HomeMy WebLinkAbout2784 . ~
C. Premiums for mortgaqe debt insurance required
by Covenant 17, supra.
Mortgageeishall from time to time notify mortgagor in writinq
of the amo'unt due and payable hereunder and such swn shall thereupon
be due and payable on the due date of the~next monthly payment and
each successive month thereafter until mortqagee shall notify mortgagor
of a chanqe in such amount. Such sums shall be applied by mortgaqee~
toward the payment of real property taxes and insurance premiums.
19. It is further understood and aqreed by the Mortqagor
and Mortgagee that the proceeds of the mortgage loan evidenced by
the within described promissory notes secured hereby will hereafter
be disbursed in strict accordance with a Loan Disbursement Agreen~nt
made by and between Mortgagor and Mortgagee and beinq of even date
herewith which Loan Disbursement Agreement, amonq other things,
com~rehends construction to be placed on the real property herein
described and the terms and conditions of said Disbursement Loan
Agreement are incorporated herein in the same manner as if the same
were set forth herein in toto. In the event the construction of the
improvements to be erected on the premises hereby mortgaged is not
completed by April 30, 1976 in strict accordance witti plans and
. specifications submitted to Mortgagee, or if construction shall cease
before completion and shall remain abandoned for a period of 21 days,
~ then and in either~event, the entire principal sum that has been
disbursed by the Mortgaqee shall at once become due and payable with
all accrued interest thereon at the option of Mortgagee; and in such
event Mortgagee at its option may enter into and upon the mortgaged
premises and complete the construction of the building or buildings
thereon, and equip the same, with full power and authority to make .
such entry and enter into such contracts as may be necessary to
complete said construction; it being understood and agreed that
the monies expended thereby in connection with such completion
shall be added to the principal sum theretofore disbursed and shall
be secured by these presents and shall be payable by the Mortqagor
on demand with interest at the rate specified in the promissory
notes secured by this mortgage.
IN WITNESS WHEREOF, the said Mortgagor has hereunto caused
this mortgage to be executed in its corporate name, by its President,
, thereunto duly authorized, on this, the day and year first above
written.
I EDEN PARK MANAGEMENT , INC .
; -
~ „~~,,.~u~~~~~,,, ~ .
~ - t~ : .
~ In e pres ce of :
f ~ By . ~
~ ~
~ Its President ~Y ~~y`~
~ ~ (Corp. Se~~ jd ~
yS~ `s:~i :
._'1L ~ Od ~
E'J; ~3
~
~
~ -
~
~ -7-
~ ~
~
~
~
~
~
~ s
~
~
~ FEE, PARKER & FEE, P. A.
ATTORNEYS AT LAW
POST OFFICE BOX f000 ~MA~~
~ FORT PIERGE, FLORIDA a34E0 v F ~*vr v
T[IVHON[: (8081 441-s02O
•
r ' ~ ~ = - - ~ ~ .
~~a3a'Yr- ; - ~
_ _ . ' .N ,-s