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(or any subsequent owner of the premises) to any person, firm or carporation,
not previou8ly appraved in writing by the holder of this Mortgage, or upon the
change of form of Mortgagor without [he prior written approval of the holder °
of this Mortgage, the Mortgagee or holder shall have the right to accelerate ~
the maturity of this Mortgage as though it were due and payable on the day of
such transfer and to demand payment in full of the said mortgage aiaount or any
unpaid balance thereof, and to exercise aIl the rights and remedies herein or ~
by law reserved to said Mortgagee the same as in any event of default hereun- ~
der, anything in the Promissory Note secured hereby or herein to the contrary
notwithstanding. Any default under any such limitations shall be conclusively
and irrebutably presumed to ~eopardize the security and collateral of Mortgag-
ee for its loan, as same is defined and construed under Florida Appellate
decisions as may exist from time to time (but without any expressed or implied
consene or waiver that state law rather than federal law shall be applicable
in the construction and application of the foregaing provisions).
17. Installments, payable under the terms hereof and the Note
secured hereby, not paid when due shall be sub~ect to "late charges" as
provided in said Note, and such "late charges" are secured by the lien hereof.
1$. To the extent of the indebtedness of the Mortgagor to the
Mortgagee described herein or secured hereby the Mortgagee is hereby subrogat-
ed to the lien or liens and to the rights of the owners and holders thereof of
each and every mortgage, lien or other eneumbrance on the land described
herein which is paid and/or satisfied, in whole or in part, out of the pro-
ceeds 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 Mortgagee herein described or
hereby secured, to the same extent that it would have been preserved and would
have been passed to and 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.
19. The Mortgagor further covenants that any improvements to be
co~istructed and equipped with money to be advanced on this Mortgage shall be
constructed substantially in accordance with the plans and specifications
submitted to the Mortgagee, as the same may be modified from time to time with
the approval of Mortgagee.
20. Except pursuant to the site plan and other plans and
specifications on file with Mortgagee, the ~ortgagor 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 added 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 Mortgagee.
21. At the option of Mortgagee, to pay to Mortgagee with each
monthly payment of interest prior to maturity of the indebtedness hereby
secured an additionsl sum estimated by Mortgagee to be equal to 1/12th of the
annual cost of the following:
, a. All real property taxes levied or assessed against the
above described real estate.
b. Premiums on fire and windstorna insurance as herein
required to be carried on the improvements situate on the above
described premises.
Mortgagee sha11 from time to time notify Mortgagor in writing af the
amount due and payable hereunder and such sum shall thereupon bQ due and
payable on the due date of the next monthly payment and each successive month
thereafter until Mortgagee shall notify Mortgagor of a change in such amount.
Such sums shall be applied by Mortgagee toward the payment of real property
taxes and insurance premiums.
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BK0526 PA6E0973
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