HomeMy WebLinkAbout1679 thereby, without •discharging or in any way affecting the liability of the
Mortgagor hereunder or upon the debt hereby secured .
3? . That this Mortgage cannot be changed orally . - ~
38. That it is the intent hereof. to secure payment of the Note whether
the full amount thereof shall have been advanced to the Mortgagor at the date here-
of or at a later date, and the Mortgagee may, at the sole option of Mortgagee,
from time to time make future advances to the Mortgagor, which advances shall
• be secured by this Mortgage; provided. however, that the total principal sum
secured hereby and remaining unpaid, including any such advances. shall
not at any time exceed twice the original principal sum of the Note as set forth
above (or such other maximum amount as may from time to time be permitted
by law) . All such future advances shall be made within the time limit authorized
by Florida law for making valid future advances with interest and all indebtedness -
created by virtue of such future advances shall be and are secured hereby .
All provisions of this Mortgage shall apply to any future advances made pursuant
to the provisions of this paragraph . Nothing herein contained shall limit the
amount secured t?y this Mortgage. if such amount is increased by advances
made by the Mortgagee as herein elsewhere pro~•ided and authorized for the
protection of the security of- the Mortgagee . -
- 39. If from any circumstances whatever fulfillment of any provision
of this Mortgage or the Note securing it at the time performance of said _pro~ ision
shall be due shall involve trascending the limit of validity prescribed by the
usury statutes of Florida, or any other law of Florida then ipso facto the obligation
to be fulfilled shall be reduced to the limit of such validity .
40. The Mortgagor agrees to pay all real and personal property taxes
assessed against the demised premises and. to present to the Mortgagee receipts
evidencing said payments on or before December 31st of the year for which
- such taxes are assessed. A failure to comply with the terms of this paragraph
shall be a default in this kiortgage and the Mortgagee shall thereafter ha~•e
the right to accelerate the payment of the unpaid principal -indebtedness and
. ~ to enforce this Mortgage according to the terms hereof .
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~ 41. All reference to a "Loan Agreement" in this Mortgage shall not be
considered a part of this Hortgage and there is no separate Loan Agreement
entered simultaneously herewith between the Mortgagor and Mortgagee.
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42. In the event any law is passed in the State of Florida which would
impose upon the Mortgagee an obligation to pay any tax other than the
intangible personal property tax paid at the time. of the recordation of this
Mortgage, then and in that event, the Mortgagor immediately upon demand will
reimburse the Mortgagee for the amount of such tax paid by Mortgagee. If the-
Mortgagor is prohivited by law from making such reimbur a nt to the Mortgagee
or if the payment of such reimbursement by the Mortgagor would result in the
violation of any statute of the State of Florida, the Mortgagee, at its option
shall have the right to declare the unpaid principal indebtedness plus accrued
interest immediately due and payable. -
43. This Mortgage secures the same indebtedness secured by that certain
Mortgage, dated December 22, 1978, executed by BOCA TEECA CORP., a Florida
corporation, in favor of BANK NAPOALIM, B. M., recorded in Official Records
Book 2980, at Page 404, of the Public Records of Palm Eeach County, Florida,
which Mortgage has been assigned to Mortgagee. A default under the terms
and conditions hereof shall also be a default under the terms and. conditions i
of the said Mortgage executed by BOCA TEECA CORP., and a default thereunder
shall be considered a default hereunder.
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Page 13. BU,,K :
LAW OFFICES. MEYER. WEISS. ROSE. ARKIN. SFIEPPARO a 8MOCKETT. P.A.
FINANCIAL FEDERAL BUILOINO. MIAMI BEACH. FLORIDA 33I3Y
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