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11. It is specifically agreed that time fis of the essense of this
:contract and that no; waiver of any obligation hereunder or of the obligation !
:'secured hereby shall at any time be held to be a waiver of the terms hereof
',:or of the instrument secured hereby. _ _ I
12. If foreclosure proceedings of any second mortgage or second
- ,trust deed or `any junior lien of any kind should_be instituted, the Mortgagee i_
.;may at its option imr~ediately or thereafter declare this mortgage and the in-
'debtedness secured hereby due and payable forthwith, and may at its option
;proceed to foreclose this mortgage. -
13. To pay all and singular the costs, charges and expenses, in-
°cluding attorney's fees reasonably incurred or paid at any time by the Mort-
'gagee because of the failure of the Mortgagor to perform; comply with and
abide by each and every the stipulations, agreements, conditions and covenants
of said promissory note and this deed, or either, and every such. payment made
- 'by the Mortgagee shall bear interest from the date of payment at the rate of
11 1/2 x per annum. -
' IT IS FURTHER UNDERSTOOD AND AGREED by and between the parties
;,;hereto that this mortgage is subject to -all thF conditions, stipulations,-
. agreements and covenants applicable hereto contained in a certain construction
~~loan agreement made by and-between .the Mortgagor and the Mortgagee hereinabove
`referred- to, to the same extent and effect as if- they were fully set forth '
:herein and made a part of this mortgage, and on the failure of the Mortgagor
.to keep and perform all the covenants, conditions and agreements of said con-
struction loan agreement, thereupon the principal sum and all arrears of
interest shall, at the option of the Mortgagee or its successors or assigns,
`.became due and payable, anything herein contained to the contrary notwith-
;standing. _ -
IN WITNESS WHEREOF, the Mortgagor has caused these presents e
executed in its name by its undersigned officers this~day ~?f ~ ~~~r,
1979 .
- S.C.S. TARPON BAY, INC., a `
-,inATTEST Florida C rporation
z~ ~
4~1i* I
~fi~5~ : a . Its
=f°.5°' ~ ~(CaRPORATE SEAL)
F -`LP`,T `1 7 J
- ~```OF FLORIDA )
5 S
- ~ ~~COUNTY OF PALM BEACS )
BEFORE ME, the undersigned Notary Public duly authorized in the
:.Count and State of resaid t to acknowled is and admiri~-t`er oaths, per-
sonal yappeared E . `F y and g q ~n!~- W ~c,.~NS _
-known to me to be a ESQ ~•J-'C- and ~tZ~a4~> respectively,
Hof S.C.S. TARPON BA a ors a corpo-
r~'at~on , -an who acknowledged
}before me that they executed the foregoing in said capacities for the purposes
~~expressed therein.
DATED this ~~day of September 1979
~ (
{ Notary Public
(SEAL) My commission expires:
14oais~ ~~~il.,S`~'age aE Florida z. ~ aa;c _
- 80Gf~~~ PA6F~~ - ~ - ~
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