Agreement of purchase and sale - 1979-10


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Agreement of purchase and sale - 1979-10

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Title:
Agreement of purchase and sale - 1979-10
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Language:
English
Physical Location:
Box 2

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Subjects / Keywords:
Ranchers -- Law and legislation -- Florida
Okeechobee, Lake (Fla.) ( lcsh )

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Source Institution:
University of South Florida
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University of South Florida
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The University of South Florida Libraries believes that the Item is in the Public Domain under the laws of the United States, but a determination was not made as to its copyright status under the copyright laws of other countries. The Item may not be in the Public Domain under the laws of other countries.
Resource Identifier:
035069031 ( ALEPH )
981477171 ( OCLC )
L41-00094 ( USFLDC DOI )
l41.94 ( USFLDC Handle )

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University of South Florida
Lorida

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PAGE 1

• • AGREEMENT OF PURCHASE AND SALE THIS AGREEMENT, made this __ day of October, 1979, between RITECO DEVELOPMENT CORPORATION, a Florida corporation, having an office at 169 East Flagler Street, Miami, Florida 33131 {hereinafter called "Seller"), and THE NATIONAL AUDUBON SOCIETY, INC., a New York corporation not for profit, having an office at 950-3rd Avenue, New York, New York 10022 {hereinafter called the "Purchaser") . WITNESSETH: That in consideration of the mutual covenants hereinafter set forth and Ten ($10. 00) Dollars and other good and valuable considerations, receipt of _ which is hereby acknowledged, the parties agree as follows: 1. AGREEMENT OF SALE AND PURCHASE . Seller hereby agrees to sell and Purchaser hereby agrees to purchase from the Seller, title to all of that certain parcel of land lying and being in the County of Okeechobee, State of Florida, containing approximately 5,760 acres more or less, and being more particularly described on Exhibit "A" attached hereto and by this reference made a part hereof. Said parcel of land is hereinafter called the "Property". 2. PURCHASE PRICE . Purchaser agrees to purchase the Propety at the price of $450. 00 per gross acre, as defined in Paragraph 4 below, or a total purchase price of $2,592,000.00, subject to adjustment to reflect a purchase price of exactly $450. 00 per gross acre, and a prorated amount thereof for any fraction of an acre contained in the Property, as set forth in the survey described in Paragraph 4 below, and Seller agrees to sell the Property at said price . . 3. PAYMENT OF THE PURCHASE PRICE. The purchase price shall be payable as follows: {a) Purchaser has concurrently herewith delivered to Horwich & Zager ,P.A., Suite 302 -University Federal Building, 2222 Ponce de Leon Boulevard, Coral Gables, Florida 33134, hereinafter -1-

PAGE 2

• • called the "Escrow Agent" , an earnest money deposit in the amount of $259,200.00 to be held in escrow and disbursed in accordance with the terms and provisions of this Agreement, hereafter referred to as "Deposit". The Deposit, at Purchaser's option, may be held in an interest bearing escrow account and all interest earned thereon shall be paid to Seller at closing and shall be credited to Purchaser as an additional deposit ; all other provisions of this Agreement for the disposition of the Deposit shall include all interest earned thereon . .. ' (b) On the closing of title, Purchaser shall pay to Seller 29% of the purchase price (including the Deposit) , subject to prorations and adjustments required hereby, in cash or by cashier's check drawn on a bank located in Dade County, Florida, and the balance of the purchase price shall be paid by Purchaser executing and delivering to Seller a Promissory Note bearing interest at the rate of 10% per annum on the unpaid balance from time to time outstanding, with interest payable quarterly, and the principal payments payable in five equal annual consecutive installments commencing one year from the date of closing; the Promissory Note shall provide for the right of prepayment without penalty at any time after 12 months following the date of closing. The Promissory Note shall be in the form attached hereto as Exhibit "B II and made a part hereof and the Promissory Note shall be secured by a purchase money first mortgage in the form attached hereto as Exhibit "C" and hereby made a part hereof. 4. SURVEY. As soon as practicable after the date of this Agreement, Seller at Purchaser's expense, shall cause to be delivered to Purchaser, a survey of the Property prepared by a duly licensed Florida surveyor. The survey shall set forth an accurate description of the Property, together with a calculation of the number of gross acres, as hereinafter defined, contained therein. "Gross Acres II is defined to mean the number of acres located within the boundary lines of the Property. If the survey shows any encroachments from or onto the Property, such encroachments shall be deemed to be defects in title. -2-

