HomeMy WebLinkAbout0450 be applied to the payment of such obligations when and as they
become due. Mortgagor aqrees to pay to MortgagPe any additional
amount required to discharge such obligations when and as they
become due, due to insufficiency•of funds in the escraw deposit.
Such additional deposit will be made within 10 days after demand
therefor. Deposits held in escrow may be co-mingled with the
deposits of others held by Mortqagee for like purposes, but wi12
be held in escrow and seqreqated by t~ortqagee from its own funds.
Nothing herein will be deemed to relieve or release Mortgaqor
from the obligation contained in this mortgage nor to change or
alter any other right given to Mortgagee hereunder.
7. Mortgagee agrees to sign such other docur.?ents, in-
cluding financing statements required under the Uniform Commercial
Code as in effect from time to time, as may be necessary to per-
fect the rights granted to Mortgaqee hereunder.
8. Zt is not the intention of the Mortgagee to reserve,
charqe or take for any loan or for any advance of money or for
any forebearance hereunder any sum of money greater than that
allowed by law. In the event the operation of this mortgage or
the note hereby secured would result in the charging of a rate
of interest determi.ned to be usurious under the laws of the
State of Florida, then this paragraph shall be considered an
amendment to such provision, reducing nunc pro tune the amount
Ot the required payinenL ~CU ct2-t dAivi,iil~ waii~ll ~VYiM ^C~ 2::
tion of the laws of the State of Florida. Zn the event the
Mortgagor consideYS any payment made or required to be made here-
under to constitute usury, it will give written notice to the
Mortgagee stating the facts which are the basis of it's conclusion.
tiortgagor agrees that it wi11 not make any claim of usury, nor
raise usury as a defense to any claim by Mortgee against Martgaqor
for a period of 30 days after the date of such notice. A refund
or forebearance by Mortgagee taken within said 30 days will purge
the transaction of any taint of usury for all purposes.
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9. In addition to the note described above, this. mortgage
secures any and all notes, liabilities and obligations, direct
or contingent, and of whatever kind or description of the Mortgagor
to the Mortgagee, whether as maker, endorser, surety, guarantor,
or otherwise, other such obligations now in existence or which
accrue or arise hereafter, and whether such obligations are now
owned or hereafter acquired by it. It is the intent and purpose
of the Mortgagor to secure by this mortgage all notes, claims,
demands, liabilities and obligations (whether or not otherwise
secured) that the Mortgagee may have, hold or acquire at any time
prior to satisfaction of this mortgage. The total amount of in-
debtedness secured by this mortgage may decrease or increase from
time to time, but the total balance secured hereby at any one time
shall not exceed the principal sum of $2,900,000.00 , plus
interest and any disbursements made for the payment of taxes,
insurance, expenses of the property, on account of default hereunder.
Furthermore, any such notes, claims, demands, liabilities, and
obligations se~ured hereby must be incurred or arise or come into
existence on or prior to the date of this mortgage, or within a
period of 25 yEars from February 1, 1975. In the event Mortgagor
considers any payment required hereunder under any document
relating to the loan hereby secured, ta be usurious, it will give
prompt, written notice by mail, certified return receipt
requested, postage prepaid, to Martgagee. The Mortgaqor a9rees
that it wi1Z not rely upon nor assert the defense of usury for
a period of 15 days from the date Mortgagee receives such notice.
1.G. In the event of default hereunder or under the terms
of the note hereby secured, or under both, then the Mortgagor
agrees to pay all costs incurred by the Mortgagee in collecting
all sur.is hereby secured, including court costs, charges, expenses,
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