HomeMy WebLinkAbout2018 contracts or arrangements that may be considered necessary by the
"Lender" to complete said improvements; and any sums expended by
the "Lender" in connection with such completion shall be added to
the principal amount of said note and be secured by these presents
and together shall be pgyable by the "Borrower" on demand with
interest at the rate as specified in the note secured by this
mortgage. _
4.05 Mortgage Shall Secure Future Advances. In addition to all
other indebtedness secured by the first lien of this mortgage, this
mortgage shall secure also and constitute a first lien on the Mort-
gaged Pro~erty for all future advances made by the "Lender" to the
"Borrower' for any purpose within five years from the date hereof
to the same extent as if such future advances•were made on the date
of the execution of this mortgage. Any such advances may be-made.
at the option of the "Lender". The total amount of the indebtedness
referred to in the first sentence of this paragraph that may be se-
cured by this mortgage may increase or decrease from time to time,
but the total unpaid balance of such indebtedness secured at any
one time by this mortgage shall not exceed a maximum principal amount
of twice the principal amount stated in the promissory note secured
by this mortgage, plus interest thereon and any disbursements made
by "Lender" for the payment of taxes, levies or insurance on the
property encumbered by this mortgage, with interest on such dis-
bursements. •
4.06 During the term of this Mortgage, the "Borrower" herein shall
not transfer the title or interest in the title to the real property
described he•~ein. Any sale or transfer of said title, without the
prior written consent of the "Lender" shall, at the sole option of
"Lender", constitute a default in this Mortgage.
. 4.07 This Mortgage shall be construed as a Security Agreement
under the Florida Uniform Commercial Code.
4.08 This Mortgage is given and made pursuant to a Loan Agreement
dated December 28, 1978, and all amendments thereto between the
"Borrower" and "Lender" herein, copies of which are maintained at
the office of the "Lender" and have been received by the "Borrower".
This Mortgage is subject to all of the provisions of said Loan
Agreement or amendments thereto, all of which are incorporated
herein by reference as though set forth herein. Borrower will
not permit a default in said Loan Agreement or amendments thereto,
f and any default thereof shall be a default of this Mortgage. In
the event of any conflict between this Mortgage and said Loan
Agreement, it is understood and agreed that said Loan Agreement
~ shall prevail.
4.09 Provided that all of the covenants and conditions of this
~ Mortgage, the Loan Agreement, the Construction and/or Development
Loan Agreement, the Note and other documents executed in connection
with this Mortgage are not in default, and upon the completion of
the development of the land as set forth in the aforesaid documents,
and finally upon the sale of any lot in such development, "Lender"
agrees that it will release from the lien of this Mortgage, on a
per lot basis and at random selection, each lot for an amount equal
to One Hundred (100%) Percent of the net proceeds of the said sale
after deducting the expenses of the sale which shall include sales
commissions, abstracting charges, charges for preparation of docu-
ments, title insurance, documentary tax stamps, surtax, intangible
tax, recording costs and normal prorations. "Borrower" shall be
required to submit to "Lender" a closing statement for the sale of
each lot, which statement shall show the amount of the sale, the
actual amount of the expenses and the net proceeds from the sale
which constitutes the release price herein. This release provision
is subject to and conditioned upon the covenants and agreements
F contained in the Loan Agreement herein under the paragraph entitled
"Release by Lender of Lien of Mortgage".
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