HomeMy WebLinkAbout4545 26. Simultaneously with the execution of this
mortqaqe, the partxes hereto have executed a construction loan
agreement. The terms of said cons~ruction loan agreement are
incorporated in this Mortgage by reference and in the event
of any conflict between the terms hereof and the terms of
said construction loan agreement, the terms of said construction
loan agreement shall prevail. Any default by the Mortgagor
under the terms of said construction loan agreement shall be
deemed a default unde~ this Mortgage.
27. The Mortgagor shall perform promptly each and
every covenant and agreement contained in any lease or leases
executed by, or an behalf of the liortgagor as lessor for said
premises or any part thereof and agrees ~hat any violation on
the part of the Mortgagor of any covenant or agreement in any •
such lease that is to be kept or performed by the Mortgagor.
as lessor, shall constitute a breach of this Mortgage and
thereupa~ the Mortgagee may; at its option, without noti~e.
declare the entire indebtedness secured hereby immediately
due and payable. The Mort._qagor agrees that it will advise
the Mortgagee promptly of the execution hereafter of any •
2ease of any part of said premises and further ~yLGE~ that,
upon the Mortgagee's written request, it will submit to the
Mortgagee for examination any such lease or leases and, if
the Mortgaqee so requests, the Mort_qagor will assign such
lease or leases to the Mortgagee (in form acceptable to the
Mortgagee] as additonal security for the indebtedness se~ured
hereby; and it is agreed that the provisions of this Mortgage
with regard to the ~ortgagor's obliqations and the Mortgagee's
rights with respect to any such lease or leases shall apply
to all such additional leases. The Mortgagee may, at its
option, perform any covenant or provisions of any such lease
or leases for and on behalf of the Mortgagor and at the
Mortgagor's expense and any am4unt advanced for this purpose
shall bear interest at the same rate as the rate for other
advances, shall be secured by tfi is Mortgage and shall be payable
upon vemand. Such performance on behalf of the Mortgagor may
be made either before or after default of the Mortgagor, at
the option of the Mortgagee.
28. This mortgage is subject and subordinate
to the following mortgaye or mor~gages:
That certain mortgage made December 22, 1972,
• by Equitable Capital Corp., a Florida corporation,
to Fhilip A. Hoeffner and Marie Hoeffner, his wife,
recorded in OfficiaZ Records Book
Public Records, St. LUCie County; Florida; and
Th certa' rtga de De b r 29, 19
Equ' ab e I rov en or lor~ a co at'on,
o F ita 1 apita rp.-, a orida o ation re-
o ed in fficial ecords ok
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