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Association herein as security for the indebtedness to the
Association herein described or hereby secured, to the same
extent that it would have been preserved and would have been
passed to and been held by the Association had it been duly
and regularly assigned, transferred, set over and delivered
unto the Association by separate deed or assignment, notwithstanding
that the same may be satisfied and cancelled of record, it
being the intention of the parties hereto that the same will
be satisfied and cancelled of record by the holders thereof
at or about the time of the recording of this mortgage.
15. To pay all and singular the costs, charges and
expenses, including lawyer's fees, incurred or paid at any
time by the Association because of the failure of the mortgagor
to perform, comply with and abide by each and every the stipula-
tions, agreements, conditions and covenants of said promissory
note and this deed, or either, and every such payment shall
bear interest from date at the rate of fourteen and one-hal f
per cent (14.5X) per annum.
16. The mortgagor further covenants that the buildings
to be constructed and equipped with money to be advanced
on this mortgage shall be constructed in accordance with
plans and specifications submitted to the Association, and
that should said buildings not be constructed in accordance
with said plans and specifications, then and in that event,
the mortgagee may, at its. option, declare all sums secured
hereby immediately due and payable.
17. Upon the occurrence of the filing of an arrangement !
or proceeding in bankruptcy by or against mortgagor, initiation
of insolvency proceedings by or against mortgagor, or assign-
ment by mortgagor for benefit of mortgagor's creditors, all
of the sums secured by this mortgage shall be immediately
due and payable at the option of mortgagee, without notice s
or demand.
18. To pay to mortgagee with each monthly payment
an additiona-1 sum estimated by mortgagee to be equal to 1/12
of the annual cost of the following: -
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! a. All real property taxes levied or assessed
~ against the above described real estate.
b. Premiums on fire and windstorm insurance
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4 as herein required to be carried on the improvements
situate on the above described premises.
j Mortgagee shall from time to time notify mortgagor
in writing of the amount due and payable hereunder and such
sum shall thereupon be due and payable on the due date of
a the next monthly payment and each successive month thereafter
~ until mortgagee shall notify mortgagor of a change in such
~ amount. Such sums shall be applied by mortgagee toward the
~ payment of real property taxes and insurance premiums.
~ 19. To-the extent any items of the property or premises
encumbered hereby shall constitute personal property, this
j mortgage shall be deemed a security agreement, and-the mort-
gagee shall have all the rights of a secured party under
the Uniform Commercial Code of the State of Florida.
20. Mortgagor further covenants with mortgagee that
any breach by mortgagor of the terms, provisions or covenants
i
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t FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000 BCO~~~ PItGE
FORT PIERCE. FLORIDA 33480 D U f
TELE/MONExI3081481.3020