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due unde this Mortga~e in tbe fiist calendar manth foUowtng tLeazp endi~g oE aald sum. Such sums so arpended to bear Iaterost ~t the ~ate
at which ~terett b payabla upoa said principal Iadebtednest and tba Iten of thLs Mort~age ihaU ertend to anci secure the ~ums so e~ended
tdgether with lnterut tLareou ~u haretnbefore provtded, ~
lfl. At mort8agee't optian,~~q~
r wit6 and in addtttoa to the mon pa nt of rtnd and interest ~
rn
note accured hereb , Mortgagor tball y to M Yable uader the teinv of the
Y pa oat8~8ee au~h mont~? until ~aid note is fu~y , one-hvelfth ~1 / 18 ) of a eum equal to the
annuel premium dw for fire~ ea~tmnded covarage, and ot6er hszard inauranoe includlng flood insurance. covedng Wa mortgaged PropertY~ '
plus tazes and aas~tr ~t dae oa the mortgaged pmperty (all as eati~nated by t~tortgsgee) leas all ru~ns alratdy paid therefor, aad to ba
dividad by the namber of months to dapae pdar to the te wben auoh ta~cea aad ~b ~hall becoine deltuqueat. Saicl :ums ahall ba
held by M in trust or cred[ted to the prtndpat of tLe 1oan. w pay satd tnsuranoe, dtzet, and ~eats and ahall be appbed on tho
papsnaut ~hen due. My ~oees he~d in tnut by Motgagee whea satd loeu? ia paid in full ~hall be patd bo Mortgagor, oc hL as~ign~
or peraoaal repre~eatativas. Ia the event af ~ dehult or farc~cIosum, akl aeuns hetd in tn~t may ba applted on any oosts of damages sustaine~ ;
in cmnection wfth the c~o~ledion of tba note secuied t, oth gagoe may f~nm Hme to ttme at :
its~optloa waive~ and afEer apy tuch walvor~ reiattate~~
r~visioat hereaE
raq~ or auc6 deposib~by notioe to Mortgagor in writin . ~
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Whila any suc6 waiver L~ in effed, Moit~agor ~haA WY tuet. asfe~tments and iasuranoe premlums as ~ierain ~slaewhere provfdod.
Q0. Moit~ga~~r s6at1 oom~y with the om of any kase, !f thta mortga~a ia on a leasebo~d. If tLia mortgage is oa~ a oo~dominlum unlt,
mortgagor ihaII perform all o~ mort : obligati~ under the da,1 aratbn of oondc~?tnium or matt~ deed, the by-laws and regulationa d
the oandomidum project and oonstit~t doct~manb. Mortgagoc furtLer coveoanb that i~e wd the assodadan~~
ble for the operaNon
of the oondomtnitwn w!1! observe all o~f the provLsloa~s of the said declaration and any ameadments thet~eto, and of the Condomintum 18w of
the state, and will perform all obllgatioas thereunder; and a failure to d u ao wblch is not cured within 30 daya after noUoe given bY tha Mort-
ga8ee to tLa modga8or and the said aseoctatioa :hall oooatltute R de~ault uAder thia mortgage Mortgagos furtber apeciEicaIly caveaants, but not
by way of limitado~, L~at he aed the association wiA obsern aII of the provisions of aaid declacaHon of oondominium relating to insunnce
coverage. .
21. Mortgagor further covenanb and agrees that at the request of Mortgagee to furnish a atsndard termite bond insuring againat damage ~
by infeatation on the buildinga ~ww or hereafter located on t6e mottga8ed proPertY. in such emounts and temu~ and with such company as ,
~ approved and required by Mortgagee; and in tha eveat Mortgagor does not oomply with this ooveaant Mortgagee ahall har~e tDe aame rights
to obtaIn same as insurance o~verage nnder covenant #3 hereof.
