The URL can be used to link to this page

Home My WebLink About0801 . . • ; . , =`'i: applY auch rents, iasura and protib ceceived by it on the indebtedne~ ~ecured heceby ie wch orde~ as Mortgagee deter- mines. The riaht to enter and tuka poe~eeaion ot ths Mortga~ed Pmperty. to manage and operate the same. and to collect the renta, irsues and pmtita tbereot. w6ether by a receives or otherwi~e. W~all bs ~vmula?tivs to aay otber right or remedy 6ereundes or atforded by law. end mqy bs e:ercised concun~ently t6erewitb or independently thereol. Mortgagee shall be IiaWe to account only for wch renta. iasue~ and pmfita aMually receivcd by Mortaagee. 14. It tbe indabtedneu ~ecured hereby is now o~ hereafter turther aecured by chattel mortgages, security interests, financiaa siatement~, pledges. contracta ot 6uaranty. aseugnanents o[ leB~es. ot otlier iecurities. or it t6e Mortgaged Pro- perty hereby encumbered consis4 0[ mors than one p~rcel ot real propetty. Mort~asee may at ita option e:haust any oae or mon oE iaid ~ecurities and security hereunder. or such paceeb of the ~ecurity hereunder. either concurrently or inde- pe~dently. and in ad~ order as it may deteraniae. lb. Thi~ 1liortsage ~hall secure not only esistina indebtedna~. but alw such fulure advances. w6ether such advancea are obliaatory or to be made at tbe option ot Mortgasee. or ot6etwise. a~ are made within twentq (20) yeais trom the date hareot. to the same extent a~ it tuc6 fuhtre advances woere mede on tbe date o[ tl~e e:ecutjpt~y~,~this Modgage. but such ~ aecured indebtedueas shall aot e:ceed at any tiwe the ma~cimum principal amouat ot i L, 7W 00 plus iatered. and any disbunements made tor tha payment d t~e~. levies. or insurance. on the Mortgr,ged Property. with iaterest on wch distwnementi. My such future advancea, whether obligatory or to be made at the option of the Mortgagee, - or ot6erwi~ may be made either prior to or after t6e due date oi We Note or any otber notea secured by this Mortgage. This Mortgase is siven tor the specitic pur~wee of ~ecurins any and sU indebtedneas by the Mortgagor to Mortgagee (but in no eyent sball tbe secured indebtednees e=ceed at any time the m~imum principel amount set [orth in this paragrap6) in whatev~er manaer this indebtedness may be evidenced or represented. until this Mortgaae is setistied ot rerord. All coven- 8p~{ ~IId 8sI'eBl[IBi1ti ~COq~dlll~ in this Mortaage ahaU be applicable to aU tuttl~er advances made by Mortgagee to Mortaagor under this future advance clause. - 16. No delay by Moitgagee in e~cercisins any ria6t or ramedy hereunder. or otherwire atforded by law, shall operate as a waiver t6ereof or preclude tbe ~ercise thereot durins the rnntinaance of any detault hereunder. No waiver by Mortgagee o[ any de[ault s6aU coastitute a waiver ot or consent to subsequent defaulta. No failure of Modgagee to exercise aqy optioa herein aiven to acoelerate msturity of the debt hereby secured, no torbearance by Mortga~ee before or atter the e:eerise of sach option and no wit6drawal or abaAdonment ot foreclosure proceedina by Mortgssce ahall be taken or con- strued as a araiver of ita rig6t to e:ercise sucb option or to accelerate the matutity of the debt hereby aecured by reason ot any pest, present or tuture default on the pad ot Mortgagor; and. in like manner, the pracurement of insurance or the pay- ment of tuea or otlier liens or c6arges by Mortga6ee shall not be taken or construed as a waiver of ita right to accelerate the maturitp ot We debt 6ereby secured_ 17. Witbout af[ectins the liabiGty ot hiortgagor or any oWer person (except any peison espressly released in writing) [or payment of any indebtedneas secured hereby or for pedotmance of any obligation rnntained herein, and without atfect- it~ the riahta ot Mostgaaee with re~ect to eay security not e:pressly released in writing, Mortgagee may. at any time and trom time to time. either before or after the maturity ot aaid note, and vrithout notice or conserit: (s) Relesse any person liable for payment of all or any part ot the indebtedneas or for performance oi any obligation. (b) Make any~ aareement e=tending the time or otLerwise altering the terms ot payment ot all or any part ot the indebtednees. or modifyins or waiving any obligation. or subordinatins, madifyin~ or otherwise desling with the lien or charge hereof. - (c) Esercise or retrsin from e:ercising or waive any right Mortgagee may have. (d) Accept additional secitrity of any kind. (e) Release or othetwise de~l with any property, real or personal, securing tbe indebtedneas, including aU or any part of t6e Mortga~ed Property. 