HomeMy WebLinkAbout0629 as modified shall co~stitute a.default in the
Collateral Mortgage, thereby entitling Mor~gagee to
exercise and pursue any and all righta whlch
Mortgagee has i~ the event of default as set forth in
' the Collateral Mortgage and as provided in the
Mortgage.
8. The ~lortgnge and the Collateral Mortgage, as modified
a~d extended hereby, ahall be construed and be
enforceable according to the laws of the State of
Florida.
9. Notwithstanding any provisions contained in the .
!lortgage as modified hereby and/or the Collateral
Mortgage as modified hereby and/or the Promissory
Note as modified and/or any other loan documents
evfdencing the Loan, no holder of the Mortgage as
' modified and/or Collateral Mortgage as modified and
the Promissory Note secured thereby as modified shall .
ever- be entitled to receive, collect, or apply as
- - interest on the obligations, any amount in excess of ~
the maximum rate of interest permitted to be charged
by applicable law, and, in the event any holder of
the Promissory Note ever receives, collects, or
applies as interest any such excess, such amount
which would be excessive interest shall be applied to
the reduction of the principal debt; and, if the
principal debt is paid in full, any remaining excess
shall forthwith be paid to Mortgagor. In determining
Whether or not the interest paid or payable, under
any specific contingency, exceeds the highest lawful
rate, Mortgagor and Mortgagee shall, to the maximum
extent permitted under applicable law. (a)
, characterize any non-principal payment as an expense,
fee, or premium rather than as interest, (b) exclude ~
voluntary prepayments and the effects thereof, and
(c) "spread" the total amount of_interest.throughout
the entire contemplated term of the obligation so
that the interest rate is uniform throughout the
entire term of the obligation.
~ 10. Opon any default of Titleholder under the terms of
the Promissory Note or Mortgage or Collateral
~ l~ortgage as same have been modified, or under the
terms of any other loan documents related to the '
Loa~, Titleholder and Geurge A. Costa jointly and
severally promise to pay (whether or not suit has
been instituted) all casts including reasonable
attorney's fees incurred by Mortgagee in the
collection, enforcement or defense (and proceedings
. related, ancillar~y, or supplementary thereto) of the
Promissory Note, Mortgage and/or Collateral Mortgage
as same have been mod~fied. It is expressly agreed
that such costs and attorney's fees as aforesaid
shall include such as may be incurred by the holder
hereof in prosecuting or resisting any proceedings in .
~ appellate courts before or after final decision of a
court of competent jurisdiction. _
~ 11. Receiver executes this Agreement for the purpose of -
~ consenting to and expressly approving all terms and
~ provisions hereof.
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