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MORTGAG~~ ASSIGNMENT OF RENTS AND SECURITY AGREEMENT ~ J
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THIS MORTGAGE, ASSIGNMENT OF RENTS AND SECURITY
AGREEMENT (herein "Instrument") is made this ~ day of
January, 1986, between WHISPERING PINES APARTI~NTS, LTD., a
Florida limited partnership, whose address is 3701 South Sanford
Avenue, Sanford, Florida 32'771 (herein "Borrower") and CARDINAL
INDUSTRI~S MORTGAGE COMPANY, a corporation organized and
eaisting under ~the laws of Ohio, whose address is 4321 ~Donlyn
l: Court, Columbus, Ohio 43232 (herein "Lender").
WHEREAS, Horrower is indebted to Lender in the
principal sum of One Million Three Hundred Siaty-Five Thousand '
Dollars ($1,365,000.00), which indebte3ness is evidenced by
Horrower's note dated of even date herewith (herein "Note"),
providing for monthly installments of interest, with the balance
of the indebtedness, if not sooner paid., due and payable on
August 1, 1987; said maturity date may be eatendea until
January 1, 1988, if all of the Eatension Conditions as set farth
in the Construction Loan Agreement (herein "Construction Loan
Agreement") are satisfied within the time required under the
Construction Loan Agreement.
TO SECURE TO LENDER (a) the repayment of the
indebtedness evidenced by the Note, which indebtedness has been
incurred for the construction of improvements on the' property
encumbered hereby, with interest thereon, and all renewals,
eatensions and modifications thereof; (b) the performance of the
covenants and agreements of Horrower contained in a Construction
Loan Agreement between Lender and Borrower dated of even date
herewith, as provided in pa~agraph 27 hereof; (c) the payment of
all other sums with interest thereon advanced in accordance
i herewith to protect the security of this Instrument; and (d) the
performance of the covenants and agreements of Borrower herein
contained, Horrower does hereby mortgaqe, grant, convey and
assign to Lender, the real estate described in Eahibit A
attached hereto and incorporated herein by this reference,
TO HAVE AND TO HOLD unto Lender and Lender's successors
and assigns, forever together with all buildings, improvements,
structures and tenements no~- situated or hereafter erected on
said real estate, all heretofore or hereafter vacated alleys and
streets abutting said real estate, all easements, rights,
appurtenances, rents, royalties, mineral, oil and gas rights and
profits, water, water rights, and water stock appurtenant to
said real estate, ancl all property of every kind and nature
whatsoever, whether real, ~ersonal or miaed real and personal
property, tangible and intangible, now owned or hereafter
acquired by Borrower and now or hereafter located in, on, or
about the real estate encumbered hereby, or used or intended to
~ be used in connection with said real estate or intended or
~ ; designated (wherever located) to be incorporated into the
~ structures situated or to be situated on said real estate ~
; Y~ including, but not limited to, all building materials, ~
~ ~ inventory, equipment, machinery, tools, supplies, furniture, !
€ ~ furnishings, fiatures, trees and plants, power systems, heating,
~ `i cooling and ventilating systems, sewerage and garbage disposal
' systems, radio, telephone, television and communication systems,
electric, gas and water distribution systems, food service
- systems, fire prevention, alarm and security systems, laundry
~ systems, computing and data processing systems and all hardware
r and software therefor, floor, wall and ceiling coverings,
draperies, blinds and window treatments; and all rentals,
~ revenues, payments, repayments, deposits, income, charges and
monies derived from the use, lease, sublease rental or other
` ~ disposition of said real estate and the proceeds from any
insurance or condemnation award pertaining thereto; and all
accounts, contract rights, general intangibles, income tag
~ refunds, actions and rights in action, instruments and
documents; and all permits, consents, approvals, licenses or
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