HomeMy WebLinkAbout0679 plans and specifications submitted to the mortgagee, and
that should said improvements not be constructed in accord-
ance 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.
15. 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
or demand.
16. Ys?t the option of mortgagee, to pay to_mor gages------- - ~ - -
with each monthly payment an additional sum-estimated by
mortgagee to be equal to 1/12 of-the annual cost of the following:
a. All real property taxes levied or assessed
against the above described real estate.
b. Premiums on fire and windstorm insurance
as herein required to be carried on the improvements
situate on the above described premises.
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
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.
17. To the extent any items of the property-or premises
encumbered hereby shall constitute personal property, this
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.
18. Mortgagor further covenants with mortgagee that
~I any breach by mortgagor of the terms, provisions or covenants
of any separate construction loan agreement by and between
mortgagor and mortgagee ,shall constitute a default hereunder,
entitling mortgagee to accelerate the indebtedness secured
hereby and to proceed to foreclose this mortgage.
19. Mortgagee may make or cause to be made reasonable
entries upon and inspections of the property, provided that
mortgagee shall give mortgagor. notice prior to any such inspec-
tion specifying reasonable cause therefor related to mortgagee's
interest in the property.
20. Extension of the time for payment or modification
of amortization of the sums secured by this mortgage granted
by mortgagee to any successor in interest of mortgagor shall _
not operate to release, in any manner, the liability of the
original mortgagor and mortgagor's successors in interest.
Mortgagee shall not be required to commence proceedings
against such successor or refuse to extend time for payment
or otherwise modify ,amortization of the sums secured by this
mortgage by reason of any demand made by the original mort-
gagor and mortgagor's successors in interest.
21. Any=forbearance by mortgagee in exercising any
right or remedy hereunder, or otherwise afforded by applicable
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FEE, KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE SOX 1000 i
FORT PIERCE, FLORIDA 95480 BOOK PAGE 67'? '
Te~eM,oNet 1505) 461-5020
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