HomeMy WebLinkAbout0998 9. 7l~e Ma~t~ytee a~sr. at ib optioa, ~nd without waivin~ its NItM to aocekate tM inde6tednes bece6y secwed M?d to [oreclae the
;aa~e. pay eitAec br(ore or sfter delioque+~cr ~nY or all d thoas ce~taia oW~s~twns eequited b~? tl~e tsr~ hereo( to be paid bY the Mortga~
for the Motectioa d the na~~s~e secu~»r or tar it~e colkce~w? d d?e ioaeMedne:s heteb~ sccv~ed. AU sunu so advar?c..d or psid by tbe
Matss~et shaU be cha~~ted iato the a~atpse sccauat and becoa~e ~n iMeR~sl paR Iheno~(. subject in all ~espects to the temu. ca?du?cas,
u+d co+renants o( the Jo~esaid pmmissorr twte. snd this nwRSa~e. as fupr and to the saa~e eatent at thou~h a aA of t1~e ori ~ndebedness
ev~dencYd by said nale snd secured by 1ha aw~~tp ge. eaceptin=, hovrceer thst said suea shall be rcpsid to the Mo~tptce oKhwitA upoa i~
demand and be in additan to the re~ulsr mo~tNr installmmts pwvided ~ the mo~tRase note•
10. TMt fhe sbstrsci or .b~n~+s d ~iek ro.+e~~~ ~he m~r~a~d p.ope~tr s1wU ai .U cia~es. d~~n~ dx lite of ~his nwrca•~e. remafn
in ~he possession d the Mwt~taAee and in event o( the (aecbsure of.ehis na~tp~e o~ othe~ tans(e~ of titk to the moitsa~ed p~ope+tp to the
I?1o~igaAee ai1 right~ titk and interest oi the Mortgaaot in and to any such abst~sct: of titk shall pau to the puchaser ot `~antee.
11. That no waiver of sny covenant berein o~ d the obligatba tecured he~ebr shsU st any time hcreafte~ be held to be a waiver of the
tem?s hereof a d the ~wte secured hercby.
l2. Tfiat in order to seceknte the matu~ty of tAe indebtedneu hereby sec,ued becsuse of the tailu~e o[ the Mort~agot to pay wy tu
asseumeot, liability, obligation or encumbnnce upon said ptope~ty as h~rein pmviJed, it shall nol be necessary nor requisite lhat the Mortaaaee
s!?all fir:e par ~he ssarc.
13. To ~he e~~eo~ af ~he indeb~edne:. ot ~he Mon~s~ ~o ~he MonRSRce descabed heK+n « secured hereby. the Matgagee is herebp
.ubn?~Cated fo fhe lien ot litns and to lhe riRhts of the ownen snd holden thereof o( euh snd every modgilLe. lieo a~ othe~ incumbnnce on
the I,~nd desc~~be+l he~tia whiclt ix paid aad/o~ satis~itd. +n whok o~ ie paA, ont o( tl?e procYeds oi the ban described berein or secvred he~eby
ancl ~he a~pective lirns ot said mwtRa~es. liem or other inn+mbrances. shaU be anJ the same anJ each of them hereby tsp~s~ ~ved and shal~
pau to and i~e held by the I?1oNRaRee herein as securit~fo~ ehe indebtcvlness to the Mat~a~ee Aeain dacriixd or henbY securcd, b the
same eatent that it would have bKnprese~ved and wou have beeo p?cxd to and been heW by the MortRa~ee bad tt beee duly and reRulsrl~r
uaiRned. lran.Ierrcd. set ove~, :~nd dc
~1 vered unto the INot1~aR~'~' ~Y xPante deed oE asa~gnmeot, notwith.tanding the ~~ct that tht same may
be aatiafied a~d cancelkd af ~emcd, and Aotwithsts~ding that tt?e parties heMO contemplate that ihe same wi11 be s~~is6ed arxl caoceUed of
rcconl by the hofJers the~eof at nr about the time of tl~e ~erordinR ot this mort~age.
1!. 1f an~• oI thc awns ot ~noney he~ein refrrred to be not Exomptly and tully paid Mithin twentyti~•e (2.i) days neat a(ter the sawe
xcecally come due and pa7able, or it each and evec~r the stipulations. a6rcementa. conditioas and ~ovenants oi raid promissory note and this
mort~aae or either. ue not dul~ {xrformed. eomplied M~ith and abided by. the s6~re6ate sum men~ioaed in said prnai;sory note or otbenrise
.eeurnl hercby ahall become due and Wyable forthNith or thereaitn at the option of tbe Mort6a6ee, as iully and completely aa if said a66K-
Kaie sum oi money w•as oriRinally atipulatcd to be paid on sueh day. aayt6in~ in ~id pcomis.ory note o~ herein to the contracy netwithstaodtn6.
