HomeMy WebLinkAbout1051 (h) The Mortgagor will furnish tu thc Mortyayf•e~, uyc~n dc~nwncl, proof vf pa~ment
oF a11 itetns which are required to bc~ paid by thc Mortyayor pursuant tn any prior
mortqage and proof of payment oF which is rc~;uire.~d to be yiven to the mortyayee under
any such prior mortyaye. ~ "
(i) The Hortyayor sha11 ~~xecute and deliver, on rc.~yuest of the Nort_yayt~e, such
instruments as the Mortgagee rr~ay dec.~m useful or rr~ui red to pE~rmi t the Mortyayee to
cure any default under any of the prior mortgay~s or permit the Mortyagee to take
such other action as the 1Nortyayee oonsiders dc~sireablc.~ to cure or remedy the matter
in default and preserve the interest of the Mortgay~~c in the mortgaged property.
The generality of the provisions of this section relatiny to tne prior n~rtgaqes sha11 not
be limited by other provisions of this martgaye settiny forth particular obligations of
the l~lortyagor which are also required of the Mortyayor under the prior rr~rtqages.
47. The whole of said prinicpal sum and the inter~~st thereon sha11 bc~come due,
at the option oF the Nortgagee, if the Mortgagor tails to pay any installment of principal
or interest under any senior mortyage within five (5) days after the same is due or fails
to pay any tax, water rate, sewer rent, or assessrnc:nt for tc~n (IU) days aftcr the same
becomes payable under any senior mortyage or f.~ils to repay to the Mortgagee on demand
any auaiutt which the Mortyagee, at its option, may have paid under any senior mortgage
with interest thereon or fails to perform any other ~ovenant or condition therc.~of or
should any suit be eommenced to foreclose any senior mortyaqe.
48. A11 right, title and interc:st of th~~ 1~lortyaqor in and to a11 extens~ons,
improvemc~nts, bette.~rrne~nts, r•enewals, substitut~.~s atid replac~mE~nts of, and all ~dditio~~,
accessions and appurtenances to, ttn~ mr~rtyayed propert y, whethc~r real or ~,E:rsonal, in-
cludinq, but not limi ted to, the rea l pro~c.~rty si tuat~>d in St . Lucie County, F'lorida
more particularly descrit~ed on F'xhibit 8 to ttkat ct~rt.ain Memnrandum of Contract, dat~~d
August 21, 1972, by and bct~wc~en NOR4~H TRAIL G01.h' CI.U13, INC., ~nd TRAtAI.c;AR DF.VL•'LOPERS
OF FLO,RIDA, IHC., filed September 14, 1972~ in OFficial Recbz~ds 13ook 206 on Pnge 1056
of the Public Re~ords of St. Lucie County, Florida, h~~r~~~fter ac~quired by, or rPleased
to, the Mortgagor or ~~onstrncted, assembled or placed by the Mor~gagor on the Premises,
and a11 conversions of the security constitut~~i the.~reb_y, immediately upon such aaquisition,
release, vonstruction, asseiabling, placerment or conversion, as the cas~~ rr~y be, and in
each such case, without any further mocty~ge, ~nveyancv, assiyram~~„r or other act by
thc l~lortgagor, sha11 beoamc subjc>ct to t6e lien 'of this mc~rtgage as fn11y and completely,
and with the sanie effect, as though now owned by tha ~lortqayor and spc~ci fica2l y descritx~d
in the grantiny c.lause hereof, but at ariy and a.ll timc.~s thc Mortyagor wi11 execvt~ and '
deliver to the 1Nortyagee any and al1 such further assurances, mortyayes, c.bnveyanc~rs
or assignments th~re~of as thc~ Nortyage~~ may rcasonably rcqui rc• for thc purpose of ex-
pccssly and specifically subjectiny tht~ samc~ t.o the 1ic~n of th~s mortya~e and securicy
aqreement.
49. The Mortgagor shall cause to be furnished to the Mortyagec~ within ninety 5
(90) days after the end of each of its fiscal years a copy of thc annual audit of the
balance sheet, statement of income, statement ot earned surplus of the Mortgagor and
statements of income and expenscs for the Mortyaged Premises for the year then ended,
prepared in accordance with recagnized accountiny principles and practices eonsistently
applied and duly certified by an independent certified public accountant of recoqnized _
standing. If it fails or refuses to comply with the requirerrx~nts of this paragraph, the
Mortgagor sha11 be deemed in default under this mortyage and subject to the default
provisioas hereof.
50. The Mortgagor sha11 not, without first obtaining the written oonsent of
thg Plortgagee, mortqage or encumber the mortgaged property or assign or attempt to
assign the rents or any part thereof from said property; the Mortgagor sha1l not in any
other manner impair or threaten to impair the value of the mortgayed property or the
security of the Mortyagee for the payment af the r?~rtgage debt.
' S1. During the term of this mor~gage, the Mortgagee shall have the right of
first refusal on all subsequent financing on the rrartg~ged property including, but not
limited to, financing for construction purposes.
:
D
HOLLl'WDOD UEVL•'LOPMENT COMYANY,
a F'lori da corpora ti on
.
BY:
President
- I1 ~ - B~oK~i9 ~~iQ51 -
GREENE ANO IAYNE. PA,ATTORNEVS A7 LnW, 320 N E~8"' STREET. MIAM1. FLOAIDA 33132
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