HomeMy WebLinkAbout1886 of their maturity. In the event of any default hereunder or under
said mortgages, the Society may at its option apply any credit in
the Account in payment of any part of the indebtedness which is then
due and payable. If at any time the credit in the Account equals
the total amount of the indebtedness, the Society shall immediately
apply such credit in payment thereof. In the event an owner of the
premises subject to the lien of said mortgages shall make an assign-
ment for the benefit of creditors or become voluntarily or involun-
tarily subject to the federal bankruptcy law or to any state or
f
federal statutes of similar nature now or hereafter in effect, then
the occurrence of such event shall of and within itself and without
any further act automatically operate as an application of such
credit on account of said indebtedness.
5. That the Mortgagor is now the owner of the premises upon
which the mortgages hereinabove referred to create valid first-
. and second liens for the total principal indebtedness specified
above in Paragraph 1, with interest thereon at the rate above set
forth, and that there are no defenses or off-sets to said mortgages
or to the said total indebtedness.
6. That when the terms and provisions contained in said notes -
~ and said first and second mortgages in any way conflict with the
terms and provisions contained in this agreement, the terms and
I
~ provisions herein contained shall prevail, and that as thus modi-
fied by this agreement .the said notes and mortgages are hereby
ratified and confirmed.
7. This agreement may not be changed or terminated orally.
The covenants contained in this agreement shall run with the land
(
and bind the Party of the First Part (Mortgagor, his personal
representatives, heirs and assigns and all subsequent owners,
encumbrancers, tenants and sub-tenants of the said premises,
and shall enure to the benefit of the Party of .the Second Part ;
~ (The Society), its successors and assigns and all subsequent
~ holders of said notes and mortgages.
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FEE. KOBLEGARD 81 TEEL. P. A.
ATTORNEYS AT LAW [ k^
POST OFFICE BOX f000 BOCK 3U1 ~f~Qi 1V8~
s FORT PIERCE. FLORIDA X9480
T[l[?MON [t f908) 46f-8020
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