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successors and assigns, as may reasonably be required; and that i
said Mortgagor does hereby fully warrant the title to said land
and every part thereof and will defend the same against the
lawful claims of all persons whomsoever.
This Irbrtgage and Security Agreement is executed
by Mortgagor to secure its Guaranty of even date herewith
of the followinq promissory notes of even date herewith
executed by Southern Land Group, Inc., a Florida corporation ~
( "SLG" ) : ' ~
'(1) Promissory Note payable to Fred R. Webber, Jr., ~
et al. in the principal amount of $5,116,807 bearinq
interest and payable as specified therein. Said Note provides
for the payment of.the costs of collection, including attorneys'
fees, is currently in existence and its full terms and conditions
are deemed to be incorporated he~ein by reference. ~
(2) Promissory Note payable~to William H. Watson
in the principal amount of $558,193 bearinq interest and
payable as specified therein. Said Note provides for the
payment of the costs of collection, including attorneys' fees,
is~currently in existence and~its full terms and conditions ;
are deemed to be incQrporated herein by reference.
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PROVIDED ALWAYS, That if SJ~G or Mortgagor
shall pay unto Mortgagee said promissory notes
~ and shall duly, promptly and fully perform, discharge, execute,
~ effect, complete, comply with and abide by each and every the ;
~ stipulations, agreements, conditions and covenants of said ~
~ promissory notes and of this mortgage, then this mortgage and
~ the estate hereby created shall cease and be null and void.
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It is understood that each of the words, "note",
~ "mortgagor" and "mortgagee" respectively and the pronouns
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g~K 430 P~u~i~i
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