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ments ahall be held bq the ffiortgagee, withaut interest, to pay euch taue~ and aaseasmente and ineurance prcmiume. Ail
paymente mada under ~he terma of this paragreph and under the note eecured hereby ehsil be added together and the
~ggregate r.mount Lhereof nhall be paid by the Mortgagor in a single p~yment each month to be spplied by the Mortgs-
gee in paymant o! the items and in the order following:
(s) Tt?xea end aseesaments~ ~nd inaurance premiums;
(b) Intereet on the note eecured hereby; and
(c) Amortizstlon of the principal of ssid note. " .
Any deficiency ii? the ~mount of such aggregAte monthly payment shall constitute a default under this mortgage.
When such ~Fauues, aasesamenta and insur~nce premiume fall due, if the amounte depoaited by the Mortgagar for such pur-
posee are not suificient to pwy eaid taxea~ aasesaments snd inaux~nnce premiuma, as the case may be~ then due, the Mort-
gagor will p~y to the Mort~sgee such deficiency immediately. When auch taues, assessmenta and insur~nc:e premiums
fall due, ii the amaunts deposited by the Mortgagor far such purposes exceed the arnounts due for such ta~ces, assess-
ments and insurance premiums, the eacess may, in the discretion of the Mortgagee, be applied on subsequent monthly
psyments to be made by the ~ortgagor. In the event oi deisult under this mortgage any unexpended innda in the
hsnda of the Mortgag~ee deposited by the Mortgagor to meet the obligations of taxea, assessments and inaurance premiums
shall be applied by the ffiortgagee upon the indebtedness hereby secured, iii the follovving order: (a), Interest on ad-
vances made by the Mortgagee; (b), Advsnces made by the Mortgagee; (c), Intereat on the principsl; and (d) the prin-
cipal debt hereby aecured. When any such taxes, agsesstnenta or insurance premiums fall due the Mortgsgor vaill prompt-
ly obtsin and deliver to the Mortgagee ststements with respect thereto.
' 3. Thia murtgage shall slso secure additional loans hereafter made by the then holder of the note secured hereby
to the then owner ot the real estate deecribed herein, provided that no such additional loar_ ahali be made if the making
thereof would cauae the totsl principal indebtedness se~:ured hereby to exceed the amount af the original principal !n-
debtedness atsted herein. Each such addittonal loan ahall be evidenced by s note or other evidence of indebtedness identi-
fying such additional loan ss part of the indebtedness secured hereby, and shall mature not later than the then maturitp
date of the original indebtedness secured hereby. Nothing herein contained ahall imply any obligation on the part of any
holder of said note to make any such additional loan.
14. Mortgagor herebq assigns to Mortgagee an~ and all awards or damages, actual and consequential, for the talc-
ing of any portion or r'.1 of the mortgaged premises, by the exercise of the right of eminent domain or condemna-
tion, including but not iimited to damagea or awards for changes to the grades of atreets, or acquiring title to streets.
The proceeds af such awards or damages, when received by Mortgagee, shall be appiied in reduction of the mortgage
indebtedness.
15. This mortgage secures future advances under the provisions of Sec. 697.04 of
tt~e Florida Statutes Annotated, as presently amended, whic~ said advances shall not
exceed the m~im~wn principal amount af $30,000.00. The initial acivances are tn be
made in accordance with a Construction Loan Agreement between the mortgagor and the
ConstrucCion I,ender (St. Lucie County Bank), which said agreement is open for inspec-
tion at the office af said Construction Lender. Said Canstruction Loan Agreement is
incorporated herein by reference, and any default by the mortgagor thereunder shall
be an event of default under this mortgage. •
15. '1'his mortgage and the note it secures will aiso evidence and secure permanent
mortgage financing, and ~hen const~uction has been completed and the terms of the
aforementioned Construction Loan ~greement have been fully perfo}~d and satisified,
said Canstruction i.oan Agreement shall have no further force or effect and only tihe
terms and provisions of thi~,~qortgag~ and the note thzreby secured shall thenceforth
be applicable.
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