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and a part of the realty as between the parties hereto, their
successors, legal representatives and assigns, and all persons ~
claiming by, through or under them and shall be deemed to
_ be a portion of the security for the indebtedness herein j
mentioned and to be subject to the lien of this mortgage, ~
and TOGETHER WITH all rents, revenues, issues, proceeds and z
profits of the above described property, and also all the
estate, right, title, interest, property, possession, claim
and demand whatsoever as well in law as in equity of the
said mortgagor of, in and to the same and every part thereof
unto the said mortgagee and its successors and assigns forever.
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AND the mortgagor does"hereby covenant with the Associa- t
tion that it is indefeasibly seized of said land in fee simple;
that it has full power and lawful right to convey said land
in fee simple as aforesaid; that it shall be lawful for the
Association at all times peaceably and quietly to enter upon,
hold, occupy and enjoy said land; that said land is free
from all encumbrances; that it will make such further assurances
to perfect the fee simple title to said land in the Association
as may reasonably be required; and that it does hereby fully
warrant the title to said land and will defend the same against
the lawful claims of all persons whomsoever.
PROVIDED ALWAYS that if the mortgagor shall pay unto ,
the Association the principal indebtedness evidenced by that
certain promissory note of even date herewith, maturing
on or before 18 months after date hereof, made by the mortgagor
and payable to the Association in the principal sum of $380,000,
the interest in said note stated being payable in monthly
installments beginning August 1, 1980; and shall perform,
comply with and abide by each and every the stipulations,
agreements, conditions and covenants of the promissory note
and this mortgage, then this mortgage and the estate created
hereby shall cease and be null-and void.
AND the 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 mortgage, or either, on the days respectively
the same severally become due.
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2. To pay all and singular the taxes, assessments,
levies, liabilities, obligations and encumbrances of every
~ nature on said described property when due and payable according
to law, before they become delinquent, and if the same shall ~
not be promptly paid, the Association may at any time either ~ ~
[ before or after delinquency pay the same without waiving
~ or affecti-ng the option to foreclose, or any right hereunder,
~ and every payment so made shall bear interest from the date
thereof at the rate of 14.5 per cent per annum.
3. To keep the buildings and all equipment and personal
property now or hereafter on said premises covered by this
mortgage insured in a sum equal to at least the amount of
the mortgage, or an amount sufficient to comply with any
s co-insurance requirement covering 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 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
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FEE. KOBLEGARD ~ TEEL. P. A.
ATTORNEYS AT LAW pM 7
POST OFFICE BOX 1000 BC~IK {x,{~ Q~GE f
FORT PIERCE. FLORIDA x,450 O t1
T[l[FNON[~ (906) 461.5020
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