HomeMy WebLinkAbout0935 by MORTGAGOR to abide by the te~ms of said superior or inferior mortgages shall be deemed a breath oi this Mortgage, and the
MORTGIIGEE, at its option, may immedf~tely or thereatte~ declare this Mortgage and alt irtdebtedness hereby secured to be due and
payable. MORTG~iGOR shall not apply for, ~ccept or cause to be made, future advances under any supe~io~ or inferior mortgage so
tong as this Mortgage to MORTGAGEE encumbering the prope~ty described hPr~In remains in force. MORTGAGOR acknowledges
and ag~ees that in the eve~t it breaches this covenant, same shall be an event of default under this Mortgage and in such event,
MORTGAGEE shall have the right to exercise those ~emedies provided for herein.
28) MORTG/1GOR and MORTGAGEE ~gree th~t this Mo~tgage shall constitute a Security Agreement within the ~~~ea~~~~~~ o~ ,he
U~iform Commercia) Code (hereinafter in this Paragraph refe~red to as the "Code") with ~espect to the prope~ty mortgaged
he~EUnde~. wF~ich property may not be deemed to form a pa~t of the real property described above or may not constitute a"fixture"
(within the meaning of Section 9-313 of the Code), and all replacements of such property, substitutions for such property, additions
to such propeny, a~d the proceeds thereof (al) of said p~operty described above, and the replacements, substitutions and additions
thereto and the proceeds the~eof being hereln~fter collectively refe~red to as the "Collateral"), and that a security interest in and to
the Collateral is hereby granted to the MORTGAGEE, and the Collateral and atl ~ight, title and interest of M~R?GAGOR therein are
hereby assig~ed to the MORTGIIGEE, all ta secure payment of the indebtedness and to secure per(ormance by the MORTGAGOR
of the terms, covenants and provlsions hereof. Upon occurrence of a default under this Mortgage the MORTGAGEE, pursuant to the
appropriate provisions of the Code, shall have the right, in addition to all other rights, to proceeu ~.~t:. .;:~Y;,~, to personal property
in accordance with its rights and remedies of a Secured Party under 1he Code. The parties agree that, in the event the MORTGAGEE
shall efect to proceed with respect to the Collateral separately from the real p~operty, fir;L (5) days notice of the sale ~`a ~;,!!ateral
shall be re~sonabie notice. the reasonable expenses of retaking, holding, preparing for sale, selling and tne iike ~~~cu~~zd by the
MORTGAGEE shall inrlude, but not be limlted to, reasonable attorneys' fees and (egal expenses incurred by MORTGAGEE.
MORTGAGOR agrees that, without the written consent of the MORTGAGEE, it will not remove or permit to be removed from the
mortgaged properry any of the Collateral except that, so long as there is ~o default hereunder or under the Note, MORTGACOR
shal) be permitted to sell or otherwise dispose of the Collateral when obsolete, worn out, inadequate, unserviceable or unnecessary
for use in the operation of the mortgaged property, upon replacing the same or substituting for the same other collatera) at least
equa! in value to the initial value of that disposed of and in such a manner so that said Collateral shall be subject to the security
interest created hereby, it being expressly understood and agreed that all replacements of the Collateral and any additions to the
Collateral shall be and become imm~Eately subjeet to the security interest of this Mortgage and covered thereby. MORTGAGOR
shall, from time to time, on request of the MORTGAGEE, deliver to the MORTGAGfE an inventory of the Collatera! in reasonable
detail. MORTGAGOR covenants and represents that all Collatera) now is, and that all ~eplacements thereof, substitutions there(or or
add+tions thereto, unless the ti90RTGAGEE otherwise consents, will be free and clear of superior liens, encumbrances or the security
interests of others.
29) OTHER PROVISIONS: ~ .
a.~t:K r1hi0 802itGWr~ 1icRt'BY KhGWINGLY,I~OLUNTARIIY`AND~~
j 1NfE~t~iIONAILY WAIVE THE RIGHT EITHER MAY HAVE 10 A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
HEREON, OR ARISING OUT OF~ UNDER OR IN CONNECT(ON WITH
THIS AGREEMENT AND ANY AGREEMENT COMTEMPLAZEO TO BE
EXECUTEO IN CON1iINCTtON HEREWITH, QR ANY COURSE OF
CONDt1CT~ COURSE OF OEAI.IMG, STATEMENTS (WHETHER VERBAL
QR WRITTEM) OR AGTlONS Of EITHER PARTY. THlS PROVISION ~
IS A MATERlAL 1NDUCfMENT fOR THE BANK ENTERtNG INTO r~
~
THIS AGREEMEt~tT. . ,~,`•t
- ' ' ~ i ` l~~ e .
i:, ~ .
(N WITNESS WHERfOF, the MORTGAGOR has execute~ t!±~s M~rrgage and Security Agreement as of the dafj~~and.~~l"r+first's~t
fonh above. . , ~1 ' "
,
Witnessed By: (MORTGAGOR):
~k~~Y LAKE NDUSTRIAI. CORP. : -
, B . .
~ eter _e~er, res~ ent
{~est~~~
STATE F FLORIDA )
COUNTYOF St. LUCIe ~ S5: y
)
BEFORE ME, the undersigned authority, Personally appeared Peter Bei er ~ 1^ Pres i dent em~
e
- as MORTGAGOR, an acknowledged before me that executed the foregoing
Mortgage and Security Agreement for the purposes therein expressed. .
1NITNESS my hand and official seal at Fort Pi erce St. Luc i e coun~y,
Flnrida , th;s ~~ay of November , ~%3.
. . , .
_ y'` . . .V . ~ L./
NQ7A~tY PU IC, S:ate of
t My Commission Expires µyT6~nMtssioii x iRES AUC-. 6.~
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