15. ta the event of the accekration of this mortaaae and the note secured herebY M' ~+py ~a~ +~y D~~ ~
uneamed inteerst, in e:cas o1 the legd ate o( interest to the date d enfo~cetnent or~psyn~a~t. shall thereupoo be refunded M the mott~aaar
automatically by the c~editinR o[ same aa~iast the sums thrn due, but wch ceedit shaU not cvre n~ waivc th defaWt oea:ioaios soodaatlon.
l8.(s) ln order to moro fully protect the seanrity oE the MortRaRe, and t~ usure the Mat~~or's canpliance with c~venants 3 and 8
hered. the MatRaaee may at aar tuae require thst the M«igagor. together with. and in additioa to. tl~e moatld)? p~ya~eab ~u~der the tenas
of the aote secureJ hcceby. unti{ the saxl note is tultypa
iJ. wilf par to the Mo~tRaRee the followin~ sua~s:. A awn a1ua1 to the atunated
annual tua snd as~asments nat due on the mortP.~R~d ~~~x. P~ the premiua~s i~i witi nr~i bec~oare due ae~ci~payabk an pdicies o: u:c
and ofl?er fiaz~trd inswance coverina the moriRaRed property l all as rst~mated by the MoKgagce, and of which the MortKaKor u notibed las
all sums already paid therefot. pairibk monthly~ in cquivaknt proportioo~ divided by the ~umbe~ a[ monQ~ to rlapse befare a+e month prior
to the date when such pt~nniums. tues and assessments wi11 becna4e <klinqurnt, .~K:h wm. to he beld by Morqta~te in trust to pay said
prea~iwas. tua and a:sessa+e+sts.
( b) Tf~e a~egate ot ~he a~no~nes parabk pursuane eo aul.-para~ad~ ( a 1. aod tMse paYabk on the ~wte secu~ed herebf?. shaU be
paid in a singk payo~ait each awntb. w be spplied to the fdlowin~ iteab in the order atated:
I. ?,ues, atsasa+a~a, iee u~d oeher hasard iawrance pren,~ums:
Il. lnterest ou the note secured l~erebr: and -
fil. Amatizatio~ of the principai oi s:ud note.
(c) Any de6cienrY in ~he ~mount d sxid aw;rr~ate oxN?t1+lY P+Yn+~ ~halt, unkas mule good by the Mortaagor witfiin 25 days
folbwinA its due date, conatitute an event d ik(auh unde~ thK mnrt~age.
IT. If tfie totsl af the pvyments maik by the 1?1ort~;a~~ under ( a) of parakraPh 16 preceJjng shall eacred the ~enouM o(pa rments
aNwlly made by the MoARaF~ee (or taaec ancl assessmentc, a~cl in~uran~r Qremiumc. ac the rase may be such e=eess shaq be credited oa wb-
.ec~uent payments to be made b~ the M~t~aRor for ~uch item.. If, M~wever, .uch mnnthly pvyments aha~l not be suRicient to p~y such itea~s
when t!?e satne shaU beeome d+~e and~pa~r abk. tlxn the Mo~1KaKor ~ha11 paY to tfie Mortga~ee any amount necesiary to make up the deficiency
Such payment shall be made within 3t1 days a(ter written notice~from thr lNortRaAte. statinR the amount d the dc6c+ency. which natice ma~!
be Rivea br maii. 1i, at any tia~e the MortRa~or shaU tender the A1oAKakee. in acY+Kdance with the proviiions d the note secured l~ereby. full
payment oF the entirc indeMednns reprexnted lhrreby. the i?1actRa~ee ~hall, in ~vmputin~e t6e ~mount of such indebtednes.s. cralit to the
account of the MortgaROr any credit balanc~e remainin~ un~kr the pmvi~ion. d( a 1 d ~aid !xa~a~nph 16. U there ahall be a JeEauh under
any o[ the p~oriciom of this moR~[ayte recultin~; in a juJkial ~ak o[ thc premi.rs coventil fiereby, c?r if the Moh~aRee acyuira the propeRy -
~thervvise ahe~ defauh. the Matgaaee shall applr at the tirne of the ~ommencement o( such procYedinp,s, or at the time the propeKy is
othe~wise xquired. the amount then remaininR to cYedit of Utortgartor uodrr l~)~ W~EnPh 18 P~rce~lin8. as a rnrdit on the i~erest
acrrued snd unpaid an~i the balance d the principal then remaininR unpaKl ~ said ~ote.
18. 77~at in the event the ownership of said property or any paR thereaf hecnmes vested ~n a P~no~ aher than the Mo~tgagot, the
Mort~aAee may. without notice fo the Mortga~ot, ckal with .urh surct~.~nr tx ~~kctswn in interest with rcfercoce to thi. rrartAage and the
debt hereby secv~ed in the same manner ss with the MoR}•,eKor, and tn~y (orhear to ~ue or may eitend timr for pvyment of the debt, secured
tbereby. without discharging or in any way alfecting the liability of the Mortga~ hereunder or upon the ckbt hercby secvred.
