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(i) No later than the time of delivery by the
~;v~~.y'ayc~ ~:i e +:st =c'-e's° ^f a unit in the Condominiums,
there shall be delivered to Mortgagee an endorsement to its
mortgage lien title insurance policy in form satisfactory to
Mortgagee stating in substance that there is excepted from
the insurance coverage the rights and easements created by
the condominium declarations and other Condominium Documents, '
but, notwithstanding, the policy affirmatively insures (irre-
spective of any exclusions, exceptions, conditions and stipu-
lations elsewhere in such policy contained) that:
- A. The Mortgaged Property or such portion
thereof as Mortgagor is then submitting to condominium
ownership pursuant to the Florida Condominium Act consti- t
tutes a condominium validly created under the Florida
Condominium Act;
B. Fee simple title to the units in the
Condominiums and the interest in the common elements of
the Condominiums pertaining thereto is.vested in Mortgagor
and this Mortgage constitutes a first mortgage lien
thereon, and
C. All real estate taxes, assessments and
charges imposed. pursuant to law by any governmental taxing-
authority which may become liens prior to this Mortgage
on any unit shall relate only to the unit and to other units
or to the Condominiums as a whole.
22. Right to Remedy Defaults. If Mortgagor should
fail to pay corporate or license fees or taxes, real estate or i
other taxes, assessments, water and sewer rents, charges and
claims, sums due under any prior lien or approved prior lien,
or insurance premiums, or fail to make necessary repairs, or
permit waste, or fail to cure any default under any prior lien
or approved prior lien, Mortgagee, at its election and upon 10
~ days' notice to Mortgagor, shall have the right to make any
payment or expenditure and to take any action which Mortgagor
` should have made or taken, or which Mortgagee deems advisable
to protect the security of this Mortgage or the Mortgaged
.Property, without prejudice to any of Mortgagee's rights or
remedies available hereunder or otherwise, at law or in t
equity. All such sums, as well as costs, advanced by Mort-
gagee pursuant to this Mortgage shall be due immediately from
Mortgagor to Mortgagee, shall be secured hereby and the
lien therefor shall relate back to the date of this Mortgage,
and shall bear interest at a rate which shall be four percent
(4$) higher than the rate specified by .the Note from the date ~
of payment by Mortgagee until the date of repayment.- f
_ F
23. Events of Default. The following shall consti-
;
tute Events of Default hereunder:
(a) Failure of Mortgagor to pay any install-
ment of principal or interest, or any other sum, on the date
when it is due under the Note or this Mortgage.
(b) Mortgagor's nonperformance of or non- -
compliance with any of the agreements, conditions, covenants,
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g~K 328 p~f 1151