HomeMy WebLinkAbout1592A~DFNUIr^~ Tp ~tORTGAGF (Cont' d . )
all of the mortgaged property. In the event ~lart~agor shall faii to
do so, ~tortgagee may in addition to rights otherwise granted "~+ort-
gagee may in addition to rights otherwise granted ?~lortgagee hereunder,
at their election, perform or fulfill such covenants of superior
mortgages without affecting the option to foreclose or any right
hereunder, and the cost thereof~ together with interest from the date
of payment at the highest lawful rate allowable at the time of said
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said superior mortgage when dLe and in accordance with its terms or
failure by ;nortgagor to abide the terms of said super?.or mortgages
shall be deemed a breach of this mortgage, and the r!ortga~,ee a*_ its
ogtion may immediately or thereafter declare this mortga~e and all
indebtedness secured to be due and payable.
5. Mortgagor shall have no personal liability to rtortgagee w•ith respect
to the performance of the covenants and conditions of this Mortgage
and for payment of the Note secured hereby and in the event of occur-
rence of a default hereunder or a default in payment of the Note
secured hereby Mortgagee's sole remedy shall be against the "iortgage
property then encumbered hereby and in no event shall ""ortgagee be
entitl.ed to obtain a deficiency judgment or decree against i~ortgagor.
6. The i4ortgagee covenar~.ts and agrees with t~tortgagor and its successcr~
in title that to the extent the interest rate payable to the South-
east First National Bank of Fort Pierce under the obliRation present?y
secured hereby is increased in excess 8% per annum in ord~r to secure
the consent of that Bank tc the purchase of parcels 1 and 3 subject
to the mortgage, :~ortgagee shall bear one half of such increase in
interest paym~nts made through June 30, 1983, to Southeast First
National Bank o£ Fort Pierce resulting from the increased interest
rate and such payments to the extent made by Mortgagor shall
constitute prepayment of principal under the Purchase Monev Note.
7. ~iortgagee for itself and its successors and assigns covenants and
agrees with Mortgagor to join in the execution of any a~reements
which may be necessary or required by Sun Bank of Sai_nt Lucie Count_y,
Florida, to further modify the mortgage securing payment of ti~e
promissory note in the medified principal surn of. $205~0~0.00 payable
to said Bank so as to provide that the mortga~e shall not secure
payment of any other promissory note or other obligation of
i4ortgagee to the Sun Bank and that a default by '~Sortgagee under
any other obli~ation to Sun Bank or "iortgagor's default under the
afore-described Sun Bank promisso:y note shall not result in Sun
Bank having the r~ght to dec?are in default and accelerate any other
obligation ~r nromissor~ note of ;lortgagee or :~"ortgagor which is not
otherwise in default bv its terms.
8. :lortgagee and its assi~ns shall cooperate fully with ;;ortgagor and
his successors at Mortgagor's expense in any and all applications_,
proceedings and appeals made or prosecuCed by or on behalf of
~iortgagor in connection with appropriate applications or petitions
for zoning amendments and variances or special permits and to
execute such other dac~unents, consents or other authorizations
required by any authority with respect thereto including joinder,
subdivisio-~ plats and the granting of easements for roads and
utilities
9. This ~iortgage and the Addendum thereto shall be binding o:~ the
i~7ortgagor and :?ort~agee and their respective successors in
interest or assigns and hy the acceptance of assignment of. the
~iortgage aed C1ote or title to the property encumbered hereby ap,rees
to the terms and conditions hereof and to execute and deliver such
documents and instruments reguired to effect
5;~1950
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