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shall be paid to the mortgagee, its successors or assigns, up to the
amount then unpaid on this mortgage and may be applied upon the payment
or payments last payable thereon.
10. It is specifica~lly agreed that time is the essence of this
contract and that no waiver of any obligation hereunder or of the
obligation secured hereby shall at any time thereafter be held to be
a waiver of the terms or of the instrument secured hereby.
11. If foreclosure proceedings of any second mortgage or second
trust deed or any junior lien of any kind should be instituted, the
mortgagee may at its option imnediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable. "
12. To the extent of the indebtedness of the mortgagor to the
mortgagee described herein or secured hereby the mortgagee is hereby
subrogated`to the lien or liens and to the rights of the owners and
holders thereof of each and every mortgage, lien or other encumbrance
on the land described herein which is paid and/or satisfied, in whole
or in part, out of the proceeds of the loan described herein or
secured hereby, and the respective liens of said mortgages, liens or
other encunbrances shall be and the same and each of them hereby is
preserved and shall pass to and be held by the mortgagee herein as
security for the indebtedness to the mortgagee herein describe~ or
hereby secured, to the same extent that it would have been preserved
and would have been passed to and been held by the mortgagee had it
been duly and regularly assigned, transferred, set over and delivered
unto the mortgagee 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 subordinated
to the lien and operation of this mortgage or be satisfied and
cancelled of record by the holders thereof at or about the time of
the recording of this mortgage.
13. To pay all and singular the costs, charqes, expense,s and
attorney's fees, including those of appellate proceedings, incurred
or paid at any time by the mortgagee because of the failure of the
mortgagor to perform, comply with and abide by each and every the
stipulations, agreen~nts, conditions and covenants of said promis-
sory note, this deed, and of Item b. of Paragraph~5, o'r any of them,
and every such payment shall bear interest from date at the rate
of 15.75 per cent per annum.
14. The mortgagor binds itself not to erect or permit to be
erected any new buildings on the premises herein mortgaged or to add
or to permit to be added to any of the existing improvements thereon,
or to demolish, alter or destroy any material part of the improve-
•ments, without the written consent of the mortqagee, and in the
event of any violation or attempt to violate this stipulation this
mortgage and all sums secured hereby shall immediately become due
and collectible at the option of the mortgagee.
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 assignment by
mortgagor for benefit of mortgagor's creditors, all of the sums
secured by this mortgage shall be im~ediately due and payable at the
option of mortgagee, without notice or demand.
16. To the extent any items of the property or premises encum-
bered hereby shall constitute personal property, this mortgage shall
be deemed a security agreement, and the mortgagee shall have all the
rights of a secured party under the Uniform Comnercial Code of the
State of Florida.
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