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not previously approved in writing by the holder of this Mortgage, or upor_ the
change of form of Mortgagor without the 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 tranefer and to demand payment in full of the said mortgage amount or any
unpaid balance thereof, and to exercise all 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
decieions as may exist from time to time (but without any expressed or implied
consent or waiver that state law rather than federal law shall be applicable
in the construction and application of the foregoing 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 chaxges" are secured by the lien hereof.
18. To the exeenC of the indebtedness of the Martgagor to the
Mortgagee described hexein or secured hereby the Mortgagee is hereby subrogat-
ed to the lien or 11ens and to the rights of the owners attd holders thereof of
each and every mortgage, lien or other encumbrance on the iend deacribed
herein which is paid and/or satisfied, in whole or in pare, aut of the pro-
ceeds of the loan described herein or seeured 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 h~rein 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, transf~rred, set over and delivered unto the Mortgagee by i
~ separate deed ar assignment, notwithstanding that the same may be satisfied ~
and cancelled of record.
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I9. The Mortgagor further covenants that any improvements to be
constructed and equipped with money to be advanced on this Martgage 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 I
the approval of Mortgagee. ~
~ 20. Except pursuant to the site plan and other plana and
~ specifications on file with Moxtgagee, the Mortgagor binds itself not to erect
~ or permit to be erected any new buildings on the premises herein a?ortgaged or
~ to add or to permit to be added ta any of the existing improvements thereon,
or to demolish, alter or destroy any material part of the improvements,
without the wxitten consent of the Mortgagee.
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~ 21. At the option of Mortgagee, to pay to Mortgagee with each
~ mvnthly payment of interest prior to maturity of the indebtedness hereby
secured an additional sum estimated by Mortgagee to be equal to 1/12th of the
~ annual cost of the following:
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~ a. All real property taxes levied or assessed against the
~ above descrihed real estate.
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~ b. Premiums on fire and windstorm insurance as herein
• requfred to be carried on the improvements situate on the above
deacribed premises.
Mortgagee 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 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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~ goo~ 548 PAGf 973
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