HomeMy WebLinkAbout0689 •
16. When any amount of money to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default. or
should the Mortgagor default in any of the terms. provisions or conditionu of this Mortgages then and in that case the Mortgagee
shall have the right, without notice to the Mortgagor. to collect and receive tram any tenant or lessee of said mortgaged premises
the rents, issues and profits of the real estate hereby mortgaged and the improvernents thereon. and to give proper receipts and
acquittances therefor, and after paying all commissions of any rentsl agent collecting the same. and any reasonable attorney's
fees and other necessary expenses incurred in collecting same, to apply the proceeds of such collections upon any indebtedness.
obligation or liability, of the Mortgagor hereunder. The right granted the Mortgagee under this paragraph shall be in addition to.
and shall not limit or restrict any other right o: rights granted the Mortgagee in this Mortgage.
17. That in the event that this Mortgage is given to secure a construction loan, failure on the part of the Mortgagor or the
Mortgagor s contractor, architect, engineers. or sub-contractors to comply with the terms of the Construction Loan Agreement
dated _ _ _ _ _ _ _ _ _ which is by reference incorporated herein, shall, at the option of
the Mortgagee, constitute a default hereunder.
18. In the event that the Mortgagor makes payment by check or checks that the Mortgagor has failed to properly endorse, the
Mortgagor does hereby appoint the Mortgagee as its attorney-in•fact to supply on behalf of the Mortgagor any and all endorse-
ments necessary to negotiate said check or checks and the Mortgagor agrees to hold the Mortgagee harmless from any liability
whatsoever for supplying said endorsement. In the event the Mortgagee shall cash a check for the Mortgagor and same shall be
returned for insufficient funds or any other reason so that the Mortgagee is unable to collect its money, then the Mortgagor
hereby authorizes the Mortgagee to add said sum to the principal balance of this Mortgage and said sum shall be secured by said
Promissory Note and Mortgage as though it was an additional advance under the terms and conditions of this Mortgage.
19. 1T IS MUTUALLY CONVENANTED AND AGREED by and between the parties hereto that "upon request of the
Mortgagor, the Mortgagee may hereafter, at it option, at anytime within ten (1 O) years. from the date hereof and before full pay-
ment ofthis Mortgage and Note(s) secured hereby, make further advances to the Mortgagor and any such further advances, with
interest, shall be secured by this Mortgage and shall bt evidenced by an additional Note then unpaid, and the total amount of
indebtedness that may be secured by this Mortgage may decrease or increase from rime to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum principal sum of i _ - - ,together with
interest thereon and any and all disbursements made by the Mortgagee for the payment of taxes, levies, or insurance on the pro-
perry covered by the lien of this Mortgage with interest on such disbursements at the rate specified in the Note referred to in this
1ltortgage, and for reasonable attorney's fees and court costs incurred in the collection of any or all of such sums of money.
IN WITNESS WHEREOF, the said 1ltortgagor has executed this mortgage under. seal on the day and year herein
first above written.
Signed, sealed and delivered in the presence of - i
~ r 1~.1 ~
l~~(ic,4.c Glt~c: CGk..~
omer M. Co son
f LED AML F~. ~ a,oEO
IUCIE_: ~ is U.
ao~~ .
CLEF? ~ ~~URt
STATE OFFLORIDA ~ Il 'O Z6 ~ ~
COUNTY OF MARTIN ~
HOMER M. COLSON 49611
Before mr personally appeared
~
to mr well known and known to me to he the individuate described in and who rxecutrd the fore
R,P1nR ` iristrumepf
f and acknowledged before me that _he_ executed the same for the purposes therein expressed. ,,ti•',~~~~T _ y'- i
i ~ i
R'ITNESS my hand and official seal this day o ?r~-i ~ s '".~q~>, ~ i
i f=~ ~ _
Notary Public in and • r,'' ~ ~ ~ ~ ~ ~
the County and State oresaid:~ ~
, ~r
STATE OF ~ ~
l AI~iABT ts~K eSTAIErOi ~~t~>~A~
~ COUNTY OF ~ X01 ~ !1 IMS ~t'~ s"
i ia~ MI fiMAl ~ . MgMMlrf» ~
Before me personalk appeared
and , to me well known and '
knovr•n to me to be the President and Srcrrtar~• !
rrspecti~•ely of .the corporation i
~ named in the foregoing instrument, and known to me to be the persons who as such officers of said corporation, executed
the same; and then and there the said and the said •
1
1 did acknor;•lydge before mr that said ~
tnstrument is the free act and deed of said corporation by them trspectivrh• rxecutrd as such officers for the purpose +
therein expressed; that the seal thereunto attached is the corporate seal by them in like capacite affixed: all under authorit~•
in them duh• vested by the Board of Directors of said corporation.
t WITNESS mt• hand and official seal this day of 19_
1
,~~5
Notan• Public in and for
the Count~• and State Aforesaid.
F ~~ty commission expires:
Thi. instrument prepared by°
First \ational Bank do Trust (:o. of Stuart
I
fiat AAA -