HomeMy WebLinkAbout2142 If any proceeds shall be payable under any such insurance
for any damage to or destruction of the Mortgaged premises or
any part thereof the Mortgagee shall have the right to elect
whether the proceeds shall be distributed in one of the two
following ways:
1. Such proceeds shall be deposited in an escrow account
with a title insurance copy of St.Lucie County,Florida to be
designated by the Mortgagee and such proceeds shall be paid over
by said title company to the Mortgagor as needed to enable the
Mortgagor to repair said premises and/or to erect new improvements
in place thereof, without effecting the lien of this Mortgage
for the full amount secured thereby before such damage or payment
ever took place, or
2. All such proceeds shall first be paid to the
Mortgagees of the First and Second mortgages wrapped around by
this Mortgage Deed and any remaining proceeds shall be paid over
to this Mortgagee and shall be considered a reduction of the
principal amount of this Mortgage.
If the Mortgagor shall fail or neglect to pay the
interest on said Note, or any part of same, as and when the
same may hereafter become due, or the whole or any part of the
principal when the same shall be or become due or collectible,
according to the terms and provisions of said Note and the
covenants and conditions of this Mortgage, or shall fail to
perform any of the material covenants and conditions herein set
forth which are to be performed by the Mortgagor, and any of the
aforementioned defaults are not cured within thirty (30) days
after receipt by the Mortgagor of written notice of such
default from the Mortgagee (or 30 days after failure of payment in
case the default is nonpayment of principal or interest on the
Note), then in such event the entire amount of said note,
principal and interest, and all other amounts that may be
secured by this Mortgage shall, at the option of the Mortgagee
become immediately due and collectible, and in such event
the property may be sold at public auction, at such time and
place, and upon such terms and conditions and after such previous
public notice, as shall be deemed best for the interests
of all parties concerned, and there shall be delivered to the
Purchaser or Purchasers, at such sale, deeds of conveyance, good
and sufficient at law, pursuant to the statute in such cases as
provided,. and out of the proceeds to retain all sums due
hereon, the costs and expenses of such sale and the attorney's
fees provided by law, returning the surplus money, if any, to
the Mortgagor or to its successors or assigns.
It is expressly understood and agreed to by the Mortgagee
~ that this Mortgage Deed and the Purchase Morey Mortgage Note which
is sect}red by it are NOT ASSUMABLE and may not be assigned to
any other party by the Mortgagee and that if any attempt to assign
this Mortgage Deed or the Note which is secured by it is made by
the Mortgagee, then it shall be considered an immediate default
under the terms of the Purchase Money Mortgage Note and this
Mortgage and the whole sum of principal and interest remaining
unpaid under said Purchase Money Mortgage Note shall, at the option
of the holders, become immediately due and payable. Failure to
exercise this option shall not constitute a waiver of the right
to exercise the same in the event of any subsequent default.
9
Mortgagee has previously executed a First Mortgage and a
Second Mortgage and a First Note and a Second Note as more fully
enumerated on page 2 of the attached Purchase Money Mortgage Note.
Page Two
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