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HomeMy WebLinkAbout0952 T~GE'PHER with all ~roceeds, products, replacements, additions, ~~tt~rments, extensions, im~rovements, substitutions, renewals and accessions of any of the Foregoing. ALL the foregoing encumbered by Chis Kortgage being collectively referred to herein as the "Premises". TO HAVE ANa TO HOLD the Premises hereby granted to the use, benefit and behooE of the Mortgagee, forever. I`I' IS AGREED that iF any oF the property herein mortyag ed is oE a nature so that a security inter~st therein can b~ E~erEected under the Uniform Commercial Code, this instrument shall constitute a Security Agreement and tlortgagor agrees to join witi~ tt~t. ~•lartga3ee in the execution ~f any financing star_~ments and t~ execute anv other instruments that may be required Eor tne oerfection or renewal oE such security interest ~_~nder the (]n iform Commerc ial Code. CONDITIONEU, HOWEVER, that if ~]ortgagor shall pay or cause to be paid to tisortgayee, at its oFEice and princinal olace oE business in the City of West Palm Beach, Florida, or at such oti~er place which may hereafter be desi~nated by ~fortyagee, its or their successors or assigns~ with interest, the principal sum of $850,U00.00, with final maturity, if not sooner paid, no later tnan September 1, 1993, unless a~nended or extended, according to the t~rms oE the Note as well as all other sums, indebtedness, obligations and liabilities for wnich this instrument is security, and shall also fully perform all the covenants, conditions and terms of this mortgage, then these presents shall be void, otherwise to re~nain in full Eorce and effect. i~fortyayor warrants that ~fortgagor has good, absolute and ~narketable fee simple title to the Premises, and is lawfully seized and possessed oE the Preic~ises, and every part thereof, and has the ri~ht and authority to mortyaye and yive security upon all of the Pre~nises; that the Premises arz unencumbered except as may be herein exoressly provided; and that :•lortgayor will forever warrant and defend the title to the Preinises unto t~lortyagee ayainst tt~e clai~ns of all persons whomsoever. It is the intent hereoF to secure payment bf the ~ aforesaid Note and obliyation whether the entire amount shall ! have been advanced to the :tortyagor at the date hereof, or at a ~ ~ later date and to secure any other amount or amounts that may be , ` ~dded to the mortg age indebtedness un~er the terms of this ~ ~ instrument, (all of -which amounCs are collectively referred to tlerein as the "Secured Indebtedness"), the entire aecured ~ Indebtedness being equally secure:~ with and having the same priority as any amounts advanced at the date hereoF. It is agreed that this ~nortgage shall secure not only existinq indebtedness, but also any additional sum or sums ac~vanced by the then nolder of the yote secured hereby to oc Eor the benefit oE 1~lortgayor, whether such advances are obligatory or are made at the o~tion oF ~~lortgagee, or otherwise, as are advanced witnin twenty (20) years from the date oE this mortyage, with interest ther~on at the rate agreed upon at the time of each additional loan or advance although there may be no advance made at tne ti~ne of the execution of this mortgage and although there ~nay be no indebtedness outstanding at the time any advance is made; and suct~ advances shall be equally secured with and have r_he same pr ioi ity as the or iy inal indebtedness and be subject to all of tha terms and provisions of this mortgage, whether or not such additional loan or advance is evidenced by a promissory note of the borrowers and whether or not identified by a recital that it is secured by this mortgage; provided that the ag~re~ate amount oE principal ir.~ebtedness that may be so secured may decrease or increase Erom time to time, btit the total unpaid aalance so secured at any one tine shall not exceed the principal 3 « R 5~~ PAGE e7JC.? BOOK . - _ - - - - ~ .