HomeMy WebLinkAbout0576 cle}~L hcrc~by :.crc~~rccl l~y rea~.o» af. ~iiiy pa~.i:, ~»'esc~~lt o~= ftii:~tre
dcfc~ul.i_ o» L1?c p.~rt of t•larte~:~yor; a~i~l, iu like m.u~nci, t.he pro-
ct~r4mc~it of in~:ur~~e~cc or thc p~l~~ment. of L~+xcs or ot:hcr li.c:ns or
~,eha~-ges k~y ~IortcJac~ec~ sh~-~11 not be i:a}:r.n or eon~:trued ~is a a~aiver
of it~ riqhl to accclc~~ale L-2ic n~aturii.y of i:hc debt her_eby secured.
17. ~~t~.i:hout af f:r_cting the 1~.~~bi.lii:y of 1lortgagor or any
o~hcr pe~son (c~~:cc~~~ ~ny ner~ot~ exk~res_:l.y rcleased i~i ~~rii:ing)
for p~~yment of any incicl~tedtic:~s secureci L•e~'eby or for perforinlncc
of 1i~y eblic~ztion coiii-.~~ined her.ein, and euiChout~ affecting the
riqhi:s of i•~or~gagce ~•~ith resPecL- to zny security not expressly
releascd in ~~rriting, 1?c~rtgagce tna~?, at any time and from ti.r.ie to
time, either before or aftcr thc maturi~y of_ said note, and with-- -
out notice or coiisc»~: ,
(a) Relea~:e any person liable for payment of a~l or
any part of: i~he inc3c~~t:r_dness or for performance of any obligai~ion.
(b) M~:c ~ny agrecment e~ctending the time or other-
wise altering the ter.i~1~: of paynicnt of all or ~ny part of the in--
deUtedness, or modifyinc~ or ~•~~iivii~g an}~ obligation, or -su}~ordin-
ati.n~, modiL-ying or oth~n•~ise dealing c~ii:h the lien or charge
hereof .
.(c) Exercise or refrain from exercising or waive any .
right riortgayee may h~ vc .
(d) Accept ~.dditional security of any kind.
(c) Release or ot_herc: i. se deal wi th any property, real
or. personal, securinn the indcbtedness, in~luding all or any part
of the pro~e~ty mortgagcd hereby. .
~ 1~, Any agrcer^en~ hercafter made by hiortgagor and rtort-
gagee pursuant to t~~~_s ~nortgae~e shall be superior to the rights of
the holcler oi any inte~-vening lien or encumbrance. .
~ 19. ATortgagor hereby c•~aives all right oF homestead exemp-
tion in the property subject to this mortgage.
20. The coven~i1t• ; and ~zgr.ce:nents h~rein contained shall
bi_nc7 anci ttle Uci:c f i L-~: ~,»c: advanL~z~es shal ] inure to the respee-
i:ive heir~, e}:ecutoT-:~, ~ci:nini :t.rz~or succes ~ors and ~assic~ns of
_ - u~:ed the si_ngular nw~ber. shall in-
~ o. ~~hc reve r ,
the partie., heret
cludc the plural, and the p~ur~~l t-l~e ~inctular, ~~nd the usc of
any gcnc?cr ~:h~ll bc ~~~~?licahle to all Rcnclcrs. All covenants,
. agreements and undcrta}:ingJ Slr~zll bc joi.nt and several.
21. Simultaneous with the execution of this Mort~age and the Promis-
sory Note secured hereby, Morthagor has executed and delivered a Mortgage
securing a Promissor~~ Note in the amount of ~4~ 600, 000. 00 in favor of Mortgagee
encumbering the property situated in St. Lucie County described as:
Thc North 500Ft. of Unit Onc of NORTH BEACH SUB-
DIVISION, accordinb to the Plat thereof recorded in
Plat Book Pa~e 50 of the Public Records of St. Lucie
County, Florida.
Mortgagor and Mortga~cc hcreUy agrec that a default by Mortgagec of any of the
tcrms anc3 canditions of said f~~0, 000. 00 n1~rt~a~c shall constitutc a default
111 ~his \lc~i't<.;.!~c, ti~c•~~ct,y e•ntitli~~z, ~.tort~~a~ec to exercise and to pursue any ancl
and all ri~~hls ~~~hich It Il<t5 :~1 thc ~•vci~t of a dcfault as set forth herein and undcr ~
T~~U1'1~~1 ~.~t1:.
"L2. Morl~.~~~r is in thc proccss of construction and acquiring scwcrage
trcalmcnt ancl cc~U~•ctic~n faciliti~•:s ~~n a portioi: of tlic pi'opcrty cncuc~ns~r lch
~1 ~11Y
clcsi~;nc~d Io scrvc 1.=t Sa~r~i Cotxlc?»»nttu~i ~vl~ich ~r~~ ,}~121 i-?nd thc surrc+unclin~ =
the pro~~c.i•ty l~~.eint; clc.~:ci•il~~•cl in tlicr prccc~•din}, p 1 ~
arca ai~d 1~4c>i•tt;a~;<ii• li:i~ cillcrcd intc~ an a€;rc~mc'11~ ~yl~~l i_K1 Sa~ra Condc~minium
" 6' 8001~ GG~ PIICE
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