HomeMy WebLinkAbout2875 •
32
ARTICLE 14
AD7ITIONAL PROVISIONS
14.1 In addition to the provisions of paragraph 11.9, this mortgage
shall secure also and constitute a first lien on the Mortgaged Prop-
erty for all future advances made by the Mortgagee to the Mortgagor
for any purpose within five years from the date hereof to the same
extent as if such future advances were made on the date of the exe-
cution of •this mortgage. Any such advances may be made at the option
of the Mortgagee. The total amount of the indebtedness referred to
in the first sentence of this paragraph that may be secured by this
mortgage may increase or decrease from time to time, but the total
unpaid balance of such indebtedness secured at any one time by this
mortgage shall not exceed a maximum principal amount of twice the
principal amount stated in the promissory note secured by this mort-
gage,-plus interest thereon and any disbursements made by Mortgagee
for•the payment of taxes, levies or insurance on the property en-
~ cumbered by this mortgage, with interest on such disbursements.
~ 14.2 Cross Default. If a default shall occur under any loan or
~ lease now or hereafter in existence between Mortgagee and Mortgagor
~ or any mortgagor in which Guarantor has any interest whatsoever,
~ such default shall constitute an Event of Default as defined in
~ Article 6 of this Mortgage.
:
' 14.3 Maximum Rate of Interest: Anything in the Note, the Mortgage,
~ the Commitment, or any other agreement by ~-i~~tgagor in connection with
~ the Loan to the contrary notwithstanding, under no circumstances shall
~ the interest paid or to be paid under the Note, Mortgage, Commitment,
~ and/or any other agreements by the Mortgagor in connection with the
~ Loan evidenced by the Note and this Mortgage exceed the maximum rate
of interest allowed by the laws of the State of Florida, and in case
R such excess interest is paid by Mortgagor to Mortgagee, such excess
~ shall be applied by the Mortgagee to the unpaid principal balance of
~ the Note or refunded to Mortgagor at Mortgagee's discretion and/or in
~ case any such excess interest has accrued, 1?iortgagee shall eliminate _
such interest so that under no circumstances shall interest on the
~ Loan evidenced by the Note exceed the maximum rate allowed by the laws
of the State of Florida .
~
~3
~
~
w=
~
~
~
~
~
~ go~~ 208 P,,~,f 2874
~
~
~
~ . ~
:
~yy
'~~4`Sc ! F';- hJ "er~` ~ 3., `2" ~
, . ~~~~~^r'~rS;. r~ ~'9~ . , _ _ ~