HomeMy WebLinkAbout0462 paid to the Mortqaqee, up to the amount then unpaid on the Note, and shall be
applied upon the payment or payments last payable thereon.
11. SubroQation of Mortaaaee: To the extent of the indebtedness of the
Mortgaqor to the Mortgagee descrlbed herein or secured hereby, the Mortgagee is
hezeby subrogated to the lien or liens and to the rights of the owners and ho2ders
thereof of each and every mortqaqe, lien or other encumbrance on the Pcoperty which
is paid or sat3sfied, in whole or in part, out of the proceeds of the Note, and the
respective llens of said mortgaqes , liens or other encumbrances shall be, and the
same and each of Lhem hereby is preserved and shall pass to and be held by the
Mortgagee as security for the Note, to the same extent that it would have been
preserved and would have been passed to and been held by the Mortgagee had it been
duly and regularly assiqned, transferred, set over and deliv~red unto the Mortqaqee
by separate deed of assiqnment, notwithstanding the fact that the same may be satis-
fied and eancelled of record, it being the intention of the parties hereto that the same
will be satisfied and cancelled of record by the holders thereof at or about the time of
the recording of this mortgage . '
12. Costs and expenses of enforcement: The Mortgagor shall pay all and
singular the costs , charges and expenses , including counsel fees , reasonably
incurred or paid at any time by the Mortgagee because of the failure on the part of
the Mortgagor to perform, comply with and abide by each and every stipulation,
agreement, condition and covenant of the Note and this mortgage, or either, and
every such payment shall bear interest from date of such expenditure at the highest
permissible legal rate of interest.
13. Future advances: It is the intent hereof to secure payment of the Note
whether the entire amount shall have been advanced to the Mortgagor at the date
hereof or at a la*_er date, and to secure any other amount or amounts that may ba added
tQ the mortgage indebtedness under the terms of this instrument. This mortgag~
secures the principal debt as set out in th~ Note and shall also be security for any
other debt due or advances received by th~ Mortgagor from the Ivlortgagee durinq the
term hereof and as security for all indebtedness that may hereafter be due, owing or
existing from the IvSortgagor to the Mortgagee during the e:tistence of this mortqage,
and any rene~val or renewals of the Note or notes for said present or future indebted-
ne~s . Notwithstanding any provision herpoi, it is the inteztion to secure all future
advances , as defined under Chapter 697 of the Florida Statutes , made commencing
with date hereof and continuing through twenty years after date hereof, by the lien
I oi this mo:tgage in all respects as though such advances had been made simultaneously
~ with the execution hereof and secured 'nereby; providing, hov~ever, tnat no such advance
; or advances shall cause the unpaid nrincipal obligation here secured to exceed 1209'a of
the original principal amount of the Note .
14. Extension of time and/or mo.~ifica*.ion of terms: No e~tensiori of tirna or
modification of the terms of the Note and this mortgage, and no release of any part or
parts of the Property shall, without the consent of the Mortgagee, release, relieve,
or discharge the Mortgagor from the payment of any of tne sums hereby secured, but
in such event the Mortgago: shall nevertheless be liable to pay such sums acco:ding
to the terms of such extension or mod'.ficatiQns unless specifically released and dis-
charq~d in writing by the Mortgagee; and furthermore , that acceptance of part payment
of any installment of principal or interest, or both, or of part performance of any cove-
nant or delay for any period of time in exercising the option to mature the entire debt,
shall not operate as -a waiver of the right to exercise such option or act upon such
default, partial acceptance or any subsequent default.
15. Covenants of Mortaa6or: The citrus ~rove no~a located on
~ the Property here encumbered and the cro~s of citrus fruit now growing
k~ ancl hereafter to be grown thereon are the chief factors in the value
of the mortgaged property, and the riortgagor covenants and agrees,
' arr.ong other covenants :
, A. To cultivate, iertilize, prune, s~ray, and othcr+aise
keep, care for, improve and maintain the citrus grove IlO~r1 located on
the above described land in a good state of cultivation and fertiliza-
tion, according to the best standards prevailing in the vicinity of
the land at the time.
B. T'r?at in case any default is made by the Mortgagor as
to either or any of the covenants herein made and entered into, and
aD~tix~~ ~
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KATCHER AND SCHAALIN. ATTORNLYS AT LAW, FIR67 NATIONAL. BANK BUILDlNO. HIAI[AH, F10111DA 33012