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HomeMy WebLinkAbout0015 of the security held for the i~debtedneas secured by this Mortgege, or by reason of any ralease or by reason of any agreement or etipu- lation between any subsequent owner or owners of the moregaged property and Mortgagee extending the time of payanent or modifying the terms of the Note secured hereby or this Mortgage. Mortgagee may release, regardlese of consideration~ any party liable upon or in respect of the Note secured hereby, or any part of the security held for the indebtedneea aecured by this Mortgage without, as to any other party or as to the remainder of the security~ in anywise ' ianpairing or affecting the lien of this Mortgage or the priority of auch lien over any aubordinate lien; and that Mortgagee may resort for the payment of the indebtedness secured by this Mortgage to any other security therefor held by Mortgagee in such order and manner as Mortgagee may 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 encumbrance on the land described herein in Exhibit "E",atteched hereto and made a part hereof, wt?ich is paid and/or satisfied in wt~ole 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 enciaabrances, shall be and the seme and each of them hereby is preserved and shall pass to and be held by Mortgagee herein 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 assigrmient, 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 Mort~age or in the Note secured hereby shall for any reason be held to be inappl~cable, invalid, illegal or unenforce- able in any respect, such inapplicability, invalidity, illegality or unenforceability shall not affect any other provision of this Mortgage, but this Mortgage shall be construed as if such inapplicable, - invalid, illegal or unenforceable provision had never been contained herein or therein. E { ~ ; Section 3.05. No transfer, assigr~ment or hypothecation of ~ all or any part of the security for this Mortgage ahall be made by ; Mortgagor or a pledgor without first having obtained the prior written ~ consent of Mortgagee. Mortgagor shall not, without the consent in writing of Mortgagee, encvnber bq mortgage or otherwise any portion ? of the Premises encuenbered hereby. Violation of the provi8ions of ` this paragraph shall be deemed an Event of Default and all rights a and remediea of Mortgagee provided for in this Mortgage may be a utilized by Mortgagee. With respect to any transfer or conveyance ' to which Mortgagee shall consent hereunder, the transferee shall ! agree to ass~e the payment of the ob ligation evidenced by the afore- aeid Note and contained in thia MortgBge in accordance with their reapective terms. - r ~ i ~ l~~ , _ ~o~~ 2~fi ~ i5 :'t-~~ 215 3~~ 3 WILLIAMS. SALOMON, KANNER 6 OAMiAN, ATTORNCYS AT L/1W, ovPONT DUILDINC3, MIAM1, F~.ORIDA s X ~ ~ - - ~ - _ . .