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shall be written in forms, amounts, and by companies, i
satisfactory to the Mortgagee, and losses thereunder shall - ~
be payable to the Mortgagee pursuant to a standard first f
mortgage endorsement substantially equivalent to the New York
standard mortgage endorsement. The policy or policies of
such insurance or copies thereof shall be delivered to the
Mortgagee. The Mortgagor shall give the Mortgagee prompt
notice of any loss covered by such insurance. Any monies
received as payment for any loss under such insurance shall
be paid over to the rior-tgagee and at his option applied to
payment of the principal and accrued interest under the
Note or paid to the Mortgagor in reimbursement for expenses
incurred by it in the restoration of the t~ortgaged Premises,
against appropriate lien waivers,and affidavits as are
generally required for the disbursement of construction
loan funds.
8. The Mortgagor covenants and agrees that it
l will conform to and observe all ordinances, rules, laws
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; and regulations of the City and County in which the
r !?lortgaged Premises are located, the State of Florida, and
€ the United States of America. Mortgagor covenants through-
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~ out the entire term of this Mortgage, at Mortgagor's sole
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~ cost and expense, to make all repairs, alterations and/or
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~ additions, whether ordinary or extraordinary, that may be
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~ required by any present or future law, ordinance or regulation
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~ in connection with the Mortqaged Premises.
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~ 9. If the Martgagor shall fail to perform any
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a' of the covenants contained herein the Mortgagee may make
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_ advances to perform the same in its behalf, and all sur.ts
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aa~ 198 P~ g74
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PAUL b THOMgON, 1314 FIR4T NATIONAL DANK ~UIL['i1NL3, MIAM1, FI,.OR10A 3913~
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