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the owners and holders thereof of each and every mortgage, lien
or other encumbrance on the land described herei~ 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 encumbrances 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 !lortqagee herein described or heceby secured, to the same
extent that it would have been preserved and would have been
passed to a~d 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. .
20. The_Mortgagor further covenants that any improve-
ments to be construc;-.~r] and equipped with money to be advanced on
this i~ortgage shall be constructed substantially in accordance '
with plans and specifications submitted to the Mortgagee, as the ~
same may be modified from time to time with the approval of ~
Mortgagee, and that should said improvements not be constructed ;
in accordance with said plans and sFecifications, then and in
that event, the Mortgagee may, at its option, declare all sums
secured hereby immediately due and payable.
21. Except pursuant to site plan and other plans and
specifiCations on file with Mortgagee, 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 aaaea to
any of the existing improvements thereon, or to demolish, alter
or destroy any material part of the improvements, without the
written consent of the Mortgage~, and in the event of any viola- ~
tion or attempt to violate this stipulation this I~ortgage and all `
sums secured hereby shall immediately b~come due and collect:~le
at the option of tbe Mortgagee.
22. At the option of Mortgagee, to pay to Mortgagee
with each monthly payment an additional sum estimated by Mortga-
gee to be equal to 1/I2th of the annual cost of the following:
a. A21 real property taxes levied or assessed
against the above described real estate.
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b. Premiums on fire and windstorm insurance ~
as herein required to be carried on the improvements ~
situate on the above described premises. ~
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Murtgagee shall from time to time notify Mortgagor in ~
writing of the amount due and payable hereunder and such sum
shall thereupon be due and payable on the due date of the next
monthly payment and each successive month thereafter until Mort- _
gagee shall notify Ntortgagor of a change in such amount. Such
sums shall be applied by Mortgagee toward the payment of real
property taxes and insurance premiums.
23. Mortgagee may make or cause to be made reasonable
entries upon and inspections of the property related to its
interest therein at reasonable times.
24. Except for any notice requiced under applicable Iaw
to be given in another manner (a) any notice to Mortgagor pro-
yiaea for in this Mortgage shall be given by mailing such notice
by certified mail, return receipt requested, addressed to the
Mortgaqor as follows:
ST. LUCIE INTERSECTION, INC.
1220 U.S. Highway One
Old Port Cove Plaza
North Palm Beach, Florida 33408
or at such other address as Mortgagor may designate by notice to
Mortgagee as provided herein; and (b) any notice to Mortgagee
shall be given by certified mail, return receipt requested, to
FEE. K06LEGARD. TEEL & KENNEY, P. A.
ATTORNEYS AT LAW
FORTOPIE C~.,'FLORIDAO3S S4 BGOK i4~ P~Gf ~/~i
Ts~[~MONt (305) 481-5020
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