HomeMy WebLinkAbout1076
Mortgage may be utilized by Mortgagee. With respect to any trans-
fer or conveyance to which Mortgagee shall consent hereunder, the
transferee shall agree to assume the payment of the obligation
evidenced by the aforesaid Note and contained-in this Mortgage in
accordance with their respective terms.
Section 3.06. `Iiiis instrument also creates a security
interest in favor of Mortgagee herein under the Florida Uniform
Comrnercial Code, and Mortgagee shall also have all rights and rem-
edies of a secured party under the Florida Uniform Commercial
Code, and without limitation upon or in derogation of the rights
and remedies created under and accorded Mortgagee-by this Mortgage
or under any other laws, it being understood that the rights and
remedies of ~fortgagee under the Florida Uniform Co~nmercial Code
shall be cumulative and in addition to all other rights and reme-
ciies of Mortgagee arising under any other laws.
_ Sectio n 3.07. tdothing contained in this Nbrtgage, nor
any transaction related thereto, shall be construed or so operate
as to require Mortgagor, or any person liable for payments re-
yuired to be mad~e under this Mortgage, to pay interest at a great-
er rate ttian is now lawful in such case to contract for, or for
the payment of the indebtedness secured by this t~lortgage to make
any payment, or to do any act contrary to law. In any event, such
rate of interest shall never exceed the maximum legal rate of
interest which is legally permitted under applicable law; and if
such rate of interest should exceed said maximum legal rate, then
said rate of interest shall be automatically reduced to said maxi-
mum legal rate and Mortgagee shall credit t9ortgagor's account with
any such excess charged or paid.
5ection 3.08. The provisions of the Note secured hereby
and this Mortgage shall be construed according to the laws of the
State of•Georgia, provided, however, that with respect to the rem-
edies of the ~k~rtgagee qranted herein the laws of the State of
F'lorida shall apply where applicable to enForce Nlortgagee's secu-
rity.
Section 3.09, Any notice required or permitted~to be
given by this Nbrtgage shall be given or r~ade in writing and shall
be served personally or, other than durinc~ a period of general
~interzuption of postal servi~e due to strike, lockout vr other
cause, mailed in Canada or the United States by prepaid, regis-
tered or certified mail:
(i) in the case of the [f.or~gagee, addressed to:
The Toronto-Uor.-inion Banic
1600 Peachtree Center South
225 Peachtree Street N.E.
Atlanta, Georgia 30303
Attention: Mr. E. R. Waylen
with a copy to:
R.ichard D. Fiolt, E:sq .
Gunster, Yoakley, Criser &
Stewart, P. A.
272-A South County Road
Palm 13each, Florida 33480
-~~- '~~~J~fi ~~SEiO7~