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• • 5. TITLE INSURANCE . Within 45 days from the date hereof, Seller, at its expense, shall furnish to Purchaser, or its attorney, a commitment for the issuance of an Owner's Title Insurance Policy insuring said Property in the full amount of the final purchase price issued by Lawyers' Title Guaranty Fund or a title insurance company reasonably t, 1 _ t <,W.."'--~ acceptable to Purchaser, at Seller's option, showing Seller's fee title to be good and insurable of record (hereafter referred to as the "Commitment") , subject only to the following: (a) Existing mortgages to be released or satisfied at or prior to closing or, at Seller's option, any existing mortgages shall be released or satisfied out of the cash to close due Seller at closing. (b) Utility easements, easements for rights of way of record and the items described on Exhibit "D" , at_tached hereto and made a part hereof. (c) Printed standard exceptions. 6. CLEARING TITLE DEFECTS . If there are any defects in title (other than the items listed in Paragraph 5 (a) through (c) listed above) reflected by the Commitment described in Paragraph 5 above or by the survey described in Paragraph 4 of this Agreement, and Purchaser so notifies Seller in writing, within 10 ~ays after receipt of the later of the survey or the Commitment, whichever delivery last occurs, Seller shall have • 60 days from receipt of_such written notice within which to remove said defect or defects. If Seller fails to remove the defect or defects within said 60 day period, Purchaser shall have the option of either accepting the title as it then is or rescinding this Agreement and receiving a return of the Deposit in which event the parties shall have no further obligations hereunder, nor any further remedies against one another hereunder. If Seller does not receive any written notice of any defects within the said 10 day period, as aforesaid, Purchaser shall be deemed to have accepted title and the survey as it then is. 7. TITLE POLICY . The cost of the title policy to be issued to Purchaser shall be paid for by Sell er. -3-

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• • 8. ROAD RIGHT-OF-WAY EASEMENT AND RESERVATION FOR DRAINAGE PURPOSES. At the closing, Seller agrees to grant to Purchaser an easement for ingress and egress to benefit the Property which easement grant shall be in the Statutory Warranty Deed to be delivered to Purchaser at the closing and shall be as described on Exhibit "E" attached hereto and madea part hereof. Seller covenants that the said easement will provide ingress and egress to the Property. Seller shall reserve a right for drainage of water across the Property in the Statutory Warranty Deed t~ be delivered to Purchaser at the closing, which drainage right shall be as described on Exhibit "F" attached hereto and made a part hereof. 9. CLOSING. This transaction shall be closed, within 20 days after the delivery of the survey of the Property described in Paragraph 4 above, in the offices of Horwich & Zager, P.A., Suite 302 -University Federal Building, 2222 Ponce de Leon Boulevard, Coral Gables, Florida 33134, unless there is a defect in title as described in Paragraph 6 above, in which case, closing shall be delayed, if the defect in title is cleared timely, until 10 days following the time that it is so cleared. Notwithstanding the foregoing, if closing does not occur on or before February 1st, 1980, either party shall have the right to terminate this Agreement in which case the Deposit shall be returned to Purchaser and the parties shall have no further obligations hereunder, nor any further remedies against one another hereunder. At the closing, Seller shall convey the Property to Purchaser by Statutory Warranty Deed, subject only to the items set forth in Paragraph 5 above and applicable zoning ordinances, the purchase money first mortgage, and conditions, restrictions, limitations and easements of record, if any, accepted by Purchaser. Seller shall also furnish to Purchaser an affidavit attesting to the absence of any actual or potential mechanics liens. At closing, Purchaser shall deliver to Seller the cash to close and the Purchase Money Note and Mortgage hereinabove required. 10. NO WARRANTIES BY SELLER. Seller makes no representations or warranties with respect to the physical condition of the Property; the utility services available to serve the Property; the uses that can be made of the Property; or any other matter pertaining to the Property. -4-

