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4f That in the event' Tai11f1b:fr:t~~'~~~.tgages reterred to above
b.oc~e more than 90 d.,s delinquent, said Escrow Agent is hereby
authorized to surrender the above described noto. and aortgages
to the Sf. LUCIE MORTGAGE COJlPABY; provided however that 10 d&1'8
written notioe by regiatered mail has been given SUlSET P~
DEVELO~ CORP., at Rt. 4f Box 450, ~t. Pieroe, Florida, advising
sai~ corporation ot the exi.tenoe ot thda situation.
5. That in the event any ot the tir.t mortgages oov4ring any
ot the properties incumbered by the aortgages and notes assigned
herewith as collateral security fo~ the said '33,000.00 note,
become delinquent for more than 90 dqe, tiLe eaid hcrow Agent
1s hereby authorized to surrender the above Rentioned notse and
mortgages to the ST. LUCIE MORTGAc;',~ COKPAIY; providing however
that 10 d&Js written notice by reaistered mail bas bean given
SURSE! PARI DEVELOPKEN! CORP.,at Rt. 4, Box 450, Pt. Pierce, Plorida,
advising said oorporation of the existenoe of this situation.
6. That in the event any .axes or in.urance pre.iUlle bet:ome
deliquent on any of the properties incumbered by the morgtages
and notes assigned herewith a. collateral securi~ tor the said
"',000.00, for more than 90 d&Js, the said Escrow Agent is hereby
authorized to 8urrender the above aention6d note8 and mortgagoa
t~ the ST. LU9IE KORmAGE COMPANY; providing however that 10
&ay8 written notice b7 registe~ed mail has beon given SUBSET PARK
DEVELOPMENT CORP~, at Rt. 4, Box 450, Pt. Pierce, Plori4a, advising
8aid COl'P oration of the exi8tence of thi8 .i twtion.
7. That the parties hereto agree that it is tho responsibility
of SUIlSET PARX DEVELOPllDT CORP., to soe that allot said first and
8econd mortgage8 reaa1n in good standing a. eet out above and that
it is the further re.pon.ib11it7 ot SUNSET PARK DEVELOPKEBT CORP.,
to see that all. tax.. and inBurance prea1ua. of &aid properties
are paid pureuant to th6 prOVisions se~ out above.
8. That it shaJ.l 'be the responsibility ot SUllSET PABX
DEVELOPKEIT CORP., to turnieh to ST. LUCIE MORTGAGE COJIPABY,
seoond aortgage ea.dorse..nte on the Pl.re and extended coverage
policies now held by the Pirat ~ederal Saving. and Loan Aaeociation
ot Port Pieroe.
9. That it aazoeed between the partie. hereto, that it shall
be permi.sable ~or the Sf. LUCIE MORTGAGE COKPAIY and SUBSET PARI
DBVELOPDBT CORP. to ext.nd the principal p87Jlent date ot the
.",000.00 not., providing 8uch exten810n i8 done in writing and
filed for record and provided further that such an extension Bhall
not be tor more than 15 year.. It shall be cOJlslder~d wi thin this
provi8ion to T&r1 the terms ot said note, but this provi.ion shall
not be construed to make 1i .andator)" upon either party to make
.uch an extension.
10. That it ehall be the option of the ST. LUCIE MORTGAGE
COJIPAIY to require that all prepayaents On the collateral notes
and .ortgag.s be &pplied to the said "',000 e 00 note alul in the
event the said ST. LUOIE MORTGAGE COIIPABY so .quire., then the
1~ intere.t .hall app17 only &8 to the unpaid balance, ad the
prep.,.ent shall be credited to the principal ot said note.
11. That while all partie. hereto RECOGllIZE ABD PElUII! the
said PHILIP G. .OURSE, EBcrow .¢ to purchaae a portion ot said
.",000.00 Dot., it is expre.s17 under.tood between the parti..
hereto that .aid Bsorow Agent aota hereunder AS A DEPOSI!OR OBLY
and 1. not liable in &Q7 aanner whatever tor the .uffioiency,
correctne.s, senuinoneag or validity of any in.truaent d.po.ited
wi th bill or .for the identi'tJ', authori tJ' or rights of any per.on
executing or depooit1nc it.
12. !hat in the event it become. neoe..&rJ to foreclose Or
o~erw1.e enforoe &D7 of the collateral .ecurity note. and .ortgage.
referred to abOTe, it ahall be done without expena8 to the S!. LUCIE
XORNA.CJB COJIPAIY and 'the re.ultinc proceed. or title of such