HomeMy WebLinkAbout0676 and TOGETHER WITH all rents, revenues, issues, proceeds and
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.
AND the mortgagor does hereby covenant with the Association
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,~in the princi-
pal sum of Seventy-Two Thousand Dollars ($72,000), payable
both principal and interest in monthly installments each in
the amount of Nine hundred ei ghty three dol 1 ars and seventeen cents
( $983.17) beginning on August 10, 1980 and continuing until
July 10, 1990, at which time all unpaid principal, together
with interest thereon, amounting to $ 42 656.52 shall
be due and payable at once; and shall per orm, comp y 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
I' note and this mortgage, or either, on the days respectively
the same severally become due.
F
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 affecting the option to foreclose, or any right hereunder,
and every payment so made shall bear interest from the date
thereof at the rate of Fourteen and one-hal f per cent ( 14.5 ) i
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
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
-2-
~ FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000 (`xAA~
FORT PIERCE. FLORIDA 33430 O)NL/•V7r`/1) e~(~C '
T [LE?NON 1305) 461-3020 {71l//VV1I~l fiWC