HomeMy WebLinkAbout0622 (such as, for instance, the tax receipt or the satisfaction ~
paper officially endorsed or certified) shall be placed in
the harids of Mortqaqee not later than such dates. Provided,
however, that if, pursuant to the Note or otherwise, Mortgaqor
shall have deposited with Mortqaqee before the due date
thereof sums sufficient to pay any such taxes, assessments,
levies, water and sewer rents, charges or claims, and Mort-
qaqor is not otherwise in default, they shall be paid by
Mortgaqee; and provided fu=ther, that if Mortgagor in good
faith and by appropriate legal action shall contest the
validity of any such item or the amount thereof, and shall
have established on its books or by deposit of cash with
Mortqaqee, as Mortgaqee may elect, a reserve for the~payment
thereof in such amaunt as Mortqagee may require, then Mort-
qaqor shall no~ be required to pay the item or to produce -
the required receipts:
(a) while the reserve is maintained; and
(b) so long as the contest operates to prevent
collection, is maintained and prosecuted with diliqence,
and shall not have been tenainated or discontinued adversely
to Mortgagor.
6. Installments for Insurance, Taxes and Other
Charges: Wit out limiting e e ect o paragraphs 4 and
5 hereof, Mortqaqor shall pay to Mortgagee, monthly with the
monthly installments of principal and interest, an amount
equal to one-twelfth (1/12) of the annual premiums for the
insurance policies referred to hereinabove and the annual
real estate taxes, water and sewer rents, any special assess-
ments, charges or claims and any other item which at any time
may be or become a lien upon the Mortgaged Property prior
to the lien of this Mortgage; and on demand from time to time
Mortgaqor shall pay to Mortgaqee any additionaZ sums necessary
to pay the premiums and other items, all as estimated by Mort-
gagee; the amounts so paid shall be security for the premiums
and other items and shall be used in payment thereof if Kort-
gagor is not otherwise in default hereunder. No amount so
paid shall be deemed to be trust fu,nds but may be commingled
with general funds of Mortgagee, and no interest shall be
payable thereon. If, pursuant to any provision of this Mort-
gage, the whole aanount of the unpaid principal debt becomes due
and payable, Mortqagee shall have the right, at its election,
to apply any amount so held against the entire indebtedness _
sec~.2red hereby. At Mortgagee's option, Kortqaqee from time
to time may waive, and af~er any such waiver may reinstate,
the provisions of this paragraph requirinq the monthly payments.
7. Partial Releases: Mortgaqor intends to submit the .
Land and the improvements thereon to the condominium for•n of
ownership pursuant to the laws of the State of Florida, and
:~ortgagee has agreed to permit such submission subject to
the provisions and limitations contained in Section 6 of the
Loan Agreement, all the tenas and provisions of which are
incorporated herein by reference as if set out in ~ull.
Subject to those provisions and Iimitations, Mortqaqee shall
release individual condominium units and their respective
percentage interests in the common elements from the lien of
the Mortgage so as to facilitate their sale to third parties
upon the following terms and conditions:
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