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2. First Federal Savings & Loan Association of
Fort Pierce shall cause its above-referenced mortgage and
promissory note secured thereby to be due and payable, together
with interest, not later than on or before twenty (20) years
after its date and the obligation secured thereby shall be
paid in full before the maturity of the promissory note and
mortgage lien being subordinated hereunder by the undersigned
Mortgagees.
3. In the event said Mortgagor defaults under
the above-described mortgage and promissory note secured
thereby given to First Federal Savings.& Loan Association of
Fort Pierre, such default shall automatically be a default
under the promissory note and mortgage secured thereby,
held by the undersigned Mortgagee and by acceptance of-this
Subordination Agreement, First Federal Savings &~Loan Association
of Fort Pierce, agrees to give the undersigned Mortgagees
written notice of any default under its promissory note and .
mortgage secured thereby and an opportunity to cure such
default for a period of ten (10) days following receipt of
such notice.
~ 4. Said Mortgagor shall use any and all of the ~ .
proceeds of the above-described mortgage loan given by First .
~ ~ -
~ Federal Savings & Loan Association of Fort Pierce, for con- ;
struction, development, building costs, loan expenses and.
carrying costs with regard to the above-described property.
5. By acceptance of this Subordination Agreement,
the above First Federal Savings & Loan Association of-Fort
Pierce, agrees that in the event of a default and foreclosure
sale under the terms of its promissory note and mortgage securing
said obligation, any surplus remaining after application of
any proceeds of such foreclosure sale thereunder shall be
. applied to the indebtedness of the mortgage and obligation
secured thereby, being subordinated hereunder. _
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F B~er.'~ PI~E~~~
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