HomeMy WebLinkAbout0967 0335C ,
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Clt06S-DEFAULT AGRE~ ~
ihis Cross-Default Agree~nent is made G ~ , 1987, by ar~d
betw~een FREDERICR M. WESSEL, herein referr to as Mortgagor, and B~ARNETT BiANK
OF ST. LUCIE dOUNi'Y, herein referred to as Mortgagee.
RECITALS
A. Mortgagee has loaned to Mortgagor the svm of FIFTY THOUSAND D~LLARS
($50,000.00), which is represented by a certain Note of even date herewith
(the "Note," which term includes any moc3ification, renewal, extension or
alteration thereof), the p~ayment of which has been secured by the following
security instruments of like date herewith:
(1) Mortgage and Security Agreement= .
(2) Security Agreement;
(3) Collateral Assignment of Rents and Leases.
The foregoing instruments are herein referred to as the Loan Documents, which
term includes any modification, renewal, extension or alteration th~reof. ~
e. The parties wish ~o provide that a default under the Note or any of
the Loan Documents shall constitute a default uncier the Note and all of_the
Loan Documents. - -
~T~REFORE, IN OONSIDERATION OF the mutual undertakings set forth in the Note
and the Loan Documents, the parties agree as follows:
1. If any event.or occurrence or any other default shall occur which
-would entitle Mortgagee to accelerate the payment of the principal sum and
interest secured thereby uncler the Note or ariy of the Loan Doc~~nents, any such
event or occurrenee or any o~her default sha21 constitute an event of default
under the Note and every ather Loan DocLUnent. "
2. Each of the Loan Documents shall be and remain separate and
independent security for the Note, and each of the Loan Documents shall be
separately enforceable according to its terms. The holder of any Loan
Document may institute separate proceeciings with respect to the Note and each _
Loan Document simultaneously or in such order ancl at such times as the holder ~
may elect. The pendency of any proceeding with respect to the Note or any
Loan Document sha11 riot be gro~uids for abatement of or for hindering, delaying
or preventing any proceedings with respect to the Note or any other Loan
Document. Default under the Note and each Loan Document shall give rise to a
separate cause of action, and the institution of proceedings upon less than
all of the Loan llocwnents shall not be con$~rued as a splitting of a cause of
action by the hol~ler instituting such proceedings.
IN WITNF..SS WHERHOF, the parties have execute~d t~s Cross-Default
Agree~nent on ~he clay and year first alaove written at ~~~'ST• ~U~tQ~ Florida.
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FREDERICK M. WESSEL~
B~ARN~TP BANK OF ST. LUCIE C)OUNI'SC
BY' ~-r
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Its: _A5S/STANT V~G~e. C~GS~¢~/j'
( f7C)RP~OI2ATE SEAL ) ,
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800K 57O PAGE 9~~
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