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Home My WebLink About0997 ~ Mortgagee's writtan ca~sent thereto bein~ f~rst obtained whi~h vonsent ahall not be unceasonably withheld, or ii the premisea are sttaehed or levied upor~, with a without ~ ~ Mortgagor's knowledge or aonaent then Moctgagee'a ahall have the right, at iU option, to deelere all.sums seaured haceby~ irreepeotive of the maturity date apeaified in any ~ Peomiseor~ Note evide~noing aame, immediately due end payable, and institute such i proceedings as it may determine ne~eesary or adviaable to proteat its interest in the ! premisea. Consent to one such transaction shall not be deemed to be a walver ot the t eight to eequire such caiaent to futuce or sue~esslve transactions. s_ U the Mortgagee consents to a change oi ownership hereunder~ said ~ Mortgagee may, without notice to ths Mortga~or, deal with sueh sucaessor or : succesaora in interest oi the Mortgagor with cefecei~ee to this li~octgage and the debt secured hereby In the same manner as with the blortgsgor, may forebear to sue, or f. may eztend tlme foc payment oi the debt secur~d hereby Nitt~out disehargtng or in any way e?ifeeting the llability oi the Mortgagor~hereunder or upon the debt herebp.seaured . or may make such other arrangements with such sucaeasor or successors in interest regarding the payment oi the indebtedness seeured hereby. ~ 28. Notwithstanding anything oontained herein to the contrary or in the note, Cor~strucUon Loan and Projeat Agreement, or other loan documents ezecuted in connection with this loan, ttie holder of this mortgage sh~all ever be entitled to ceeeive, oollect or apply es interest on the obligations hereunder secured hereby, any amount in excess of the maaimum lawiul rate oi inteceat permitted tQ be aharged by applicable ~ law, and in the event the payee or any holder thereof ever reeeives, collects or applies as interest, any such . exceas, such amount whieh would be excessive ir~terest shall be ~ applied to the reduation of the principal debt; and ii the principal debt is paid in full, any remaining excess shall forthwith be paid to the makecs oi the note secured hereby. In det~mining whethec a not the Interest paid or Qayable under any specific contingency exceeds the highest larvful tate, the parties hereto including any sub~equent hold~ hereof shall to the maximum extent permitted under appllcable law (a) eharactertze any non-principal payment as an expense, fee or premium rather than as iniecest, (b) eaclude voluntary prepayments and the efiect thereof, and (c) "spread" the total amount of interest or payments in the nature of interest throughout the ent~re contemplated term of the obligat~on so that ti~e intere~t rate is ~u~Iio~r~ throughout the entire term of the obligation. ~ ~ l 29. The Mortgagor and Mortgagee hereby agcee that this mortgage is to ~ be construed according to the laws ot the 3tate oi Florida. ~ _ - 30. Time is of the ~senee in all matters hecein. ~ ` , . . ! IN WITNBS3 WHEAEOF, Moctgagor has eaused this mortgage to be signed i ` and its corporate seal to be aifixed in its name by its General Partner thereunto duly ~ authorized, eU on the day and year first above written, in the City of Chicago, 3tate of ~ ~ ~ Illinois. - ' . • ~ ~ ~ Slgned, sealed end delivered HUTCHIN3~N I3LAND LIMITBD PAATNER3HIP ~ ~ in the resenee • By its (3eneral Partner 4 ~ ' ~ GULF OIL BEAL FSTATE DEVELOPMSNT COMPANY ~ . f_ t, } ~ ~7 . ~ ' ''~l ~'i•~;'~ ~ ~ , ~ ~ i . $y . • ~~..,~t ?~j : ` ~ ~ F - - . i ~ . T~E~SV,PS.q : - : : , " ; ~ : , . ; ~ ~ . ~ : ~ , ~ (Corpora~e ~eal) . ~ • : . ~ ~ ~ ~ ; . .;~c.~ ~ ~ ' ~ ....~'~r ~ ~ " ~ ' y~ ~ . ~~~..1'' l I ~ Uk ~ eo~~ 2~9 - 997 ~ -7- ~ ~v E : - _ _ _ 5 _.:.E., _