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18. All persons to whom notice of this mortgage may
come are further cautioned that this mortgage secures a
combination construction and permanent loan, and this mortgage
is supplemented by a construction loan a~reement executed by
the Mortgagor and Mortgagee herein, the terms whereof are
incorporated herein by reference. Said construction loan
agreement, if any, is on file at th~ ~ffice ~f the M~rt~agee
and may be examined by all interested parties. Default in
~he terms of the construction loan agreement constitutes a
default under this mortgage.
19. Upon the request of the Mortgagor, the Mortgagee
may, from time to time, at its option, make further advances
to the Mortgagor which shall be secured by the Iien of this
mortgage; provided, however, that at no time shall the
outstanding principal indebtedness secured by this mortgage
including advances, exceed $1,830,000.00 the original principal
sum-of the promissory note secured hereby, plus interest
thereon, and plus any disbursements made by the Mortgagee
for the payment of taxes, levies and insurance premiums o~
the property securing this mortgage, together with interest
thereon. The Mortgagor shall execute and deliver to the
Mortgagee a note evidencing each and every such future
advance. All such notes shall be of equal dignity and a
default in the payment of any one note shall constitute a
default in the payment of all other notes. Each future
advance shall be an integral part of the mortgage obligation
and shall be secured by lien of this mortgage as fully and
to the same extent as though the same were a part of the
original indebtedness.
IN WITNESS WHEREOF, sa?d Mortgagor hereunto sets his
hand and seal; or if the Mortgagor be a corporation, then
said Mortgagor has caused these presents to be executed in
~t~ ~Ph~~f hy Zt~ dt~lY attthnriZ~~ ~ff3~g~g ~n~ ;tg ~~i~~i~to
seal affixed, on the day and year above written. ~
Signed and delivered
in the presence of:
ORANGEWOOD VILLAGE, LTD.
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STATE OF FLORIDA )
COUNTY OF PINELLAS )
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By: ~' , -r - ---
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The foregoing instru nt was acknowledged befo e me
this ~ day of ~,rk , 1981 by ~y,L~~~~~~ ~~1~Sf,L
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Notary Public
My Commission Expires:
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~~35~ ~,~ 344
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