HomeMy WebLinkAbout0924 due und~r this i~iort~a~ in the firn csiwdar moath followinY thee~ endi~ of said sum. Such :um: so e:prnded to bear interat at the nte
at whicb interat b payable upon uW principal lndebtedaea aod th~ lien ~t2?is Mort~a~e shall ertend to and secure the sum: so e~ended
to~ether with interat tLerea~n as 6erelobefae provided. .
19. At mort~s~es s optia~, to witb aad ia ~dditlon to tbe monthlypa yment of~ principal and intercstpa yabb undec the terau of the
note tecured hareby, Mortg~or ~Qay to Mo~t~a~es esd? month uatd tajd note is fully paid. one-twelfth (1 / 12 ) of a sum equal w the
anntul premium d~e for firs. esteaded coven~e. aod otber hturd lnsuranoe iacludin flood iasurance. rnvenng the mortgaged groP~~Y.
p~~ tazes ~d aaeuooeab nert dus oo tbe mo~al~ed P (all a~ atimated by I?~ort~aQee) less all sums already psid therefor, u,d w be
divided by the number af mont~ to dapss prlor to tbe da~ mch taue~ and as~eab ahall become deUnqueat. Said sums shall be
heW bp M in trvsi a credited to tbe pdncipal of the 1wn. to PaY :afd t~~uance. taseti aod stsasmeats tad shall be apphed on the
P~yment d~~wbeo das. Aay asoas beid m tru~ by M wbea satd loan is paid in full :hall be paid to Mortgagor. or h1~
or pe:sooal repraentatl~ra. In tbe eveot of a dafauh ar fixe ure, ~ald su~s LeW in tr~t may bs applied oa any cosb of damaga r~
tn oootiec~ioo with tbs oouectl~oo af tbs nob ~eeured bsr+b7~ w~tL~e bY forocbsure. a~ ot6eivvise. Mortgagee may fraa tia~e to time at
~b~pti~ waive. aad aft~ any tud? waiver. rei~tats my or all provi~ons bereoE requirin~ ~ch depaib. by notlc.~e to Mortgagor in wrltin=.
Whiie any t~ch w~ivar it ta eft'ect. Mat~a~ ~aD PaY tasa. ~Mwmenb aod jasw~aos premiums as herein eltewbere pravided.
Q0. M ~ ~a t6a11 ~ wif~ tbe ~rovi~ioa~ af any 1ea~e. if tbt~ mortgaQe b on a le~sehold. If t5i~ moct~aQe i~ an a eoodominfum uait, `
nw~t~a~a~ibaII yerfora4 ~ matp=ai obli~atlau uader th~ deduatbn of ooodomidum or mastu decd. ehe by-lavrs and regulatioas d ;
tbe caodaminium praject aad ooo~ituent doeumeab. 1~loct~a~+a fnrtber coveaants tbat 6e ~od tbe atsociatioe respon~ble for the operatioa
oE the oondomidum will obro~v~s dl af tbs pzovWom cf tbs ~d ded~ratiw~, ~a~d any ameadmeats t~ereto. atd oE the Condoaunium Lw of ~
the state. and will perform aII obligatiam thereunder; and a failtue to d o w which i~ not cured v~ithtn 30 days aher notice pven by the Mort- :
gagee ~o tbe moct~~or and d~s tdd a~soeistlon a6aU eemtltuLs a deEanlt uader thit mortH=ga M~tSi~ further speeiEically covenants, but not ;
by way of Iimitztiao, tl~at be aad tbe a~oclatian wiU obsecve all af the provisioos of said decLratioa of condominium relatiag to uuurance s
covera~e.
21. Mortgaga furtl?er coveoaa~ and aQrees that at t6e requeat of MoR~agee W fumish a standard temute bond insuring against d.amage
by infatation on tbe buildings now a 6ereafter located on tbe moct~aB~ P~~Y. in such amounts and terms. and with ruch company as
topobtain um
~ tasu ~ncb rnversSe~ uader ooveaant ac3 b~ ~~~p~ with thia covenant Mortgagee shall have the same r[ghts
82. 'Ibat in the event tbat tbis most~a~e is ~tven bo ~ecure a ooastnictioa loan. fWure on theQ~!~ ~of the Mortgagor or the btortgagors ~
con~ractor. architect, ea~ineets, or sub-contractots to oomplY with tbs ternst af the Coomucti°° '.°`n A nt of e~•en date herewith,
which u by refereaoe inca~poraeed hereia, ~a4 at the aptioo of the Mo.taa~ee. o~stitute a deEault here er.
