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HomeMy WebLinkAbout2341 and to maintain such insurance in full force and effect at all times at Mortgagor's expense. 19. This mortgage encumbers real and personal property and shall constitute and serve as a "Security Agreement" within the meaning of, and shall create a security interest under, the Uniform Commercial Code of State of Florida. At any time, and from time to time, upon rec,~uest by the Mortgagee, the Mortgagor will make, execute and deliver, or cause to be made, executed and delivered,. to the Mortgagee and, where appropriate, to cause to be recorded and/or filed and from time to time thereafter to be re- recorded and/or refiled at such time and in such offices and places as shall be.deemed desirable by the Mortgagee, any and all. such other and further mortgages, instruments of further assurance, certificates and other documents as may, in the opinion of the Mortgagee, be necessary or dosi~rable in order to effectuate, complete, enlarge or perfect, or to continue and i preserve (a) the obligation of the Mortgagor under the note and this mortgage and Security Agreement, and (b) the lien of this ~ mortgage and Security Agreement as a lien upon all of the mortgaged premises, whether now owned or hereafter acquired by the Mortgagor. Upon any failure by the Mortgagor so to do, the Mortgagee may make, execute, record, file, re-record. and/or re- file any and all such mortgages, instruments, certificates and documents for and in the name of the Mortgagor, and the Mortgagor hereby irrevocably appoints the Mortgagee the. agent and attorney- in-fact of the Mortgagor so to do. The lien hereof will automatically attach, without further act, to all after-acquired property attached to and/or used in the operation of the mortgaged premises or any part thereof, including any and all furniture, furnishings and other personal property. Further, the Mortgagor shall execute in form and content satisfactory to Mortgagee any modification agreements, security agreements, financing statements or other documents which Mortgagee may deem necessary and required in order to encumber. or subject to a security interest and the lien hereof any personal property owned by the Mortgagor and utilized in the operation~of an~r improvements which may be constructed upon the mortgaged premises, or which is encumbered hereby. A default under the mortgage shall also constitute a default under the Security Agreement. This Security Agreement excludes property on the premises described herein owned by tenants of -the mortgagor so long as mortgagor has no interest in such tenant property.. f 20. Mortgagor agrees not to sell the mortgaged property without the prior written consent of the Mortgagee, and to `provide ` the Mortgagee with credit reports, financial statements and such other documentation as the Mortgagee may reasonably require to ~ assess the credit and character of a prospective purchaser. Any approved purchaser shall assume the mortgage debt. A.failure by Mortgagor to comply with the terms of this- paragraph shall constitute a default entitling Mortgagee to the remedies provided ~ under paragraph 7 hereof. 21. The Mortgagee may, from time to time, at its option, make further advances to the Mortgagor which shall be secured by the lien of this Mortgage; provided, however that the unpaid principal balance so secured by this mortgage at any one time shall not exceed $1,000,000, plus interest thereon,-and plus any disbursements made by the Mortgagee for the payment of taxes, levies and insurance premiums on the property encumbered by this mortgage, together with interest thereon. All additional or further monies which may be advanced by the Mortgagee to the Mortgagor (or any one of them if there be more than one), after the date hereof, shall at option of Mortgagee be evidenced by a note or notes executed by the Mortgagor (or any one of them if there be more than one) in favor of the~Mortgagee, bearing such rate of interest and with such maturities as shall be determined from time .to time, but any and all such future advances secured by this mortgage shall be made not more than twenty (20) years after the date hereof. All such notes shall be of equal dignity, and a default in the payment of any one note shall constitute a default 3 -2- SOG!! JV~ ?QCs ~,c7~ T , _ - S _ - i.. .'z.