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Home My WebLink About0083 ~ ; t 1~ t~ K ' , • , ` ments ahsll be held by the ]~[ort~agee. withant inbtrrest. to qy nxch taz~u abd aaoe~emeirte and inaurance premiuwa. All p~ymenea m~e undar the tern~a oi thia paragraph ~d under tbs note secnrad Aaraby shsil be added toRether and ths aggregate amount t~?ereoi a~11 be paid by tbe ~[ot~gor in a aingle payment each month to be applied by the Mor~?- g+~e in psyment oi the itema ~?nd in the order followin~: (aj Tsxea and aaeeaameata~ and insurance premiums; (b) Int~re~t on the note sccured heraby; and ~ (c) Amurlisstion of the prineipsl oi aaid note. Any deiiciency in the unount of euch ~ggrtgate monthly payment shall constitute • defsult under this mortgage. W1~en sar~h iaxe~, ar~enb ~d inauranee premiuma faA due~ if the amout?te depoaited by the Mott,~agor ior aach pur- p~oaee ~re not suffieisnt to p~y ~aid t~~a~ stsessment~ and insur~?nce premiums. as the c,~ae msy be. thsn dus. the Mort- ~agor will psy to the ll[ort~~e such dafieiencq immediwtsly. When auch tasea. assessme~a stnd insurance premiume fall due~ if tt~e amounta depoeited dy the Mortgs~gor ior euch pnr~wees exceed Lt?e amounta due for auch taxea, asseas- ° menta ~d inaurance preminms, the ~cesa msy, in the discretion of the Mortgagee~ be spplied on subeequent monthly ' p~ymenta to be m:?de by tlue Mortgagor. In the event oi dafanlt nnder this mortgage any unezpended innds in the }?and~ ot th+e ~tortgwgse deposited by Lhe Mortgagor to meet the obligstions of tazes, assessmente and inenr+~nce premiums nhall be appUed by the Mortgagee upon the indebtedneaa herebq secured, in the following order: (s). Inbereat an ad- vancee made by the Mortgagee; (b), Advancee made by the Mortgagee; (c)~ Intereat on the principal; snd (d) the prin- cipsl debt hereby aecured. When sny auctt taxea, sasessmente or insurance p~emiums iall due the Mortgsgor wiil prompt- ly obtain and delieer to the Mortgagee statements with respect thereto. 13. Thia mortgsge ahall also secure add~tional loa?ne hereafter made by the then holder of the note eecured hereby to the then owner of t2~ resl estate de~cribed herein, provided that no such additional loan shsll be made if the msking therea! wonld csuse t~e totai principal indebtedneaa eecvred hereby to exceed the amount of the original grincipal in- debtedness atated herein. Each such additional loan ahsll be evidenced by a note or other evidence of indebtednea9 identi- fying snch additional lown as part of the indebtedness secured herebq, t?nd ehall mature not later than tbe then maturity , date of the originsl indebtednesa secured hereby. Nothing herein contained shall imply any obligatian on~ Lhe part of any holder of said note to make any such additional losn. 14. Mortgagor hereby assigns to Mortgag~ee any and all awarde or damages, actuat and consequcntial, for the tak- ing of any portion or aIl of the mortgaged premiaea, by the eaercise of the right of eminent domain or condemna- tion, including but not limited to damages or awarda for changes to the grades of atreets, or acquiring title to atreets. The proceeds of such awards or damage~, when received by Mortgagee, shali be applied in reduction of the mortgage indebtedness. 15. This mortgage secures future advances under the provisions of Sec. 597.04 0£ the Florida Statutes Annotated, as presently amended, which said advances shall not exceed the maximum principal amount o~ $26,500.00. The init'ial advances are to be made in accordance with a Coustruction Lo~tn A$reement between th~ mortgagar and the Constructian Lender (St. Lucie County Bank), which said agreement is npen for inspec- tion at the office of said Construction Lender. Said ConstrucCion Loan Agreement is incorporated herein by reference, axid any default by the mortgagor thereunder sha11 be an event af default under this mortgage. 16. This mortgag~ and the note it secures will also evidenee and secure permanent mor~cgage financing, and when construction has been cample~ed and the terms of the aforementioned Construction Loan Agreement have been fully performed and satisifed, said Construction Loan Agreementi $hall have no further force or effect and only the terms and provisions of Chis mortgage and the note thereby secured shall thenceforth be applicable. ~ ~ ' BooK ~z7 . 8~ ~ ~ ~