23. If the mortgaged premises L ot6er than a one to four family dweIIing. t6e Mortgagor covenants and agrees that he will, not later
than thirty (30) d~ys afur tbe ead af the fiscal year, furnish nnto the AssociatIon a campkte and Accunte balance sheet and profit and loss
statemeat reflectiag the Moit~gor
s liabilttia as well as praHt and bss for tbe fised yeu. aad such bsLnce sheet and profit and bss state-
ment shall be PreW*ed bY a certified pubtic aooountant lioea~ed in tbe Stabe of Florida, and ~all be oertified as being correcc by such certi-
ficYl public tooo~mtan~
24. If ury af d~e sums af Lerein referred to 6e not promptiY and fully paid within thiKy t 30 ) day: ne=t aher the same severally
becoine dne aad payabk or if~ ana thestipuLtjoas, a~eemeats, eandttiam and covenaats of uid pionaissory note and this mort-
ga8a or dther. are not c~uly Performed. a~fed aritfi and abided bY. tbe~ a~n8a
oe sum meatiooed in said promissory note shall become
due aod payabk focthwith or tbereafter at the option of tLe Mortga~ee. a~ fuup and coanpktel)' as if s~id aBR~'~Site sum oE monry wu origi-
~nr ~~t~a co b~ g.id oa s~ct? day. eveeything in sdd pt~it~o~y note or herein to the contnry notwithstandinQ.
23. In the eves~t thst the Mortgagor msbes paymeat by ebecl~ or checb that the Mortgagor has failed to propedy endorse, the
~tortqa~tor doa he~rebq appoint the Martgagee as tts attorneyin-fact to sugply as~ behalf of the Mortgapror any and all endorsements necessary f
to r?egotiate said dreck or cbecb aad tbe Mo~ag
~ a~rees to bold tbe I?lortgagee harmless from any liability whatsoever for supplying said F
erxlorsement In tbe event tbe Mott~agor shall cash a chxk for the Mo:t~tagor and same shall be returned for insuffidtnt funds or any other
reason so t6at the Mort~a~ae b~mable to ooIlact its mooey~ thea tbe Mortgagor 1?ereby authorizes the tiionaagee to add said sum to the
principal ba4nca of thi~ mo~ge aad taid sum ~a11 be ~ecured by s~id promissory note and awrtgaSe as though it was an additional advance
under the terma and eooditiont of thit mart~age.
26. Special provisionr.
IN Wl'TNFSS WHEREOF. tht said Mortga~or hat moe~vbsd tbis mortgage uader ~eal on t~e day aad/yeu herein first above writtea. _
~
. ~
Si~ned, deaivee~ed in the pre~ence of: ~
~ }
- ( SEAI. ) ~
- - ~ -
S . McKAY ~
~ t~.~l.c,LC.c~ ~ . ~--C_,,t~L c~ ~
_ ( SEAL )
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~ A QUE NE McKAY ~
~
~
i
Stnte of FLORIDA
~~ty, ~ MARTIN
The foregoing instrumeflt ws~ aclmowledSed befae me thb 23rd ~y ~ June . 1986 .
by
JAMES A. McKAY AND JACQUELINE McKAY, his wife
~t>~ c~~ ~~7~~
~ ~~ii,~.,~.~~.~ ~ . ~-t~,t_ y
~ - . -
~ Notary Public State of Florida at
Large
~ \otary Seal) - ! _ ~1 '~i
~7
~ >
'8c Ji:~'~ 30 A11 :09
S±ate of ~
County of ~
'Tk~e foregoing instrumeat wa~ aclmowkdSed befoce me t~ ~o# . 1~ ,
by ~ $ L~l;~~ ot
ua behalf of tfie eeepo:stion.
tity Commission e~ire~:
'~o~K505 ~~-8
-
Notary Public
( Nocary Seal )
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