HomeMy WebLinkAbout2555 16. When any amount of money to be paid by the blartgagor to the I1lortgagee under the terms hereof shall be in default, or
should the Alorcgagor default in any of the terrtu, provisions or conditions of this AlortgaRe, then and in that case the Mortgagee
shall have the right, without notice to the AlortgaKor, to collect and receive from any tenant or lessee of uid mortgaged premises
the tents, issues and profits of the real estate hereby mortgaged and the improvements thereon, and co give proper receipts and
acquut.mces therefor, and deer paying all commtsstons of any rental agent collecting the umr. and any ~rasonaor .r*.nr^c~•'~
fees and other necesury expenses incurred in collecting ume, co 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 arty other right or rights granted the \lortgagee in this Mortgage.
17. That in the event that this \lortgage is given to secure a construction loan, failure on the part of the Alorcgagor or the
Mortgagor's contractor, architect, engineers. or sub-contractors to comply with the terms of the Construction Loan Agreement
dated _I!48Y'C~'1 19~-__-____ _ which is by reference incorporated herein, shall, at the option of
the 111ortgager, constitute a default hereunder.
18. In the event that the 1lortgagar makes•payment by check or checks that the Mortgagor has failed to properly endorse, the
tlloregagor does hereby appoint the Mortgagee as its attorney-in-fact co supply on behalf of the Aortgagor any and all end~rse-
ments necessary to negotiate uid check or checks and the Mortgagor agrees to hold the Aortgagee lurmless from any liability
whatsoever for supplying uid endorsement. In the event the Mortgagee shall cash a check for the Mortgagor and same shall be
returned for iruufficirnt funds or any other reason so that the Mortgagee is unable to collect its money, then the Mortgagor
hereb}• auchori:es the Mortgagee to add uid sum to the principal balance of this Alortgage and uid sum shall be secured by uid
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
Mortgagor, the Mortgagee may hereafter, at it option, at anytime within ten (10) years from the dace hereof and before full pay-
ment of this Mortgage and Note(s) secured hereby, make further advances to the Iltortgagor and any such further advances, with
interest, shall be secured by this Mortgage and shall be evidenced by an additional Note then unpaid, and the coca) amount of
indebtedness that maybe secured by this Mortgage ma}• decrease or increase from time to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum principal sum off _N~A_ _ _ _ _ - - _ _ ,together with
interest thereon and any and all disbursements made b}• the 6ortgagee for the pa}•ment of taxes, levies, or insurance on the pro-
pertycovered by the lien of this 1ortgage with interest on such disbursements at the rate specified in the i\iote referred to in this
~iortRage, and for reasonable attorney's fees and court costs incurred in the collection of any or all of such sums of mone}•.
1\' WITNESS R'HEREOF, the said A1ortRagor has executed tMs inortRaRe under seal on the day and }•rar herein
first above written.
Signed, sealed and delivered in the presence of:
i
X,.,..a..~R' I?
4~~~,,7 ( ~trles (?tto
Z~ ~ l~' 3 ~ udith A. Utto
F1lEpp 1~?!iG PECOi~0
UC1E COl1NTY ~A•
S It06ER POITRA T~
FLURIDA ~gtcUtt
STATE OF JERK
r MSY'b~ll ~ i1ft8M VfRIFt[U.--=d-
COU\T~' OF
Before me personally appeared JAMES Cfirb arld Jt1DIrD-I A• f~PO, husba27d 8rid V+1•Ife
to me well known and known co me to br the indnidua~drscribed in and- who exrcutrd the forrRoin}; instrument,
j and ac,}r,~p~ledged•before me that t hem executed the same for the purposes therein expressed.
' ~•'ih>'ITa~SS my hand and official seal this / ~ / da}• of MaT'Ch .
;~iotar~
sew ~~~~J ~I,~ ~ - C~
~ _
- t° ' - ~.T - \utar}• Public to and.fur-~ - -
-
` , the County and StatT~
f~~~~C ~ RpgipA AT t~
I ^7~ ~ My commission rxpire>YY `'Y`c'~~ ~ tv83 r
ss. ~
CO ' OF• 1
Before m rsonall}' appeared
and ~ , to mr well known and
known to mr to br the President and Srcrrtar}•
respectively of ,the corporation -
named in the foregoing instrument. and 1>~n to me to be the persons who as such officers of said corporation, rxrcuted
!
the same; and then and there the said and the said
- did acknow•Irdl;e before mr th.tt said
Y
i mstrumrnt is the 'free act and deed of said curporauon by_ t rrspectierl}• exrcutrd as such officers ti?r the ~+urposr
therein expressed: that the seal thereunto attarhrd is the corporate . •al by them m like capacity affixed: all under authoritc
in tlirm duh• vested b}• the Board of Directors of said corporation.
k
VI'IT~ESS m}• hand and ofhc~al seal this day of 19
a
\otan• Public to and for
the County and Starr Atirrrsaid.
My commisvon rxpires:
This i trumrnt prepared hy_
First \'atte~al Bank d: Trust Co. of Stuart -
P-U. Dr.iw•rr '31G ~ ~ P~CE 4
• E1,~32 1255
~ Stu.+rt. l~I,iri:la ;;a9-t~,
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