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TOGETHER WITH all rents, revenues, issues, proceeds and profits of the above
described property, and also all the estate, right, title, interest, 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 en-
cumbrances; 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 sum of 5112,500.00, principal and interest being
payable in monthly installments beginning October 10, 1980, the last of which
being due on September 10, 2005, made by the mortgagor and payable to the
-Association; 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.
2. To pay all and singular the taxes, assessments, levies, liabili-
ties, obligations and encumbrances of every .nature on said described property
I', 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
I,
before or after delinquency pay the same without waiving or .affecting the
j option to foreclose, or any right hereunder, and every payment so made shall
bear interest, from the date thereof at the rate of fifteen per cent (15n)
per annum.
j 3. To keep the buildings and all equipment and personal property
now or hereafter constituting a part of said premises covered by this mort-
gage 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 Associa-
tion, 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 the Association;
and, in the event any sun of money becomes payable under such policy or
policies, the Association shall have the option to receive and a~~ly the
~ same on account of the indebtedness hereby secured, or to permit the mort-
gagor to receive and use it, or any part thereof, for other purposes,
without thereby waiving or impairing any equity, lien or right under and
s 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 fifteen per cent (15)
per anoun.
2.
BLOX W ~ Pa4~~S