18. Any asreement 6ereafter made by Mortgagor and Moitgagee purs~ant to this mortgage shall be superior to the rig6ts of tbe hoWer of anq intervening lien or encumbrance. ~ 19. Mortgagor hereby waivea all right of bomeatead ~emption, if any, in the Mortgaged Pmperiy. 20. In tl~e event of condemnation pmceedings of the Mortgaged Property. the award or rnmpensation payable there- ; under is 6erebq aseigned to and shall be paid to Modgagee. Mortasgee al~sll be under no obligation to question t6e amount ~ of any anch award or compeusation and may accept tLe same in tbe amouni in whic6 the eame aball be paid In any suc6 4 rnndemnation proceedings. Mortaagee may be represented by rnuasel selei.~ted by Mortaagee. 'I'6e proceeds o[ any award ~ or eompenaation so t+eoeived shall, at the option of Mortgagee, either be applied to tbe pnepayment of the Note and at the ~ rute of intereat provided therein, regardle~s of the rate of inter~at payable on tLe award by tbe condemning authority. or at € t6e optioa of Mottaegee. such award ahall be paid over to Mortaagor for reatoration ot the Mortgaged Propetty. 21. If Mortgagee, pulsuant to a construcEia~ {onn afieea~enti pr loan commitment made by Mortgagee with Mortgagor, . agrees bo make construction loan advances up to the pnricipal ~mouiiCof tbe Note. t6en Mortgagor hereby rnvenants that it will comply with all of the terms. Provisiona aud cov~enante of- tsid•ooadructio~' loaB~~Nnt or loan commitment, wiU diligentiy constrnct t6e impmvements to b~a b~Wt pursuant to the terms t6ereoE; all~ of'tLe terms thereot which are in- corporated hereia by referenoe as though set fortb tull~? 6erein and vviU permit no deiaalb to occur thereunder and if .a de- fault a6a11 occur tbereunder, it ahall conatitute a detaWt unde't this Mortgage and the Note. ~ 22. At the option of Mortaagee, Mortgagor shall provide Mottgaaee with periodic certified audited stetemente of the ~ financial condition of Mortgagor. 23. Morisasor tepreseats and warrents that if a corporation. it is duly organized and validly e~sting. in good stand- ing under the lawa of tLe atate of i4 incnrporation. has dock outstanding which has been duly and validly iesued, and is gualified to do business and ia in good standing in the 3tate ot Florida, ait6 inll power snd aut}wiity to consummate the loan contemplated hereby; and, if a partmrahip, it is duly tormed and validly ezistina, and is (ally qnaliGed to do business ~ in the 3tate of Florida; wit6 full power and authority to conaummate the loan rnntemplated 6erehy. 24. . In t6e event any one or more ot t6e pmvisions rnntained in this Mortgage or in the Note shall for any reason be held to be invalid, illegal or unenforoeable in any reapert, wch invalidity, illegality or unentorceablity ahall, at t6e option of the Mortgagee. not attect anq other pt+ovisions of thia Mortgage, bot this Mortgage shall be construed as it such invalid, illegal or unen[orceable provision had never been contained herEin or t6ereia Tbe total intereat p~yable pnisuant to the Note or ~thia Mortgage Bl~all not in anq o~ year e:ceed tbe highest lawful rate of intereat in the State ot Fiorida. ffi. The eovenanta and agreements herein contained shaN bind aad tbe benetita and advantagea abell inure to the reapective 6eirs. ezerutora. administratoia, wceeaeora. and assigns of the patties 6ereto. W6erever used, t6e singular number shall include the plural, the ptural the singular, and the use of any gender ahall be applicable to all gendezs. All covenanb. aareemen4 and undertaking~ a6a11 be joint and acweral. In t6e event additional nusbered covenanG or para- graphs are for convenience ineerted in this Mortgaae. such additional cove~nts shall be read and siven effect as though following this coMenaat in coneecutive order. -3- BocK273 PacE 79$ ~ . - - _L---__- - ,