HomeMy WebLinkAbout0110 20. That Mort~apor will not pNmit any otMr 1?~~?s to ~ fil~d aQainst the ssid Drem~ses end ii eny such I~ens era (ited. whethe~ para~~~uunt or ~;,0~:~ ~
,~~nate to this mo?tgays. Mort~s~ will haw or caua~ to b~ had said bMS discharged immed~atety. 4
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21. Mortgagss shdl haw tM ~ht to Charps MOtt~~por s account with Mo?tQepee fo? the interest and pnnc~pal psYable as prov~ded the prom+ssory {
~;u~e as wch becomes dw io axord~nC~ tMnwith. ~
22. If ths Mortya~ee teQue:ts. Mortp~por h~nb'y cove~ants ~nd e~ess that Mat~agor will tur~~sh the Matya~ee an~ually (rom the date of th~s ~
~»urtgage instrumsnt. u~kss soms otMr dat~ is ~~~sd to b~tvw~n th~ parties in w~itinp, s csrtifi~d audited 6nancial statement of the Mongago~ a~xi annual f
~omplate operatinp st~temena of Mort~a~or. !i th~ Mortppor's 6sca1 a caNrxfs~ year shall ~ot coincids vrith the date herem specified, then the da~e wh;ch
~ne Mwtgagee ahall speciN sl?sll b~ controNi~g. Mortp~por ~haN wppi~? Mort9a~ with wch othe~ fi~ar~cial sutements as Mongayee may from ~~me ~o i+rne ;
raquest
23. It is agrsed that nothinp t~ein ea?uiMd nor any u~~saction reNtsd thereto shall M construed or so operate es to repwre tha Mongayor to pay
~Nterest at a rat~ groatsr tha~ it is now lawful in such ca~ to cont~~ct ior. or to make any payment a to do sny act contrary to Isw: that it any clauses o~ ~
i~rovisiond hsrein oontai~ed opsrats or would p?osp~ctiwN opK~ts to invalidate this MortQa9s or aa~d Note in wlwle a in part. then. such clauses and
provisions o~r shall be heM tor nauQht as thou~h oot hMein Conte~Md. and the rsmainde? of this Mortgags shatl rema~n opereUve and in tull torce and effect.
24. If.all of sny part of ths moR~~Qed Propstb d?~u b~ dam~ped « take~ through condemnetion (which term when used in this mwtgage shall ~n-
clude any dsmage or tsking by ~fy yOVemmsnUl Authotity. ~1~d ~nY VsnsfK bY Pmate ssle in lisu thereot?. either temporerily or permanently. the entire m-
dEbtedness secured hs~eby ~p pp~^ N~atp~~• b~com~ immed~stely dus and paysble. The Mortgagee shstl be entitled to all compensation
awards. and othsr paymsnts ot rotief tMrsfor and is Mrebll ~utf~orited. st its option. to commencs. appes? in and (xo;e~ute. in its own or the mortgagoi s
name. sny action or procesd~rq ~Netin~ to e~1? oo~d~mMt~• ~d to sstds or compromiae eny claim in connection therewith. AU such comper?satwn.
awards. damages. claims. righb oi sction and procNds snd ths tipht th~teto ero hsreby sssipned by the Mortgago~ to the Mangagee. who. aher deducting
therelrom ell its axps~. ~~dudin9 maTMY s iNS. mey rolsas~ ~~ll ~Ys so rsCerved by it without sHecting the lien ot this mortgage or may apply the
same in such menner as ths Mortgapes sha~~ d~tstmiM, to ths nduction of ths sums secured hsrsby. and to a~y prepaVme~t charge herein provided. and any
ha~ance oi suCh mw~eys thsn romaininp shsll bs paid to ths Mat9~9or• Ths Mortgagor agrees to execute such funher assignments ot any compensatwns.
awards. damages. claims, rights oi action ~nd procesds ss d~s Mort~s9es m~Y require.
25. This mortgage sha~~ be consuued ss • s~cu~tY a~~smsnt unds? the Florida Uniform Commercial Code. ~
26. Other provisions: ~
Provided this mortgage and the note aecured hereby are aot in default, Kortgagee. _
agrees to release individual condominius units from the lien hereof, upon payQent
to it of a release price per uait vhich is equal to the sum of $3,500.00, plus
the smount actually disbursed under the Constructioa Loan Agreemeat for direct
coastruction coste on the unit to be released.
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