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waiv~•d by th~ huldcn c~rcoE, and all such excess shall bc
automatic111y crediteJ agai~st and in reduction of the principal
bllance, .~nd any portio~~ of ~aid exc~~ss which exceeds the principal
ballncc shall bc psid by the holder herrof to the makcr snd :iny
parCles liable for the payment of thc note(s) secured by this
mortglge, it being thc intent of thc parties hereto that unJer no
circumstances shall thc maker, or any parties liable for the
payment of the loan hereunder, be required to pay interest in
eYCess of the ma:cimum rate allowed by law.
24. If all or any part of the mortgaged property shall be
damaged or taken through condemnation (which~term when used in
this mortgage shall include any damage or taking by any govern-
mental authority, and any transfer by private sale in lieu there-
.of), either temporarily or permanently, the entire indebtedness
~secured hereby shall at the option of the Mortgagee, become
immediately due and payable. The Mortgagee shall be entitled
~~to all compensation awards, and other payments or relief therefor
'.and is hereby authorized, at its aption, to commence, appear in
'and prosecute, in its own or the mortgagor's name, any action or
proceeding relating to any condemnation, and to settle or
compromise any claim in connection therewith. All such compensa-
~~tion, awards, damages, claims, rights of action and proceeds and
'~the right thereto are hereby assigned by the `iortgagor to the
'~ilortgagee, who, after deducting therefrom all its expenses,
~'includino attorney's fees, may release any moneys so received by
•it without affecting the lien of this mortgage or may apply the
~same in such manner as the Mortgagee shall determine, to the
~~reduction of the sums secured hereby, and'to any prepayment
;~charge herein provided, and any balance of such moneys then
:remaining shall be paid to the Mortgagor. The ttortgagor agrees
~'to execute such further assignments of any corapensa[ions, a~ards,
~'dama~es, claims, rights of action and proceeds as the Hortgagee
.may require.
• 25. This mortgage shall also be construed as a security
agreement under the Florida Uniform Commercial Code.
26. Other provisions:
(a) Except as otherwise provided herein, t!ortgagor ~
agrees and covenants with Mortgagee that this is a first mortgage
and no mortgage subsequent to this mortgage k•ill be placed on the
property described herein or rents thereon assigned without first
obt=~ining the written consent of Mortgagee to do so and that any
such atte~upt to ~do so will be void ab initio and will be a default
hereunder, giving tiortgagee_the right to accelerate and foreclose
as otherwise provided for herein.
~ (b) In the event :~tortgagee gives its written consent
to a junior lien and foreclosure proceedings of any junior lien
°:of any kind should be instituted, the `iortgagee nay at its option,
i~r.mediately or thereaf ter declare this Ptortgage and the
indebtedness secured l~ereby due and payable.
(c) The Mortgagee is hereby subrogated to the lien or
l.icns, and to the rigi~ts of the owncr and holder thereoE, of each
and every mortgage, lien or other encumbrance on the land described
herein, which is paid and satisfied in t,rhole or in part out of
tt~e proceeds of the loan described herein or secured hereby.
(d) -fort~agor agrees to comply with all ordinances
applicable to the mortgaged property; and agrees not to make or
pcrmit to be made any structural alterations to any of the
existing improvements tl-ereon without thc written consent of ti~e
:•fortgagee.
27. it~e ~lortgagee may require at any tirse at its sole
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BOOKJJU PA6E~~~~
~ ~ lAW OFF~CES OF
1 SAILE~', BAANS b OAJON, SUITE 7OO NEW WORLD TOWER, MtAMI, ~LORIOA 33132
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