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HomeMy WebLinkAbout1561 ~ 56- 46~7368 CORAL ~A~L~S [~EDERAL SAVINGS AND LOAN ASSOCIATION ADDENDUM TO NOTE AND MORTGAGE CONSTRUCTION LOAN THIS ADDENDUM is made this 22!~m day of JA~fUARY , 1q~ and is incorporated into and sha be eemed to amen an supplement the Note and Mortgage of the same date given by the undersigned Mortgagor to CORAL GABLES FEDERAL SAVINGS AND LOAN ASSOCIATION (the "Mortgagee") covering the Pr~perty described in the Mortgage located at }IX HAMPSHTRE Ilr., PRT ST U1CIE, FL 34953 . Mortgagor hereby expressly acknowledges and agrees as follows: ~ 1. In addition to all of Mortgagee's other rights stated in the Mortgage, at Mortgagee's option, all of the principal and interest and other sums secured by the Mortg~ge shall immediately or at any time thereafter become due and payable without notice to Mortgagor and Mortgagee shall immediately have all rights accorded Mortgagee by law and hereunder to foreclose the Mortgage or otherwise to enforce the Mortgage, *he Note and any other loan document, upon the occurence of any of the following Events of Default. A. If (i) the Mortgagor or any Guarantor obligated uncier any instrument or Promissory Note(s) secured hereby; or (ii) any individual, corporation, partnership or unincorporated association, joint stock corporation, joint venture or other entity in which the Mortgagor or any Guarantor hereunder is an officer, director, shareholder, partner, joint venturer or holds an eQuitable, legal or beneficial interest therein shall fail to pay when due any indebtedness owing by such party(ies) to ~he Mortgagee, or any interest or premium thereon, whether such indebtedness shall become due by scheduled maturity, by required prepayment, by acceleration, by demand or otherwise; or B. If (i) the Mortgagor or any Guarantor under any instrument or Promissory Note(s) secured hereby; or (ii) any individual, corporation, partnership or unincorporated association, joint stock corporation, joint venture or other entity in which the Mortgagor or any ~uarantor hereunder is an officer, director, shareholder, partner, joint venturer or holds an equitable, legal or beneficial interest therein, shall fail to perform any term, convenant or agreement on its part to be performed under any mortgage, agreemen~ or instrument evidencir~g or securing or relating to any indebtedness owing by such party(ies) to the Mortgagee when required to be performed, if the effect of such failure is to accelerate or to permit the holder or holders of such indebtednes~ to ` accelerate the maturity of such indebtedness, whether or not such failure z ~ to perform shall be waived by the holder or holders of such indebtedness. ~ ; 2. In addition to the obligations described in the Mortgage (as ` evidenced by the Note, Guaranty or otherwise), the Mortgage shall also ~ secure the payment of any and all indebtedness, liability or obligation, direct or indirect, absolute or contingent, now in existence or arising ~ hereafter, of the Mortgagor or any Guarantor hereunder, or any ; corporation, partnership or incorporated association, joint stock ~ corporation, joint venture or entity, in which the Mortgagor or any ~ F Guarantor is an officer, shareholder, partner, ,joint venturer, or has any equitable,. legal or bsneficial interest therein, whether as makert endorser, surety, guarantor, or otherwise, arising by virtue of any security agreement, promissory note, or other agreement, regardless of however or whenever created, to, in favo:~ of , or at any time held by, Mortgagee. f ~ ~ ~ ~ , M-572 1 1/89 800R Page 1 of 2 R 675 PAGE1561 ~ ~ , : ~ ~ a~~'..~.~~~~~~~;~~.~~t..,~-.~a-