HomeMy WebLinkAbout1234 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 en3oy 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 Associa-
ti on as may reasonably be required; and that i t does hereby fully
warrant the title to said land and will defend the same against the
lawful claims of all persons whomsoever.
PROVIDED ALMAYS that if the mortgagor shall pay unto the Associa-
tion the principal indebtedness evidenced by that certain promissory
note of even -date herewith, in the sum of ~ 142,500, principal and in-
terest being payable in monthly installments beginning December 10,
1980, the last of which being due on November 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, condi-
tions 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 mort-
gage,. 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 when due and payable according to law, before they become de-
linquent, and if the same shall not be promptly paid, the Association may
at any time either before or after delinquency pay the same without waiv-
ing 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 fifteen per cent (15) per annum.
3. To keep the buildings and all equipment and personal property
now or hereafter constituting a part of 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 the Association; and, in the event any sum of money be-
comes 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 here-
under, and each and every payment so made shall bear interest from the
date thereof at the rate of fifteen per cent'(1~) per annum.
4. To permit, commit or suffer no waste, impairment or deteriora-
tion 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 im-
provements or the immediate repayment of the debt hereby secured, and
the failure of the mortgagor to comply with said demand of the Associa-
~ tion fora period of thirty (30) days, shall constitute a breach of
this mortgage, and, at the option of the Association, immediately mature
the entire amount of pri nci pa 1 and interest hereby secured, and the
Association, immediately and without notice, may institute proceedings
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