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44. If foreclosure proceedings of any subordinate or second mortgage or
any junior lien of any kind should be instituted, the Mortgagee may, at its
option immediately or thereafter declare this Mortgage and indebtedness secured hereby
due and payable.
45. Upon subdivision's approval by site plan method approved by the County
Commission of St. Lucie County, Florida, for the real property described herein and
upon written request of mortgagor so long as no default shall then exist under the
terms of the Mortgage, the Note and Construction Loan Agreement or any other agreement
between Mortgagor and Mortgagee and at such time as Mortgagor desires to sell and
itmtediately record conveyances of a unit in one of the buildings to be constructed
by Mortgagor on the subject real property, Mortgagee will release said unit and
related undivided interest in the appurtenant common area, if applicable, from this
Mortgage upon payment to Mortgagee at closing of (a) 110$ of that portion of the
Loan allocated to the pertinent unit, (b) 88$ of Lender approved sales price or
(c) 80$~of the actual sale price, whichever is greater; provided however, that said
purchase price and all documents pertaining to the sale of each such unit shall
have been previously approved in writing by Mortgagee.
46. That this mortgage shall also be security for the faithful performance and
compliance by Mortgagor with each and every one of the stipulations, conditions
and covenents contained and set forth in a certain Agreement between Mortgagor and
Mortgagee (or which Mortgagee acquired by assignment), by virtue of which Mortgagee
has the right, but not the obligation to furnish any and all financing for the
development of and/or the improvements made or to be made on the premises, a copy of
which Agreement is in the possession of Mortgagee. Said Agreement is incorporated
herein by reference; and, any default under or breach of said Agreement shall, at the
option of Mortgagee, be a default hereunder. At its option, Mortgagee may refuse to
release the premises from the lien of this Mortgage unless and until Mortgagor has
complied with all the terms, stipulations, conditions and covenants of that Agreement.
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47. Mortgagee may, to the extent permstted by law, at Mortgagee's option,
foreclose this mortgage for any portion of the debt or any other sums secured hereby
which are then due and payable, subject to the continuing lien of this mortgage for
the balance of the mortgage debt not then due.
48. That all of the covenants herein contained are joint and several and shall
bind, and the benefits and advantages thereof shall also inure to, the respective
heirs, executors, administrators, successors and assigns of the parties hereto. f
Whenever used, and whenever the text so permits, the singular number shall include
the plural, the plural the singular and the use of any gender shall include all genders.
IN WITNESS WHEREOF, Mortgagor has executed this mortgage under seal, all on the ~
1
day and year above written. _
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Signed, sealed and delivered ISLAND VILLAGE OF HUTCHINSON ISLAND
in the presence of: DEVELOPMENT CORPORATION
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STATE OF FIARIDA (CORPORATE SEAL7~,~=.,.~~, ~ ~ • ~
~ COUNTY OF ST. LUCIE ~
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The foregoing instrument was execu ed and acknowledged before me this ~ daj?~~ ~
o f November , 1979 by 1,~ ' ' and
j~_ the and
respectively, of Isl Village of Hutchinson Isl nd Development Corporas<xoii.',;. *
behalf of the corporation. ~ ~
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(Notarial Seal) Notary Pub is -
' My commission expires : ~ ~ ~ c
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1~'i~~ ~l11tIC STATE Ci~/110~IOA AT tAw A-
Mr CoatMtSStOW E7OIRES qOV 1 NEa=
~OPlDiD tttltu GitrEJZAI I~6. 1JPOER1MYls
~;7~" This instrument prepared by: Francis V. Gay
~ VAN DEN BERG, GAY & BURKE, P.A.
16 South Magnolia Avenue
• Post Office Box 2193
Orlando, Florida 32802 ~Rr~i~