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HomeMy WebLinkAbout1152 ~ 3 - -3- - linquent, and if the samz shall not be promptly paid, the Associa- tion. may .at any time either before or after deliquency pay the same - without waiving or affecting the option tc foreclose, or any right hereunder, and every payment so made shall bear interest from-the date thereof at the rate of fifteen percent (15X) per annum. 3. To keep the buildings and all egc•ipment and personal pro- - party now or .hereafter on said premises covered by this mortgage in- - sured in a sum equal to at -least the amount of the mortgage, or an - amount sufficient to comply with any co-insurance requirement-cover- ing the same under the laws of the State of Florida, covering loss _ -from both fire and storm, making-the loss-under said policies, each and every, payable-to the Association; as its interest may appear, and said insurance shall be in a good and responsible insurance company satisfactory to said Association and written by a responsible local - t agent satisfactory to said Association and the policy or policies shall ~ -bear a standard New York mortgage clause without contribution, and shall be held by the Association; and, in the event any sum of money becomes payable under. such- policy or policies, the-Association shall t have the option to receive and apply the same on account of the in- debtedness hereby secured, or to permit the mortgagor to receive-and - - use it, or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien or-right under and.by vi-rtur of this mortgage; and the Association may place ,and pay for such insur- - - ance, or any part thereof, without waiving or affecting its option to foreclose, or any right hereunder, and each and every payment so ~ made-shall bear interest from the date thereof at the rate of fifteen - per cent (15X) per annum. - 4. To permit, commit, or suffer no waste, impairment or deterior- - - ation of said property, or any part ;.hereof, and upon the failure of the mortgagor to keep-the improvements on said property in good.con- - dition of repair, the Association may demand the immediate repair of said improvements or the immediate repayment of the debt hereby secured, - and the failure of the mortgagor to comply with said deiaand of the - Association fora period of thirty (30) days,-shall constitute a breach of this mortgage, and, at the option of the Association, immediately II'~ mature the entire amount of prirci pal and interest hereby secured, and ~ j the Association; immediately and without notice, may institute proceed- { I ings to foreclose this mortgage and apply for the appointment of a ~ Receiver, as hereinafter provided; or the mortgagee may make and pay - for such repairs as in its descretion it may deem necessary for the - proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the mortgagee be immediately due and payable, or payable in such monthly_ installments as the mortgagee may determine. 5. To perform, comply with and ab-i~ by eac:: and every the stipula- - tions, agreements, conditions and covenants in said promissory note and ~ deed set forth. If any of the suns of money herein referred to be not promptly and fully-paid as the same severally come due and payable, and such default continues for 30 days, or if each and every the-stipula- _ tions, agreements, conditions and covenants of said promissory note and this deed, or either, are not duly-performed, compl-led with-and abided - by, the aggregate sum mentioned in said promissory ncte shall become due and payable forthwith or thereafter at the option Qf the Association, as - fully and completely-as if -said aggregate sum of money was-originally - stipulated to be paid on such day, anything in said promissory note or ~ herein to the contrary notwithstanding. - - ! 6. To deliver to the Association on or before Miarch 15th of each ~ year, tax receipts evidencing the payment of all lawfully imposed taxes - for the preceeding calendar year; to deliver to the Association receipts j 3 _ - - - - - dO~OK~'~ t~GE~~~ A L