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HomeMy WebLinkAbout0932 Mortgagee's actual exercise of any option under the the Note, this Mortgage, or an~• other Loan Document. 24. Counsel Fees: If Mortgagee becomes a party to any suit or proceeding af•ecting the Mortgaged Property or title thereto, the lien created by this Mortgage or Mortgagee's interest there- in, or if Mortgagee engages counsel to collect any of the indebt- edness or to enforce performance of the agreements, conditions, .covenants, provisions or stipulations of this Mortgage, the Note, or any other Loan Document, Mortgagee's costs, expenses and reasonable counsel fees, whether or not suit is instituted, shall be paid to Mortgagee by Mortgagor, on demand, with interest at the Default Rate set forth in the Note, and until paid they shall be deemed to be part of the indebtedness evidenced by the Note and secured by this Mortgage. 25. Future Advances: Pursuant to Florida Statutes Section 697.04, this Mortgage shall secure not only the existing indebt- edness evidenced by the Note, but also such future advances as may be made by Mortgagee to Mortgagor in accordance with the Note, this Mortgage, or any other Loan Document, whether or not such advances are obligatory or are to be made at the option of ~ Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mortgage, and the total amount of indebtedness that shall be so secured by this Mortgage may decrease or increase from time to time, pro- vided that the~ total unpaid balance so secured at any one time shall not exceed a principal amount of TWENTY-TWO MILLION D.OLLARS ($22,000,000.00) plus interest thereon and plus any disbursements made for the payment of taxes, levies or insurance on the - property covered by the lien of this Mortgage, together with interest on such disbursements. 26. Partial Releases: Subject to the other provisions and limitations of this Mortgage and the Loan Documents, and upon ten (10) days' notice to Mortgagee by Mortgagor, Mortgagee shall release individual townhouse units, in connection with their sale ' to third parties upon the following terms and conditions: I - (a) There shall not be a default under this Mortgage, ~ the Note, or any of the other Loan Documents given in connection f herewith, ¢ ~ E (b) There shall be paid to Mortgagee in cash or by bank treasurer's check, concurrently with the delivery of each ~ reiease, for each unit or lot so released, the sum of: EIGHTY-THREE THOUSAND SIX HUNDRED FIFTY-TWO DOLLARS AND FIFTY ~ CENTS ($83,652.50) (the "Release Fees") to be applied first to , accrued interest and the balance to principal. ~ (c) All release instruments shall be prepared by the ~ Mortgagor's counsel at the Mortgagor's expense and shall be in form and substance satisfactory to the Mortgagee's counsel. Mortgagee shall be furnished in connection with such releases, at the Mortgagor's expense, with such surveys and evidence of title ~ and other documentation as Mortgagee may in its discretion deem ~ necessary. All fees and disbursements of Mortgagee incurred in connection with such releases, including the fees and ~ disuursements of the Mortgagee's counsel, shall be paid by Mortgagor. (d) The title insurer insuring the lien of this Mort- ~ gage shall have issued an update of Mortgagee's title insurance policy showing the absence of any liens or encumbrances other ~ than those title exceptions~previously approved by Mortgagee in writing and the recorded Declaration of Covenants, Easements and ` Restrictions. ~ . p ~ ~ ~ '1 ~ ~ f1I, ~~.K 4 7 P~~E 93i - - . F ~ ` ~ t t""' _ . . : M1.,_ „c ~ . - _ _ y, " ~ .