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and encumbrances of every nature on said property by paying the
due amounts promptly to the party of the first part and thereafter
the party of the first part shall insure that the taxes are paid;
parties of the second part shall also be responsible for paying any
escrow amounts which are payable by the party of the first part
whether or not said escrow amounts are increased or decreased from
the present amount; to permit, commit or suffer. no waste, impairment,
or deterioration of said land or the improvements thereon at any
time; to keep the building now or hereafter on said land fully
insured in a sum not less than the amount remaining from time to
time unpaid in a company or companies acceptable to the party of
the first part, the policy or policies to be held by, and payable
to, said party of the first part, and in the event any sum of money
becomes payable by virtue of such insurance the party of the
first part shall have the right to receive and apply the same to the
indebtedness hereby secured, accounting to the party of the second
part for any surplus; to pay all costs charges and expenses,
including attorney's fees and title searches, reasonable incurred
or paid by the party of the first part because of the failure
of the parties of the second part to promptly and fully comply with
the agreements, stipulations, conditions and covenants of this
agreement; to perform, comply with and abide. by each and every the
agreements, stipulations, conditions and covenants set forth in
this agreement. In the event the parties of the second part fail
to pay when due any tax assessment, insurance -premium or other sum
of money payable by virtue of this agreement, the party of.the first
part may pay the same, without waiving or affecting the option to
foreclose or any other right hereunder, and all such payments
shall bear interest from. date thereof at the highest lawful rate
then allowed by the laws of the State of Florida.
IF any sums of money herein referred to be not promptly paid
within 15 days-next after the same becomes due, or if each and ,
every .the agreements, stipulations, conditions and covenants of
this agreement are not fully performed, complied with and abided
by, then the entire sum mentioned in this agreement, or the entire
balance unpaid thereon, shall forthwith or thereafter, at the
option of the party of the first part, become and be due and payable,
anything in said agreement .or herein to the contrary notwithstanding.
Failure by the party of the first part to_exercise any-of the rights
or options herein provided shall not constitute a waiver of any
rights or options under this agreement accrued or thereafter accruing.
Each maker, surety and enforser hereof, jointly and
severally waives demand, presentment, protest and notice of protest
for nonpayment and further agrees to any extension of time of
payment either before or after maturity, without notice to any
~ of us; and to pay all costs of collection, including a reasonable
attorney's fee in the event of any default hereunder.
IT IS MUTUALLY AGREED, by and between the parties hereto,
that the time of payment shall be an essential part of this contract,
and that all covenants and agreements herein contained shall extend
~ to and be obligatory upon the successors, heirs, executors,
~ administrator and assigns of the respective parties. - -
IN WITNESS WHEREOF, the parties to these presence have
hereunto set their hands and seals the day and year first above
~ written.
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itnesses
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