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0, R.
BOOK
,T. LUCIE COUNn, rL~.
lS(a) That in the event th~ loan which this mortgage is gi~en to secure
is made for the purpose of financing either the construction of new
buildings or the construction of improvements and/or additions to
exisiting buildings, tM mortgagor, If ~quir(!d by tM 1JKJrtgagee,
exvressly agrees to deposit with the mortgagee cr j3 designated agent
an amoWlt of mone Y e quu..1 to the d ilJerenc. ~~ tween the ne t proceeds
of the loan and the wtal amount, as detel-min~d by the mortgugee, required
to fully complete said construction in accordance with the plans and
spec if i ca.t i OM he re tolore submi t ted by tM mo rtgagor and approved by the
mortgageee Said amount of money shall be .placed by the 1fI(lrtgagee in a
wLoans in Process Account" in the na~ oj the mortgagor, and the 3ame
shall be used by the mortgagee to pay the costs, cr~rges and expenses
incurred in connection with said construction prior to disbursing of this
loan. It is further agreed t~~t in the event said construction is not
fully completed on or beforl! the date stated in the Constru.ction Loan
Aoreement or in the event that the work on said construction 8'~11 cease
before full completion and such cessati.Jn shall continue for a period of
15 days, or if substantial continu.~ progress shall not be made in
such construction, then and in any such event the said aggregate sum,
principal and interest, m~ntioned in said promissory note and all
monies secured hereby, sr~ll be_o~ due and pay~ble forthwith or there-
after at the option of said lJortgagee; and in the event of such cessation
of lJ.,'Ork upon said const1u.ction for a pt!riod of 15 days, or if substantial
cont inuous progress s".all not be made in such construct ion as aforesaid,
the mortgagee may at its option e~ter into and upon the mortgaged vremises
and complete said construction in such manner as it deerlls advisavle with-
out any interf~rence from the Uortgagor; the satd Uortgagor hereby giuing
and granting to the mortgagee full power and authority to ~~ke such entry
into and upon said mortgaged premises, to enter into such contracts or
arrangements as may be necessary to complete saie ~onstructiDn, and to
expend any monies remaining in said "Loans inProcess Accoune~ and in
~ddition any sums of money necessary to cnmvlete said construction; a1~
all and any monies expended by the mortgagee in connection with such
completion of cons~ruction in excess of the monies in said wLoans ift
Process Account- shall be added to the said principal debt and shall
draw inte res t at the ra te prov ided in sa id prom i ssory no te, and shall
be secured b!f this mortgage, and shall be payable by the mortgagor' on
demCind.
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