HomeMy WebLinkAbout0794 MORTGAGOR WARRANTS that Mortgagor has good title to the
Premises, that Mortgagor is lawfully seized and possessed of the
Premises, that Mortgagor has the right to convey the Premi4e4,
that the Premises are unencumbered except as may be herein
expressly provided and that Mortgagor shall forever warrant and
defend the title to the Premises unto Mortgagee against the claims
of all persons whomsoever.
THIS INSTRUMENT IS A MORTGAGE pursuant to the laws of the
State of Florida governing mortgages and a security agreement
granting a security interest pursuant to the Uniform Commercial
Code of the State of Florida. This mortgage and security
agreement is made and intended to secure: (i) an obligation of
Mortgagor to Mortgagee evidenced as follows: a Promissory Note
(the "Note") of even date herewith in'the principal amount of FIVE
HUNDRED SIXTY-SEVEN THOUSAND and NO/100 DOLLARS ($567,000.00),
payable with interest on the terms and conditions therein set
forth in installments, the last of which, if not sooner paid,
shall be due and payable on December 28, 1982, a substantial copy
of which Note is attached hereto as Exhibit B and incorporated
herein by reference; (ii) any and all renewal or renewals, exten-
sion or extensions, modification or modifications thereof, and
substitution or substitutions therefor, either in whole or in
part; and (iii) all indebtedness now or hereafter owing by
Mortgagor to Mortgagee, however or whenever created, incurred,
arising or evidenced, whether direct or indirect, joint or
several, absolute or contingent, or due or to become due, and any
and all renewal or renewals, extension or extensions, modification
or modifications of and substitution or substitutions for, said
indebtedness, either in whole or• in part. The obligations which
this mortgage and security agreement is given to secure are
hereinafter sometimes referred to collectively as the
"Indebtedness." This mortgage and security agreement is
hereinafter sometimes referred to as this "Mortgage."
PROVIDED ALWAYS, that if Mortgagor shall pay unto
Mortgagee the Indebtedness, as hereinabove defined, and shall per-
form, comply with and abide by each and every one of the stipula-
I' tions, agreements, conditions and covenants of the Note and of
~ this Mortgage, then this Mortgage and the estate hereby created
i
shall be null and void.
MORTGAGOR ('OVENAN'I'S AND AGREES: (1) Junior Encumbrances:
Mortgagor shall not create or permit to exist any liens or
encumbrances on the Premises which are junior and inferior in
terms of priority to this Mortgage. (2) Payments by Mortgagor:
~ Mortgagor shall pay, when due anc? payable: (i) the Indebtedness
~ in accordance with the terms and conditions of the instruments
evidencing the same; (ii) all taxes, all assessments, general or
special, anc3 all other charges levied on or assessed or placed or
made against the Premises, this Mortgage,.the Indebtedness or any
~ interest of Mortgagee in the Premises, this Mortgage or the .
Indebtedness; (iii) premiums on policies of fire and casualty
insurance covering the Premises, as required by this Mortgage;
(iv) premiums on all life insurance policies now or hereafter
pledged as collateral for the Indebtedness or any part thereof;
(v) premiums for all liability, rental, mortgage and flood
insurance policies required by this Mortgage or now or hereafter
required by Mortgagee in connection with the Premises or the
Indebtedness or any part of either; and (vi) all ground rents,
_ lease rentals and other payments respecting the Premises payable
by Mortgagor. Mortgagor shall promptly deliver to Mortgagee, upon
4 request by Mortgagee, receipts showing payment in full of all the
foregoing items; provided, however, that Mortgagee shall not
require a receipt showing payment in full of the Indebtedness. In
- the event any state, federal, municipal or other governmental law,
order, rule or regulation becomes effective subsequent to the date
hereof and in any manner changes or modifies the laws in force on
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