HomeMy WebLinkAbout0659 i
• ' ,
income, proflb, issws and nvenws are hereby mortgaged os If spedfkaNy set forth and destribed in 1M granting and hobendwn
douses Mreof, and surh receiver :boll hove all the broad and effective functions and powers in any wise entreated by a court b 0
receiver, and suds appointment :boll be mode by'wd~ court os on admitted equity and a molter of obsolete right in tM Mortgagee, 1
and wilhouf reference to Me adequacy a inadequacy of tM vatw of the property mortgaged, or b the sdvency or insolver?cy of ~
the Mortgagor and/or tM defendant and such rents, profit:, income, lase.: and reverwes shall be applied by the receiver according
b 1M lien and/or equity of Mis mortgage and the practice of such court, and wch appointment of receive? shall be without notice ;
b oey obligor Mreunder.
NINTFf: TM Mortgagor Mreby waives all rights of homestead and exemption grouted by the Constitution and laws of
Fbrida. h is spedfkally agreed Mot time h of the euence in Mis contract and that no waiver by the Mortgagee of ony obligatan
hereunder or of Ms obligation secured hereby shall of ony time Hereafter ba held to be a waiver of the terms hereof or of the
obligation seared Mreby.
TENTH: Upon ony sole, trarofer a conveyance of He property Mrein desuibed and covered by Mis mortgage b ony
person, firm or corporation, not previously approved in writing by Me holder of this mortgage, Me Mortgagee or holder shall hove t
the right b oa:elerate Me maturity of Ma mortgage as though it were due and poyoble on the day of such transfer and b demand
payment in full of the said mortgage amount or ony unpaid balance thereof, and to exercise all the rights and remedies herein.or
by low reserved b said Mortgagee He same as in any event of default hereunder, anything in the promissory note secured
1
hereby or Mrein b the contrary npthwithstanding.
r
a
ELEVENTH: ff foredowre proceedings of any seaond mortgage or second trust deed or any junior lien of any kind should
be instituted, He Mortgagee may, at its option immediately or thereohet dedare Mis mortgage and He indebtedness seared
hereby due and poyoble. ;
TWEiFTM: That in the event tM premises hereby mortgaged, or any part Hs?reof, shall be condemned and token for public f
use under the power of eminent domain, the Mortgagee shall have Me right to demand Mat all damages awarded for He taking -
of or damages b said premises :boll be paid fo the Mortgagee, up b the amount Men unpaid on Mis mortgage and He obligation
secured hereby and may. be applied upon the payments last poyoble under Mis mortgage and the obligation secured hereby. -
i
f
• 1.
RFTEENTH: That Me Mortgagor shall furr+:s.`: amuolly, at Hs request of Me Mortgagee, flnorKial statements in form and
certified in o manner satisfactory b the Mortgagee.
- f
i
SIXTEB~TH: This mortgage oleo snares any and all renewals and extension of the promissory note referred to herein and
secured hereby, and all installments Hereof, and also any other notes whith have been or may be given b He Mortgagee by He
Mortgagor, and any other indebtedness of the Mortgagor b the Mortgagee which, however, shall not exceed of any one time }
the aggregate unpaid principal sum of One Million Two Hundred Thousand and no11O0
----------------------------------------Dollarsli 1,200,000.00
it being the speafk intention Mot further advances may be made b_ y He Mortgages at its option to He Mortgagor, either prior to
or offer the due dates of the above referred b promissory note hereby secured; and Mis mortgage is given for Me specific
purpose of securing any and all indebtedness by the Mortgagor to the Mortgagee in whatever manner the same may be evi-
dented or represented, until Mis mortgage is satisfied of record; and all asvenonh and agreements contained in this mortgage ~
shall be applicable b all further and future advances made by the Mortgagee to the Mortgagor and all other indebtedness of
Mortgagor b the Mortgagee, and any and all renewals or extension thereof.
SEVENTEENTH: The terms and conditions of that Loan Agreement between the
Mortgagor and First American Bank of North Palm Beach bearing even date are incorporated;
herein by reference and a breach or default of any of the terms and conditions of that
agreement shall constitute a default of this mortgage.
SEE ADDENDllM ATTACHED HERETO AND INCORPORATED-HEREIN
i
a
I
~i
~ i
SOCK JVO PAGE 6i~
-