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18. It is speciflcally undpr~tond that the MortRaRor ahall have the riRht to prepay
the amount due I~erPUnder ~ c+r any rortion theseof , at any time. in mut t lpler~ of
tl~•• monthly payment stipulated in the pro~i~sory note eecuted by Lhis lbrtgeRe
deed ~ hovever as awy be 1 tmt ted by the tett~a af eald protaisaory note.
19. The abstract of titlc ~•ovrrlnR the encumDered property shall resain in the
posses4ion ~f SMA d~~rin~ th~ lien of this lbrtgage, and after foreclosure it
shall becane the pruporty of SMA.
20. That it is the intenr h~r~~f to 4ecure paqaent of the note herein deacribed,
vhether the fult amn~~nt ~h~r~of chall have been advanced to the MortRagor at
the date hereof, c,r ~t t~ter date; the Nortgagee may, at the sole option of
the NortRagee, from cim~• t~ time before the p~ysent of all indebtedness aecured
herehy, make further advances to the Mortgagor, which advances shall be like-
4rise secured by this Mc~rtRaRe?; provided, hovrver, that the total principal sus
secured herebv and remainin~ unpaid~ including any such advances, shall not at
any time exceed the oriRinal principal sus of note herein de~cribed. A21 advances
made pursuant ro ~hF prcwioi~s sentence shall be made wtthin the tiwe limit
authorized by Flurida I.av for ~aaktnR va2id futurt advancea. MortgaRor shall
repay all such furtl~~t a~iv:~nces vith iaterest and the indebtedness created by
virtue of such furth~•i• advan~es shall be and are secured hereby. All provisions
of this MortRa~~ apply tc+ ~ach and every further advance made pursuant to the
provisions of thi~ paraRraph, Nothing herein contained shall limit the amount
secured by this Mortgage, ro the extent said amount is inereased by advances
made by SMA, as I~erein elsevhere provided and authorized, for the protection ~
of the securi[v of
21. That [he mailinR of , written notice of demand, addressed to che ovner of record
of the HortRaged Fremises, directed to the said oaneY at the last address actu-
~ally furnished t~ SMA . or directed to the said owner at said Mortgaged preoises, ~
aad mailed by the Unifed States mails, shall be sufficient notice and deaand in
any case arisinR ~,ndvr this instrument and/or the note secured hereby or other-
Wise required by the prc+vicions hereof or by law.
22. If the moTtRaRed premise~ is other than a sinRle fa~eily dwelling. the ?brtgagor
covenants and aqrees that he vill, not later than thirty (30) days after the end
of the fiscal year, furnish unto g~p a cosplete and accurate balance sheet and
profit and loss statem~~nt reflectinR the ?l~rtgagor's liabilities as well as ptofit
and loss for the Wc+rtsaqor's business for the year iAediately preceeding the end
of the MortgaRor's fiscal year, and euch balance sheet and profit and loss statr
ment shall be prpparecl by a certified public accountant licensed in the State of
Florida, and shall !~e certifiec! as being correct by such certified public
accountant.
23. To the extent ~f r1~e indPhcedness of the Mortgagor to described herein or
secured hereby, ~s hereby subrogated to the lien or liens and to the righte of '
the ovners and holders thercof ~f each and e~rery mortgage, lien or o[her encus- ;
brances on [he land described herein which is paid and/or satisfied, in vhole or -
in part, out of tt~e proceeds of the 2oan described herein or secured hereby, and ~
the respective liens of said ~rtRaRes, liens, or other encuabrancea, shall be +
and the samP arxi ~acA o~ rhem hereby is preaerved at?d ehall pass to and be held '
by SMA herein as sccur~cy for the indebtedness to SMA herein described or here- ~
by secured, to the s:~,nc• ~ctent that it vould have been preaerved ard wuld have
been passed to and hee:~ held by g~ had it been dulq and regularly aesigned,
transferred. sec over and delivered by SMA bq separate deed uf assignsent, not-
WithstandinR th~ facc ~hat rhe s~e say be satisfied atd cancelled of record,
~ it being the intpnr.;nn of che parties hereto that the saae will be satisf ied
~ ~ and cancelled of rpcorA by the holders hereof at or ahout the tiae of the recotd- ~
~ ing of this Mnrc~a~P.
~ 24. ?o pay all and singular the costs, charges and rxpenses, including attorney's feee,
~ reasonably incurr~i oT paid at any tise by g~, becauee of the failure of the
~ PlortRaqor to perform~ crnnply vith and abide by each aM e~terq the stipulatiotfs.
agrerments, condittnns wrxi covenants of said prasiseory note and this der3, ~r
~ either, and every such payment shall bear interest at the rate of t~n (lOX) P~t-
; cent, per ar.num.
! 25. It is specificaily ~~;rce~i that time is the essence of this contract std that no
~ wiver of any ohliRacion hereunder or of the obligation secured hereby ahall at
auy ti~e thereafccr be held to be a vaiver of the terai hereof or of the inatru~ent
i secured herehy.
' 26. ?hat no extenst~n of t,h~e tiirp or modification of the tet~~ or paysent hereinabove,
' and no release ~f any part or parts of the wortgaged prsisea shall release,
i relie~ve, or dischar~;e the Mortgaqor fron the p+~yy~ent of anq of the svas hereby
~ secured but in such Pvent the Mortgagor ~hall Aeverthel~ss be 21aDle to pay ~uch
~ s~ss accordinR to thN ~et,n~ of such e~cteusion or ~odificatioa unlaa apecifically
! released and diach~rR~i in vtttinR by SMA and turthersore, that acc~ptance
~ of part pay~ent of any inatsll~ent of principal os interut, or beth, or of part
~ perforsance of any c~v~n~nt or delay for any period of tiae in axercisinR the
i option to sature rhe entire debc. shall not operate a~ a wiver of the riRht to
~ acercise auch opti~n on acc.ount of such default. partial aeceptance or any sub-
f a~quent default.
5 s~Rx204 F,~,~ ~ 2~?4fi
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