HomeMy WebLinkAbout0153 25. It is agreed that nothing herein contained not any trans-
action related thereto shall be construed or so operate as to require
the mortgagor to pay interest at a rate greater than it is now lawful
in such case to contract for, or to make any payment or to do any act
contrary to law; that if any clauses or provisions herein contained
operate or would prospectively operate to invalidate this mortgage or
said notes in whole or in part, then, such clauses and provisions
only shall be held for naught, as though not herein contained, and the
remainder of this mortgage shall remain operateive and in full force
and effect.
26. It is agreed that any sum or sums which may be loaned or
advanced by the mortgagee to the mortgagor at any time within twenty
(20) years from the date of this indenture, together with interest
thereon at the rate agreed upon at the time of such loan or advance
shall be equally secured with and have the same priority as the orig-
inal indebtedness and be subject to all the terms and provisions of
this mortgage; provided that the aggregate amount of principal out-
standing at any time shall not exceed an amount equal to One Hundred
percent (100%) of the principal amount originally secured hereby,.
plus interest thereon, and any disbursements made for the payment
of taxes, levies, or insurance on the property covered by the lien
of this mortgage, with interest on such disbursement.
27. No delay by mortgagee in exercising any right or remedy
hereunder, or otherwise afforded by law, shall operate as a waiver
thereof or preclude the exercise thereof during the continuance of
any default hereunder. No waiver by mortgagee of any default shall
constitute a waiver or consent to subsequent defaults. No failure
of mortgagee to exercise any option herein given to accelerate
maturity of the debt hereby secured, no forbearance by mortgagee
before or after the exercise of such option and no withdrawal or
abandonment of foreclosure proceedings by mortgagee shall be taken
or construed as a waiver of its right to exercise such option or to
accelerate the maturity of the debt hereby secured by reason of any
past, present, or future default on the part of the mortgagor; and,
in like manner, the procurement of insurance or the payment of taxes
or other liens or charges by mortgagee shall not be taken or con-
strued as a waiver of its right to accelerate the maturity of the
debt hereby secured.
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28. All written notices required to be given in connection
I with this mortgage shall be deemed to have been properly given if
mailed by registered or certified mail or personally delivered, if
~ to mortgagee, to OKEECHOBEE COUNTY BANK, A Flagship Bank, 205 N.
Parrott Avenue, P.O.Box 218, Okeectbbee, Florida, 33472, and if to the
~ mortgagor to EGAN, FICKETT FT. PIERCE, INC., 1900 Old Dixie Highway,
Fort Pierce, Florida 33450. Said addresses may be changed from time
to time by any of the foregoing parties by notice to the other or
others, mailed or delivered as aforesaid, of the location and mail-
ing address of the place at which notice is thereafter to be mailed
or delivered.
29. This instrument also creates a security interest in favor
~ or mortgagee under the Florida Uniform Commercial Code and shall be
construed as a security agreement under said Code, and mortgagee
shall also have all rights and remedies of a secured party under
- the Florida Uniform Commercial Code, and without limitations upon or
in derogation of the rights and remedies created under and accorded
mortgagee by this mortgage pursuant to the coon law or any other
~ laws of the State of Florida or of any other jurisdiction, it being
understood that the rights and remedies of mortgagee under the Florida
Uniform Commercial Code shall be cumulative and in addition to all
4 other rights and remedies of mortgagee arising under the common law,
or any other laws, of the State of Florida or of any other jurisdiction.
This mortgage creates a continuing lien to secure the full and
final payment of said note and the performance of all other obligations
imposed hereby and hereafter arising.
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