeds to satisfy the indebtedness of mortgagor to prior mortgagees
on the Property, accounting to the mortgagor for any surv_lus; to pay
aII costs, charges and expenses, including lawyer's fees and title
searches, reasonably incurred or paid by the mortgagee because of the
failure of the mortgagor to promptly and fully comply with the
agreements, stipulations, conditions and covenants of said Note and
this mortgage, or either; to perform, comply with and abide by each
and every of the agreements, stipulations, conditions and covenants
set forth in said Note and this mortgage or either. Zn the event
the mortgagor fails to pay when due any tax. assessment, insurance
premium or other sun of money payable by 'virtue of said Tote and~or
this mortgage the mortgagee may (but is not obligated to) pay. the same
without waiving or affecting the option to foreclose or any other
right hereunder, and all such payments shall bear interest from the
date thereof at the highest lawful rate then allowed by the laws
of the State of Florida.
This mortgage lien shall e~ttend to and include all rents
and profits of the Property. Any proper court is hereby authorized
to appoint a receiver of the Property in the event of foreclosure and
to apply such rents or prof its to the indebtedness hereby secured,
regardless of the solvency of the mortgagor or the adequacy of the
security. The agreements and promises of the Note secured hereby
and of this mortgage are intended to be covenants running with the
Land or of any interest therein, to be binding on the respective
promisors, their heirs, legal representatives and assigns, and to
inure to the benefit of the respective promisees, their heirs, legal
representatives and assigns.
~ _r ~ - 90.01
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