HomeMy WebLinkAbout0730 MORTGAGE FROM MIAMI WEST DADE ACRES, INC. and INTERSTATE
HIGHWAY INVESTMENT CORPORATION, AS MORTGAGORS, TO MIAMI
NATIONAL BANK, AS MORTGAGEE, ENCUMBERING LANDS IN D,~1DE AND
ST LUCIE_ COUNTIES, FLORIDA, DATED THE i.3~;i~DAY OF
DECEMBER , 1971:
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(Continuation of covenants and agreements):
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It shall be a default hereunder and under the note secured hereby
and the security agreement executed simu~taneously herewith if the
Mortgagee is required to release, or to subordinate. its lien as to any
lot or parcel within the lands encumbered hereby, by virtue of the next
succeeding paragraph hereof, if, in that event, and after the release
thereof, the rlortgagee shall not hold a mortgage on individual lots or
parcels which are then the subject matter of contracts for the sale
thereof held by the riortgagee as security under the aforementioned
security agreement and having an aggregate unpaid balance equal to at
least four (4) times the unpaid principal balance of the note se~ured
hereby, and in such event, the Mortgagee shall thereupon be entitled
to accelerate the entire unpaid principal balance then due hereunder.
24. Mortgagee, by the acceptance of this mortgage, recognizes s
that the lands encumbered hereby, or sorne of them, presentZy are or will ~
in the future be subject to sale by installment sales contract, and -
notwithstanding any of the conditions herein, Mortgagee agrees to sub-
ordinate its lien to the rights of said installment contract purchasers,
, c~Z2U i1C3TC~S LU i C1Ca5C i ii iicia ~v u:.i'
' f~i•?~ ~r~ta~tment contract
purchaser upon the sole condition that such purchaser comply with the
conditions of his contract. Mortgagee further agrees that this right
~ granted to bona fide installment contract purchasers shall survive any
j default by Mortgagors and be effective up to the time of entry of the
I final decree of foreclosure in the event this mortgage should be fore-
closed.
25. In addition to any of the matters hereinabove mentioned, it
shall. be a default hereunder, entitling the Mortgagee to accelerate
the unpaid principal balance hereof, if the ~4ortgagor should be in
default under the security agreement executed simultaneously herewith
and hereinabove referred to. ~
26. This is a first mortgage.
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27. Notwithstanding that each of the parcels of land encumbered
hereby is owned by the riortgagor, as described on the first page hereof,
the obligation which this mortgage secures is a joint and several
obligation, evidenced by a single note, of both of the Martgagors, and
accordingly, all of the land, as described on both Exhibits "A" and "B"
attached hereto, shall be and stand as security for the said obligation
in accordance with the terms hereof.
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" BOOK ~~70 PAGE ~~9
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