HomeMy WebLinkAbout1534 15. That in the event the premises mortgaqed, or any
part of them, shall be condemned and taken for pul~lic use under
the power of eminent domain, the Mortgagee shall have the right
to demand that all dmaages aFrarded ~oz the taking of or dataages
to the premi.ses shall be paid to the Mortgagee, up to the amount
then unpaid on this mortgage and the obligation secured, and
may be applied upon tn~ payments last payable undex this mortgage
and the abligation secured.
16. That this mortgage also secures any and all renewals
and extensions of the above described note, and all installments
thereof, and also any other notes which have been or may be
given to the Mortgaqee by the r+brtgagor and any other indebtedness
of said Mortgaqor, to the Mortgagee which, hawever, shall not
exceed at any one time the aggregate sum of One Million ~ao
I~~iar~u Thausand Dollars ($1,x00,000.00), it being the s~ecffic
intention that future advances may be made by the Mortqaqee
at its option to the Mortgagor, either prior to or after the
due dates of the above described note; and this mortgaqe is
qiven for the specific purpose of securing any and all indebtedness
by the Mortgagor, to the Mortgaqee, in whatever m~anner the
same may be evidenced or represented, until this mortgage is
satisfied of reoord; and all covenants and aqreements contained
in this mortgage shall be applicable to all further adyanves
made by the Mortgagee to the Mortgagor and all other indebtedness
of Mortgagor to the Mortqagee.
17. That Mortgagor shall ~yi~de I~grtqagee with current ~j~.
fi~nancial inforatation, includ~jtc~`r~~~ied financi,al statements,
at anX time Mortgagee requeSts s~e and shall otherwise assist
Mortgagee upon request in obtaining any other credit information
required by Mortgagee.
18. That Mortgagor grants unto Mortgagee the riqht of
first refusal as to any future construction financinq arising
out of or by reason of the mortgaged premises. Such right
shall terniinate on .October 5, 19 75 . Hohrev~er, this covenant
shall not be deemed to be a vovenant running with the land
and shall be only a contractual arrangement by and betw~een
the Mortgagor and Mortgagee.
19. That, in the event a holder of another m~rtgage aqainst
the mortgaged premises, whether junior and infer~or or superior
to this Mortgage, declares said note and mortgage in default,
such will, at the option of Mortgagee, constitute a default
under the terms and provisions of this Mortgage, and Mortgagee
max immediately accelerate the entire sum due hereunder and
proceed as provided herein. Mortgagor shall not be permitted
to encumber the mortgaged premises by any secondary financing
except the mortgage to North Beach Development Company in the
amount of One Million Five Hundred Ninety-nine Thousand Four
Hundred Dollars ~$1,599,400.00~ and the M,ortgage to St. Lucie
County Bank in the amount of Two Hunclred Twenty-three Thousand
Fifty and 50/100 Dollars C$223,050.~0~.
20. That, provided no default exists under the terms
of this mortgage, M~ortqaqee does covenant and agree to grant
partial releases from the lien of this aertgage as to any one
or more of the follaating descrlbed parcels, based on the
following principal reduction and reiease schedule:
-5-
. BOOK ~OiG PACf 1,c~~
; -