HomeMy WebLinkAbout0954 ••20. ' Thet Mangegor wiN not psrmit any otha~ lien~ to bs f~'~d seainit ths said premisa~ and ii sny such lien~ are tilsd, whstMr psramount or suba-
dinate to this mortgags. Mortgagor wilt hsve or causa to ba had seid Nens dischargsd immediately.
21. Mortgagee shall heve the riQht to charge IVlortgegor'f account with Monga~es for ths interest and principal payabFa aa p~ovided in the {xomissory
note as such becnmes due irt accordsnce therowith.
22. It the Martgagee requests, Monpsgor hsreby coveoenta end agrees that Monysgo~ will turnish ths Mongapee annually flom ths date ot this
mortgage i~strument, unle~ aome other date is agresd to beMroe~ the partiss in writin~. e csrti~i
'ed audited financial ststsme~t ot Ihs Mongagor snd snnual
complete ope~sting atetema~t's of Mongegor. If the MortgaQor
a fiscel w caknda~ yea~ sha!! not oo~ncids with the date hsrein apeci~ied, tt~e~ ths date whlch
the Mortgagee shall specify aha11 bs controlling. Mongaqor shell wpply Mongagee with such othe? Iinancial statements as Mangaaes may irom time to tima
request.
23. It is agreed t?iat nothing horein contained rwr an~+ tran~ection ~elatsd thsreto shall be co~atrued 4~ so operats as to ~equi~e the Mortgayo? to pay
interest at a rate g~eater than it is ~ow lawful i~ ~uch case to co~tract for, or to make any paymsnt or to do any sct cont~ary to law; that if any clsuses a
provisions herein contained operots oc would ptospectively opsrata to invstidste thia Mongage o~ csid Note i~ whole or in paK, thsn, sucfi clau~es a~d
provisions onty shall be held tw naught. as though ~ot herein containsd, and ths ramai~der oi this Mortgsge shall remain operative and Fn futl fores and eHsct.
24. If all or a~y part oi the mortgagsd property shs11 bs demaged or taken through condemnation (wAich term whe~ used in ihis matQaea shsll in-
cfude any damage or tskirtg by any pavemmsntst euthority, and any trensfer by private ssle in lieu tMrsofl, sither temporstily or permanently, the entire in-
debtedness aecured .hereby shall et ths option of ths Mortgagee. become immedietsly dus snd peyable. the Mongsgee shall be entitled to all compansation
ewards, and other paymenta or roliet therafor and is hsreby authorized. at its option, to oommence, appear in and prosecuts. !n its own or the mortpspor'a
nams. any action or procesding rNAt+ng to sny condemnation, and to ssttls ot compromiss eny claim in connection therswith. All such compe~sstio~.
awards. damage:, cleims, ~ights oi actw~ and p?ocssds and ths right theroto ~rp hereby assigned by ths Monga9or to ti?e Mortga{~ee, who, afts~ dsducting
therefrom alt its ezpenses, including attomey's fees, msy nleate srry moneys so rsceived by it witbout aNecting ths Iien oi this mortgags or msy spply ths
same in wch manner as ths Mortyagee shali determins, to the reduction oi the wms sscured hsrsby, and to any prspeyment cha~ge herein provided. and amr
balance of such moneys the~ remaining shall bs psid to ths Matgagor. The Mortgagor ~agrees to executa such funher assignmenia ot any compensatiarts.
awards, damages, claima. rigAta of action and proceeds as tM Mongagee may require.
25. This mortgage shall be constroed as ~ aecurity agreement under ths Ftorida Uniform Commercial Code.
26. Other provisions:
This mortgage is assumable only upon written consent of Southeast Bank, and the
11Bank shall have the option at it' sole discretion to increase~the interest rate
on the existing objigation at the time of assumption."
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' 3 BODK PAGE 95~
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