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• • 11. ADJUSTMENTS AT CLOSING. Real property taxes shall be prorated based upon the current year's tax; if such tax is not yet fixed, proration shall be based on the prior year's tax, provided that a subsequent reproration shall be made based upon the actual tax bill, at the request of either party, and this Agreement to reprorate shall survive the closing. Special assessment liens, whether certified or pending, if any, existing on or before the date of the closing, shall be paid for, or assumed by, Purchaser:. 12. CLOSING COSTS. Seller agrees to pay for the Florida documentary stamps on the Statutory Warranty Deed, the cost of recording the satisfaction or release of any mortgages and the cost of recording any corrective instruments reasonably 'required by Purchaser's Attorney to clear title. Purchaser shall pay for the recording of the said Warranty Deed and Purchase Money Mortgage, and the intangible tax and documentary stamps_ on the Purchase Money Note and Mortgage. 13. BROKERAGE . Each of the parties represents to the other that it has no obligation for brokerage or agent's commissions in connection with this Agreement or the transaction contemplated by this Agreement and that it will hold the other party harmless from and against any claims or demands, including without limitation, expenses, court costs and reasonable attorney's fees, including appellate fees, with respect to any brokerage fees or agent's commissions or other compensation claimed or demanded by anyone in connection with this Agreement or the the transaction contemplated hereby in so far as such claim is based upon any agreements or conversations or other contact with the indemnifying party; the provisions of this Paragraph 13 shall survive the closing and the consummation of the transaction contemplated by this Agreement. 14. DEFAULT. If Purchaser fails to perform this Agreement within the time specified, the Deposit paid by the Purchaser shall be retained by, or for the account of, Seller as liquidated damages, consideration for the execution of this Agreement and in full settlement of any claims and this shall constitute Seller's sole remedy, whereupon -5-

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• • all parties shall be relieved of all further obligations under this Agreement and neither party shall have any further remedies against one another hereunder. If, for any reason other than failure of Seller to render title good and insurable as set forth in Paragraph 5 above or failure of Seller to obtain releases or satisfactions of any existing mortgages, Seller fails or refuses to perform this Agreement, the Purchaser may seek specific performance or elect to cancel this Agreement and ~eceive the return of the Deposit, but Purchaser shall not be entitled to any action for damages resulting from Seller's breach. I In the event of any litigation, including appellate proceedings, arising out of this Agreement,the prevailing party ~hall be entitled to recover reasonable attorneys' fees. I 15. WAIVER OF DEFAULT. A waiver of any default hereunder by Purchaser or Seller shall not be considered a waiver of any other or subsequent default hereunder, and no delay or omission in exercising or enforcing the rights and powers of Purchaser or Seller shall be construed a waiver of any other or subsequent default hereunder, and no delay or omission in exercising or enforcing the rights and powers of Purchaser or Seller shall be construed as a waiver of such rights and powers and likewise no exercise or enforcement of any rights or powers hereunder by Purchaser or Seller shall be held to exhaust such rights or powers, and every such right and power may be exercised from time to time. 16. NOTICES. All notices and other communications given or made pursuant hereto, or for the purposes of invoking or enforcing any of the provisions hereof, shall be in writing and shall be delivered or mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed as follows: If to Seller: With a copy to: -6-RITECO DEVELOPMENT CORPORATION 1433 Alfred I. duPont Building 169 East Flagler Street Miami, Florida 33131 Attention: Mr.Nate Adams ,II, Vice President IRA ZAGER, ESQ. , Horwich & Zager ,P.A. Suite 302 -University Federal Building 2222 Ponce de Leon Boulevard Coral Gables, Florida 33134

