HomeMy WebLinkAbout2149
th~~ `iortgagee) as will enablc tlte `ior[~;agee to pzy as they bec•one
duc annull taxes, assessments, insurancc: premiums (hazard or life~)
and any and .ill other cliarges on thc real estate security, fr~^~
thc funds so received. Nothing hcrein sh~ll be cons[rued as
relieving the ~1ort~agor Erom his responsibility for the payment of
said charges iE thc funds collected, pursuant to this Para~r~ph,
shal~ hc insufficicnt Cor that purpos~, and the Zlortg~~ors t~~reby
promise to pay the difference upon demand. The Mortgagee reservrs
to itsclf the absolute right to invoke t}iis clause at any time
during tlie life of this mortgage. These paynents may, at the
option of said Mortgagee (1) be held by it and commingled with
other such funds or its own funds for the pay.ments of such items;
(2) be carried in a share acco~int and withdrawn by it for money
to pay sucli items; or (3) be cre~ited to the unpaid balance of
said inde~tedness as received, provided that said Mortgagee advances
upon ttiis obligation sums sufficient to pay said items as the same
accrue and become payable. If such sums are held or carried in a
share account, the same are hereby pledged to further secure this
~indebtedness. Said Mortgagee is authorized to pay said items as
,charged or billed without further inquiry.
18. ALL PERSONS TO WN0,1 NOTICE OF THIS MORTGAGE MAY COME ARE
FURTHER CAlITIONED THAT THIS rIt~RTGAGE IS SUPPLEMEVTED BY A
•CONSTRUCTION LOAN AGREEMENT AND OTHER DOCU:iENTS ALL OF NTHICH ARE .
~HEREIVAFTER REFERRED TO AS "LOAN DOCUMENTS" EXECUTED BY THE MORTGAGOR
-'A~D ,IORTGAGEE HEREIN, THE '!'CRMS WNEREOF ARE INCORPORATED HEREI~I BY
~REFERE~ICE. ANY DEFAULT BY MORTGAGOR UNDER THE TERMS AyD CONDITIONS
~'Or THE Se1ID "LOAN DOCUMEhTS" SHALL CONSTITUTE AND BE A DEFAULT OF
;~THIS *IORTGAGE AiJD OF EACH "LOAN DOCUMENT". SAID COPiSTRllCTION LOAV
-'AGREEMENT IS ON rILE AT THE OFFICE OF THE MORTGAGEE A:~D MAY BE •
- E:tr1~1Z~IED BY ALL INTERESTED PARTIES . ~ '
19. That the Mortgagor will on the request of the Mortgagee
furnisli a written aoreement of the amount owing on the obligation
which this mortgage secures and therein state whether or not
r!ortgagor claims any defenses or offsets thereto.
20. That Mortgagor will not permit any other liens to be
filed against the said premises and if any such liens are filed,
whether paramount or subordinate to this mortgage, Mor[oagor will
have said liens discharged immediately, except as otherWise
•provided herein. ~
21. -tortgagee shal~l have the righ[ to charge ;fortgagor's
account wit}~ ~Iortgagee for the interest and principal payable as
provided in the promissory note(s) as such becomes due in
accordance therewith.
22. If the Mortgagee requests, ~tortgagor hereby covenants
anc: agrees that Mortgagor will furnish the Mortgaoee annually
~from the date of this mortgage instrument, unless some other date
is agreed to between the parties in writing, a------------------
finaiicial statement of the Mortgagor and annual complete operatino
,statements of Mortbagor. If the Mortgagor's fiscal or calendar
year si~all not coincide with the date herein specified, then the
,date wiiicii the ~iortgagee shall specify shall be controlling
:lortgagor sl~all supply Mortgagee with such other financial
statements as :~ortgagee may from time to time request.
23. Nothing herein contained, nor any instrument or trans-
action related hereto, si~all be construed or so operate as to
reyuirc the maker, or any person liable for the payment of the loan
m,idc pursuant to tl~e note(s) secured by this mortga~e, to pay interes[
in an amount or at a ratc greater than the naxi~um allowed by law.
Should any interest or other charges paid by ti~e makcr, or an~
partics liable for the payment of the note(s) secured by this
mortryabe, result in the computation or earning of interest in
exccrss of the maximum rate of interest whicti is permitted under
law, then any and ali such excess shall be and the same is herebv
~ 7 B~OK~W PAGE~147
~AW OF~ICES OF
SA:~Er, BARNS 6 PAJOI`, 5'J~TE 7O0 NEW WORID TOWER. M~AM~, iLOR10A 33132