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This Mortgaqe is aleo qiven to socur• any future advancea made to
Mortgagee ~ - , al-
though euch advancea ar~ not obligatory, not to •xcsed any total unpaid
principal balancs at any ons tims in the amount of ~iv. ~una~a
Thousand Dollars ($500,000.00) plue interest and any disbursements made
for taxea, leviea, insurance or other charg~ mads to or for the benefit
of Mortgagor or any corporation or corporations whose debt, obligations
or indebtedneas are indemnified or secured h~reby whether ths advanes
wa• made to Mortgagor itaelf or to any.corporation whoss debt is hereby
guaranteed and becomes a part of the indebtednesa secured hereby reqard-
less of whether said iadebtedness has arisen or should arise under this
Aqreement, any agreemant or payments herein, or any other aqreement, and
whether euch agreement is now exietinq or hereafter contracted and
executed.
The subject debt, while Florida real estate conatitutea the security
therefor, was negotiated in Chicago, Illinoia with the Mortgagee a
Chicaqo based Lender, aa a businesa loan for FORT PIERCE DEVSIAPMBNT
ASSOCIATSS, LIMITED, an Illinois Partnership, the two qeneral Fertners
of which are Real Sstate Capital Corporation, an Illinoia corporation
and S& P Company, a Delaware corporation, the beneficial awner of
Trust Number 2. All parties were repreaented by Illinoia counsel and it
the express intention of all parties_ hereto that the lawa of the State
of Illinois govern the rate of intereet upon the indebtedness secured
hereby, anything to the contrary he~cein express or implied tamti~ith-
standing.
This Mortgage is executed by the Mortgagor, not ~ersonally, but as
Truetee, as aforesaid, in the exercise of the pawer and authority con-
ferred upon and veated in it as such Trustee (and said Mortgagor hereby
warrante that it poaseas~s full power and authority to execute this
instrument), and it is expreasly understood and aqreed that nothinq here-
in or in said Note contained shall be construed as creatinq any liability
on the eaid Mortgagor personally to pay the said Note or any intereet
that may accrue thereon, or any indebtedness accruing hereu-rider, or to
perform any covenant, either exprese or implied, herein contained, ~w such
liability, if any, being expressly waived by Irlortgagee and by every per-
son nvw or h~reafter claiminq any riqht for security hereunder, and inso-
~ far as the Niortgagor and ite succesaors are concerned, the legal holder
~ or holders of said Note and the awner or awners of any indebtedness
accruing hereunder shall look solely to the premises hereby corr~e~d for
the payment thereof, by the enforcement of a lien hereby created, in the
manner herein and in said Note provided, or, by action, to enforce the
peraonal liability of the guarantor or guarantors, if any.
Thia Mortgage shall be released upon~payment in full of (i) the
principal amount of the pranissory note attached hereto as Exhibit A; and
(ii) interest on tne principal portion of said promissory note remaining
unp~id from time to_t~me.at the rate of 9-1/29G per annum; and (iii) all
additional interest which is due and payable as of the date of said
payment. ~
~ THIS MORTGAGE IS A SECOND MORTGAGE WITH RESPECT TO
~ PARCELS 3, 4, 5 AND 6 AS DESCRIBED ON F.XHIBIT 8 HERETO.
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