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HomeMy WebLinkAbout0736 f ~ ~ . . ~ ' . ~ ' . ( r l ~ the Mortgage pursuant to Section 697.04 of the Florida Statutes; ~ I NOW, THEREFORE, fox and in consideration of Ten Dollars ($10.00) ~ ~ ~ f in hand pai~d to Mortqagor and other good and valuable consideration, ~ ; the receipt and suffi,ciency of which are hereby acknowledged, Mort- gagor and Mortgagee hereby agree as follows: 1 ~ . The sixteen~h paragraph of the Mortgage, which reads as f ol lows : It is agreed that any additional swa or sums advanced by the then holder of the Note to the then owner of the Premises at any time within twenty (20) years from the date of this mortgage, with interest thereon at the rate agreed upon at the time of each additional loan or advance, shall be equally secured with and have the same priority as the original in- ~ debtedness and be subject to all of the terms and provisions of € this mortgage, whether or not any such additional loan or ~ advance is evidenced by a promissory note of the Borrower and ! whether or not identified by a recital that it is secured by ! this mortgage and security agreement; provided, that the aggregate amount outstanding at any one time shall not exceed the principal indebtedness, and provided further, that it is understood and agreed that this future advance provision shall ~ not be construed to obligate Mortgagee to make any such ad- ditional loans or advances. It is further agreed that any j additional note or notes executed and delivered under this . ' future advance provision shall be included in the word "Note" ' wherever it appears in the context of this mortgage and secur- ity agreement. . is hereby deleted in its entirety and the following is substituted in lieu thereof : ~ It is agreed that any additional sum or sums advanced by the then holder of the Note to the then owner of the Premises at any time within twenty (20) years from the date of this mortgage, with interest thereon at the rate agreed upon at the time of each additional loan or advance, shall be equally secured with and have the same priority as the original in- debtedness and be subject to all of the terms and provisions of this mortgage, whether or not any such additional loan or advance is evidenced by a promissory note of such owner of the Premises and whether or not identified by a recital that it is secured by this mortgage and security agreement; provided, that the aggregate amount outstanding at any one time shall not exceed FIFTEEN MILLION AND NO/100THS DOLLARS ($15,000,000.00), plus interest thereon, and provided further, that it is under- stood and agreed that this future advance provision shall not be construed to obl.igate Mo=tgaqee to make any such additional loans or advances. It is further agreed that any additional note or notes executed and delivered under this future advance provision shall be included in the word "Note" wherever it appears in the context of this mortgage and security agreement. BOOKGV3 PAG: -2- y.._. . ~ _.~w . _ - - • -