HomeMy WebLinkAbout0611 ~uah sation a~ it deems neaeeeary ~o preserve, ~intain and osre for ths
premiees, w~d eaid holder ot euah in~debtednees i~ hereby givan ~ill u~ig~ts of
ingrees aad egrea. to th~ prsaisse eeouring this loan in oraer to preeerve,
maintain and oare for enoh praniae~ !or so loag as all or aiyr par~ ot the indebt-
edaeee s~oured.hereby is unpaid, aad a~r reaeo~sbls ~pense inourred by it in eo
doing shall bsaoos part of the i~debteduees seaured hereby aqad eha11 beoovs imoe-
diately due and pe~yable aad ahall besr intersat st the rate provided hereia for
matured obligstic~s, hoMever, it is.e~prse~ly waderetood and agreed~tl~at the
holder of suoh ind~btadness is wader no obligstiou to so do, e=oept at ite own
election, and failurs on the part of euoh holdsr to take'aa~'aation hereunder .
ahsll not oo~titute s v~ivsr o! ttirther breaahee of euah aovenaate. .
~ 22. ~is Florida Mortgsge aud Security Ag~cee~ent ahall.be aonstrued se a M~ortgag~e
of both ~cea1 and Person~l p~oparty and ehs11 aonetitute ar~d asrve aa a"Seaurity
Agree~ea~t" ~?ithin the meaiiir~g of aad oreats a eeauri~}i iatereet un~der ~'].orida's
~ Uaifora Co~mc~sroisl Code, ths eeaured part,jr being herein referred to as "l~ios~tgag~ee".
Rlie M~rtgag~or agreee to sad ehsll eateaute aad deliver to Mortgag+ee euah "Fiaanaing
3tate~ats" aa~d suah.f~rther assuranaes ae l~orttga$ee may, Prom time to time, aon-
eider neoeseary to oreate, perfeot and preaervo the M~ortgag~ee's lieaae upon all
reaats, ineuqcanae praae~e, condea~iation avarde, fizturee, eqnipoent, crope aad
other pereonal property herein deeoribed and all additions, su~etitutiaaie, replaae-
mente and acaeeaions thereto, a~rd a11 proaeeds of its or their sale or othea~ dia-
poeition. '1'ha l~ortgag~ee, at the eacpenee of Mortgagor, ms4Y oauee euoh Finanaing
Stateooeaate aa~d aesuranaes to be recorded sna re-recorded, filed aad re-filed, and
reueved or aontinued, at suoh~times and plaaee ae ma~y be required or peraiitted by
law to areate, perfect and preeerve suoh liene. ~In the eveut Mortgagor faila to
Promptly ezeoute and return to I4ortgag~ee su~ch Finanoing Statem4ents as Martgagee
. may require to oreate, preserve aa~d perfect its lien, M~rtgag+or shall sad does
hereby desig~nate Martgag+ee to aot as l~ortgAg+ar'e ag~ea~t for the purpese~ of ~eouting
euch Financing Statemente.~ M~ortgagor'e deai~natioai as sg+e~nt hereundez eball not ,
be sub3ect to revooatio~ until the 8ote eaouring tbis P'lorida Mortgag~e aad Seau~~y
~ Agree~ent ia paid in f~ll. The Mortga~g+ee shall hsve all- the righte, vitli respsct~- ~
to a].]. property e~avwbered hereby, afforded to Moo~tgag~ee uader the Florid~- Vniforo
Ca~sroial Code in edciition to, but not in limitstion of, the other rig~ts ~forded
the Mortgag~ee by thie Mortgag+e. The Mortgag~or. ehall not transfer ovnerehip Qf oir
reoove t`rom the premieea a~r of the pe~sonal property or fiztures encumbered by
~ tbis Florid~e~ Mortgage ar~d Security Agreement. Ia the eveat oxnerebip of aYqr per-
ecu~al property or fiituree ia removed by Mortgag+or, the esme ehall be i~ediately
~ raplaaed by other pereonal-propsrty or fizturee of a similar type sad aharaater
ia vhich title . ie veated in I~ortgeg~oz and Mhich are f'SCee aad olear of ar~y lien
or enaumbrance, eamd suoh substituted or replsaemeat.pacoperty ahall be of equal
or greater vslue t2u?~ tha pei~sa~al propsrty or Yiz~ure eo trsr~ferred or rem~ved.
Suah after-acquired replaae~ent or eubstituted pereonal property or ffzture ehall
be eaaumbersd by the liea of t~is Florida Moirtgage sad Seaurity Agreeme~t aa~d, if
I~ appacapriate or deeirecl by l~ortgag~ee, nen Finanaing 3tatements coveriag the same
~ aha7.l be ezeanted by Mortgag~or arid foraarded to Mortgagee xith the cost of record-
( ix~ the eame.
~:~r~~ts -
~ 23, In~the even the I~ort r, ~+ithout prior vrittea ooneent of the Mortgagee,
~'Ji'L' ahall sell, co~~tr~~or eha11 oontract to sell, Qonvey or tranefer in
j" ezohange •Yor inetallment pa,ynsnte) the Mortgag~ed Premiees or a~ part thereof or
arpr intereet t~ersin, or sha11 be diveeted of title or aRy intereet therein in
~v i~ aay maaner _or ~ vqy, . r~hether volunts~y or iavoluntary, the ~ enti~e balsnae of the ~
indebtedneee ehall be aacelerated and become i.moediately due ar~d ps~yable, at ~he
, option of the Mortgagee vithout notiae to Mortgagor. In the event Mortgag~ee
electe to acaelerate the entire balaaae of the indebtedneee, Mortgsgee sha11
have no obligation to allege or shox ar~y impaii~ent oY ite eeaurity aad m~}r
pureue any legal or equitable renedies for default in euch ps~t vithout euch
allegatia~t or ahoring.
2t~. 1Kortgeg~or aha11 provide to Mortgagee, rrithin ninety (90) da~ys after the end
of esah fiecal year of l~ortgsg+or (or calendar year iY Martgag~or hae no fieaal
ysar), a s~rorn ite~mized etatemeat of aanual inco~ne ~m~d ezpenaee sad production
by varietiea in reasoriab2e detail related to the MortgAged Premiaes.
25. In the event that Mortgeg+ar or any eucaesaor O~rner of the Mortgag~ed Premises, ~
or of arqr intereat therein (inaluding ar~y ~oint venturer~ or g+e~eral pari;ner of er~
auah 1Kortgag~or or ar~? suaceesor O~mer as ma~y be a~oint venture or geaeral or
limitea partnerehip) or CHARLSS M. C~LL or ~EtAARD A. ~GeH ehall file, or there
shall be filed $gainst such Mox;tgsgor or aRy euaceesor Owner, or pereon, ~oint
veaturer or general partner, during the peaciod of hie ovnerehip, a petition in
bankruptay or ineolveaioy or a petition or ans~+er eeelcing ar~y reorgsaisatioa,
arraagemsnt, aoapoeition, read~uetmeat, liquidation, dissolution or eimilsr re2ief :
under the benkruptay lawe af the IInited Statee or under s~y other applicable Federal,
stste or other statute or la~rr, or s receiver, truetee or liquidatar eha11 have been
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