HomeMy WebLinkAbout024322. If ~ny provision of this mortgage and secur~ty agreement, the
Note, the Loan Agreement or any other instrumerit executed with respect
to the Secured Indebtedness, or the application thereof shaLl, for
any reason and to any extent, be invalid or unenforceable, neither
the remainder of the instrument in which such provision is contained,
nor the application of the provision to other persons, entities or
circumstances, nor any instrument referred to hereinabove, shall be
affected thereby, but instead shall be enforced to the maximum ex-
tent permitted by law. No provision contained herein or in the Note,
the Loan Agreement or any other document evidencing or securing the
Secured Indebtedness shall require Mortgagor to pay or enable or per-
mit Mortgagee to receive interest or exact a payment in the nature
of interest which woul~ subject Mortgagee to any penalty under appli-
cable law. In the event any such payment made by or on behalf of
Mortgag or to or for the account of Mortgagee would subject Mortgagee
to any penalty under applicable law, then i~so facto the obligation
of Mortgagor to make such payment and/or the right of Mortgagee to
receive such payment shall be reduced to the highest lawful rate pay-
able and receivable under applicable law without penalty. In the
event the interest provisions contained herein or in the Note, the
Loan Agreement or any other dociunent evidencing or securing the Se-
cured Indebtedness shall result for any reason at any time in an
effective rate of interest which transcends the limit of usury or
any other applicable law, all sums in excess of those lawfully col-
lectible as interest for the period in question shall at the elec-
tion of Mortgagee and without futher agreement between any parties
or notice to any party hereto, either be applied upon the principal
of the Secured Indebtedness immediately upon receipt of sueh sums
with the same force and effect as though the payer had specifically
designated such extra sums to be so applied to principal and the
payee had agreed to accept any such extra payment as a premium-free
prepa yment, or be refunded to said payer.
23. This mortgage and security agreement is executed and delivered
in, and its terms and provisions are to be governed by the laws of
the State of Florida. •
24. Wherever used hereir., unless the context clearly indicates a
contrary intent or unless otherwise specifically provided herein,
the word "Mortgagor" shall mean "Mortgagor and/or any subsequent
~wner or owners of the Premises", the word "Mortgagee" shall mean
"Mortgagee or any subsequent holder or holders of this mortgage and
security agreement", the words "Mortgagor" and "Mortgagee" shall in-
clude all employees of any Mortgagor or Mortgagee, as the case may
be, which is a partnership, corporation or trust, the word "person"
shall mean "an individual, corporation, partnership or unincorpo-
rated association", anc~ the word "Note" shall include any anci all
notes secured hereby and any modiEication, renewal or extension
thereof. Pronouns of any gender shall include the other genders,
and either the singular or plural shall incl~de the other. 'I'he
term "reasonable attorney's fees" as used in this mortgage and se-
curity agreement shall include, but not be limited to, reasonable
attorney's fees incurred in any and all ;udicial, bankruptcy, re-
organization, administrative or other proceedings, including appel-
late proceedings, whether such proceedings arise before or after
entry of a final judgment.
25. This mortgage and security agreement
by an arrangement in writing signed by the
forcement of the ct~ange is sought.
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cannot be changed except
party against whom en-
~~~x348 Pa~~ 243
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