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Section 3.03. To the extent of the indebtedness of
Mortgagor to Mortgagee described herein or secured hereby, ~
Mortgagee is hereby subrogated to the lien or liens and to the
rights of the owners and holders thereof of each and every
mortgage,-lien or other encumbrance now or hereafter on the lands
described herein in Exhibit "B", attached hereto and made a part
hereof, which is paid and/or satisfied in whole or in part, out of r
the proceeds of the loan described herein or secured hereby, and
the respective liens of said mortgages, liens or other
encumbrances, shall be and the same and each of than hereby is
preserved and shall pass to and be held by Mortgagee herein as
security for the indebtedness tQ .Mortgagee herein described or
hereby secured, to the same extent that it would have been
preserved and would have ~ been passed to and been held by Mortgagee
by separate deed of assignment, notwithstanding the fact that the
same may be satisfied and cancelled of record, it being the
intention of the parties hereto that the same will be satisfied
and cancelled of record by the holders thereof at or about the
time of the recording of ,this Mortgage .
Section 3.04. In-the event any one or more of the
.provisions contained in this Mortgage or in the Note secured
hereby shall for any reason be held to ~be inapplicable, invalid,
illegal or unenforceable in any respect, such inapplicability,
invalidity, illegality or unenforceability shall not affect any
other provision of this Mortgage, but this Mortgage shall be
construed as if such in applicable, invalid, illegal or unenforce-
able provision had never been contained herein or therein. If an
express conflict exists or arises between a provision of this
Mortgage and any agreement delivered in connection herewith, the
provision in this Agreement shall prevail.
Section 3.05. No transfer, assignment or hypothecation
of all or any part of the security for this Mortgage shall be' made
by Mortgagor or a pledgor without first having obtained the prior
written consent of Mortgagee. Mortgagor shall not, without the
consent in writing of Mortgagee, encumber by mortgage or otherwise
any portion of-the properties encumbered hereby. Violation of the
provisions of this paragraph shall be deemed an Event of Default
and all rights and remedies of Mortgagee provided for in this
Mortgage may be utilized by Mortgagee . With' respect to any
transfer or conveyance too which Mortgagee shall consent hereunder,
the transferee shall agree to assume the payment of the obligation
evidenced by the aforesaid Note and contained in this Mortgage in
accordance with their respective terms.
Section 3.06. This instrument also creates a security
interest in favor of Mortgagee herein under the Florida Uniform
Commercial Code, and Mortgagee shall also have all rights and
remedies of a secured party under the Florida Uniform Commercial
Code, and without limitation upon or in derogation of the rights
and remedies created under and accorded Mortgagee by this Mortgage
or under any other laws, it being understood that the rights and
remedies of Mortgagee under the Florida Uniform Commercial Code
shall be cumulative and in' addition tro all other rights and
remedies of Mortgagee arising under any other laws.
Section 3.07. Nothing contained in this Mortgage, nor.
any transaction related thereto, shall be construed or so operate
as to require Mortgagor, or any person liable for payments
required to be made under this Mortgage, to pay interest at a
greater rate than is now lawful in such case to contract for, or
for the payment of the indebtedness secured by this Mortgage to
to make any payment, or to do any act contrary to law. In any .
event, such rate of interest shall never exceed the maximum legal
ao~X 314 PacE 2015 {
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