Loading...
HomeMy WebLinkAbout0261 EXHIBIT "A" 10. As to a portion of the real property encumbered hereby, the lien of this mortgaqe is a second lien subject, subordinate and inferior to the lien of that certain mortgage dated April 5, 1966 and re- corded in Of~icial RecordA Book 142, Page 450, Public Records of St. Lucie County, Florida, which last mentioned mortgaqe is held by Mortgagee. In the event there shall be a default under said last mentioned mortgage or the note secured thereby, such default • shall constitute a default under the within mortgage and the Mort- gagee herein may, at its option, declare the note hereby secured forthwith due and payable, whereupon the entire principal and in- terest accrued thereon and all other sums hereby secured shall become forthwith due and payable as if all of~the said sums were originally stipulated to be paid on such date. 11. This mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of •the Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this mortgage, but such secured indebtedness shall not exceed at any time the maximuim principal amount of TWO HUNDRED TWENTY FIVE THOUSAND DOLLARS~ (~i225,000.00) plus interest and any disbursements made for the payment of taxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disbursements. 12. In the event all or any portion of the property hereby mortgaged is included in any drainage or other improvement district formed or authorized subsequent to the date hereof, or in the event said property, or any part thereof, is in a drainage or other improve- ment district as of the date hereof, and subsequent to the date hereof the bonded~indebtedness of such district is increased or : the district is authorized to make additional assessments for improvements in excess of 15$ of the assessment in force and ef- ~ fect as of the date hereof, then in any of such events the Mort- . ' gagee may, at its option, declare the entire indebtedness hereby f secured due and payable upon six months' notice. If such option ~ is exercised and notice given, then upon the expiration of such t six months' notice, the entire indebtedness hereby secured shall ~ be due and payable and nonpayment thereof shall constitute a de- - ~ fault under this mortgage, and the same may be collected by fore- ; closure or in any other manner provided by law. However, if the yortgagor pays the said additional assessment in cash within said ~ six months' period, then the right ~f the Mortgagee to accelerate ~ the debt secured hereby, for said specific nonpayment, shall ter- ~ minate as to such default, without in any manner affecting the ~ rights of the Mortgagee under any other existing or subsequent - ~ default under this mortgage or the note secured hereby. 2 ~ 13. Mortgagor covenants and agrees that in the event of the sale or ~ other disposition of the property hereinbefore described or re- ; ferred to herein, Mortgagee shall have the right, at its option, = to require that the principal amount of the indebtedness secured hereby be reduced to the sum of $100,000.00, and in the event of the exercise of such option by Mortgagee and in the event Mort- gagor, or its successors or assigns, shall fail or neglect promptly ~ to make such payments as are necessary to so reduce said principal, _ Mortgagee shall have the right at its opti.on~to im~ediately and without further notice declare the entire indebtedness secured or ; to be secured by this mortgage to be immediately due and payable - and to foreclose or to exercise any other rights or remedies which 'i:F Pa e 1 of 2 a es ~ 9 P 9 :3 ~f~'Jl ~~21g ~i~ . ~ 5-` ~ ~ ~ c . : , x. `~ts~'~'~: ~ .