HomeMy WebLinkAbout2988 1. Such proceeds shall be deposited in an escrow account with
a title insurance company 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 Mortgage 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 partcf 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
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 fifteen (15) days after receipt by the Mortgagor of written
notice of such default fro_- the Mortgagee (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
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 Money Mortgage Note which is
secured 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 holder,
become immediately due and payable. Failure to exercise this option
a shall not constitute a waiver of the right to exercise the same in
the event of any subsequent default.
On February 1, 1973 Joseph F.-Corso and Mae A. Corso, his wife
executed a Promissory Note payable to Florida Bank at Fort Pierce in
5 the principal amount of $47,000.00 which Note is secured by a
Mortgage dated February 1, 1973 and covering the same real estate in
the County of St.Lucie, State of Florida as is covered by this
Mortgage, which Mortgage to Florida Bank at Fort Pierce is recorded
in.Official Records Book 210 at Page 1936 of the Public Records of
St.Lucie County, Florida and is called the "First Mortgage". The
Note dated February 1, 1973 and secured by the First Mortgage is
_ hereinafter called the "First Note".
The Mortgagee agrees for themselves and their respective heirs,
personal representatives and successors and assigns as follows:
1. It will comply with each and every of the obligations
of the maker under the First Note and the- Mortgagor under the First
~ Mortgage, and will not commit or suffer to be commited any default
under said instruments.
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