HomeMy WebLinkAbout2378 BALLOON MORTGAGE
20. That Mortgagor will not permit eny other liens to be filed against the said prem+ses end +1 any such Dens are fled, whether oaramount or sabot
d,nate to this mortgage. Mortgagor wdt have or cause to be had said liens discharged immediately
21. Mortgagee shall have the right to charge Mortgagor's account w+th Mortgagee (or the +nterest aril principal payable as provided +n the p?om+ssory
note as such becomes due in accordance therewith.
22. If the Mortgagee requests. Mortgagor hereby covenants and agrees chat Mortgagor will furnish tha Mortgagee annually from the date of this
mortgage instrument. unless some other date is agreed to between the parties in writing, s certified audited financial statement of the Mortgagor and annual
complete operating statements of Mortgagor. If the Mortgagor's fiscal or calendar year shall not coincide with the date herein specified, then the date which
the Mortgagee shall specify shall be controlling. Mortgagor shall wpply Mortgagee with such other financial statements as Mortgagee may from time to time
request.
23. It is agreed that nothing herein contained not any transaction related thereto shall be construed or so operate as to require the Mortgagor to pay
~r.terest at a rate greater than it is now lawful in such case to contract tor, or to make any payment Or to do any act contrary to law: that if any clauses or
provisions herein contamed operate or would prospectively operate to invalidate this Mortgage Or said Note 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 operative and in full force and effect.
24. If all or any part of the mortgaged property shall bs damaged or taken through condemnation (which term when used in this mortgage shall in-
clude any damage or taking by any governmental authority, and any transfer by private sale in lieu thereofl. either temporarily or permanently, the entire in-
debtedness secured hereby shall at the option of the Mortgagee. become immediately due and payable. The Mortgagee shall be entitled to all compensation
awards. and other payments or relief therefor and is hereby authorized. at its option, to commence, appear in and prosecute. in its own or the mortgagor's
name. any action or proceeding relating to any condemnation, and to settle or compromise any claim in connection therewith. All such compensation.
awards. damages. claims. rights of action and proceeds and the right thereto are hereby assigned by the Mortgagor to the Mortgagee. who. shat deducting
therefrom all its expenses. including attorney's tees. may rebsse eny moneys so received by it without affecting the lien of this mortgage or may apply the
same in wch manner as the Mortgagee shall determine, to the reduction of the sums secured hereby. and to any prepayment charge herein provided. and any
balance of such moneys then remaining shall be paid to the Mortgagor. The Mortgagor egress to execute such further ass+gnments of any compensations.
awards. damages. claims. rights of action and proceeds as the Mortgagee may require.
25. This mortgage shall be construed as a security agreement under the Florida Un;form Commercial Code.
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BALLOON MORTGAGE