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9. It is agreed that if the mortgagor is able to refinance ;
the Home Saving Association of Flori.da Mortgage on the ;
Sneed Road Property, the mortgagee agrees to execute ;
another mortgage forthwith, which would be subordinate '
to any new mortgage refinancing or additional construc- '
- tion loan to existing Home Saving Association of Florida '
Mortgage, without the mortgagor having to prepay any
principal, interest or costs on the mortgage note dated ,
January 3, 1990 ~
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10. It is further agreed that, if the mortgagor defaults on ,
the mortgage note on January 1, 1993, the Order of '
Foreclosure or collection by the mortgagee shall be as ;
follows:
a. The mortgagee must first exhaust all reasonable
collection remedies against the real estate commonly
, known as 575 Lakeshore Drive, Grosse Pointe Shores,
; Michigan 48236.
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` b. If the mortgage note dated January 3, 1990 is not
~ satisfied from the sale or foreclosure of 575
~ Lakeshore Drive, Grosse Pointe Shores, Michigan, the
E mortgagee shall have the right to foreclose on the
i Sneed Road Property, located in St. Lucie County,
~ Florida to collect the remaining balance due on said
mortgage note.
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~ WITNESSES:
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~ . .
~ SoyCE kN774L/~V/ ~ DI E RUTH GOUDA
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