HomeMy WebLinkAbout2423 13. The real property hereinabove described is subject
to the lien of the following described Mortgage (hereinafter
referred to as the "Senior Mortgage") securing a certain
note dated January 10, 1964 in the face amount of $3,500,000.00
(hereinafter referred to as "Senior Note"):
That certain Mortgage given to Connecticut
General Life Insurance Company by Shawnee
Groves Corporation in the original prin-
c~pal amount of $3,500,000.00 on the
1 t~h day of January, 1964 the same being
recorded in O.R. Book 78, Page 626, Public
Records of St. Lucie County, Florida. The
outstanding and unpaid principal balance
of said Mortgage is $ 912,000.00
Mortgagee represents and warrants that there presently
exists no default or any state of facts, which with the
passage of time or giving of notice or both, would constitute
a default under the Senior Mortgage and Senior Note, and
that the information set forth above with respect to the
Senior Mortgage and Senior Note is accurate in every respect.
Mortgagor covenants and agrees that it will not make
payments directly to the holder of the Senior Mortgage,
except as hereinafter provided. No additional indebtedness
shall be incurred under the Senior Mortgage nor shall any
modification of the Senior Mortgage be made without a prior
written approval of both the Mortgagee and Mortgagor under
this Mortgage. Mortgagee covenants and agrees to make the
payments of principal and interest on the Senior Mortgage in
accordance with the terms of same and to indemnify and hold
harmless the Mortgagor from and against any and all losses,
costs and expenses of any kind whatsoever, including reasonable
attorney's fees, resulting from a failure of Mortgagee to
pay the Senior Mortgage in accordance with its terms, provided,
however, the obligation of the Mortgagee to pay the install-
'i ments of principal and interest from time to time due under
the Senior Note and Mortgage shall be and is conditioned
upon the full performance by the Mortgagor, of this Mortgage,
( it being understood and agreed that if the Mortgagor shall
f default in the performance of any term or provision contained
~ in this Mortgage, the Mortgagee under this Mortgage shall
f not be obligated to pay any principal and interest under the
~ Senior Note.
G
In the event that Mortgagor defaults in its obligations
under the Senior Mortgage as provided herein (except the
obligation to make payments of principal and interest thereon)
then in any of such events Mortgagee under this Mortgage
may, without limiting any of the rights to which it is
entitled hereunder, under the Note secured hereby or by law,
accelerate all or any part of the indebtedness secured
hereby and thereafter enforce collection thereof as herein
provided or in any other manner provided by law. All monies
paid for any of the purposes herein authorized and all
expenses paid or incurred in connection therewith, including
attorneys' fees and any other money advanced by said mortgagee
to protect the property herein described and the lien hereof
L shall be so much additional indebtedness secured hereby, and
shall become immediately due and payable without notice and
with interest thereon at the rate of fifteen per cent (15%)
per annum.
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