HomeMy WebLinkAbout0833 of the eecurity held for the indebtednees secured by this Mortgage,
or by reason of any release or by reason of any agreement or stipu-
lation betwean any subsequent owner or owners of the mortgaged ~
property and Mortgagee extending the time of payment or modifying
the terms of tha Nota aecured hereby or this Mortgage. Mortgagee
may release, r~gardlees of consideration, any party liable upon or
in respect of the Nota eecured hareby, or any part of the security
held for the indebtedness secured by thia Mortgage without,~ as to
any other party or aa to the remainder of the security. in anywise
impairing or affecting the lien of this Mortgage or the priority of
such lien over any aubordinate lien; and that Mortgagee ~ay resort
for the p~yment of the indebtedness secured by this Mortgage. to any
other security therefor held by Mortgagee in such order and manner
as Mortgagee iaay elect.
Section 3.03. To the extent of the indebtedness of Mort-
gagor to Mortgagee described herein or secured hereby, Mortgagee is
hereby subrogated to the lien or liens and to the rights of the
owners and holders thereof of each and every mortgage, lien or other
enc~anbrance on the land described herein in Exhibit "D", attached
hereto and made a part hereof, which ia paid and/or satisfied in
whole or in part~ out of the proceeds of the loan described herein
or secured hereby, and the respective liens of said mortgages, liens
or other encianbrances, shall be and the same and,each of them hereby
is preserved and shall pass to and be held by Mortgagee herei~ as ~
security for the indebtedness to Mortgagee herein described or hereby
secured, to the same extent that it would have been preserved and
would have been passed to and been held by Mortgagee by separate
deed of assignment, notwithstanding the fact that the same may be
satisfied 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 recording
of this Mortgage.
Section 3.04. In the event any one or more of the provisions
contained in this Mortgage or in the Note secured hereby shall for
any reason be held to be inapplicable, invalid, illegal or unenforce-
; able in any respect, such inapplicability, invalidity, illegality
~ or unenforceability shall not affect any other provision of this
e Mortgage, but this Mortgage shall be construed as if such inapplicable,
~ invalid, illegal or unenforceable provision had never been contained
~ herein or therein.
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~ Section 3.05. No transfer, asaignment or hypothecation of
~ all or any part of the security for this Mortgage ehall be made by
~ Mortgagor or a pledgor ~ithout first having obtained the prior written
~ conaent of Mortgagee. Mortgagor shall not, ~tithout the consent in
~ writing of Mortgagee, encunber by mortgage or otherwise any portion
~ of the Premises encunbered hereby. Violation of the provisions of
~ this paragraph shall be deemed an Event of Default and all rights
~ and remediea of Mortgagee provided for in this Mortgage may be
~ utilized by Mortgagee. With respect to any transfer or conveyance
to which Mortgagee shall consent hereunder, the transferee shall
agree to assune the payment of the obligation evidenced by the afore-
said Note and contained in this Mortgage in accordance with their
reapective terms.
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WILLIAMS, sALOMON, KANN[R 6 DAMIAN, ATTORNC~IS AT IAW, OVPONT SUlL~INO, MIAM1, FLORIDA
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