HomeMy WebLinkAbout2696~
.~
, ~:
Eighth: WAIVER. Mortgagor will not at any time insist
upon, or plead, or in any manner claim or take any benefit or
advantage of any stay or extension or moratorium law, or any
exemption from execution or sale of the mortgaged propeYty or any
part thereof, now or at any time hereafter enacted, which may
affect the covenants and terms of performance of this Mortgage,
nor claim, take or insist upon any benefit or advantage of any
law now or hereafter enacted providing for the valuation or
appraisal of the mortgaged property, or any part thereof; and
Mortgagor hereby expressly waives all benefit or advantage of any
such law or laws.
Ninth: This Mortgage is made for the full protection
of Mortgagee, its successors and assigns, and no other person or
entity shall have any right of action thereon. Mortgagor agrees
that nothing contained herein shall be construed to vest in any
contractor, subcontractor, materialman or supplier, or the
successors or assigns thereto, who shall furnish improvements to
the premises, any interest in or claim upon the loan proceeds
secured by this Mortgage, and any such lien claimed by any such
contractor, subcontractor, materialman and/or supplier, whether
by law or in equity, shall be subordinate to the lien of this
Mortgage.
Tenth: SECURITY II3TEREST. As further consideration
for the indebtedness secured hereby and as additional security
for the'payment of the same and interest thereon and all other
sums payable hereunder or under the terms of the Note and/or the
Construction Loan Agreement, Mortgagor hereby creates in favor of
Mortgagee a security interest under the provisions of the Florida
-19-
~
~
`~ ~~~; ~~. ~_~ ~~. -~ _a _._ . . . .-
:,~ ~~.
~:~3~7 ~~~268~
~,~~:
4_ ~
, .~-~