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24. rlortqagor and rtcrtgagee aqree that the land which
is subject to the lien of the within hlortqage shall, pending
compl.etion of the improvements thereon, be subject to a
Aeclaration of Condominium and the rec~ rding of appropriate
documents required to submit the lands subject to this t4ortgage
to a condominium form of oF~nership and use in manner provided
in Chapter 711 of the T'lorida Statutes. Providing this t4ortgage
and the r~ote securec~ nereby, together with all other collateral
instruments are in good standing, the Mortgagee agrees to join
in said declaration, if requirecl., £o~he recording of the
same.
Further, providing that this.l4ortgage and i~he Note secured
hereby, toyether with all other callateral instruments are not
in default, the htortgagee agrees to join in the granting of
easements for utilities, private roadways and passageways which
are for the reciprocal benefit of the persons who ~~ill be occupying
and us ing the ir~~proven:encs to be cons tructed upon the encumbered
property, provided that the permanent lender a~proves of the
granting of such easer~,ents and that the granting thereof ~~ill
~ not, in any material ~vay, in:~air the *tortgagee's security.
25. This r:ortgage Deed shall constitute a Security Agree-
ment under the Uniform-~ommercial Code of the State of Florida ,
as it presently or l~ereafter may exist. ttortgaaee shall be
deemed the secured party and *'.ortgagor shall be deemed the
debtor.
26. Lipon execution and recordation of .^•eclaration of
Candominitun as aforesa~a, and provided this ~tortgaqe and-
tlote secured hereh}? are in gooci stanc~ing, tsartgac~ee agrees
to- release fr~m the lic~n of this rtort~~ta~lc i:rnlividual lots
upon paym~nt to thc, m~rtc~agc~e a!~ a sum ec~ual to the greater
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