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• If to Purchaser: With a copy to: • THE NATIONAL A UDUBORN SOCIETY, INC. , 950-3rd A venue New York, New York, 10022 EMANUEL POPOLIZIO, ESQ. Gifford, Woody, Palmer, Serles 14 Wall Street New York ;N. Y .10005 17. ESCROW AGENT'S RESPONSIBILITIES. In the event of any disputes between the Seller and Purchaser with respect to disbursement of the Deposit, Escrow Agent shall have the right to tender same into court and to interplead both parties hereto and thereafter be free from further liability to the parties. Except for gross negligence or wilful misconduct, Escrow Agent shall be excused for all responsibility, including insolvency of any depository, absolutely. 18. PARAGRAPH HEADINGS. Paragraph headings have been inserted in this Agreement for convenience only, and in no way define, limit or describe the scope or intent of this Agreement, or any provision hereof, nor shall in any way affect the interpretation of this Agreement. 19. ENTIRE AGREEMENT . This Agreement contains the entire Agreement between the parties hereto and no change or modification hereof shall be binding upon the parties unless evidenced by an instrument in writing, or unless made in accordance with the provisions hereof. 20. . ASSIGNMENT AND BINDING EFFECT. This Agreement may not be assigned by Purchaser or Seller to any other party or entity without the other party's prior written approval . . This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns (to the extent the assignment is consented to as provided for in the preceding sentence of this Paragraph 20) . 21. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. -7-

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,. • • 22. NON-RECORDABILITY. Recording of this Agreement in the Public Records of any County in the State of Florida by either party shall constitute a default by said party hereunder. 23. TIME OF ESSENCE . Time is of the essence of each and every term, condition, obligation and provision hereof. , , 24. INTENDED GIFT BY SELLER. The parties recognize that the purchase price set forth in this Agreement is below the fair market value of the Property and Seller intends to make a gift to Purchaser of the difference between the fair market value of the Prop~rty and the purchase price of the Property as set forth in Paragraph 2 above. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. (CORPORATE SEAL) Signed, sealed and delivered in the presence of: Witnesses as to Seller (CORPORATE SEAL) Witnesses as to Purchaser RITECO DEVELOPMENT CORPORATION BY (SELLER) THE NATIONAL AUDUBON SOCIETY I INC. I a New York corporation not for profit BY: Title (PURCHASER) RECEIPT BY ESCROW AGENT The Escrow Agent does hereby acknowledge receipt of the sum. of $259,200.00, subject to clearance of funds, to be held in accordance with the terms of this Agreement. -8-HORWICH & ZAGER,P.A. BY:

PAGE 9

• • EXHIBIT "A" TO AGREEMENT OF PURCHASE AND SALE DATED OCTOBER;._ ___ , 19 79, BETWEEN RITE CO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AU DU BON SOCIETY, INC. AS PURCHASER LEGAL DESCRIPTION Sections 24, 25 and 36, Township 33 South, Range 33 East, and Sections 19, 20, 29, 30, 31 and 32, Township 33 South, Range 34 East, Okeechobee County, Flcrida, together with all mineral and petroleum rights. • n • • , ,

