HomeMy WebLinkAbout3567 the aforementioned First Mortgage upon the payment to the First Mortgagee
of the first principal installment of $49,714.29, plus interest,due on
April 11, 1973. The acres to be released h~reunder shall be the exact
acres elected to be released by Mortgagor under said First Mortgage.
C. Mortgagor may, without premium or penalty, pay the note secured
hereby in full at any time and make partial payments thereon at any time
after twelve (12) months from the date hereof.
D. It is a condition of this second mortgage that any default
by Mortgggor under the First Mortgage and/or the note secured thereby shall
be an automatic default in this second mortgage and the note secured here-
by. Mortgagee shall have the right, at its option, to make installment
payments under default against the First t~ortgage and all such payments
made by Mortgagee under any default under the First Mortgage shall be credit-
ed against sums due and owing under this mortgage. This right shall be
cumulative.
E. This second mortgage secures the payment of a promissory
note (as recited above) of even date herewith in the principal sum of
O:~E MILLIOiQ ONE HUNDRED TtVENTY-FOUR THOtiSAND SIX HUNDRED TEN & 66/100 DOLLARS
and such future or additional advances as may be made by the mortgagee,
at its option, to the Mortgagor or its successor in title for any purpose
provided that all such advances are made within twenty (20) years from the
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i date of this mortgage or within such lesser period of time as may be pro-
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s vided hereafter by law as a prerequisite for the sufficiency of actual
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~ notice or record notice of such optional future or additional advances as
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~ against the rights of creditors or subsequent purchasers for valuable con-
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~ sideration. The total amount of indebtedness secured by this mortgage may
~ decrease or increase from time to time, but the ~tal unpaid balance so
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~ secured at any or_~ time shall not exceed ONE MILLION Tt~O HU:VDRED EIGHTY-iJIiJE
~ : ~~t;SA~ID SIX IiUiJDRED TEN & NO/100 DOLL~tS
~ , ptus interest and any disbursements made
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~ for payment of taxes, levies or insurance on the real property covered by
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the lien of this second mortgage, with interest on such disbursements.
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F. This mortgage is subject to all of the terms and conditions
of that certain Agreement of Purchase and Sale between the parties here-
~t=~:; to dated August 21, 1972 .
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G. Mortgagor shall have the right to excavate and remove soil,
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= other organic matter, rock and similar minerals from the premises hereby
mortgaged without the same constituting waste; provided it is utilized on
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~ the mortgaged premises and not offered for sale to third parties.
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`~F.ti GREENE AND LAtNE. PA . ATTORNE~'S AT LAW, 320 N E. ~BT~ STREET, MIAML i'LORIDA 3313~
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