HomeMy WebLinkAbout2413 ~ 1. ~ •1• . r. .
w ` ' 1-Ll!t-21!_~!1 = Uf~'~: ,'f~ ~~~I'_)A ~Jf1!~:I~ ; . _ _ _
t i~ l ~ ~ ~r,t•;~~ , a~l :~n~s~ ~x ~~~^p , , ,
} DOCU'~1ENTE;~'",_ST.~ti .A)! ~ - - - - _ t',_•~ 2 , ~ j i-~ ! ~
~ Z _ _ _ _ _ _ n~'P ,a4 .
~ = UCTtI"?0 ~ 1 ~ 9 9 ~ ~ _ _ _ 1 1!~)I
r a _ ?'x:;: 9900~ 00j ~9900~ ~~990~~ ~g90U= - _
N ~ coMaiko~~Ea ~ _ ~ - 9 9 0 0=~ 9 9 0 0=
RB.t40138 ~ ~a - - -
. =
.w
days 3s aforesaid, the Mortgagee may, at its option, also enter
into and upon the mortgaged premises and complete the construction
of the buildings and improvements, hereby giving ta the Mortgagee
full power and authority to make such entry and to enter into
such contracts or arrangements as may be necessary to complete
the said buildings and improvements, and moneys expended by
the Mortgagee in connection with such completion of development
and construction shall be added to the principal amount
of the Note secured hereby and such added amounts shall
be secured by this Mortgage and shall be payabie on demand
with interest at the rate specified in said Note.
18. Mortgagor and Mortgagee agree that the land which
is subject to the lien of the within Mortgage shall, pending
completion of tne improvements thereon, be subject to a
Declaration of Condominium and the recording of appropriate
documents required to submit the lands subject to this Mortgage
to a condominium form of ownership and use in manner provided
in Chapter 711 of the Florida Statutes. Providing this Mortgage
~
and the Note secured hereby, together with all other collateral
i .
` instruments are in good standing, the ~fortgagee agrees to join
i
f
~ in said declaration, if required, for the recording of the
~ same.
~
~urther, providing that this Mortgage and the Note secured
hereby, together with all other collateral instruments are net
in default, the Mortgagee agrees to join in the granting of
easements for utilities, private roadways and passageways which
~
are for the reciprocal.benefit of the persons who will be occupying
~ and using the improvements to be constructed upon the encumbered
~
~ property, provided that the permanent lender approves of the granting
~
~ of such easements and that the granting thereof will not, in
~
~
~ an~r material way, impair the ~4ortgagee's security.
~
~ 19. This Mortgage Deed shall constitute a Security Agree-
~
~ ment under the Uniform Commercial Code of the State of Florida
~
Page 9
~ lOat~~ 1M~~;~~~
~
4_ :