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HomeMy WebLinkAbout0992 Of-2317345f Mortgagee's address stated herein, or to such other address as Hortgagee may designate by notice to Mortgagor as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Mortgagar or Mortgagee when gi~en in the manner designated herein. ' 25. Upon the breach of any of the terms or covenants ~ herein to be performed by Mortgagor or of the terms or covenants ; o£ any instrument or agreement executed in connection herewith ! and which is not cured within the time limit provided for ~ therein, the Mortgagee or holder shall have the right to ~ accelerate the maturity ~f this Mortgage as though it were due and payable on the day of such breach and to demand payment in ; full of the said mortgage amount or any unpaid balance thereof, ; and to exercise all the rights and remedies herein or by law ~ reserved to said Mortgagee the same as in any event of default hereunder. ~ 26. In the event of default by Mortgagor under any obligation constituting a lien prior hereto, Mortgagee, at its option, but without any obligation to do so, may take whatever steps that Mortgagee deems necessary to cnre the default in such obligation and any and all monies expended by Mortgagee shal~ be secured by the lien of this Mortgage, the same as the sums of money represented by the Note which this Mortgage secures, anc~ such monies so expended shall bear interest at the highest rate allowed by law and shall be immediately due and payable. In the event Mortgagee cures such a default under an obligation having a prior lien, such shall not coqstitute a cure of the der"ault hereunder except at the option of the Mortgagee. In such event of default, the Mortgagee may, at its option, im mediately or thereafter declare this Mortgage and the indebtedness secured hereby immediately due and payable, without notice to Mortgagor, and thereafter proceed to foreclose this Mortgage. # F 27. Upon request by Mortgagor, Mortgagee, at ! Mortgagee's option within twenty years from the date of this ~ Mortgage, may make Future Advances to Borrower. Such Future ; Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Mortgage, not including sums advanced in accordance ~~erewith to protect the security of this Mortgage, exceed the original amount of the Note plus U.S. $ -0- . f H 28. Provided there is no default under this Mortgage, the promissory note secured by same, or the other documents referred to herein, Mortgagee agrees with Mortgagor to subordinate the lien and operation of this Mortgage to necessary easements for utilities, drainage and roadways; including, without limitation, gas, telephone, electric lines and conduits, sewer and water lines, lift and pumping stations, and to join in a legally sufficient declaration of condominium acceptable to Mortgagee so long as such subordinations and joinder are required in connection with the development, use and enjoyment of the property in the manner demonstrated by the plans and specifications on file with Mortgagee. 29. This Mortgage is not only security for the promissory note but also secures any and all loans heretofore or hereafter made by Mortgagee to Mortgagor (the "Other Loans"). Any default by Mortgagor in the payment or performance of any of the covenants contained in tbe promissory note, this Mortgage or any of the other loan documents relating thereto shall, at the option of the Mortgagee, canstitute a default not only with respect to the promissory note, this Mortgage and sai~ loan documents, but ~ also with respect to the Other Loans; and any default by Mortgagor in the payment or performance of any of the Other Loans shall, at the option of Mortgagee, constitute a default not only with respect to the provisions contained in the Other Loans, but also with respect to the promissory nQte, this Mortgage and any of said loan documents, and, in any of such events, Mortgagee shall be entitled to accelerate payment of the promissory note and/or the Other Loans, so that they or it, as the case may be, FEE. K06LEGARD. TEEL & KENNEY, P. A. ATTORNEYS AT lAW FORT PIE CF[,tFIORIDAO~3 S4 6Q0K~~~ PMt7E 9~i,/(~y T~L[~HON[ (303) 461.3020 . ~ _ " ."x„~ ~ ._~'~'""`.e,t~~o-a -a~s.a:~'~~'.•:_ .