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HomeMy WebLinkAbout1956 16. When any amount of money to be paid by the Mortgagor to the Alortgagrr under the terms hrret,f shall br in drf~ult, or should the Mortgagor default in any of the terms, provisions or conditions of this Mortgage, then and in that case the blortgagrr shall have the right, without notice to the Mortgagor, to cnllect and receive from any tenant or lessee of said mortgaged prrnusrs the rents, issues and profits of the real estate hereby mortgaged and the improvements thereon, and to give proper receipts and acquittances therefor, and after paying al! camntissions of any rental agent collecting the same, and any reasonable attarnry's fens 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 br in addition to, and shall not limit or restrict any other tight or rights granted the Aortgagee in this Mortgage. 17. That in the event that this Mortgage is given to secure a construction loan, failure on the part of the 6ortgagor or the Mortgagor s contractor, architect, engineers, or subcontractors to comply with the terms of the Construction loan Agurmrnt dated N ~ ~ which is by reference into:porated herein, shalt, at the option of the Mortgagee, constitute a default hereunder. 18. In the event that the Aortgagor makes payment bycheck or checks that the bortgagor has failed to proprrlyrndorse, the Mortgagor does hereby appoint the Jortgagee as its attorney-in-fact to supply on behalf of the Mortgagor any and all indorse- ments necessary to negotiate said check or checks and the Mortgagor agrees to hold the Mortgagee harmless From an}• liabilit}• whatsoever for supplying said endorsement. In the event the hortgagee shall cash a check for the Aortgagor and same shall he returned for insufficient funds or any other reason so that the Mortgagee is unable to collect its money, then the Mortgagor hereby authorizes the Alortgagee to add said sum to the principal balance of this Mortgage and said sum shall br secured b}• said Promissory Note and Mortgage as though it was an additional advance under the terms and conditions of this Mortgage. 19. IT IS MUTUALLY CONVENANTED AND AGREED by and between the parties hereto that upon request of the Aortgagor, the \lortgagee may hereafter, at it option, at an}•time within ten (lo) years from the date hereof and before full pay- ment ofthis Mortgage and Note(s) secured hereby, make further advances to the Mortgagor and an}• such further advances, with interest, shall be secured b}• this Mortgage and shall be evidenced by an additional Nate then unpaid, and the total amount of indebtedness that may be secured by this Mortgage may decrease or increase from time to ti(mer,~but the total unpaid balance so secured at any one time shall not exceed the maximum principal sum of = N I rT ,together with intrust thereon and an}• and all disbursements made b}• the Mortgagee for the pa}~mrnt of taxes, levies, or insurance on the peer pert}• courted by the lien ofthis blortgage with interest an such disbursements at the rate specified in the Notr referred to in this Mortgage, and for reasonable attorne}•'s fees and court costs incurred in the collection of any or all of such sums of munev. THIS IS A BALLOON. MORTGAGE AND THE FINAL PAYMENT OR THE BALANCE DUE UPON MATURITY IS $21,728.00, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE. iN WITNESS VI'HEREOI=, the said 1ltortgagor has executed this mortgage under seal on the da}• and ,near herein first abo written. Signed, and delivered in hr pees ce of: i % ~ / i / . L i . P, ASSANANT LLE PA SANANTE STATE OF FLORIDA COUNTY OF MARTIN ss' Before me personali}• appeared JOSEPH P . PASSANANTE grid CAMILLE PASSANANTE, his wife, to mr well known and known to mr to hr the indiciduaL$drscrihrd in and who rxriuted the t~~rr~oint; instrument. and a:knowledgrd brG,rr mr that ~hyt executed the same k, the purpcsrs therein exprrssrd- - - ~ •~ITNESS my hand and official seal this dac of \otar}• Public in and for - t ~ ` the Counte and Starr Afc~a~,r _ - - - - ,1f commission c•xpir~i ~ ~K AAIF ~ 11AR1QI1 AT tA~i $TATF' OF ttttf cT~UY{f55K]M fJ~IRB AR. to 1os~ COUNTY OF ss. K~"' • ~+ae• (7'vten: tNS ~r,~ct ~~ir~rK Befuri mr prrsonalk appeared and , to me well known and known to me to he the ~Vrrsident and Secretan• rrspecttceh• of .the corporation _ named in the fureFoinF instrurnrnt, and known to me to he thc• pirums who as such olfiirrs of said iorporatiun. executed the same; and then and. cheer the said _ and the• said dtd acknowlyd};r brfum mr that said instrument is the free act and decd of said curporahun by them respectis•rl}• rxiiuted as such officers for the purpose therein expressed; that the seal thereunto attached is the corporate seal be them in like capacit~• affixed; alt under authorits• in them duls• ~•estid h}• the Board of Directors of said corporation. V('IT\ESS my hand and official seal thu ~j dar of . 19._ 4'79849 ' ~ ~ iV 38 ~'uWrs• Public in .end for ALEO A!~ Rf 0 the Cuuntc .end Starr Aforesaid. S'~~~R ~j$~ ~ ~h• commission rxhirc•s: •I•h~s :nstr~:m~•nt prcparrcl M~: ~~R`'~~`y~1( «~t CQ{tilt Fiat \atiunal Bank Trutt Co. of StuaT"-'- ~lEltlf IfD - P.O. Dr•twcr 2~1G , : ~ 'x32? p~i955 s.