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financial security in the Mortgaged Property and/or assure
payment of the Note and all sums secured hereby in full,
shall control. -
4.02 Future Advances. This Mortgage is given to secure
not only ex st ng n e tedness, but also such future ad-
vances, whether such advances are obligatory or are to be s
made at the option of the Mortgagee, or otherwise, as are
made within fifteen years from the date hereof, to the same
extent as if such future advances were made on the date of
the execution of this Mortgage. The total amount of indebt-
edness that may be so secured may decrease or increase from
time to time, but the total unpaid balance so secured at one `
time shall not exceed twice the face amount of the Note,
plus interest thereon, and any disbursements made for the `
payment of taxes, levies or insurance on the Mortgaged
Property, with interest on such disbursements at the Default
Rate.
4.03 Partial Releases. The Mortgagor shall be entitled !
to partial releases o t e lien of this Mortgage only in
accordance with the applicable terms, if any, of the Loan
Agreement. _ ~
4.04 Covenants of Guarantors. As a part of the induce-
. went to Mortgagee to make the loan evidenced by the Note,
Mortgagor has caused certain other persons, firms or corpo-
rations to enter into certain guaranty agreements with Mort-
gagee pertaining to the financing and payment for construc-
tion of improvements on t_he Land. Mortgagor covenants and
agrees that .such persons, firms or corporations shall fully }
perform, comply with and abide by such agreements. It is
further understood and agreed by Mortgagor that such repre-
sentations and- agreements by the other persons, shall ~
constitute, for the purpose of its obligations hereunder, ~
covenants on behalf of Mortgagor.
4.05 Limitation of Interest. All agreements between
the Mortgagor and-the Mortgagee are expressly limited so
that in no contingency or event whatsoever, whether by-
reason of advance of the proceeds of the Note, acceleration €
j of maturity of the unpaid principal balance hereof of the - '
j Note, or otherwise,, shall the amount paid or agreed to be
I paid to the Mortgagee for-the use, forbearance or detention
of the money to be advanced hereunder (including all inter-
est on the Note and the aggregate of any other amounts
taken, reserved or charged pursuant to the Note, the Loan
Agreement, or any other document evidencing or securing the
loan, which under applicable- laws are or may be deemed to
constitute interest on the debt evidenced hereby) exceed the j
effective rate of 24.85$ per annum, computed on a 365 or 366
day year, as applicable. If, from any circumstances wtiatso-
ever, fulfillment of any obligation hereof, or of the Note,
Loan Agreement or any other agreement which secures the sums
secured hereby shall cause the effective rate of interest on
the sums secured hereby to exceed the maximum rate of
interest allowed by Florida law, then the obligation to be
fulfilled shall be reduced automatically to the extent
necessary to prevent such effective rate of interest from
exceeding the maximum rate allowable under Florida-law,._and,
if from any circumstance the Mortgagee shall receive any `
sum which would constitute excessive interest, such sum
~ shall be applied to the reduction of the unpaid principal
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BOOR P«GE ~ '
P MA?IONEr FIAOLOW a ADAM 5, 1401 14MERIFIRST BUILDING, MIAM1, FLORIDA 33131 • TEL.(305) 358-5550
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