22. That ia the event that thLt nwrtgaga is giv~ to aecure a oozvtruction loan, failure on thepa rt of the Mortgagor or the Mortgagors
contraMor, architect, enQineere, or sub-coutractors to oomply with the te~ms of the Constniction Loan A~reement o.' even date hecewIth,
which is by neEerenoe incorporated ber+ein, shall, at ihe o~Hon of the Mortgagee, constitute a dcfault hereunder.
` 23. If ihe mortgag~l premLses is other thsn s ene to feer Eamiiy dweUina, the MortrtaAor covenaats and agrees that he will, not later
ee.
~ than thirty (30) days after the end of the fiscal year, fi~mish unto the Rssoctation a complete and accurate balaace sheet and proht and loss
statement reflecttng the Mortgagors liabilities ss well as prufii and loss for the fiscal year, and such balance shcet and profit and loss state-
ment shall be prepared by a certified public accountant ltcensed in tLe State of Flodda, a~l shall be certiHed as being correct by suc6 certi-
ficcl public accountant.
i 24. If any of the sunu af money hercin referrecl to be not promptly and fully paid within thirty (30) days nezt after the same severally
> become due and payable ot if each aud every the stipulations~ agreements, conditions and covenants of said promLssory note and this mort-
; gage, or either ara not c~uly pedormed, complied with and abided by, the a ate sum mentioned in aaid promLuory noie ahall became
s dae and payab~e forthwith or thereafter at the apHon of the Mortgagee, as snd completely as if said agAregate sum of money was origi-
nal}y stiptdated to be paid on such, day, everything in saId promissory note or herein to the contrary aotwithstandin~.
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` 23. In the event that the Mortgagor makes payment by check or checks that the Mortgagor has failed to properiy eudorse, the
~ 1ltortqagor docs hareby appoint the Mortgagee ss Its attorney-in-faci to supply on behalf of the Mortgagor any and all endorsements necessary
S to negotiate said check or checks and the Mortgagor agrces to hold the I~tortgagee harmles.s from any liability whatsoever for supplying said
~ endersement. In the event ihe Mortgagor shall cash a check for the Mort~agor and same shall be returned for icuuffident funds or aay other
c, resson so that the Mrntgagce is unable to collect its monay, then the Mortgagor hereby authorizes the MortAagee to add said sum to the
principal balance of thls awrtgage and said sum shall be secured by said promissory note and mortgage as though it was an additional advance
E under the temis and oondiHons of this mortgage.
~ 26. SZ~ecial provisions:
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IN WITNESS WHEREOF, the said Mortgagor has e~cecubed this morigage under seal on the day and/year ber2in first above ~vritbea. ~
a CONEY IS RESTAU TAIC.
Si , aealed aad deli the nce of: - '
• _
~ ~ BY / ' " :
, , .
. GL--~---~
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< W , ess _ !
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* George P. Tingus, President ~
£ f~~- ~L . %
' - - (SEAL)
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Witness
- State of
County uf
The foregoing ia4trument was acknowledged beEore me this day of , 19 ,
by
t \iy Commission ezpires:
"t'
`
~ Notary Public
Lr
f_
F'
~ ( \otary Seal )
~
~
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' State of NES'f1 YORK
' ~„nty Q{ ORANGE
` The foregoing instrumenc was acknowledged 'before me t~Js :i2nd day of SEPTEMBER , 19 86 .
~ by George P. Tingus, President ~x ~
= CONEY ISLAND RESTAURANT, INC., a New York Corporation
~ on beha~ ~ ~ '7~0249
~
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. .'J ~f . F IL[ .
- ROG"K ;
My Commisstoo e:pGre~? S T. C i~~
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M$f~ch .3Q` 19 8 7
6 ' ~VtD~3'i~Al01~1f~Afl~O+~?~O~ ,q
~@E)~,~I?~ t~ 1~~?~ORIC t~'
~ s - QHi.-~2D0 _ i
, j~h~ ~1~06~N~N N~ry
p„}~~ I azn a o ry c or e ate
~N~B~ 30.1~ of New Yark and ~yR a sion e ires o~6-8 7
BOOK PAC~ ~1lhJ '
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