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Attached to and part of ~rtg~ge of ~pBB~T L. ~
dppLSGST and JBAN N. APPLSGE'r, his Mife, to ATIQO
FINANCL,I. CO~POBATION dated January 20,1964.
14. ?6e mortgagor agrees to pay to the mortgagee on each date upoa
vhich interest ia payabie, if requir~d by the mortgagee, snch a~ounta aa
the mortgagee may eatimate from time to time as aecessary to create and
maintain a reserve fund from ~hich to pay taues and epecial asaessmenta
before aay penalty attachea for nonpayment snd premiums for sucb insuraace
as required vhen due; that payments frcro said reserve fund for said pur-
posea map be made bp the mortgagee at its discretion; and that in the re-
~ fuading of money frau said reserve fund at any time, the mortgagee may
; deal vith the party or parties at that time represented to the mortgagee
as the o`mer or ovaera of said propexty.
` 15. This mortgage secures futwce advances uader the provisioas of
; Sec. 697.04 of the Florida Statutes Annotated, as presentlq amended, vhich
~ said advances shall not exceed the maxim~um principal amount of $15,000.00. -
; The initial advances are to be made in accordance vith a Co~strucCion Loan _
= Agreea~ent betveen the mortgagor and the Construction I.ender, St. Lucie
` County Bank, vhich said agreement ie open for inepection at the office of
~ said Conatruction I.ender. ~Said Construction Loan Agreement is incorporated O
~ herein by reference, and any default by the mortgagor thereunder shall be .
~ • an event of default under this mortgage.
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~ 16. Zhis mortgage aad the note it secures vill also evidence and
secure permanent mortgage financing, and Wh~en construction has been C+.
~ com~leted sud the terma of the aforementioned Constructioa Loan Agreement
~ have been fully performed and satisfied, said Construction Loan Agreement
~ shall have no further force or effect and anly the terms and provisions of ~
; this mortgage and the note therebq secured shall thenceforth be applicable.
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