PAGE 10

s EXHIBIT "P411i'O AGREEMENT OF PURCHASE-D SALE DATE1"'ocTOBER __ , 1979, BETWEE~ITECO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AUDUBON SOCIETY, INC, AS PURCHASER . . ..... .......... .... . ........... . ........... ...... • •• ..... .... ..... ...•••.•..•••..... .... , Florida FOR VALUE RECEIVED the undersigned promises to p•y to the order of • •• • • the principal sum of ..... .. . ..... . ...................... .. . . ..... . .. . .......... . . . . .. .... ... ........ .. ........................ ... .. ....... ........ .... . .. . ... . . . . ... .... . togother with interest thereon from date, al the rate of .. ........... . : ..... . .... ............ .......... . .. . .... . per cent, peT be , ng pi,yable .... . .......... .... . . ...... . .... .... . ... ... on the . . ..... .... . ....... . day of. . • 19 .. . . Dollars (S . . ) . ... . unt i l maturity, sa i d interest .>nd .. each year; both principal and interest being payablt'! in lawful money of the United St;,t ~ s or its equivalent, at . . .... . ...... ........ ... . . . ..... . . . . . ... . . .. . ... . .. ........ .................................. said principal sum to be pay,,ble on the dates and in the amounts spcc1f1cd below, lowit . [,.ch malcr and endorser soverally waives demand, protest and notice of ma lurity, nonpayment or protest and .ill requirements necessary to hold eo1ch of them 11,,blc it\ malers and endorsers. lach male, and endorser further agrcos. jointly and severally, lo pay 11II costs of collection, including a reasonable attorney's fee in case the principal of th1\ note or any payment on the princ,;:,al or any interest thereon is not pa,d aJt the respective maturity thereof, or in cue it becomes nf!cessary to protect the s, curity htm.•of. whether suit be brought or not 15 % Th,\ note and deferred interest~,-,y~nts shall bc.:1r interest al the rate .of : . ..... . ... . per cent, ~r annum from maturity until paid. Thi) note is secured by a ... ..... IlIS ..... mortgage of even date hc:rcw,th and 1s lo be construed and enforced according to the f.tw\ of the State of Flor1d,1. I upon Jl'l.lult in the payment of princip;ail and/or interest due on any note secured by ~wj Mortg.,gc, all notes so ~ecured and rem,1ining unpdid shall forthwith ! bticome dt.w. and payable notwithstanding their tenor . j I (Seal'.1 (~all' . l

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• • EXHIBIT "D" TO AGREEMENT OF PURCHASE AND SALE DATED OCTOBER ___ ,1979, BETWEEN RITECO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AUDUBON SOCIETY, INCo, AS PURCHASER 1. Taxes for the year of the effective date of the title insurance .policy and taxes or special assessments which are not shown as existing .; liens by the public records. 2. Rights or claims of parties in possession not shown by the public records. 3. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the premises. 4. Easements or claims of easements not shown by the public records. 5. Zoning restrictions, prohibitions and public utility easements of record and road easements of record. 6. Perpetual drainage easement between Riteco Development Corporation and Adams Ranch, Inc., et.aL, dated August 21st, 1979, recorded in Official Records Book 2 30 at Page 1045 , of the Public Records of Okeechobee County,

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• • EXHIBIT "E" TO AGREEMENT OF PURCHASE AND SALE DATED OGrOBER __ , 19 7 9, BETWEEN RITECO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AUDUBON SOCIETY, IN Co, AS PURCHASER INGRESS AND EGRESS EASEMENT A non-exclusive easement for ingress and egress over and upon the South 70 feet of Sections 33, 34 and 35, Township 33 South, Range 34 East, Okeechobee County, Florida, and over and upon the East 35 feet of Section 35, Township 33 South, Range 34 East, Okeechobee County, Florida, to a point 35 feet North of the center line of said Section 35, and over and upon the West 35 feet of the South 1/2 of Section 36, Township 33 South, Range 34 East, Okeechobee County, Florida o It is understood and agreed that this non-exclusive easement may be used by the Granter, its successors and assigns for the road rightof-way purposes.

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• • EXHIBIT "F II TO AGREEMENT OF PURCHASE AND SALE DATED OCTOBER __ , 1979, BETWEEN RITECO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AUDUBON SOCIETY, INCo, AS PURCHASER RIGHT OF DRAINAGE -Grantor shall retain the right for drainage of water on, to and across the lands conveyed herein from the remaining lands of the Grantor in those immediate Townships and Ra~ges, so long as such drainage plan conforms to the drainage plan of Grantee and any additional costs incurred by the need of enlarging ditches beyond the Grantee's needs or supplying additional new ditches for the needs of the Grantor shall be borne by the Grantor.

