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that failure on the part af the Alortgagor herein shall
constitute a default under thi~ wraparound mortgage,
provided, ho~~~ever, that said default can be cured by
the ~fortgagor curing an~~ default th~t may accur in said
mortgages~ and shall entitle the biortgagees herein at
their option to exercise any and all rights and remedies
given the Ulortgagees of the above desci•ibed mortgages in
the event of a default under said mortgages.
2. All payments due under the said mortgages shall be paid
by the ~fort~agees herein pi•ior to the expiration of the
a~~plicable gi•ace periods provided in said mortgages. The
I1lortgagees shall deliver unto the l~tortgagor each month,
evidence of 1liort~a~ees' due payment of said mortgages and
any charges or expenses in connection therewith, A copy
of the receipt acknowled~ing payment b~~ prior Alortgage
holde~s shall be sufficient for this purpose showing that
payments ha~-e been made of the proper amount. Both the
ltort~a~ees and the blortgagor a~ree to promptly send to
each other copies of an;~ notices received by them from
the holders of the pi•ior 11lortgages.
3. Not~vithstanding the foregoing, the t.tort~a~ees' obli~ation
to make the respective payments of principal and intei•-
est as «~hen due under the said mort~ages is conditioned
upon the follo~~ing: •
(a) The A;ortgagor shall not be in default under this
Alortaa~e Deed.
(b) The ~,tort~;a~;or shall compl~= ~vith all of the terms
and provisions of the said mort~ages (other than
with respect to the payment of principal and interest
- due). •
4. In the event of a default on tfiP mort~a~es descriUed in
paragr'aphs 1(a) throu~l; 1( j) above by the ~fortga~ees
herein (arthur F. IVood anci Leonard I. Cottom, Jr.), the
biortgagor herein (John H. Sutherland, as Trustee, under
the provisions of a certain Trust A~reer~ent dated the
27th da5~ of FeUruary, 1981) shall have the right to make
all or any pat•--ments due on said mort~ages and other~~~ise
correct all or any such defaults and to apply the cost
thereof a~ainst an~~ payments due or to come due under
this Nraparound mortgage~ and the biort~agees herein agree
to pav any cost, charge, and expense by virtue of their
failure to make an}* payment or payments on said mortgages.
and any payment or payments made b~~ the 4~ortga~or (John
H. Sutherland, as Trustee, under the provisions of a cer-
tain Trust A~reement dated the 27th daS~ of February, 1981)
on said mortgages due to the ~iortga~ees'(Arthur F. ~1'aod
and Leonard I. C~ttom, Jr.) default shall b~ar interest
at the rate of eighteen percent (18~) per annum until
sai d pa~~ment has been made to the ~~lortgagor ( John fi .
Sutherland, as Trustee, under the provisions of a certain
Trust Agreement dated the 27th day of February~ 1981), or
in ] icu thercaf , thc '.:Iortga~or sl-.all haY:, ~hc : ight =~nd
option to deduct the amount of payment or payments from
this w~raparound mortgage, plus an~~ interest, late fees
and reasonable attorney's fees.
Proceeds from an~~ prepat~ment by the '.11ort~;a~or on this ~vrap-
around mort~age shall be ap~lied b~- the lliortgagees to the
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-1,~349 r~~_~2:3~6
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LAW OfFItES ~ /0'1N M_,VTNERLAND, P A /EAO BEACN, FLORIDA