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a title ance company of St. Lucie County, Florida to b
designated by Mortgagee and such proceeds shall be over
by said title compa the Mortgagor as needed sable the i
Dortgagor to repair said ises and/or to et new improvements in place
thereof, without effecting the o s Mortgage for the full
amount secured thereby before su or payment ever took place, or
2. All such pro s shall first be paid a Mortgagees of
the First mort wrapped around by this Mortgage D nd any reM
maining pr s shall be paid over to this Mortgagee and s be
paid to this Mortgagee and shall be considered a reduction o e
e.
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 pro- ~
visions of said Note and the covenants and conditions of this Mort- ~
gage, or shall fail to perform any of the material covenants and
conditions herein set forth which are to be performed by the Mort-
gagor, and any of the aforementioned defaults are not cured within
fifteen (15) days) after receipt by the Mortgagor of written notice
of such default from the tortgagee (or 15 days after failure of
payment in case the default is nonpayment of principal, interest, or
escrow 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 3
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. j
this Mort Deed and the Purchase Money Mortgage Note whic
secured by it a OT ASSUMABLE and may not be assigne any
other party by the Mo gee and that if any att to assign this
Mortgage Deed or the Note h is secured it is made by the
Mortgagee, then it shall be con n immediate default under
the terms of the Purchase Hone,~M rtg Note and this Mortgage and
the whole sum of princi nd interest rem 'ng unpaid under said
~ Purchase Money Mo a Note shall, at the optio the holders, be-
come immedi due and payable. Failure to exercise 's option
~ shall constitute a waiver of the right to exercise the s e
On September 8, 1978, D. K. Lindauer and M. Jane Lindauer exe-
cuted a promissory note payable to McCaughan Mortgage Company Inc.,
in the amount of $55,100.00 which note is secured by a Mortgage dated
September 8, 1978, covering the same real estate in the County of St.
Lucie, State of Florida as is covered by this Mortgage, which Idortgage
~ to McCaughan Mortgage Co. Inc., is recorded in Official Records Books
293 page 2935 of the Public Records of St. Lucie County, Florida, and
is herein called the "First Mortgage". Said Note dated September 8,
1978, and secured by the First Mortgage is hereinafter called "First ~
Note"
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The Mortgagee agrees for themselves and their respective heirs,
personal representatives and successors and assigns as follows:
1. It will duly comply with each and every of the obligations
of the maker under the First Note and the Mortgagor under the First g
Mortgage, and will not commit or suffer to be committed any default i
under said instruments. ;
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