HomeMy WebLinkAbout1810 agreement between the Mortgagors and Mortgagee of even date
herewith, which loan agreement is hereby incorporated herein and
made a part hereof by this reference.
The parties hereto intend that, in addition to any
other debt or obligation secured hereby, this Mortgage shall
secure unpaid balances of loan advances made after this Mortgage
is delivered to the recorder for record, whether made pursuant -
to an obligation of the Mortgagee or otherwise. The maximum
amount of unpaid loan indebtedness (which shall consist of
unpaid balances of loan advances made either before or after,
or both before and after, this Mortgage is delivered to the
recorder for record), exclusive of interest thereon, which may
be outstanding at any time is Forty Four Thousand Two Hundred
Fifty Dollars ($44,250.00). _
AND the Mortgagor hereby further covenants and agrees to '
pay promptly when due the principal and interest and other sums
of money provided for in said Note and this Mortgage, or either; to
pay all and 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 land or the improvements thereon at any time; to keep
the building now or hereafter on said land fully insured in a sum
not less than its-full insurable value in a company or companies
to the Mortgagee, the policy or policies to be held by, and payable
to, 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 same to the indebtedness hereby
secured, accounting to the Mortgagor for any surplus; to pay all
costs, charges, and expenses, including lawyer's fees and title
searches, reasonably incurred or paid by the Mortgagee because
E
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 the agreements, stipulations, condi-
( tions and covenants set forth in said Note and this Mortgage or
either. In~the event the Mortgagor fails to pay when due any
tax, assessment, insurancL premium or other sum of money payable
by virtue of said Note and this Mortgage, or either, the I?iortgagee
r may pay the same, without waiving or affecting the option to
foreclose or any other right hereunder, and all such payments
f shall bear interest from the date thereof at the highest lawful
rate then allowed by the laws of the State of Florida.
A failure by the Mortgagors to make payments due upon
the first Mortgage shall be deemed a default of the Note secured •
:~ereby and of this Mortgage. Mortgagee, if it so elects, may
pay any and all payments, charges, interest, late charges and 3
other fees which may accrue upon any default of the first Mortgage,
ao'~322 PdUE1805 }
-3-