HomeMy WebLinkAbout0834 Section 3.06. 1h is instrument also createa a security
intereat in favor of Mortgagee herein under the Florida Unifos~
Co~ercial Code, and Mortgagee shall also have all rights and.
remedies of a secured party under the Florida Uniform Commercial
Code, and without limitation upo~ or in derogation of the rights
and re~ediea created under and ac~orded Mortgagee by this Mort- '
gage or under any other laws of Florida, it being understood that
the right• and remedies of Mortgagee under the Florida UnifoYm
Co~ercial Code shall be ctaulative and in addition to all oth~r
rights and remedies of Mortgagee ariaing under aa~ other laMS of
Florida.
Section 3.07. Upon the raquest of Mortaagor, M~rtgag~~
eay, from time to tima, vithin t`renty (20) ysars froi th~ dat~ o~
thit Mortgage, at ita option, mak~ further adva~c~ce• to I~iortgasos
Mhich shall be securad by tha lian of this Mortgage; provid~d,
hoMever, that at no time shall tha outstanding principal indebt~d-
nese secured by this Mortgage, including advances, esceed a sasiav~
principal amount of $2,850,000.00 ~ plua inter~it-Fit ereon, and plua
a~y disburaements made by Mortgagea for th~ pay~~snt of ta~cet, levi~a
or insurance on the ~roperty covered by the lian of thi• I~fortg,ag~,
vith intereat on such disbursements. Mortgagor shall eaecuta and
d~liver to Mortgagee a note evidencing aach aad aver~ auch futur~
advance. All such notes shall be of equal dignity and a default
in the payment of any one note shall constitut~ a default in th~
payment of all other notea. Each future advance shall be an
integral part of the Mortgage obligation and ~hall ba secur~d by -
the lien of this Mortgage as fully and to the sams eatent as
though the aame were a part of the original indebtednesa.
Section 3.08. Nothing contained in this Mortgage, nor
any transaction related thereto, shall be conatrued or so operate
as to require Mortgagor, or any person liable for pay~ents raquired
to be made under this Mortgage, to pay interest at a greater rate
than ~a naw lawful in such case to contract for, or to meke any
~ payment, or to do any act contrary to law. In any event, such rate
; of interest shall never exceed the max3mum legal rate of interest
~ which is legally penaitted under the la~s of Florida; and if such
~ rate of interest should exceed said maxim~ legal rate, then said
~ rate of interest shall be automatically reduced to said maximtmn
" legal rate.
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~ Section 3.09. Mortgagor shall not, without the written
~ consent of Mortgagee, (a) excavate or dig canals or create artifi-
~ cial lakes or waterways on the property encianbered hereby, or (b)
remove and transfer soil, rock or muck from any portions of the
~ mortgaged property to other portions of the mortgaged property or
~ property originally encunbered by this Mortgage.
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~ Section 3.10. T41is Mortgage shall, for all purposes, be
~ governed by and construed in accordance with the laws of the State
of Florida.
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WIl.L1AM5. SALOMON, KANNER 6 DAMIAN, ATTORNEVS AT IAW, ouPONT BUILOING. MIAM1, FLORIDA
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