HomeMy WebLinkAbout0058 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 tiny of the terms, provisions or conditions of this Mortgage, then and in that case the Mortgagee
shall have the right, without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises
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 all commissions of any renal 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 or 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
1liortgagoi s contractor, architect, a gineers, or subcontractors to comply with the terms of the Construction Loan Agreement
dated _ _ _ _ . _ _ . _ _ _ _ _ /V_ _ _ _ _ _ which is by reference incorporated herein, shall, at the option of
the Mortgagee, constitute a defau t hereunder.
18. In theevrnt that theMortgagor makes payment bycheck or checks that the Mortgagor has failed to properly endorse, the
Aortgagor 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 of 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 of 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 (10) years from the date hereof and before full pay-
men~ ofthis Mortgage and Note(s) secured hereby, make further advances to the I?iortgagor and any such Eurther advances, with ,
interest, shall be secured by this Mortgage and shall be 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 time to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum principal sum of = y~A ,together with
interest thereon and any and all disbursements made by the Mortgagee for the payment of taxes, levies, or insurance on the pro- t
petty covered by the lien of this Mortgage with interest on such disbursements at the Fate specified in the Note referred to in this
Mortgage, and for reasonable attorney's fees and court costs incurred in the collection of any or all of such sums of money.
THIS IS A BALLOON MORTGAGE AND THE FINAL PAYMENT OR THE BALANCE DUE UPON
MATURITY IS $30,264.00, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL
ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE.
IN WITNESS WHEREOF, the said Dortgagor has executed this mortgage under seal on the day and year herein
first above written.
Signed, sealed and delivered in the presence of:
_
P SANANTE
LE P SANANTE
STATE OF FLORIDA .
MARTIN
COUNTY OF
r
Before me personally appeared JOSEPH P . PASSANANTE and CAMILLE PASSANANTE,
his wife,
to mr well known and known to me to br the indieiduaLS described in and w•ho executed the foregoinfi instrumrnt,
and acknowledged before me that ~hr_._y executed the same (o the purposes therein expressed.
WITNESS my hand and official seal this ~ da • ,~Qa~
t9s0 NAR 24 IIR ~ 25 f~ ~ '..~4
RMQ RECOt~~ tart' Public in and for ~
FILfO Y~ ~A. r County and State Aforesaid. ~
ST.LUCIE CG~N,~ -
a.~~
cwt RAs Alt' commission expires: ~
STATE OF -
RECggg YERIr~ED_-- ~ ' '
COUNTY OF - r
Before me personally appeared
and_ • to me will known and
Y
known to me to be the President and Secretart•
respectiveh• of ,the corporation
named in the foregoing instrument, and known to mr to be the persons who as such officers of said corporttion, rxicuted
the same; and then and there the said and the s:lid
did acknowledge before me that said
instrumrnt is the free act and deed of said corporation by them rrspectiveh• executed as such officers fur the purpose
therein expressed: that the seat thereunto attached is the Lorporate sea! bt• them in like capacity affixed; all under authority
in them duly vested by the Board of Directors of said corporation.
V('IT\'ESS my hand and officiai scat this day of Z9__
\otart~ Public in and for
the County and St:ue Aforesaid. i
D1y commission expires:
7•his instr~~mrnt prepared by:
First rational Bank do Trust Co. of Stu.rrt
P.O. Drtwer 2116 BOI~~ PuGE
~t,i.crt. I~l,~r~l.i t z_~v_.
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