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21. `lortgagor a~rces to pay concurrently wlcli each installment o[
princlpal and intcrest on th~ ~ote an amount deter~nined by 'Aortqag~e in its sol~
discretion. to be held by '•lortgagee wlti~out 1nt~rest as an Escrow accour.t sui[1-
cient to pay at lr.ast thirty t30) days t~fore due ~ll t•~xes, .~ssessments, and
property insurance oremiums ~nd s:r~il~~r ch~rges a:fectinq the oropPrty. Such
deposit shall upon dafault by '-tortgager become the ~~bs~lut•~ property of ' 4ortga~c~e
~.9ortgagee may from time to tir+n~ w~ive this require-nent and ther~s~Etc~r reinstate
the s~ms b~~ notlce to'•~1or:gagcr. •
2~ . '~ortgagor agrees th~t no buildtnqs or ott~er structur~s ~vill be
constructed on th~ mortq~ged property or oh any l~~nd~ conti~tiaus thereto which
ara own~d or controll`d by `9ort~agor ~~r any relat:~~j business ~ntity, unlPSS the
pl~ns and specific.3tion~ f~r su~h construction have bee~ approvcd by ~•~tortgiqee.
~Aortgagor h~reby gr~nts to ~ 4oi :oagee the firs~ ~(~portunity to provide ~inancing
for 3ny addition~l i*~prover^.ents on the rnort~a~ed property ~~~~ich :~re :~oprov~d
by "lortct~gee . -
23. Th2 ~.9urtqagor shall duly, prorsptly and fully pEriorm each and
everS of chp terms a:~d provlsions of a cert~in c,ronsiruction loon agre^mc~nt which
has been executed ~nd delivered by the par;i~s hereto simultaneously ~vith the
executi~n and d°lfvery hereoE (the proceads c~f this m~rtgage indebtedncss being
for the purpos~ of financ!nq constr~ction on saic~ •n~rtaagcd Frooercy) , the ter~s
~f which constru~cion loan agre~m^nt .~re by r^fer~nce ~n?1e a p~~rT hereoF. '''h^
li~n o~ this ' 4ortg~ge secure~ the aaym?nt of all su^~s pay~bl~ to ~ iortqagee and
the performance oi all covenants and aqreem~nts ot "".~rt~~~gor under th~ tPrm^ ~f
said construction loan agre~ment . Any brt~ach or d~i~ult 5y ' 4ort~~gor ~: the
tarr:~s and provisions of said construc:io~ loan ~3qr~.r.•,~~nt sh~11 cons;ituc~ a br~actz
snd default of ti~`s ~ iorcgaqe upon the hanpenin~ .~f ~~~hich th~ ' 1.~rtqagee may, at
its option, foreclo~c this lortgage or t~~:e such oti~er legal ~iction ~s is atfor~ed
to it hereund~r ,~he s:sme as for any o:fier breact~ .
. 24. The terms and conditions of that certain Construction Loan
Agreement of even date herewith entered into between Mortgagor and
Mortgagee are hereby incorporated herein by reference and made a part
hereof. Any default under sa id Construction Loan Agreement shall be a
default hereunder entitling Mortgagee to declare the indebtedness secured
hereby imrnediately due and payable.
IN WITNESS WHEREOF, said Mortgagor has hereunto set its hand
and seal this the day and year first above written.
Signed, sealed and delivered SUNBLEST DEVELOPMENT, INC. , a
in the presence of: Florida corporation ,.~~.-_,~~:'`t~~+~,;rr
-T S _ S v~'~~ ' ":
BY ~.~ ~ ~ .~`-'-
i " s =
homas E. Smith, Pres idemt '~. ~~'' =
_ . ~ ` -
. ' A•~ '=~
~ ! ~ \ P ~ ~ ~.
ST OF FLORIDA ) =, t~.,- _; 0. :'' ^
~.
SS: ~- z..- _; -. . r -~
COUNTY OF PALM BEACH ) -;. ~~,":,..a:.•.'^~~1;~`
_ . ;;~, ~ ~ ~ ~ ., ,
. ',r.,. . .
't.'%i 1l++ ,
~ I HEREBY CERTIFY that on this day before me, an officer duly qualified
to take acknowledgments, personally appeared THOMAS E. SMITH, welllaiown
to me to be the President of SUNBLEST DEVE.LOPMENT, INC. , a Florida
corporation, who executed the foregoing instrument on behalf of said corporation.
WITNESS my hand and offici~l seal in the County and State last afore-
said this 13th day of January, 1981. ~'~,
~ ~`? (~ f ~~~~.
. ~ Notary Pub.~ c, State of Florida at Large
My Comm,ission expires: ~-/-3 ~-~'/
,
bO~JKJ`t~ P~GE~160