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(c) Mortgagor agrces and shall have ~onformed and
abided by all, lac~rs affcctinc~ condominium development ~nd s.~les,
~includin~ thc. condominium disclosurc la~J, and any appliclble . !
Florida or I'ederal laws affecting the sales of and m~nagement of • ~
condominium units. T!ortgagor further agrees to rc~strict its sales ~
effort to local advertising and other co^~munication direc~ed to ~
Florida residents, unless Ttortg~gor shall have obtained a rrior
written consent of t•tortgagee and provi,de satisfactory evidence of }
compliance ~•~ith all laels, rules, regulations, etc. of other states
where sales eiforts are anticipated or undertaken.
~ (d) tiortgagor shall be the owner oi the property sub- . '
jected te the condorniniur.i regi~:.e up to the time of the filing of
the Declar.ation of Condo:.iiniur.~ and the release of any units there-
in herefrorn and shall retain control of the condor•~inium_regir,~e or
regimes and. ~~~i 11 not turn - ov~r the control thereof ~~ithout the_
prior written consent of ~Iortgagee.
(e) Approval of the Declarations of Condominiunc? by
the I~iortgagees intei~ding to make long-term "permanent" mortgage
financing of any individual units_and satisfactory confirmation
of the insurability of the title to said units.
23. Al1 contracts entered into by riortgagor for the sale
of condominiurn units will be assigned to ~+~[ortgagee as collateral
security for this loan, and as security interest in them is herebv
ereated: All de~osits on such contracts ~~ill be placed in an es-
crow account ~•rith a bank and under such escrow conditions as are
approved by rtortgagee and ~tortgagor and on which ~*tortgagee's
consent c,rill be required for w,ithdrac~al and under terms and condi-
tions as described in Exhibit "B" of Construction Loan and~Pro.je~t
Agreement. Such deposits crill not be used in connection with any
' construction, alterations, modifications to or maintenance of the
condominium.
24. riortgagor shall furnish to Mortgagee, within ninety
(90) days of the end of each fiscal year, a balance sheet together
with a profit and loss staterr.ent, including reconcilement of
surplus, and such other operating stater:ients indicating the source
of income and the expenditures of~all expense items iiuring the
operating year as riortgagee may require, certified~by-~independent
public accountants, satisfactory to Mortgagee. ,
- 25. riortgagee, at its option, may pay any claim, lien,
encumbrance, tax, assessr:ient or premium, ivith right of subroga-
tion thereunder, now or hereafter affecting the mortgage property
or any portion thereof and merge or consolidate the effect of
such prior item with the lien hereun~er.
26. Nothing herein contained, nor~any transaction 'related
thereto, shall be construed or so operate as to require the
Mortgagor, or any person liable for repayment of the loan secured
hereby, to pay interest at a greater rate than fiiteen (15~)
percent per annum or to ~?ake any payment, or to do any act .
. contrary to law. Should any interest or other charges paid by
the Mortgagor, or parties liable for the payment of said Note,
in connection with the loan evidenced by said Note or this Mort-
gage securing the paysaent of said Note, or any other document
delivered in connection with said loan, result in the comnuta-
tion or earning of interest in excess of the fifteen percent (15~)
per annur,~, then any and all such excess shall be automatically -
credited against and in reduction of the balance due under said
indebtedness, and the portion of said excess which exceeds the
balance due under said i~ndebtedness shall be paid by the t~[ortgagee,
Payee, and holder hereof to the Mortgagor and parties liable for
the payment of said Note and this Mortgage. .
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Mt11iHON, ~AWY[11. JOHNYTON. DUNW0011 w COIt. 1000 /111YT NATIONAL ~ANK dU1LDlfiO, MIAM1. ~LORIDA !ll~f
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