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as fully and completely as if said aggregate sum were originally
stipulated to be paid at such time.
7. To perform, comply with and abide by each and every
the stipulations, agreements, conditions and covenants
a. in said promissory note and this deed set
forth, which shall in a11 events control in the case
of conflict with the provisions of the following
i tems b. and c.;
. `
b. in the letter commitment for mortgage loan ~
from Mortgagee to Mortgagor dated Septeober 27 b October 9, j
1984, as accepted by Mortgagor on October 10 .
1984, anci; ~
i
c. in the construction loan agreement by and ~
between Mortgagor and Mortgagee of even date herewith; '
copies of all of which are on f ile and available for inspection
at the offices of both Mort~agor and Mortgagee. If any of the
sums of money herein referred to be not promptly and fully paid
as the same severally come due and payable, or if each and every ~
the stipulations, agreements, conditions and covenants of the ;
above items a., b. and c., or any of them, are not duly perfor- {
med, complied with and abided by, the aggregate sum mentioned in ~
said Promissory Note, or such part thereof as shall then be ~
disbursed, shall become due and payable forthwith or thereafter
at the option of the Mortgagee, as fully and completely as if ~
said aggregate sum of money was originally stipulated to be paid
on such day, e~rerything in said Promissory Note or herein to the
contrary notwithstanding, the Mortgagor hereby waiving all right
of homestead and exemption granted by virtue of the la~s and ~
Constitution of the State of Florida. ~
8. To keep the buildings o~ other insurable improve-
ments which are now, or which may hereafter be erected on the
land herein described and the personal property and fixtures
referred to above, insured against all risks by fire and extended
coverage in a sum not less than the full insurable value and such
other hazard insurance as the Mortgagee may, from time to time
require, at the expense of the Mortgagor in a good and responsi- ~
ble insurance company or -companies, licensed to do business in j
the State of Florida, and acceptable to the Mortgagee, for the '
benefit of Mortgagee, cQntaining a loss payable endorsement in
favor of the Mortgagee, and said policy or policies and all
renewals thereof and evidence of current payment of premiums
shall be deposited with and held by the Martgagee. In the event
of loss the Mortgagor will give immediate notice by mail to the
Mortgagee. In the event any sum of money becomes payable under
such policy or policies, the Mortgagee shall have the option:
a. to allow Mortgaqor to use the same in the
restoration and repair of the improvements damaged
~ if, in the judgment of Mortgagee, the security of
this Mortgage would be restored or enhanced thereby;
or
b. to receive and apply the same nn account of
the indebtedness hereby secured;
without thereby waiviny- or impairing any equity, lien or right
under and by virtue of this Mortgage. Upon any default thereof,
the Mortgagee may (but without obligation on its part so to do),
place insurance on such buildings and pay the premium and charge
such sums to the Mortgagor and such sums of money so paid shall ~
bear interest from the date of such payment at the highest rate
permitted by law.
9. No building or other improvement on the premises
shall be structurally altered, removed or demolished, without the
Mortgagee's prior written consent, nc~r shall any fixture or
chattel covered by the Mortgage and adapted to the proper use and
enjoyment of the premises be removed at any time without like
consent unless actually replaced by an article of equal suitabi-
FEE~ iCOBCEGARD. TE€L 8c KENNEY. P. A.
ATTORNEYi AT LAW
P05T OFFiCE 80X 1000 BOOK~~ {AGE V~
FORT Pl[R , FIORIDA J9464
T[~tIHOH (90S) 461•5020
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