HomeMy WebLinkAbout2316 RIDER TO BUILDING LOAN MORTGAGE,
DATED ~C46SSR"'`~'~"; 19 7 9 BETWEEN
OCEAN DUNES DEVELOPMENT CORPO:tATICN
AS MORTGAGOR, AND NATIONAL BANK
OF NORTH AMERICA, AS MORTGAGEE
36. Tnis mortgage is mane pursuant to a Building
Loan Agreement between the Mortgagor and the Martgagee bear-
ing even date herewith and this mortgage is subject to all
of the provisions of such Building Loan Agreement including,
without limitation, the provisions thereof entitling the
Mortgagee to declare the indebtedness secured hereby immedi-
ately to be due and payable, all of which provisions are in-
corporated herein with the same .force and effect as if they
were fully set forth herein at length and made a part hereof.
37. The Mortgagor shall, at its~own cost and expense,
furnish to the Mortgagee within sixty (60) days of ter the close
of each of its fiscal. years (i) an annual statement of the opera-
tion of the Premises showing rents received and total expenses. and
(ii) annual balance sheets and income and profit and loss state-
ments of the Mortgagor, all of the foregoing to be prepared and
certified in a Wanner satisfactory to the Mortgagee. The
Mortgagor also shall deliver such interim financial statements
as the Mortgagee may require. In addition, the Dortgagee shall
have the right to examine the Mortgagor's books and records at
reasonable times.
38. If, without the written consent of the Mortgagee
(i) the Mortgagor shall sell, transfer or convey its interest in
the Premises or any part thereof, or by operation of Iav~, such
interest shall be sold, transferred or conveyed, (ii) any shares
in the Mortgagor shall be sold, transferred, conveyed, assigned,
hypothecated, pledged or encumbered or otherwise permitted
to be subject t~ any lien, or (iii) any financing, other
than that which is secured hereby, shall be secured by a
lien on the Premises or any interest of the Mortgagor there-
in,except for that certain mortgage dated November. l5, 1978
in the original principal amount of $S25,000.00 given by Ocean
Dunes Development Corporation, as Mortgagor to James J. Pardieck
as Trustee, as Mortgagee, recorded~in the Office of the~Clerk of
the Circuit Court of St. Lucie County, State of Florida, in Official
Records Book 298, Pages 1515-1517, then at the option of the.Diort-
gagee, the Mortgage and all amounts secured thereby immediately
shall be due and payable. Consent to one such transaction shall
not be deemed to be a waiver of the right to require such consent
to future or successive transactions.
39. The Mortgagor shall pay any and all documentary
s amp taxes, and intangible personal property taxes c,-,ith respect
to the instruments executed and delivered by the Mortgagor to
evidence and secure the indebtedness secured hereby.
rererdi.nrr chases
40. The Mortgagor shall, at such time as shall be con-
sistent with an offering plan approved by the Mortgagee and any
applicable requirements of law, submit the premises to the provi-
sions of Chapter 718 of the Florid~~ Real Property Law (the
"Condominium Act"), subject, however, to the following provisions:
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~~~x 319 Pa~E 2304