HomeMy WebLinkAbout0016 Section 3.06. lhia instr~ent also creataa a security
interest in favor of Mortgagee herein under the Florida Uniform
Cca~mercial Code, and Mortgagee ahall also have all rights and
remedies of a secured party under the Florida llniform Co~mmercial
Code, and without limitation upon or in derogation of the rights
and remedies created under and acrorded Mortgagee by thia Mort-
gage or under any other laws of Florida, it being underetood that
the rights and remedies of Mortgagee under the Florida U~iform
Cosaercial Code shall be c~aulative and in addition to all oth~r
rights and remedies of Mortgagee arising under any other laMS of
Floridt. -
Section 3.07. Upon the raquest of Mortaagor, Mortgagise
may, from time to time, vithin twenty (20) qeira fro~ th~ dat~ of
this Mortgage, at its option, make further advance• to Mortgagos
which ahall be sacured bq the lien of this Mortgage; provided,
haMever, that at no time shall the outatanding principal indebtad-
neaa secured by thia Mortgage, including advances, esceed a~ziaia
principal amount of $2,850,000.00 , plu8 interest thereon, and plua
any disbursements mada bq Mortgagee for th~ pay~~nt of taxes, levias
or inaurance on the property covered by the lian of thia Mortg~ag~,
vith interest o~ such disbursements. Mortgagor ~hall eaecute and
deliver to Mortgagee a note evidencing each and every such future
advance. All such notes shall be of equal dignitq and a default
in the payment of any one nota shall constitute a default in th~
payment of all other notea. Each future advsnce shall be an
integral part of the Mortgage obligation and ahall be aecured by
the lien of thie Mortgage a8 fully and to tha same eatent a•
though the eame Were a part of the original indebtedneas. .
' Section 3.08. Nothing contained in this Mortgage, nor
any transaction related thereto, ahall be conatrued or so operate
~ as to require Mortgagor, or any person liable for pay~ents required
~ to be msde under this Mortgage, to pay interest at a greater rate
' than is no~w lawful in such case to contract for, or to make any
~ payment, or to do any act contrary to law. In any event, such rate
¢ of interest shall never exceed the maximun legal rate of interest
~ which is legally peYtnitted under the laws of Florida; and if such
~ rate of interest should exceed said maximian legal rate, then said
~ rate of interest shall be automatically reduced to said maxim~
~ legal rate.
~ .
~ 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 enc~mabered 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.
~
~ Section 3.10. lhis Mortgage shall, for all purposes, be
F~ governed by and construed in accordance with the laws of the State
of Florida.
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WILL~AMS. SAIOMON, KANNER b DAMIAN. ATTpRNEYS AT IAW. Ot~PONT BUILDING. MIAM1, FLORI~A
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