HomeMy WebLinkAbout0968 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 any of the terms, provisions or conditions of this Mortgage, then and in that case the Mortgagee
shall have the tight, without notice to the Mortgagor, to collect and receive front any tenant or lesser of said mortgaged premises
tl.: tents, 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 rental agent collecting the same, and any reasonable attorney's
krs and other necessary expenses incurred in collecting same, to apply the proceeds of such collections upon any indebtedness,
obligation ar 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 Alortgagee 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
Mortgagor s contractor, architect, engineers, orsub-contractors to comply with the terms of the Construction loan Agreement
dated which is by reference incorporated herein, shall, at the option of
the Alortgagee, constitute a drlault hereunder.
18. In the event that the Mortgagor makes payment bycheck or checks that the Mortgagor has failed to properly endorse, ehe
Mortgagor does hereby appoint the Alortgagee as its attorney-in-fact to supply un behalf of the Mortgagor any and all indorse-
ments necessary to negotiate said check or checks and the Mortgagor agrees to hold the Mortgagee harmless from any liabtlity
whatsoever for supplying said endorsement. In the event the Alortgagee shall cash a check for the Mortgagor and same shall be
returned for insufficient funds or any other reason so that the Mortgagee is unable to collect its money, then the Aortgagor
hereby authorizes the Alortgagee to add said sum to the principal balance of this Mortgage and said sum shall be secured by said
Promissix}• N to and Mortgage as though it w•as an additional advance under the terms and conditions of this Mortgage.
19. 1 MUTUALLY CONVENANTED AND AGREED by and between the parties hereto that upon request of the
Aiortgagc the Mortgagee may hereafter, at it option, at anytime within ten (1 O) years from the date hereof and before full pay-
ment o is Mortgage and Note(s) secured hereby. make further advances to the Mortgagor and any such further advances, with
inter t, shall be secured by this Alortgagr and shall be evidenced by an additional Note then unpaid, and the total amount of
indebtedness that may hr secured by this Aiortgagr may decrease or increase from time to time, but the total unpaid balance so
secured at an}• one time shall not exceed the maximum principal sum of = ,together with
interest thereon and any and all disbursements made,by.the Alortgagee for the pa}•mrnt of taxes, levies, or insurance on the pro-
pem• covered by the lien of this Mortgage with intrust on such disbursements at the rate specified in the Note referred to in this
Mortgage, and for rrasoruble attorney's fees and court costs incurred in the collection of any or all of such sums of money.
IN WITNESS WHEREOF, the said Mortgagor has executed this mortgage under seal on the day and year herein
first above written.
Signed, scaled and delis red in the presence of: ~
•IC L~yN.~/J
_ ~ J s N. Thorne
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S0~b06 ~w
L'rin~a S. orne ' r; ~ `o'er.
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STATE OF Florida ~ - ~ ~ 0;
COUNTY OF Martin _ ss. ~ _ : .
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~I Before me personally appeared Jatt?es N. Thorne and Linda S. Thorne
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to me well known and known to me to he the ,ndividua~ drscnhrd ,n and who rxrcuted the foregoing instrument,
and acknowledged before me that ~hr~L rxrcuted the same for the purposes therein expressed.
~ WITNESS my hand and official seal this 7Ch day of November 80~
~ _ , ,
Notary Public in an for
;j ~ ; ; the County and Stale Aforesaid.
t
_ ~ _ _ My commission expires:
STATE OF _
COUNTY OF ~ • ~t~
Brforr me personally apprarrd - -
and , to me well known and
known to mr to be the President and Secutan•
_ respectively of - the corporation
named in the foregoing instrument, and known to mi to he the persons who as such officers of said corporation, rxcc~ted
the same, and then and there the said and the said
a
did acknow•Irdgr before mr that said
instrument is the free act and deed of said corporation by them respictivrly executed as such officers for the purpnsr
thrrrin expressed: that the seal thereunto atiachrd is the corporate seal by them in like capacity affixed: all under authority
in them duly vested h}• the Board of Directors of said corporation.
WITNESS my hand and official teal this day of . 19_
Notary Public in and for
the County and State Aforesaid.
My commission expires:
~ This instrument prepared by:
s Fust \ational Bank 8c Trust Co. of Stuart
• g~ 343 P~~ 967
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