HomeMy WebLinkAbout0642 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 E37,500.00 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 suns
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 pro-
perty 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 fifteen percent
(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 sun 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 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 waiv-
~ ing 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 fifteen per cent (15) 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 mort-
gagor to keep the improvements on said property in good condition of re-
pair, 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 mortga or to comply with said demand of the Association for a period
of thirty ~30) days, shall constitute a breach of this nwrtgage, and, at
the option of the Association, immediately 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.manthly installments as the mortgagee may determine.
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