HomeMy WebLinkAbout0086 payabl~ a5 above provided, and should the same ~r any part thereof ramain
unpaid for a period of thirty days, then and from thenceforth, the aforesaid
principal sum with all arrearages of interest, shall at tFie option of said
mortgagee, its legal reNresentativ~s or assigns, ~become due and be payable
IIICICII~Ii'i t1iiCl tilc~c~~t:;r, although th~ ~~t~ic~ n~~~rQ limi#ec~ fc~t the ~~yrnent
of the same shall not then have expired, anything hereinbefore or in said bonds
contained to the contrary thereof in any wise notwithstanding.
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6. This mortgage is made to secure the payrnent of certain bonds made and
executed by Orc~nge Avenue Boptist Church, lncorporated, a Flarida Corporation,
and authorized by a re5olution of said corporation under date of December 11,
1965, said bonds being dated Januory 15, l966, anc! being further secured by a
T'rust Indenture of December 27, l965, tharewith r~~c~de, Pxecuted and delivered
by Orange Avenue 8aptist Church to Preferred Research Associates as Trustee,
reference herein being made to s4id Trust (ndenture and the terms and conditions
thereof being incorporatsd herein and made a part hereof os if the same were
set out E~erein in detail,
Default and Foreclosure
7. And the mortgagor herPby further covenants and agrees to pay
promptiy when due the principal and interesT and oti,er su~~is of money orov+c~ed
fior in said bonds, ihis rnorigage ana ine i'i ~;si ilif~aE.'ii~iiic i'ci~~i'~t~ ~CJ~ or eit}~~~;
to pay ai! and singular fihe taxes, assessments, leyies, (ia6ilities, obligations,
and encumbrances of every nature on said property; to oermit, commit or suffer
no waste, impairment or deterioration of said land or tl~e improvements thereon
at any time; to pay all costs charges, and expenses, including iawyer's fees
and title searches, Teasonably incbrred or paid by the mortgagee b~cause of
the failure of the mortgagor to promptly and fully comply with the agreements,
stip~lations, conditions and covenants set forth in said bonds, this mortgage
and the Trust lndenture referred to, or either. (n the event the mortgagor fails
fio pay when due any fiax, assessment, insurance premium or other sum of
money payable by virtue of said bonds, this morfigage or the Trust (ndenture
referred to, or either, the mortgagee may pay the same, without waiving or
affecting the option to foreclose or any other right hereunder, and all such
payments shall bear interest from date thereof at the highest lawful rate then
allowed 'ny the (aws of the State of ~lorida.
If any sum of money herein referred to be not promptly paid within
30 days next after the same becomes due, or if each and every, the agreements,
stipulations, conditions and covenants of said bonds, this morFgage and the
Trust (ndenture referred to, or either, are not fully performed, complied with
and a~ided by, then the entire s~m mentioned in 5aid bands, this mortgage
and said Trust (ndenture referred to, or the entire balance unpaid thereon,
shafl forthwith ar thereafter, at the option of the mortgr~gee, become and
be due and payable, anything in said bonds or herein to the conttary not-
withstanding. Failure by the mortgagee to exercise any of the riglts or op-
tions under said bonds or fihis mortgage accn~ed or thereafter acctving. .
(CORPORATE SEAL) iN WiTNESS WHEREOF the
mortgagor has caused these presents to
be execufied in its name, and its corporate
seal to be~ hereun~ duly authorized, the
day and year first above written.
AT7EST:~/~.~ ~ ORANGE AVENUE BAPTIST CHURCHt [NC.
Se ary ~
Signed, sealed and delivered in t e presence of: % ~ G', ~
- , BY: - r ~ -t--,~'~----_-.~
L resi ent
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