HomeMy WebLinkAbout0294 Mortgagor covenants to pay any sum of money herein referred
promptly, within ten (10) days after such sum becomes due and further
covenants to perform fully, comply with and abide by each and every
agreement, stipulation, condition and covenant of the Note and this
mortgage. Upon the breach of any covenant, agreement, stipulation
or condition by mortgagor, the entire sum mentioned in the Note and
this mortgage shall become due and payable unless waived by the
mortgagee, anything in said Note or herein to the contrary notwithstanding
and mortgagor shall be liable to mortgagee for all costs of the
collection, including reasonable attorneys fees.
A default by mortgagor continuing for 10 days in any payment
or condition stipulated in any prior-mortgage on the Property, or
any default by mortgagor in any prior mortgage so as to cause such
prior mortgage to be accelerated and become due and payable during
the continuance of this mortgage or a default by mortgagor in
. any payment or condition stipulated in any other mortgage or security
agreement entered into between mortgagor and mortgagee to secure
mortgagor's payment obligation under the Note. or the further encumbering
in any manner of the Property shall cause the entire sums less any
unearned interest secured by this mortgage to become due and
payable unless waived by the mortgagee.
The mortgagor covenants and agrees to make all payments
and perform all conditions and covenants called for in any prior '
mortgages now incumbering the Property, and in the event of default
in any such payment or payments, conditions or stipulations, the
mortgagee, without waiving the option to foreclose, herein reserves
the right to make such payments, or perform such conditions or
stipulations, so as to maintain the prior mortgages and prevent a
foreclosure thereof. Any and all such sums paid or expenses incurred
on behalf of the mortgagor, together with interest thereof from the
date of payment at the rate of interest prescribed in the Note
shall be added to the mortgage indebtedness and be secured by this
mortgage. Mortgagor shall notify mortgagee in writing of any default
- of any prior mortgage or the Property within three (3) days of
such default.
It is expressly understood and irrevocably agreed to by
the parties that this mortgage and the Note have been fully negotiated
and executed in Illinois, by mortgagor, bona fide Illinois residents
and mortgagee, a national banking association having its principal place
of business in Illinois. Mortgagor represents and warrants that
the proceeds of the loan to which the Note corresponds were dis-
4 bursed in full in Illinois soley for a lawful business purpose of
~ mortgagor and in compliance with the lending laws of Illinois as set
forth at 74 I11. Rev.Stat. §4 and elsewhere. The parties covenant
and agree that the laws of Illinois shall govern all aspects of the
Note and the terms thereof; provided, however, that the laws of the
State of Florida shall govern any foreclosure proceedings or other
actions for relief sought or pursued by m_.ortga~;ee hereunder. The
terms and conditions of this mortgage shall, apart from the Note,
be governed by the laws of the State of Florida, but the grant of
credit from mortgagee to mortgagor as contemplated herein under the
Note shall be governed by the laws of the State of Illinois. It is
expressly understood and agreed that the collateral securing the
vote may or may not be located in states other than Illinois and may
be given or substituted as mortgagor and mortgagee shall jointly agree
from time-to-time.
All rights and remedies of mortgagee hereunder are cumulative
and the failure of mortgagee to exercise any of the rights or options
herein provided shall not constitute a waiver of any other rights
or options of mortgagee under the Note or this mortgage. If any term,
restriction or covenant of this mortgage or the application thereof
is deemed illegal or unenforceable, all other terms, restrictions
and covenants and the application thereof to all persons and cir-
cumstances subject hereto shall remain unaffected to the extent
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