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' EXHIBIT "C" TOA.MENT OF PURCHASE AND S.ATED OCTOBER __ ,1979, BE1WEEN RITECO DEVELOPMENT CORPORATION, AS SELLER AND THE NATIONAL AUDUBON SOCIETY, INC., AS PURCHASER . MORTGAGE DEED RAMcoa l"ORM e utlzis c!IDlorlgnge ~ttb, E%ecuted. the ____ da.11 of _________ _ A.D-----br----------------------------hereinafter cal,led the Mortgagor_ to _____________________ _ hereinafter called the Mortga,g,e_ WJTNESSETH, That for divers good and valuable considerations, and alao in consideration of the aggregate nm fl(l.med in the prom'i$so111 note_ of even date herewith, hereinafter deacribed, the aaid Mortgagor. __ grant, bargain, aeU, alien, remiae, releaH, convev and confirm unto the said Mortgagee_, ____ __.heir• and assign.a in fee aimple, all the certain tract of land, of which the said Mort,gagor _____ ttow aeized a.nd pos,essed, and in actual poa-aeasion, ritua.te '""' Okeechobee Count11, Sta.te of Florida, de,cribed as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF FOR LEGAL DESCRIPTION. THIS IS A PURCHASE MONEY FIRST MORTGAGE. The Mortgagee may, at any time pending a suit upon this Mortgage, apply to the Court having jurisdiction thereof for the appointment of a Receiver, and such Court shall forthwith appoint a Receiver of the premises covered hereby including the income, profits, issues end revenues from whatever source derived, each and every of which, it being understood, is hereby mortgaged as if specifically set forth in the granting and habendum clauses hereof. Such appointment shall be made by such Court as an admitted equity and as a matter of law to said Mortgagee and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such rents, profits, issue, income and revenues shall be applied by such Receiver according to the lien of this mortgage and the practice of such Court.

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• • TO HAVE AND TO HOLD the same together with the tenements, hereditaments, and appurtenances, unto the said Mortgagee-, afld , ______ heirs and assigns, fee simple. AND the said Mortgagor_, for ____ __,.,nd ______ heir,, legal repre,entati'fJe, and assigns _____ .covenant with ,aid M ortgagee _____ heir,, legal representative, and assigns that said Mortgagor-, ndefeasibly seized of said land in fee rimple that the said Mortgagor _______ full power and lawful right to convey said land in fee rimple tu aforesaid; that it ,hall be lawful for aa,id Mortgagee_, ______ heir,, legal representa,.. tives and (Utngns, at all time, peaceabl71 and quietly to enter upon, hold, occup11 and enjo11 said land; that said land is free from all encumbrances; that said Mortgagor_, ______ heir, and legal representatives, will make BUCh further (USurance to perfect the fee rimple title to said land in said Mortgagee_, ______ heir,, legal representatives and asBigns, as ma,71 reaaona.bl11 be required; and tkat said Mortgagor h.ereby fully warrant the title to said land and will def end the same against the lawful claim, of all persons whomsoever. PROVIDED ALWAYS, that if said Mortgagor-, ____ ____,heirs, legal representative, or asrigns shall pay unto tke ,aid Mortga,gee__, ______ egal rf1Presentativea or turigns, the certain promissory note_, of which tlu following in words and figures tnu cop __ _ to-wit: and shall per/ orm, comply with and abide b11 each and everJJ the ,tipulationa, agreement., con ditions and covenants of said promissorJI note_and of this deed, then this deed and th.. utate thereby created shall cease and be null and void. AND the said Mortgagor_, for _________ and _________ heir,, legaJ representatives and assigns, hereby covenant_ and agree: ____________ :

