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HomeMy WebLinkAbout1200 Provided Always, that if said Mortgagor shall pay unto the said Mortgagee the ia- ~ r debtedness evidenced by that certain promissory note of even date herewith made by Mortgagor and 4 payable to the Mortgagee in the principal sum of Ti~ioD HUNDRBD SEVENTY ~IINB THOUSAND No/ 100 ] DollRrs (i • 279,000.00 ~ together with interest therein as stated, and~shall perform, comply with fi 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 due and payable on the Twenty-Third ~Y of May 1985. Mess sooner paid or accelerated according to the tena~s 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 come due. 2. To pay all and singular the taxes, .assessments, levies, liabilities, obligations and encumbrances of every nature on said described property each aqd every, and if the same be not promptly paid the 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 Florida. 3. To pay all and singular the casts, 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 of the said Mortgagor, his heirs, legal representatives or assigns, to perform, comply .with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall beaz 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 and such other hazards as the Mortgagee may from 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 to 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 ~I or any part thereof, without waiving or 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 j of Florida. 5. That, in order more fully to protect the security of this mortgage, the Mortgagor, together with, j and in addition to, the 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 { this mortgage; and an installment of the premium or premiums that will become due and payable F to renew the insurance on the premises covered hereby against loss by fire, windstorm and other 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 or 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 f ~ fazes 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. i Any deficiency in the amount of such aggregate monthly payment shall, unless paid by the 111ortgagor* prior to the due date of the next such payment, constitute 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 payments 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 payments made by the :Mortgagor under (a) above shall not BC~KJ•,~ e~GE2?49 aomc~33 p~F~98 ' Pe-Record 'I'