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and remedies upon default of the riortgagor, as herein pro- #
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vided. ;
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Article 19. Obligations Secured ~
It is the_intent of this Agreement to
secure payment of the Note and Mortgage, whether the entire
amount thereof shall have been advanced by the Mortgagee to
the Mortgagor at the date hereof, or at a later date, and to
secure any other amount or amounts that may be added to'the y
Mortgage indebtedn~ss under Che terms of th'is instrument, and
further to secure performance and observance of all of the
terms, covenants and conditions of the Note, Mortgage and ehis
Agreement. In addition to the interest in the Realty and
Improvements creaCed hereby, to the extent applicable, this
Agreement shall be deemed to be a security agreement under the
Uniform Commercial Code of the State or Conmionwealth in which
the Premises are located and Mortgagee sha.ll also have the
rights and remedies of a secured party under the Florida Uni-
form Commercial Code, and without limitation upon or in deroga- ;
tion of the rights and remedies created by this Agreement, as s
amended, or under any other laws of Florida, it being under- ~
stood that the rights and reinedies of Mortgagee ur?der Che Florida
Uniform Commercial Code shall be cimnulative and in addition to
all other rights and remedies of Mortgagee arising under any
other laws of Florida.
Article 20. Subordinate Mortgages
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; The Mortgagor shall not execute or deliver to
; any person, firm or corporation any mortgage covering the Pre-
` mises, or any part thereof (any such mortgage being herein-
~ after referred to as the "Subordinate Mortgage"), without the
~ prior written consent of the Mortgagee. As a condition to the ?
E Mortgagee's consent, the Mortgagor shall deliver, two (2) busi- ~
~ ness days prior to the date set for the execution and delivery ~
~ of the Subordinate Mortgage, a true and complete copy thereof, ~
and such Subordinate Mortgage shall contain express covenants
to the effect: ~
(a) that the Subordinate Mortgage is
in all respects subject and subordinate to the
4 Note, Mortgage and this Agreement; .
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(b) that if any action or proceeding
~ shall be brought to foreclose the Subordinate Mort-
~ gage, no tenant of any portion of the Premises
~ will be named as a party defendant in any such fore- ,
~ closure action or proceeding, nor will any other ~
~ action be taken with respect to any tenant of any '
~ portion of the Premises the effect of which would
~ be to terminate any occupancy lease of any rortion
~ of the Premises without the prior writCen consent ,
~ of the Mortgagee;
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~ (c) that if any action or proceeding shall
~ be brought to foreclose the Subordinate MnrCgage,
_12_ BooK238 PAGE1131 -
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