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Provided Always, that a said Mortgagor shall pay unto the said Mortgagee the in-
debtedness evidenced by that certain promissory note of eve» daf@ herewith made by Mortgagor and
payable to the Mortgagee is the principal sum of ***Twenty Five Thousand and no/100****
Dollars (i 25, 000.00 ~ together with interest therein as stated, and shall perform, comply with
and abide by each and Query the stipulations, agreements, conditions and covenants contained and set ' ~
forth in this mortgage' and in the promissory note secured hereby, then this mortgage and the estate ~
hereby created shall cease and be null and void. - ~
The final installment on the promissory note secured hereby .becomes due and payable on the
Tenth day of Uetober, 1985 unless sooner paid or accelerated according to
tine terms of said promissory note and of _ this mortgage.
And- the said Mortgagor does hereby covenant and agree:
1. To pay all and singulaz the principal and interest and other sums of money payable by virtue
of said promissory note and this deed, or either, promptly on the days respectively the same severally
come due. '
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2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances
- of every nature on said described property each and every, and if the same be not promptly paid the
said Mortgagee may at any time 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 highest
rata permitted under the laws of Florida.
3. To pay all and singular the casts, charges and expenses, including lawyer's fees, reasonably in-
curred or paid at any time by said Mortgagee because of the failure on the part of the saiii Mortgagor,
his heirs, legal representatives or assigas, to perform, comply with and abide by each and every the
stipulations, agreements, conditions and oovenantr of said promissory note and this deed, or either, and I
every such payment shall bear interest from date at the highest rate permitted under the laws of
Florida.
4. To keep the buildings now or hereafter on said land insured against fire, lightning, windstorm,
flood, vandalism, malicious mischief and such other hazards as the Mortgagee may from time to time
require in a sum not less than the mazimum insurable value, in a company or companies to be approved
by said Mortgagee, and the policy or policies held by and payable to said Mortgagee, and in the event
any sum of money becomes payable under such policy or policies, the Mortgagee 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 or by virtue of this mortgage, and may place and pay for such insurance
or any part thereof, without waiving or affecting the option to foreclose or any right hereunder, and
each and every such payment shall beaz interest from date at the highest rate permitted under the laws _
j of Florida.
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5. That, in order more fully to protect the security of this mortgage, the Mortgagor, together with,
and in addition to, the monthly payments under the tenau of the•note secured hereby, on the specified
payment date of each month until said note is fully paid, will pay to the Mortgagee the following sums: }
(a} An installment of the taxes and assessmentr levied or to be levied against the premises c~ered by ~
this mortgage; and an installment of the premium or premiums that will become due and payable
to renew the insurance on the premises covered 1?ereby against loss by fire, windstorm and other
hazards as provided for by paragraph 4 preceding, or such other hazard a may reasonably be re-
quired by the Mortgagee. Such installments shall be equal, respectively, to one-twelfth (1/12th) of
the estimated premium or premiums for such insurance, and taxes, and assessments- next due (as
estimated by the Mortgagee)• less all installments aUeady paid therefor, divided by the number of t
months that aze to elapse one (1) month prior to the date when such premium or premiums and
taxes and assesmentr will become delinquent The Mortgagee shall hold such monthly pa~znentr in
trust to pay such premium or premiums, and taxes and assessments, before the same become delinquent.
(b) All paymentr mentioned in the preceding sub-section of this paragraph and all payments to be made
under the note secured hereby shall be added together and the aggregate amount thereof shall be
paid by the Mortgagor each month in a single payment to be applied by the ;lortgagee to the fol-
lowing items in the order set forth:
(1) Taxes, assessments, fire, windstorm and other hazard insurance premiums; •
(2) Interest on the note secured hereby; -
(3) Amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless paid by the Mortgagor„
prior to the due date of the next such payment, constitute an event of default under this mortgage,
If the total of the paymentr made by the Mortgagor under (a) of this paragraph shall exceed the amount
of payments actually made by the Mortgagee for taxes and assessmentr and insurance premiums, as the
case may be, such excess shal_1 be credited by the Mortgagee on subsequent payments to be made by •
the Mortgagee. If, however, the monthily payments made by, the Mortgagor 'under (a) above shall not
BOOK 341 P4GE
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