HomeMy WebLinkAbout1717 20. Declaration of Condominium and Partial Releases. Mortgagor repre-
sents to Mortgagee that it shall submit the premises to the Florida Condominium Act
(the "Act"). Mortgagor will not, without Mortgagee's prior written consent, submit
said premises to the Aet or submit a proposed Declaration to any prospective
purchaser of a Unit or Units unless and until Mortgagee has approved in writing the
Declaration, and other documents required to be recorded in oNder to effectuate the
submission of said premises to the Act in accordance with the terms of the Act.
Provided Mortgagor is not in default under the terms of this Mortgage and the Note
which it secures, and further provided Mortgagee has previously approved the form of
the Declaration, and other documents referred to in the preceding sentence, then at
the time of recording thereof, Mortgagee will consent to the recording thereof.
Notwithstanding the foregoing: (a) Mortgagor covenants that no owner of a Unit
encumbered by the lien of this Mortgage shall vote in favor of any amendment to the
Declaration without the prior written consent of Mortgagee, and any such vote without
such consent shall create a default hereunder and shall be invalid and void; and
(b) Mortgagee reserves hereby, and after having coruented to the recording of the
Declaration shall continue to reserve (whether or not such reservation is set forth in
Mortgagee's consent), with respect to each Unit, until such times as the lien of this
Mortgage on such Unit has been released, its rights of prior written consent to the
vote in favor of an amendment to the Declaration.
In the event the premises are submitted to the Act, and provided
Mortgagee has approved the Declaration, and other documents hereinabove referred
to, and so long as this Mortgage and the Note which it secures are not then in default,
then Mortgagor may sell, without the -consent of Mortgagee, a Unit, provided that:
(a) the purchase price to be paid therefor is not less than the minimum sales price
thereof, set forth in Paragraph 23A of the Loan Agreement; and (b) upon a sale of a
Unit, Mortgagor's escrowee shall pay to Mortgagee the "Minimum Release Price" (as
that term is therein defined) for the Upit, to be applied by Mortgagee first toward
payment of the then outstanding and accrued interest under the Note and then toward
the reduction of the unpaid principal sum evidenced by the Note and secured by this
Mortgage.
Each such sale of a Unit shall be made under a approved form of sales
contract. The standard form of sales contract, and any material deviation therefrom,
shall be approved in writing by Mortgagee and shall contain, among other things, a
requirement that all earnest money deposits be kept in a segregated trust account with
an escrow agent pursuant to the Act and that the closing of the sale thereof be
through an escrow thereat in accordance with an Escrow Agreement, the form and
content of which has received prior written approval of Mortgagee. Mortgagor shall
not suffer or permit the seller under any such executed sale contract to fail to comply
with or to default in its obligations thereunder.
Provided that Mortgagor is not in default under the terms and conditions of
I this :Mortgage and the Note which it secures, and further provided that the premises
have been submitted to the Act and Mortgagor has complied with all the provisions of
this Paragraph, Mortgagee shall release each Unit of the Condominium Improvements
from the lien of this Mortgage upon the sale of said Unit and the application of the
Minimum Release Price of each Unit sold pursuant to the terms of the Loan
Agreement, first toward payment of the then outstanding and accrued interest under
~ the Note and then toward the reduction of the unpaid principal sum evidenced by the
Note and secured by this Mortgage.
~ 21. Ri hts and Remedies Are Cumulative. All rights and remedies herein
provided are cumulative and the holder o the Note secured hereby and of every other
obligation secured hereby may recover judgment hereon, issue execution therefor, and
resort to every other right or remedy available at law or in equity, without first
exhausting and without affecting or impairing the security of any right afforded by
this Mortgage.
22. Giving of Notice. Any notice which either party hereto may desire or
be required fo give to the other party shall be in writing and shall be mailed by ~
- certified mail addressed to such other party at the address, hereinbefore set forth, or
at such other address as either party hereto may, from time to time, by notice in
~ writing, designate to the other party as a place for service of notice.
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23. Time is of the Essence. It is specifically agreed that time is of the
essence of this Mortgage. The waiver of the options or obligations secured hereby
shall not at any time thereafter be held to be abandonment of such rights. Except as
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