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13. The Mortgagors will receive all construction -
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advances secured by mortgages to which either mortgage modified ~
hereby has been subordinated and all rents, issues and profits
from the properties, including the proceeds from the sales of
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any condominium units, and will hold such advances and receipts
as.a trust fund to be applied first for the purpose of paying
the cost of any improvements and for such other purposes
expressly permitted herein or in the mortgages, as modified, or
the Note before using any part of the same for any other
purpose. The Mortgagors hereunder will comply strictly with
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the Florida Mechanics Lien Law so as to provide maximum
protection to mortgagors and mortgagee..
Lakeview and Oceanview shall be fully and personally
liable to Bankers for any violation of this trust and~for any
intentional misrepresentation made herein, for any intentional
or grossly negligent tortious act or failure to act, for any ~
negligent tortious ac:t or failure to act but only to the extent ~
of any funds required herein to be held in trust, or for the
improper disposition of any funds required here.~n to be held in
trust by Mortgagors. Aside from the six month guaranty of
interest described in Paragraph 9 of the Modification and
Extension of Promissory Note and the other items mentioned in
this Paragraph, Mortgagors and their general partners shall not
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. 8342 P~E1774
MERSMON, SAWYER, JOMNSTON, OUNWODY 6 COL[, Id00 SOUTN[AST FIRST NATIONAL DANK NNILOtNd, MIAMI, ilOR10A SSISI
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