HomeMy WebLinkAbout1722 This Mortgage shall secure not only existing indebtednesses
hereunder from Mortgagors to Mortgagee, but also future advances
not to exceed, however, a maximum principal amount of $655, 000. 00
plus interest thereon and any disbursements made for the payment of
taxes, levies, or insurance on the above described property encumbered
by this Mortgage, with interest on such disbursements as hereinafter
provided, all as authorized by Chapter 697. 04, Florida Statutes.
It is further agreed by the party of the first part that in
the event that this is a construction mortgage, that should said party
of the first part notcomplete the construction of the building or buildings
being erected or to be erected on the mortgaged premises in accordance
with the plans and specifications submitted to the Mortgagee withixi
six months from the date hereof, or if work on said construction should
cease before completion and the said work should remain abandoned
for a period of ten days, then in either event the entire principal sum
of the note, secured by the Mortgage and the interest thereon shall at
once become due and payable at the option of the Mortgagee, and in the
event of abandonment of work on the construction of said iauilding or
buildings for a period of ten days as aforesaid, the Mortgagee may
at its option also enter into and upon the mortgaged premises and
complete the construction of the said building or buildings, this being
full and complete authority for such Mortgagee to make such entry and
to enter into such contracts or arrangements as may be necessary to
complete such building or buildings and the money expended by the
Mortgagee in connection with such completion of construction shall be
added to the principal amount of said note secured by these presents,
and shall be payable by the party of the first part on demand, with
interest at the rate hereinabove specified.
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LAW OFFICES OF PAUL AND LANDY, 941 PAN AMERIGAN BANK BUILDING. MIAMt. FLORIDA 3Sfat
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