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HomeMy WebLinkAbout0731 - ~ B. I~ ~e agreed bet~een the parties hsr~~o th$t the foregoing Aseignment of ~doxtgages 3.e aonditioned upon the .~ailure of the m~k~r to pay that aertain prom3ssory note of e~en dste her ewith, attached hereto and by reference made a part hereof and that thie assignment ~.s further aonditioned , upon the terma her~inaf ter eet out in ~his Eecrow Agreement. ' ~That is to say, the assignment of the aforeeaid documents ~ . together wi ~h the notes that they eeaure is null and v oid 3.n the event ~hat the aforesaid note is paid in full. In - ~the event the note ia no-~ paid in full, then the party of the aecond part ehall a~sign the aolla~eral secur3.tis~ to ; ~he payee of the said note. ' C. That in ~he event of the nonpay~ment of the afore-- ~ ssid note to the payee thereof, or in the ever~~ a firet ~ ~ortg~ e now on said property beoomes involved in a foreoloeure, ; the partiee of the firat part euthorize and hereby direat the ' eaid ~sorow Agent to deliver the aboveddesoribed inetrument~ = back to the payee of said note; provided however that ~ written notiae of euch default ha$ been delivered to the eaid PHI~IP G. NOURSE, ae Esarow Agent , and provided fux~ther ' th~t the said Escrow Agent within ten dsys of the s~oreeaid notif~.cation ehall give nQtiae by registered mail to HARRIS . CON~TRUCTION CORPORATION, at 721 Quinay Avenue, Fto Pierae, Elorida advis~ng said Corpor~tion of the receipt of the { notice of default. HARRIS CONSTRUCTION CORPORATION $2~a11 ]ae~ve ' 30 days in which ~o remedy the said d~fault befox~e the Esorow i Agent ehall re-aesign wit hout reQOUrse the collateral $eauritiee.~ + 1 D. It is further agreed between the partiee hereto that ~ HARRIS CONSTRIICTION CORPORATION ehall apply all prepaymente on the a~oreaaid mortgagea and/or contraats to reduoe the pr3.noipal ~ of the aforesaid note. ~ E. ~hat i~ ahall be the responeibility af the HARRIS ' CONSTxUCTION CORPORATIOI~ to s atisfy the Eeoro~? Agent referred to herein that the taxee and ineuranae are not in default; - PxOVIDED HOWEYER, that trie said coll.ateral ehall not be aeliver- ~ ed to the said payee, for a perlod of thirty days next aftes ; giving the notice of default; thus giving the HARRIS I ~ONSTxIICTIQN CORPORATION thirty daya in ~rhich to bring all of the defaulted first mortgagea in good etanding, by paying all ~ ' d~linquent taxea or ineurance. i ' F. T~,at it shall be the reeponeibility oY the HARRIS ~ CONS`~RIICTION CORPCRATION to provide eaid payee with adequate Yire ~ and windetorm ineuranQe to proteat the said promieeory note. I~ is agreed between tY~e parties he~reto that eavond mortgage • indorsemente on the polioee now held ~g the FIRST FEDERAL _ • SAYINGS & LOAN ASSOCIATION OF FQRT PIERCE will be deemed ~ ~ suffiGient and said endorsements thereof shall be ~°urniehed to esid Escrow Agent. G. That upon t~he p~ymen~~ o~:: ~he:~ above e~aid promieBOry not~ and intereet soaording to its terme, tngether with a11 oharg~a due thereunder, the Agreement ie to be null and void ~ and the above named eeeuritiee are to be returned to the ~ " HARRIS CON3TRUCTION C08PORATION~ and reaseigned to them. ' H. That is is agreed betvreen the parties hereto ~hat time shall be of ~e eaeenee of this agreement and aeeignment. . ; i - 3 ~ " : s - ~oR~ ~o~ F~~GEz~~. ~ : ~ ~ . ~ , - . ~ , . ~ .