HomeMy WebLinkAbout0679Provided Always, tl~ut if sald Mortgagor shall ~kzy unto tho said ~tortbagcc the in-
debtedness evidenced by that certain promissory note of even date herewith mude by hiortbagor and
payable to tha Mortgagee ta the principal sum of ZWO HUNDRED THOUSAND AND NO/100 ----
Dollars (a 200,000.00 ~ together with intcrest therein us stated, and shall perform, cc~mply with
and abide by cach and avery the stipulatious, agreemeats, conditions and covenants contained and set
fortb in this mortRage ~nd in the promissory note secw~ecl l~ereby, then this mortgago and the estate
hereby createcl shall cease and be null and void,
The finat instalLnent on d~e promis.wry note secured i~ereby becomes due and payable on the
twenty-fifth day of August, 1985 , unless sooner paid or accelerated according to
the ternu of said promissory note and of this mortgage.
And the said Mortgagor does hereby covenant and agree:
1. To pay ull and singular the principal and interest and other suuu of money payable by virtue
of said promissory note and this deed, or either, promptly on the d.~eys respectively the same severally
come due. ~
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 ihe 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
rate pcrmitted under t},e laws of Florida.
3. To pay all and singular the costs, charges and expenses, including lawyer s fces, reasonably in-
cuaed or paid at any time by said Mortgagee be,:ause of the failure on the part of the said rlortgagor,
his heirs, legal representatives or assigns, to perform, comply with and abide by each and every the
stipulations, agreements, conditions and oovenants of said promissory note and this deed, or either, and
every such payment shall beaz interest from date at die highest rate permitted under the laws af
Florida.
4. To keep the building,s now ar hereafter on said land insureci against fire, lightning, windstorm,
flood, vandalism, malicious mischief and such other ha7ards as the ~'Iortgagee may from time to time
require in a sum not less than the maximum insurable value, in a company or eompanies to be approved
by said ~lortgagcc, and the policy or policies held by and payable to said Liortgagee, and in the event
any sum of money hecomes payable under such policy or policies, the ~lortgagee shall have the option
to receive and apply the same on acoount of the indebtedness hereby secured or to pernut the hfortgagor
to reoeive 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, ~vithout waiving or affecting the option to foreclose or any right hereunder, and
each and every such payment sliall bear interest frum date at the highest rate permitted under the la~vs
of Florida.
5. Ttiat, in order more fully to protect the security of this mortgage, the 4iortgagor, together ~vith,
and in adclition to, the monthly payments under the temu of the note secured hereby, on the s~x~cified
payment date of each month until said note is fully paid, ~~•ill pay to the ~lortgagee the follo~ving sums:
(a) A,n installment of the taues and assessments leviecl or to l~e levieci against the premues covered by
d~is mortgage; and an installment of the premium or premiums that will be,~come due and payable
to renew the insurance on the premises covered hereby against loss by firc, windstorm and other
hazarcis as provided for by paragraph 4 preeecling, or sueh other hazard a may reasonably be re-
quired by the Mortgagee. Such installments~ shall be equal, respectively, to one-twelEth (1/12t~) of
the estimated premium or premiums for such insurance, and taxes, and assessments next due (as
estimated by the 1lfortgagee) less all installments already paid therefor, dividecl by the number of
months that are to elapse one (1) month prior to the date when such premium or premiums and
taxes and assesments will become delinquent The A4ortgagee shall hold such monthly payments in
trust to pay such premium or premiums, and ta~res and assessments, before the same become delinquen~
(b) A)1 payments mentioned in the preceding sub-section of this paragraph and all payments to be made
under the note sccured hereby shall be added togethei and the aggregate amount thereof shall be
paid by the ~tortgagor each month in a single pay~nent to be applieci by the \sortgagee to the fol-
lowing items in the order set forth:
(1) Taxes, assessments, fire, windstorm and other ha~ard insurance premiums;
(2) Interest on the note secured hereby;
(.3) Amortization of the principal of said note.
Any deficicncy in the amount of such aggregate monthty payment shall, unless paid by the Mortgagor~
prior to the due date of the next such payment, constitute an event of default undcr this mortgage.
If the total of the payments made by the Mortgagor under (a) of this paragraph shall exceed the amount
of payments actually made by the Mortgagee for taxes and assessments and insurance premiums, as the
case may be, such excess shall be credited by the Mortgagee on snbsequent p~yments to be made by
t6e Mortgagee. If, h~wever, the monthly payments macle by the Mortgagor under (a) above shall not
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