19. That t6is mortgage also secnres the payment of and includes atl tuture, or further advances as shall be tnade by the
mortgagee hetein or its successors or assigns, to or [or the benefit oi tfie mortgagors, or their heiis, peisonal representatives, or
assi~ns, within ten years lrom the date hereof, to the same eYtent as if such future advances were made on the date of the exe-
~vtion of this mortgage. The total amount ot indebtedness that may be secured by this mortgage may decmase or increase from
time to time, but the total unpaid balance so secured at any one time shall not exceed twice the principal sum set forth in para-
Rraph 25 below, together wit6 interest thereon and any and all disbursements made by the mortgagee for the payment of taxes,
tevies or insurance on the property cavered by the lien of this mortgage with interest on sach disbursements at the mte specitied
in the note reterred to in this roortgage, and for reasonable attorney's (ees and court costs incurred in the collection of any or aU
of sucfi sums of money. Such further or tuture advances shall be who)ly optional with the mortgagee, and the same shall bear
interest at the same rnte :+s specified in .the note referred to herein, unleas said interest rute ahall be modi~ied by subsequent
agreement.
20. That if at any titne whik this mortRage is in dr(au4 2'.•+i .++~„~K•Kcai ~xroprr+r snaii oe iwnuonea, vaa~tai w` left unattenckd the
M~xtgaAee, if in its d'+scretion secA stepa src ~ecessary ~o* thc prote~iion of the property. shi11 have lhe riRAf, power atxl autMrity at its ~
option to enter u~on the propertr and to secvre same by changing locka thrreoo, to p~int and repair suchp~emises, and to place signs theceon
notifyinR that it has taken poasessia~ d the p~emixs and it may also placY siRn. the~ean oBering to aell the premises subject to its acquisNian
nf titk thereto br foreclosure proceedings or otherwise; and any cuch xtio~ bp the MoKAa~ee u dacribed abwe shall not be deemed to be
~ tre~pas+ or trespassrs or unlawful detainer upon such prcmises. All sums paid or advu~ced by the MortgaKee in the potection d the
mortRaged prsmises u herrin pr64ided shalt be ci~art[ed into the morlRaRe a~rount and beeomt an inteRn) pfrt t1~eKd, subjec~t in aU respects
to the temu, c«xlitions and covenants d the aforesaid pranissory note, and thi. mortgaRe, u fully and to the same e~tent as though a part oE
the original indebtednas evidenced by said note and aecvred by this mortgaRe. e:ceoting, however. that said sums shall be repaid to the
Mortgagee furthwith upqn its demand and be in additiun to the reRular monthlp installments provided by tl~e naRgage t~ote.
21. That in N~e event the ptemisa he~mortRagrd. or any parf thereof, ahall be cande~ned snd taken for public use under thc
power d eminent domain, the MortRsgc~ ~hall ve the right to requirc that all damaRa awarded for the taking d o~ damage to said
prcmises shall be paid to .he MoRgagte. not to e:cYed the then unpaid balance of this mortgage and Ihe note secured hereby and at the
option ef the MoR~caBee may be applied upon the payment or payments Isst payabk hereon.
22. To further xcurt paymrnt af tbe indebtedneas ~f the I?lortqaRor to the Mort~agee, the MortRagor does hereby sdl, auiRn, transfer
anJ xt over unto tl+e MortgaAee aN of the rrnts, issues atKl profitc of the moRgaQed premises, and this usignment shall become opentive upon
any de(ault beinA made by the Mortgagor under the terms o( this mo?tRaRe or the note secured hereby, and sha1) rcmain in ful) (orce and
efFect so bnR u any default crontinues to eiist in the making o( any of the payments or the perfornunce d any o( the eovenants d this mort-
ga~e or the note secured hereby, and the MoRgagee shall have the riRht to ente~ upon the premises and colkct same direct{y fran penons in
possession. That if this Mortgage secnres a commercial loan. the Mortgagor agreea to furnish to t6e Mortgagee within Wirty days
of the end of each fiscal yeaz a atateme~ of operating income and eupenses reflecting the operation of the facility encumbered by
said 1?tortgage for the past fiscal year. such operating statement to be prepared in form and manner as is customarily employed by
Fiorida accountants for such purposes.
-23. li thia mortaaqe be for fhe purpvse of 6nancing canstructio~ or improvements upon the propertY described ~n pangnph 27 below
the Coostructio~ Loan A~eme~t betwcen the parties of eYe~? date herewith is hereby made a part of this matgage by referrnce as thougfi
ful1Y set foJ~h herein.
24. Should 1!'Iortgagor, or any other person acquiring title to the rea) estate encumbered hereby, transfer ssiid title, or
should aame be transferred by operation ot law, then at lhe time o[ any such trans[er or tmnsfer~ Mortgagee at ita aption and
in ita sole discretion, ahall hnve the right to increase the rate o[ interest prescribed in eaid promissory note to the rate which
Mortgagee s6a11 tben be charging on new mortgnge la~ns secured by real estate similar to that encumbered hereby. Any such
increase in interest rate sha11 be etiective as of the first day of the monlh ne:t foflowing the date ot any such t~ansfer of title.
' Any aufh increaee in interest rate shall be efieeted either throu~h an increase in the term of the loan or a clu~nge in the monthlv
installment yayment under the said promissory note, or both, at the option of the I?lortgagee. Such increased rnte shall be binding
upon the auccessor in title and upon aU sut?sequent tr.ins(erecs, and u{wn Morlgagor. Mort~gee s6all~ Lave the r+ght to effect
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