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purpose of conatructinq, renovatinq or refurbishing improvements on the
above described land. The amount of auch subsequent mortgage and the
hereinafter identified existinq mortqaqe held by Citizena Federal
Savinga and Loan Association of St. Lucie County shall not exceed 80$
of the appraised value of the land and the actual contract price of
the improvements to be constructed thereon or the renovation and re-
furbishment to be made to existinq improvements. Such mortqage shall
provide that in the event of a default thereunder, the holder of the
note and mortqaqe shall give the mortqagee hereunder 15 days written
notice, durinq which time the mortgagee hereunder, at his option, may
cure such default. Any money expended by the mortgagee hereunder to cure
any such default, together with interest at the rate of 108 per annwn ~
until paid, shall be secured by the lien of this mortgage. ~
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TOGETHER WITH that certain strip of property conveyed by the City of
Fort Pierce to Taylor Creek 2rlarina, Inc., by deed dated August 20, 1976,
recorded August 31, 1976, in O.R. Book 256, page 2437, public records of
St. Lucie County, Florida.
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