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• • *preceding calendar year. 1. To pa11 all and Bingular the principal and interest and other auma of moner pa11able b'V virtue of said promissorv note_ and thia deed, or either, promptl11 on the da.111 rupectivelr the aame severall11 become due. !. To pa11 all and singular the ta.ze,, uaeannenta, levies, liabil.itiea, obligation,, and m.cumbrances of ever11 nature on aaid deacribed propert11, each and every, and if the same be not prompt-lr paid the ,aid Mortgagee_, _______ l.eira, legal repruentative, or aslign,, mar at an) time pa11 the same without waiving or affecting the option to forecloae or an11 right h,ereunder, and everv pa11ment 10 made ,hall bear interut from the date thereof at the rate of ___ per cent. f)er annum. Mortgagor shall deliver to Mortgagee on or before March 15th of each year tax receipts evidencing the payment of all lawfully imposed taxes for the * 8. To pa11 all and singular the co,ta, ch,a,rgBB and ezpenses, including law11er'1 feu, reaaon-abl11 incurred or paid at an11 time b11 ,aid Mortgage~-, _____ _.heir,, legal representati11u or assigns, because of the /allure on the part of the aaid Mortgagor ______ _.heir,, legal representative, or assign, to perform, compl11 with and abide b11 each, and every the stipulatiom, agreements, conditions and covenants of said promissory note_ and this deed, or either, and every such payment shall bear interest from dat, at the rate of 15 % per cent. per annum. 4. To keep the bulldings now or hereafter on said land insured in a mm not leas tha'fl._ __ full insurable value ~. in a company or companiu to be approved by said Mortgagee-, and the policy or policies held by and payable to said Mort-gagee __ , _____________ .. .,eir,, legal representatives or assigns, and in the event an11 sum of money becomes payable under BUCk policy or policie:t, the Mortgagee-, ____ _ ________ heirs, legal representative, or assigm, shall have the option to receive and apply the same on account of the indebtednes, hereby secured or to permit the Mortgagor_ to receive and use it or an11 part thereof for other purposes, without thereb11 waiving or impairing an11 equity, lien or right under or b11 virtue of this mortgage, and may place ctnd pa11 for such insurance or any part thereof without waiving or affecting the option to foreclose or any right hereunder, and each and every BUCk pa11ffient ,hall bear interest from date at the rate of __ _ per cent. per annum. 5. To permit, commit or suffer no waste, impairment or deteriora,tion of said property, or ani' part thereof. 6. To perform, comply with, and abide by each and eveT1J the stipulations, agreements, con ditiotut and covenants in said promi8BOT1J note_ and in this deed set forth. 7. If any of said sums of mone11 herein ref erred to be not promptly and fml11 paid within __ ___.3'--'"0..._days next after the same severa,U11 become due and pa11able, or if each and every the stipulations, agreements, conditions and covenants of said promi.,sory note_ and this deed, either, are not fully performed, complied with and abided by, the said aggregate sum mentioned in said promissory note_ shall become due and payable forthwith or thereafter at the optior., of the Mortgagee_, eirs, legal representatives ()r a.~signs, as fully and complc hl"J,' as if the said aggregate sum of _______________________ ollars were originally stipulated to be paid on such day, anything in said promissory note_ or herein to th~ contrary notwithstanding. IN WITNESS WHEREOF, the said Mortgagor_, _______ ..,.,ereunto set ___ _ hand __ and seal __ the day and 11eo,r first above written. s1gned, sealed and delivered in presence ofus:) _________________ (Seal) (Seal) '/111: , /11.,/mmml pr,11tm-d l'.v: . \,/,/,n _ ,

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. ... • • STATE OF FLORIDA, ss. County of --------------I, an officer authorized to take acknowledgmenta of deeds according to the law, of the State of Florida, duly qualified and acting, HEREBY CERTIFY that ____________ _ ~o me personally known, this day personall11 a,ppeared and acknowledged be/ore me that, ___ _ ezecuted the foregoing mortgage, and I FURTHER CERTIFY that I know the ,aid per,on.__ maki,ng said acknowledgment to be the indi'Vidu ... czl.__dP.acribed in and who ezecuted the sa.id mortgage. IN WITNESS WHEREOF, I hereunto ,et my hand and official seal at _______ _ ___________ _..aid County and State, this ___________ ___.da ....... 11 of -------------------... D. 19 __ _ My commission ezpires: ________ _ Notary Public. t, -a-++ tl +-'t s::; ::l-...+-Ctl n a 0 ui 0 Ctl "II 0 :u tA n 'W (I ..-c ..... t to ..... .... ..... (a e t:Y !:$

PAGE 18

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