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shall be secured by this mortgage. All such advances shall ~
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bear interest at the rate of nine percent (98) per annum. {
In the event the present escrow account under the senior
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mortgage ceases to exist or the senior mortgage is paid in ;
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full the mortgagor shall pay to the r~ortgagee on the date i
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the monthly installments of principal and interest under the
note, until the note is paid in full, a sum equal to
1/12 of the annual taxes and assessments which may obtain
- priority over the mortgage, plus 1/12 of the annual premium
for insurance, all as reasonably estimated initially and
from time to time by the mortgagors based upon assessments
and statements therefor. The mortgagee shall apply said
sums to pay said taxes, assessments and insurance premiums,
taking advantage of all discounts,available and providing
the mortgagor with a copy of the receipts showing payment
thereof. These sums are pledged as additional security for
the sums secured under this mortgaqe. Al1 sums of money ~
paid by the mortgagor for taxes, assessments and insurance
premiums shall be the property of the mortgagor under this
~ mortgage and the mortgage shall provide to mortgagor, at the
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! end of each year, an annual escrow analysis showing the
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~ status of said escrow for taxes,~assessments and insurance
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~ premiums. ~
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~ EIGHTH: That the mortgagors will keep the buildings
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~ that are now or hereafter may~be erected on the land above
described, insured against all risk by fire and extended
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~ coverage to their full insurable value, at the expense of
~ the mortgagors, in a good and responsible insurance company 3
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~ or companies, licensed to do business in the State of Florida t
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~ and acceptable to the mortgagee. The insurance shall be for ,
~ the benefit of the mortgagee (but the mortgagee shall not be
~ liable for the insolvency or irresponsibility of any such
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~ companies) and the policy or policies and all renewals of
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~ them shall be deposited with and held by the mortgagee. The ~
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~ policy or policies and all renewals, at the option of the ~
~ mortgagee, shall contain a"loss payable" or standard mortgagee"
~ clause, making the proceeds of the policies payable to the
~ mortgagee as its interest may appear. Upon any default by
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~ the mortgagors, the mortgage (but without obl' p~} on its
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