HomeMy WebLinkAbout1906 premises shall be paid to the Association, its successors or assigns,
up to the amount then unpaid on this mortgage and may be applied upon
the payment or payments last payable thereon.
10. The mortgagor binds itse2f not to erect or permit to be
erected any new buildings on the premises herein mortqaged or to add
or to oermit to be added to anv of the existing improvements thereon.
or ~o demolish, alter or destroy any material part of the improvement, -
without the written consent of the Association and in the event of
any violation or attempt to violate this stipulation this mortgage
and all sums secured hereby shall immediately become due and collect-
ible at the option of the Association.
11. It is specifically agreed that time is the essence of this
contract and that no waiver of any obligation hereunder or of the obli-
gation secured hereby shall at any time therea~fter be held to be a
waiver of the terms hereof or of the instrument secured hereby.
12. If foreclosure proceedings of any second mortgage or
second trust deed or any junior lien of any kind should be instituted,
the Association may at its option i~.mediately or thereafter declare
this mortgage and the indebtedness secnred hereby due and payable.
13. To the extent of the indebtedness of the mortgagor to the
Association described herein or secured hereby the Association is
hereby subrogated to the lien or liens and to-the rights of the owners
and holders thereof of each and every mortgage, lien or other encum-
brance on the land described herein which is paid and/or satisfied, in
whole or in part, out of the proceeds of the loan described herein or
secured hereby, and the respective liens of said mortgages, liens or
other encumbrances shall be and the same and each of them hereby is
preserved and shall pass to and be held by the Association herein as
security for the indebtedness to the Associatibn herein described or
hereby secured, to the same extent that it would have been preserved
and would have been passed to and been held by the Association had it
been duly and regularly assigned, transferred, set ~~~er and delivered
unto the Association by separate deed or assignment, notwithstanding
that the same may be satisfied and cance2led of record, it being~the
intention of.the parties hereto that the same will be satisfied and
cancelled of record by the holders thereof at or about the time of
the recording of this mortgage. ~
14. To pay all and ~ingular the costs, charges and expenses,
including lawyer's fees, incurred or paid at any time by the Associa-
tion because of the failure of the mortgagor to perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of said promissory note and this deed, or either, and
every such payment shall bear interest from date at the rate of
nine per cent (9~) per annum.
~15........~h~..iAR~C.t~g~~.~~t c.Q,ve_nants that the buildinwgs to~be ~
constructed and equipped with money to be advanced on this mortgage, ~
~ pursuant to construction mortgage agreement between the parties, ;
shall be constructed in accordance with plans and specifications
submitted to the Association, and that should said buildings not be
constructed in accordance with said plans and specificatians, then
and in that event, the mortgagee may, at its option, declare all sums
secured hereby immediately due and payble.
16, Upon the occurrence of the filing of an arrangement or
proceeding in bankruptcy by or against mortgagor, initiation of ~
insolvency proceedings by or against mortgagor, or assignment by #
mortgagor for benefit of mortgagor's creditors, all of the sums
secured by this mortgage shaZl be immediately due and payable at
the vption of mortgagee, without notice or demand. ~
IN WITNESS WHEREOF, the mortgagor has caused these presents
to be executed in its name and its corporate seal to be hereunto
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~ FEE. PARKER & FEE. P. A. ' ?
AtTORNEYS AT LAW ~
POST OFFICE BOX 1000 O
FORT PfERCE. FIORIDA 33450 dG~~.~B ~j~~~
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