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~ B. I~ie agreed be~~reen ~h~ per~ies he reto that the
foregoing Aegigumant of
Mortgag~~ is ~condi~3.oned upon the :
failure of the maker to pay ~hat cert ~in promissory note o~ ~
even date her~with atitaohed hexeto and by referenoe made a :
p~rty hereof and that this a~signment ie ~urther conditioned upon i~
t2~ term~ hereinafter aet out in this E$crow,Agreement. That is t~ say #
the aa$ignmant of th~ aforeeaid dooumente together with the note~
that they sacure is nu11 and void in the evant the aforeaaid
note i$ paid in fu].l. In the event the note :Ls not paid 3n fu11,
then th~ party of the eecond part ehall re-agsign the oollateral
securitiee baek to the payee o f the said no~~e.- i
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C. It is agreed between the parties hereto that Harria t`
Conetruction Conpa~y hereby ~cknowledgea th:~'~ it has rec~ived as ~
a part of the consideration of thia transaction, the ~itle to ths i:
following described property, to-wits ~
Zots 14 snd 15 of Block 3; and Zots 5 and 6
. of Bloak 4; of RE--PT~AT OF SUNSET PAR~.
SUBDIVISION, ae per plat thereof on file
in P1at Book 11 at page 28 of the publio
recorda of St. Lucie County, Florida. .
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! for whiah it hereby agrees and by thie inetru~aent hereby aesigne
as additinnel collateral for the said note, all of the reepective
; notee and purcha~e money mortgages that it hereinafter reoe3.vea
; upon the eale of the aforeeaid listed properties. It further
: agreee to execute any ~ormal papers reguested by the Esorow Agree-,
' ment to effect theae assignments.
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~ D. That in the event of the nonpayment of the aforesaiid
; note to the payee thereof, or in the event a fi~cst mortgage now _
; on said property becomes involved in a foreclosure, the parties
1 of the fi~t part authorize and hereby direct the~:.said Eecrow
~ Agent to deliver the above described instruments back to the payee
I of eaid note; provided however that written natice of auch default
j ~ ha~ been delivered to the esid PHII~IP G. NOURSE, a~ Escrow ~gen~t,
~ and provided further that the ~aid Escror~ Agent within ten daye og
~ the aforesaid notification ahall give notioe by registered mail
; to HARRIS CONSTRUCTION CORPORATION, at 721 Quincy Avenue, Fort
j Pierce, Florida, advising eaid Corporation of the receipt of th~
; notlce of default. HARRIS CONSTRUCTION CORPORATDN shall have 30
~ days ir~ whi~h to remedy ~a said default before the Escrow Agent
sha11 re-as~i gn without recouree the coll~teral eecuritiee,
~ E. Itis Yurther agreed between the partiee hereto that ~
i HARRIS CONSTRUCTION CORPORATION, shall apply 811 prepaymenta on
the afores~id mortgages and/or contracta to reduce th~ principal
~ of the aforeeaid note.
; F. That ie shall be the responaibility of the H.AR,RIS
CONSTRUCTION CORPOR.ATION to satiefy the Escrow Agent ~eferred to
herein that the taaee and ineurance are not in default; PROVIDED
HOV{TEEVEft~ that the said collateral ahall not be delivered to the
said payee, for a period of thirty days neat a~ter giving the
notice of defaul.t; thus giving the HARRIS CONSTRUCTION CORPORA~ OA
thirty d~ys in which to bring all of the defaulted fixst mortgages
into good standing, by paying all delinAuent taxee or inaurance.
. G. That it shall be,the responsibilitx of the HARRIS
~ CONSTRUCTION CORPORATION to provide said gayee v~.th adeguate fire '
and windstorm in~uranae to protect the said promieeory note. ~
It ie agreecl between the par~iea hereto that second mortgage
indorsem~~ on the policiee nowheld by the FIRST FEDERAI, SAYING3 &
` LAAN ASSOCIATION OF FORT PIERCE will be deemed sufficient and said
endoraemente thereof shall b~ furni.ehed to said Eacrow Agemt.
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F. :
• H. That upon the payment of the above said promisa~ory note,
and interest according to its terme, together with all charges ~
due thereunder, ths Agreement is to be null arid void and the above~
~ named securitiea are ~to be re turned to the HARRIS CONS TRUCTUN
CORPOR~TION, and reasaigned to them. -
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~ # 6Q~K ~O~ FALf
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