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Provided Always, that if acid Mortgagor shall pay unto the said Mortgagee the in-
debtedness evidenced by that certain ps~oenissory note of even date herewith made by Mortgagor and
payable to the Mortgagee in the principal sum of ~0 AUNDBSD SgVBNZ? -i~tINB TtiOUSl,ND No/ 100 ~
' Dollars (i 279,000.00 together with interest therein as stated, anc~shall perform, comply with
and abide by each and every the stipulations; agreements, conditions and covenants contained and set
forth in this mortgage and- in the promissory note secured hereby, then this mortgage and the estate
hereby created shall cease and be null and void.
The final installment on the promissory note secured hereby becomes duo and payable on tLe
twenty-Third ~Y of June 1985 paid or accelerated according to
the terms of said promissory note and of this mortgage.
And the said Mortgagor does hereby covenant and agree:
1. To pay all and singular the principal and interest and other sums of money payable by virtue
of said promissory note and this deed, or either, promptly on the days respectively the same severally
Dome due.
2 To pay all and singular the tares, assessments, levies, liabilities, obligations and encumbrances
of every nature on said described property each and every, and if the same be not promptly paid the j
said Mortgagee may at any time pay the same without waiving or affecting the option to foreclose or ~
` any right hereunder, and every payment so made shall bear interest from the date thereof at the highest
rate permitted under the laws of F'lorlda.
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3. To pay all and singular the cosh, charges and expenses, including lawyer's fees, reasonably in-
curred or paid ~at any time by said Mortgagee because of the failure on the part o£ the said Mortgagor,
his heirs, legal representatives or assigns, to perform, comply with and abide by each and every the
stipulations, agreements, conditions and covenanb of said promissory note and this deed, or either, and
every such payment shall bear interest from date at the highest rate permitted under the laws of
Florida. '
4. To keep the buildings now or hereafter on said land insured against fire, lightning, windstorm,
flood, vandalism, malicious mischief amt such other hazards as the Mortgagee may fiom time to time
require in a sum not less than the maximum insurable value, in a company or companies to be approved
by said Mortgagee, and the policy or policies held by and payable to said Mortgagee, and in the event
any sum of money becomes payable under such policy or policies, the Mortgagee shall have the option
to receive and apply the same on account of the indebtedness hereby secured or to permit the Mortgagor
bo receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any
equity lien or right under or by virtue of this mortgage, and may place and pay for such insurance
or any part thereof, without waiving oar affecting the option to foreclose or any right hereunder, and
each and every such payment shall bear interest from date at the highest rate permitted under the laws
of Florida.
5. That, in order more fully to pmtect the security of this mortgage, the Mortgagor, together with,
~ and in addition toy ibe monthly payments under the terms of the note secured hereby, on the specified
payment date of each month until said note is fully paid, will pay to the Mortgagee the following sums:
~ (a) An installment of the taxes and assessments levied or to be levied against the premises covered by
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i this mortgage; and an installment of the premium or premiums that will become due and payable
i to renew the insurance on the premises covered hereby against loss by fire, windstorm and other
j hazards as provided for by paragraph 4 preceding. or such other hazard a may reasonably be re-
quired by the Mortgagee. Such installments shall be equal, respectively, to one-twelfth (1/12th) of
€ the estimated premium ce premiums for such insurance, and taxes, and assessments next due (as
~ estimated by the Mortgagee) less all installments already paid therefor, divided by the number of
~ months that aze to elapse one (1) month prior to the date when such premium or premiums and
taxes and assesments will become delinquent. The Mortgagee shall hold such monthly payments in
[ trust to pay such premium or premiums, and taxes and assessments, before the same become delinquent.
(b) All payments mentioned in the preceding sub-section of this paragraph and all payments to be made
-under the note secured hereby shall be added together and the aggregate amount thereof shall be
paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the fol-
lowing items in the order set forth:
(1) Taxes, assessments, fire„ windstorm and other hazard insurance premiums;
(2) Interest on the note secured hereby;
(3) Amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless paid by the Mortgagor„
prior to the due date of the next such payment, con;titute an event of default under this mortgage,
If the total of the payments made by the Mortgagor under (a) of this paragraph shall exceed the amount
of paymenb actually made by the Mortgagee for taxes and assessments and insurance premiums, as the
case may be, such excess shall be credited by the Mortgagee on subsequent payments to be made by
the Mortgagee. If, however, the monthly paymenb made by the Mortgagor under (a) above shall not
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BQi~Kt1J~ P~GE2749