HomeMy WebLinkAbout0467 paid to the Mortgagee, up to the amount then unpaid o~ the Note, and shall be
applied upon the pnyme~t or payments last payable thereon.
11. SubroQation of Mort4a9ee; To the extent of the indebtedness of the
Mortgagor to the Mortgagee described herein or secured hereby, the Mortgagee is
hereby subroqated to the lien or liens and to the rights of the owners and holders
thereof of each and every mortqage, lien or other encumbrance on the Property whtch
is paid or sattsfied, in whole or in part, out of the proceeds of the Note, and the
respective llens of said mortgages, liens or other encumbrances shall be, and the
same and each of them her~by is preserved and shall pass to and be held by the
Mortgaqee as securlty for the Note, to the same extent that it would have been
preserved and would have been passed to and been held by the Mortqagee had it been
duly and regularly assiqned, transferred, set over and delivered unto the Mortgaqee
by separate deed of assiqnment, notwithstartdfng the fact that the same may be satis-
fied and cancelled 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 recordinq of this mortgage .
12. Costs and expenses of enforcemsnt: The Mortgagor shall pay all and
singular the costs , charges and expenses , including counsel fees , reasonably
incurred or paid at any time by the Mortqagee because of the failure on the part of
the Mortgagor to perform, comply ~vith and abide by each and ~very stipulation,
agreement, condition and cov~nant of the Note and this mortgage, or either, and
every such payment shall bear interest from datz 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 enLfre amount shall have been advanced to the Mortgagor at the daie
~ hereof or at a later date , and tc secure any other amount or amounts that may be added
to the mortgage indebtedness under thz terms of this instrument. This mortgaga
secures the principal debt as set out in the Note and shall also be security for any
other debt due or advances received by the Mortgagor from the ~Sortgagee during the
terrn hereof and as security for all indebFedr.ess that may hereafter bz due, ov~ing or
existing from the Mortgagor to the Mortgage~ during the existence of this mortgage,
and any renewal or renewals of the Note or notes for said present or future indebted-
ness. Notwithstanding any provision h~reoi, it is the intention to secure all iuture
advances , as defined under Chapt~r &97 of the Florida Statutes , made commencing
i wit!~ date hzreof and continuing through twenty years after date hereof, by the lien
of this mortgage in all respects as thaugh such advanc~s had been made simultaneously
cvith the execution hereof and secured hereby; providing, h~wever, that no such advance
or advances shall cause the unpaid principal obligatior_ here szcured to exceed 120~ of
the original principal amount of the Note ,
14. Extension af time andlor modification of terms: No extension of time or
modiflcation of the terms of the Note and this mortgage, and no release of any part or
parts of the Property shall, wi~hout tne consent of the ;Vtortgagee, release, relieve,
or discharge the Mortgagor from the paymer.t of a:~y of the sums hereby secured, but
in such event the Mortgagor shall nevertheless be liable to pay such sums according
to the terms of such extension or modifications unless specifically released and dis-
charq~d in writing by the Mortgagee; and furtharmore , that acceptar.ce of part payment
of any installment of princfpal 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 opfion o: act upon such
default, partial a~ceptance or any subsequent default.
15. Covenants of i~ortgagor: The citrus grove now locate3 on
~ the Property here encumbered and the crops of citrus fruit noor browino
an~ hereafter to be grown thereon are the chief factors in the value
of the mort~aged property, and the t4ort~agor covenants and aorees,
a:^ong other covenants :
A. To cultivate, fertilize, prune, spray, and otherwi~~
keep, care for, improve and maintain the citrus grove now 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 t ir^.e .
B. That in case any default is made by the Mortgagor as ~
to either or ar.y of the covenants herein made and entered into, and
- . _3 _ BUOK ~O~ PAGE 46 `
KATCHER ANO SGHAIRLIN. ATTORNlYS AT LAW. FfRbT NATIONAL DANK BUILDINO. MIA~.[AM. F101110A ]~pt2 - k