HomeMy WebLinkAbout1325
A~~ the mortgagor does hereby covenant with the mortgagee
that it is indefeasibly seized of said land i~ 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
mortgagee at all times peaceably and quietly to enter upon,
hold, occupy and enjoy said land; that said land is free
from all encumbrances, except those listed on Schedule "B"
appended hereto and by thi5 reference incorporated herein;
that it will make such further assurances to perfect the
fee simple title to said land in the mortgagee as may reasonably
be req~~irA~; and that it does hereby fully warrant the title
~~ said Iand and will defend the same against the lawful
claims of all persons whomsoever.
PROVIDED ALWAYS that if the mortgagor shall pay unto
the mortgagee the principal indebtedness evidenced by that
certain promissory note of even date herewith, maturing 36
months from date, made by the mortgagor and payable to the
mortgagee in the principal sum of Five Million Five Hundred
Thousand Dollars ($5,500,000), the interest in said note
stated being payable in monthly installments beginning ~
May 1 1981; and shall perform, comply
with and abide bv 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, liabilities, obligations and encumbrances of every
nature on said described property when due and payable according
to law, before they become delinquent, and if the same shall
not be promptly paid, the mortgagee 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 16 per cent per annum.
3. To keep the buildings and all equipment and personal
property now or hereafter on said premises covered by this
mortgage insured against loss by fire, windstorm and such
other casualties as may be required by mortgagee, in amounts
and in a company or companies satisfactory to the mortgagee;
and the policy or policies shall bear a standard New York
mortgage clause without contribution, and shall be held by
the mortgagee; and, in the event any sum of money becomes
payable under such policy or policies, the mortgagee shall
have the option:
~ a. to allow mortgagor to use the same in the
restoration and repair of the improvements damaged if,
in the judgment of mortgagee, the security of this
mortgage would be restored or enhanced thereby; or
b. to receive and apply the same on account of
the indebtedness hereby secured;
without thereby waiving or impairing any equity, lien or
right under and by virtue of this mortgage; and the mortgagee
may place and pay for such insurance, or any part thereof,
-2-
i
i
t
~
~
~:~;; ~ . . . -_ . - _ . -
FEE. KOBLEGARD & TEEL. P. A.
AITORN[YS AT LAW
POfT OFi1C[ 90X 1000
iORT PI[RCE, FIORIDA ~3~dI
Ts~~.MONS: (~Odl 461•5020
~^;rK349 ~a~~13?~