HomeMy WebLinkAbout0677 the Association; and, in the event any sum of money becomes
payable under such policy or policies, the Association 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 and by virtue of this mortgage; and the Association
may place and pay for such insurance, 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 fourteen and
one-half per cent (14.58) per annum.
4. To permit, commit or suffer no waste, impairment or
deterioration of said property, or any part thereof, and upon
the failure of the mortgagor to keep the improvements on said
property in good condition of repair, the Association may
demand the immediate repair of said improvements or the immedi-
ate repayment of the debt hereby secured, and the failure of
the mortgagor to comply with said demand of the Association
for a period of thirty (30) days, shall constitute a breach t
of this mortgage, and, at the option of the Association, imme-
diately mature the entire amount of principal and interest hereby !
secured, and the Association, immediately and without notice,
may institute proceedings 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 discretion 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 abide by each and
every the stipulations, agreements, conditions and covenants
in said promissory note and deed~set forth. If any of the
sums of money herein referred to be not promptly and fully
paid as the same severally come due and payable, or if each
and every the stipulations, agreements, conditions and covenants
of said promissory note and this deed, or either, are not
' duly performed, complied with and abided by, the aggregate
sum mentioned in said promissory note shall become due and
payable forthwith or thereafter at the option of the Association,
as fully and completely as if said aggregate sum of money
~ was originally stipulated to be paid on such day, anything
i in said .promissory note or herein to the contrary notwithstanding.
6. To execute, acknowledge and deliver, from time
to time, such further instruments as Association may require
to accomplish the purposes of this mortgage, including, without
limitation, Uniform Commercial Code financing statements
and continuation forms.
7. To deliver to the Association on or before March
15th of each year, tax receipts evidencing the payment of
all lawfully imposed taxes for the preceding calendar year;
to deliver to the Association receipts evidencing the payment
of all liens for public improvements within ninety (90) days
after the same shall become due and payable, and to pay or
discharge within ninety (90) days after due date any and
all governmental levies that may be made on the mortgaged
property, on this mortgage or note, or in any other way result-
ing from the mortgage indebtedness secured by this mortgage.
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g FEE. KOBLEGARD & TEFL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000 `/~(jy~y rr
~ FORT PIERCE. FLORIDA 33450 8U~f1 4 v~~E 67~'
TILE/NONE: 13061 481-6020