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Home My WebLink About0308 . . ; s~ r ~ , ~ ~ ~ ; ments shall be helct by the I~sortgagee, ithout intrrest, ta pay euch ts+xes nnd assessments and insurance prerniums, All ` • L__.4.. ~1~ L._ ...l~..:S n...7 al.~ paymenw r.~aciQ uriuer Ct18 ic['11t~ Ui i~u~ yitc~iy.,ist~i~ a~~u iil~uci ii~e iivic oc~i::~.~ :...,..v~ ~ t;...+..., aggregate nmount thereaf shall be paid by the 111ortga~or in a single pAyment cach month to be applied by the :liort~a- gee in pay~mcnt of the items and in the order follo~~•ing: (n) Tnx~s and ~ssecsnicnts, and insurnnce premiums; (b) Interest on the note secured hereby; nnd (c) rl~nortization of the principa! of said note. Any deficiency in the amounG of such nggre~ate monthly payment shnl! constitute a defnult under Ehis niortga~e. When such taxes, assessments and insurance premium3 fall due, if the su~ow~ts deposited by the Nlortgagor for such p~ir- poses are not sufficient to pay said taxes, tu~essn~ents und insurance premiums, as the case may be~ then due~ the Diort- gagor will pay to the 1liortgagee such 3eficiency immediately. ~Vhen such taxes, nssessinents and insurance premiun~ fall due, if the amounts deposited by the hiortgagor for sucli purposes exceed the nmounts due for such taxcs, assess- ments and insurnnce premiums, the excess may, in the discretion of the Diortgagee, be npplied on subsequent ~nonthly payments to be made by the rfortgagor. In the event of default under this mortgage any unexpended funds in the hands of the hiortgagec deposited by the ?1Sortgagor to meet tho obligntions of taxes, ussessments and insurance premiums shall be applied by the hiortgagee upon the indebtedness hereby secured, in the follu«ing order: (a), Tnterest on nd- ~~ances made b~ the 11io~rtgagee; (b), Advances niad~ by the 11lortgagee; (c), Interest on the principal; and (d) the prin- cipal debt hereby secured. ~Vhen any such taxes, ussess~nents or insurance premiums fall due the :~iortgagor ill prompt- ly obtain and deliver to the ~liortgagee statenients ~~~ith respe^t thereto. 13. This mortgage shall also secure additional loans hereafter made by tlie then holder of the notc secured hereby to the then oK•ner of the real estate described herein, pro~~ided that no such additional loan shail be made if the making thereof would cause the total principal indebtedness secured hereby to exceed the amount of the original principnl in- debted~iess stated herein, Each such additional loan shall be evidenced by a note or other evide?ice of indebtedness identi- fying such additionul loan e,s part of the indebtedness secured hereby, and shall mature not later than the then niaturity date of the original indebtedness secured hereby. No'thing herein contained shall iraply any obligation on the part of any holder of said note to make any such udditional loan. 14. D~ortg~aor hzreby Assigns to 11~ortgagee any and all awards or damsges, acte~al and consequent:al, for the t~k- ing of any portion or all of the mortgaged nremsses~ by the exercise of the right of eminent domain or condemna- tion, inciuding but not li~nited to damages or a~~•ards for changes to the grades of streets, or acquiring title to atreets. The proceeds of such a«~ards or damages, t~•hen recei~~ed by ~iortgagee, shall be applied in reduction of the mortgage indebtedness. ~ 15. This mortgage secures future advances under the provisions of Sec. 697.Q4 of G the Florida Statutes Annotated, as presently amended, which said advances shall not exceed the naximum principal amount o~ $26,500.00. The initYal advances are to be made in accordance with a Constructi~n Loan Agreement between the mortgagor and the i Construction Lender (St. Lucie County Bank), which said agreement is open for inspec- ~ tion at the office of said Construction Lender. Said ConstrucCion Loan Agreement is ~ incorporated herein by reference, and any default by the mortgagor thereunder shall ~ be an event of default under this mortgage. ~ E 16. This mortgage and the note it secures will also evidence and secure permanent t mortgage financing, and when construction has been completed and the terms of the ~ aforementioned Construction Loan A.greement have been fully performed and satisifed, ~ said Construction Loan Agreement shall have no further force or effect and only the ~ terms and provisions of this mortgage and the note thereby secured shall thenceforth ~ be applicable. ~ i ~ ~ ~ ~ ; ~ ~ s € ~ ~ ~ ; ~ ~ . . ~ t F t ~ ~ I ~ ~ ~ ~ O ~ $oo~ ~.2~ g~ BOOK ~35 ~ 3~~