HomeMy WebLinkAbout1920 installment plus interest; Parcel No. 5 upon the payment of the
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Fifth (5th) annual installment plus interest.
SEE ATTACHED EXHIBIT "A" FOR PARCEL NUMBERS AND DESCRIPTION.
This provision for partial releases shall be null and
void if the Mortgage is satisfied.
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SUBSTITtJTION OF COLLATERAL:
The Mort a or its heirs successors or assi ns shall ha ~
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the right to substitute in lieu of the Purchase Money Mortga~e in
whole or in part at the option of the Mortgagor, negotiable =
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certificates of deposit issued by either Federal or State Savings ;
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- and Loan Associations located in the State of Florida, or of any ~
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National or State Banks located in the State of Florida (that are
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members of the FDIC, Federal Deposit Insurance Corporation,) and =
these certificates shall be in s~ch amount to be one hundred (10070)
~ercent insured by the FDIC in an amount equal to one hundred ten
(1107,) percent of the indebtedness as designated by the Mortgagor
at the time of such substitution; and the said certificates shall ~
be deposited in a local bank under an annropriate escrow agreement
nrovided, however, thaC the interest generated by said certificates ~
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shall remain the nronerty of the Mortgagor. ~
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A- Said certificates of deposit and/or cash shall remain the ;
~ nroperty of the Mortgagor, unless a default under the i
~ Mortgage shall occur, in the event of a default, Mortgagees, ~
' shall have recourse against the substituted collateral in ~
` the same manner as they would have against the real oroperty ~
€ had the real Prorerty not been released. Mortgagor shall be
; entitled to receive the interest oenerated by the cash and/or
~ certificates of denosit so held.
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; ~i - r:ortgagees, their heirs, successor; or assigns, wi11 at the
time the cash and/or certificates of deposit are niaced in
escrow execute releases for the appronriate land and deliver ~
~aid releases to Mortgagor.
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C- Unon each redular oayment of orinci~al and interest by the
; Mortgagor the escrow agent shall release to r:ortgagor cash ~
~ and/or certificates of deposit equal to the amount of the
_ nrincipal and interest paym~nts then made to the Mortgagees.
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