HomeMy WebLinkAbout2565 for the collection hereof , or the same has to be collected upon demand of an
attorney, to pay reasonable attorney's fees for making such collection. All
payments hereunder shall bear interest at the rate of 18 percent per annum
during the period of any default and from and after maturity until paid.
This note is secured by a mortgage of even date herewith and is to be
construed and enforced according to the laws of the State of Florida; upon
default in the payment of principal and/or interest when due, the whole ,
sum of principal and interest ~emaining unpaid shall, at the option of the
-holders, become immediately due and payable. • Failure to exercise this
option shall not constitute a waiver of the ri~ht to exercise the same in the
event of subsequent default.
Payable at:
2601 So. Bayshore Drive (Seal) ;
Miami, Florida 33133 CHARLES GRUNBAUM '
and shall perform, comply with and abide by each and every one of the
agreements, stipulations, conditions and covenants thereof, and of this
Mortgage, then this Mortgage and the estate hereby created, shall cease,
determine and be null and void.
AND the Mortgagor covenants to make equal payments on the dates of
the regularly scheduled note payments to the Mortgagee for real property
taxes and assessments such that the total of the estimated property taxes
due for a year as reasonably estimated by the Mortgagee are paid to the
Mortgagee by November 1 of each year and the balance due, if any, shall
be paid to Mortgagee within ten (10) days after notice is given to
Mortgagor ("The Tax Payments").
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THE Tax payments shall be held by Mortgagee. Mortgagee shall apply ~
The Tax Payments to pay the real property taxes and assessments. ~
Mortgagee shall not charge for holding and applying The Tax Payments, ~
analyzing the account or verifying the tax items unless Mortgagee pays ~
Mortgagor interest on The Tax Payments and applicable law permits
Mortgagee to make such a charge. Uniess an agreement in writing is made ~
or applicable law requires interest to be paid, Mortgagee shall not be
required to pay Mortgagor any interest or earnings on The Tax Payments.
Mortgagee shall give to Mortgagor, without charge, an annual accounting of
j The Tax Payments showing credits and debits to The Tax Payments and the ;
~ purpose for which each debit to The Tax Payments was made. The Tax ;
i Payments are pledged as additional security for the sums secured by this
; Mortgage. ~
i
~ THE proceeds of any award or claim for damages, direc# or
; consequential, in connection with any condemnation or other taking of any
part of the property, or for conveyance in lieu of condemnation, are hereby
~ assigned and shall be paid to Mortgagee. In the event of a partia) or total
t taking of the property, the proceeds shall be applied to the sums secured
~ by this Mortgage whether or not then due, with any excess paid to
Mortgagor.
~
~ AND the Mortgagor further covenants and agrees to pay promptly
~ when due the principal and interest and other sums of money provided for
~ in said Note and this Mortgage, or either and the default interest rate for
~ any payments received after the due date, time being of the essence; to
pay all singufar the taxes, assessments, levies, liabilities, obligations, and
° encumbrances of every nature on said property; to permit, commit or suffer
~ no waste, impairment or deterioration of said land or the improvements
~ thereon at any time; to keep the buildings now or hereafter on said land
fully insured in a sum of not less than the full insurable value in a
company or companies acceptable to the Mortgagee, the policy or Qolicies to
be held by, and payable to said Mortgagee, and in the event any sum of
money becomes payable by virtue of such insurance, the Mortgagee shali
s have the righ: to receive and apply the same to the indebtedness hereby
secured, accounting to the Mortgagor for any surplus; to pay all costs,
> charges and expenses, including IawyQr's fees and title searches,
~ reasonably incurred or paid by the Mortgagee because of the failure of the
~ Mortgagor to promptly and fully comply with the agreements, stipulations,
~ conditions and covenants of said Note and this Mortgage, or either; to
~ perform, comply with and abide by each and every one of the agreements,
~ stipulations, conditions and covenants as set forth in said Note and this
Mortgage or either. In the event the Mortgagor fails to pay when due any
~
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LAW/158/O1 /10/90
ao~K 674 PAGE2565
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