HomeMy WebLinkAbout2519 Z.ig REMEDIES CUMULATIVE. No right, power, or remedy conferred
upon or reserved to the "Lender" by this mortgage is intended to be
exclusive of any other right, power or remedy, but each and every such
right, power and remedy shall be cumulative and concurrent and shall
be in addition to any other right, power and remedy given hereunder or
n~w or hereafter existing at law-or in equity or by statute.
ARTICLE THREE -
Miscellaneous Provisions
3.01 SECURITY AGREEMENT. This mortqage shall be v~nstrued as a
security agreement under the Florida Unifona Commercial Code.
3.02 OBLIGATIONS OF THIRD PARTIES. As a part of the induce~ent to
the "Lender" to make the loan evidenced by the obligation secured hereby,
the "Borrower" has caused certain other persons, natural and corporate,
to enter into certain agreements with the "Lender" pertaining to the
financing and payment for construction of improvements on the property
herein described; and the "Borrower" covenants and agrees that such
persons shall fully perform, comply with and abide by such agreements.
It is further undersLood and agreed by the "Borrawer" that such
representations and agreements by said other persons shall constitute
for the purpose of its obligations hereunder, covenants on behalf of
the "Borrower". ~
3.03 MORTGAGE SHALL SECURE FUTURE ADVAN(~S. In addition to all
other indebtedness secured by the first lien of this mortgage, this
mortgage shall secure also and constitute a fiis~izen on the Mortgaged.
Property for all future advances made by ttie "Lender" to the "Borrower"
far any purpose within two (2) years from the date hereof to the same
extent as if such future advances were made on the date of the execu-
tion of this mortgage. Any such advances ~nay be made at the option of
the "Lender". The total amount of the indebtedness referred to in the
first sentence of this paragraph that may be secured by this mortgage
may increase or decrease from time to time, but the total unpaid balance
of such indebtedness secured at any one time by this mortqage shall not
exceed the sum of Four Hundred Thirty Thousand and No/100 Dollars
($430,000.00), plus interest thereon and any disbursements made by
~ "Lender" for the payment of taxes, levies, or insurance on the property
~ encumbered by this mortgage, with interest on such disbursements.
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3.04 SUCCESSORS AND ASSIGNS INCLUDED IN PARTZES. Whenever in this
mortgage one of the parties hereto is named or referred to, the successors
and assigns of such party shall be inclu or~onnbehalf ofethet"Borrower" .
agreements contained in this mortgage by
or by or on behalf of "Lender" shall bind and inure to the benefit of
their respective successors and ~ssigns, whether so expressed or not.
3.05 ADDRESSES FOR NOTICES, ETC. Any notice, demand or other in-
strument authorized by this mortgage to be served on or given to the
"Borrower" may be served on or given to the "Borrower" at c/o Smathers
& Thompson, Alfred I. duPont Building, I~Iiami, Florida 33131, or at such
other address as may have been furnished in writing to the "Lender"
by the "Borrower".
Any notice, demand or other ir•.~trument to be served on or
given to "Lender" may be served on or given to "Lender" at its offices
~ in Jacksonville, Florida, or at such other address or addresses as may
~ have been furnished in writing to the "Borrower" by the "Lender".
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~ 3.06 TABLE OF CONTENTS, HEADINGS, ETC. The table of contents,
the headings of the articles, sections, paragraphs and subdivisions
of this mortgage are for convenience of reference only, are not to be
considered a part hereof, and shall not limit or otherwise affect any
of the terms hereof .
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