HomeMy WebLinkAbout0563 a~ly such rents.' is~ue~ x~d` Nroll~ by it on the iodebtednas secured heeeby ln such ords~ as Moci~utee deter-
mines. The rislit to enter and take poieruon ot lhe Mortga~ed Propeety~ to mana~e And o~srata the aams. end to collect
t6e renti. i~suer and protit~ thereat. wl~stber by a receiver ot otl~etwi~e, sbaU bs ~vmulative to aay other risht or iemedy
hereunder os '[torded by law~ a~d mety be e:erciaed c~oncurrently therewitb os independer?tly thereot. Morl~es shull
be liabls ~o accoun~ only ter wcl, re,n~s, i.sues a~d protia accunlly received by Mort~a~es.
24. It the iadebtedneas ~ecured 6ereby i~ now or hereatter turther aecured by chattel morts~es. security interesta.
tinat~cina statements, pledses. contracta of guaranty, a*signane~ta ot lease~, or other ~ecurities. or if the Mod~ed Pro-
Nerty hereby encumbeced condsts of more tban oae parcel ot reed property. Mort~ee may at ita aption Fxhawt any one
or awre ot ~aid securities aod ~ecurity hereunder. or auch paroels of tbe security berrunder. either rnnc~rrently or inde-
{7@IIl~@A~lj?. 8l11j 1l1 fI1Cb OI'~Ql Ht !t 1TNU? ~@iallqB.
15. This Mortae6e shall secure not only ezistina indebtedness, but aLo such tuture advancea. whether auch advances
are obligatory or to be aaade at the option oi Mortgaaee, or otherwise. as are made withia twenty E20) Years t?nm the dete
hereot. to the same e:teat ae it such tuture adv~nc~ were made on the date o[ the e:~
tion of t N~~ortga~ce, but auch
aecured indebtedneos shaU aot e:ceed at any time the maximum principal amouot of : 1
plus intaarest. aad aay disbursements made for tbe psyinent of taze~ levias, or insurance, on ihe Mortaaged Property, with
intereat on auch disbursenients. A~y sucL future advaM~es. whether obligetory or to be made at the option ot the Mortgagee.
as ot6e~wie~ may be made either prior to or atter tbe due date ot the ivote or any other notes secured by this Mortgage.
T6is Mortgage is given tor the specitic purpoee o[ se~,vrins any and aq indebtedness by the Mottga6or to ~iortaaaee (but
in no event shall the se~.-urer) indebtedne~ ezceed at any time the ,n~ximum principal aaaunt set fort6 ia lhis paraaraph) in
Kh~tever manner this indebtedne~s may be evideaced or repreeented, until this Mortgage is satistied ot r~~ord. All cove~-
anta at~d agreements coatained iu this I?iortgt~ae sheU be applicuMe to aU futther advances made by Mortgagee to
Mortgagor under this futurQ advance ciause.
16. No delay by Mort~aaee ia e~etcisin6 any riaht or remedy dereunder. or oWerwise a[forded by law. a6a11 operate
as a waiver t6ereo[ or preclude the exe~+ciae thereot durin~ the co~tinuance ot any default hereunder. No waiver by
Mortgsgee of any de[ault shaU constitute a waiv~er of or consent to wbeequent detaulta No failure oi Mortgegee to e~cercise
any option herein given to accelerate maturity of the debt hereby eecured, no torbe~rance by Mortsagee betore or after the
e:ercise of such option and no witl~dtawal or abandonment of foreclosure pmceediag by Morigagee sball be taken or con-
strued as a waiv~er ot ita right to ezercise suc6 optina or to accelerate ihe maturity ot the debt hereby secured by reason ot
any past, present or tuture detault on the part of Mortgagor; and, in like manner, thr procurement ot insurance or the pay- -
ment ai t~es or other liena or charges by Mortgagee shall not be taken or constn?ed as a waiver of its right to Accelerate
the maturity of t6e debt hereby secured. -
17. Wit6out atfecting the liability ot 1liortgagor or any other per~on (except any pe~aon e:presely releaeed in writing)
[or payment ot any indebtedne~ secured hereby or for pedora~ance of any obtigation rnntained herein. and without aftect-
in8 tLe rights of Mortgagee with rPSpect to any security not ezpresaly rel~ased in writing. Mortgagee may, at any time and
fmm time to time. either before or atter tl~ maturity ot eaid note. and without notice or consent: -
(a) Relesse any pereon 1iable tor p~yment ot a1l or any pad of t6e iadebtedneae or tor pedorananee of any obligation.
(b) Make any agreement e:tending the time or otherwise altering the terms ot payment o[ all or any part of the
indebtedneae„ or tnodifying or waiving any obligation, nr subordinating, moditying or othetwise dealing with the lien or
c6arge hereof.
(c) E:ereiee or retrain trom exerciaing or waive any right Mort6agee may have.
(d) Accept additional sec~irity of any Icind:
(e) Release or otherwise deal with anY P~PertY, r~l or personal. securing tbe indebtedneas, including all or any part
of the Mortgaged Propetty.
18 Any agreement 6ereafter made by Mortgaaor and Mortgagee putsuant ~to t6is mortgage shall be aoperior to the
righta of t6e hol~er ot any intervening lien or encumbrxnce.
19. Mortgagor hereby waives all right of homestead ezemption, i[ any, in the MortRaged Yropedy.
2~. In the event of condemnation pmceedings of the Mortgaged Property, the award or compensation payable there-
under is hereby assigned to and a,hal~ be paid to Mortgagee. Mortgagee shall be under no obligat:on to question the amount
of any such award or rnmpe~mation and may accept the same in t6e amount in which the same shail 6e paid. In any such
condemnation proceedinga, blortgagce may be represented by counsei selected by Morigagee_ T6e pmceeds ot any award
or compenaation so received s6aU. ut the option oi Mortsagee, either be applied to the prepeyment of the Note and at the
rate of interest pmvided therein, regardless o( We rate of internst payable on t~e award by the rnndemning authority, or at
the option of Mortgagee, auch award shall be paid over to MortgagorJor restoration of the Mortgaged Pxope~ty.
21. If Mod ~ ± : . ; if •..3 _
8agee, pursuant to a construMion loan agreemen~ at loai~ rnmmit~ept made by~l~Iortgagee with Mortgagor,
a8reea to make construction loan advancea up to the print~ial ameuht ot t6e Note, then Mortgagor 6eieby rovenants that it
will comply wiW aIl of the terms, provisiona and covenants of said eonstruction loan agreemeat os lo~ete oommitment, will
diligently construct the impmvements to be built pu~suant to We terms theieut, all of• tbe terms t6ereof which are in-
, rnrporated herein by reference as though set torth tu~ly herein and will permit no defIIulb-tio oon~lhlrevhder and it a de-
fault shall occur thereunder, it ahall conatitute a default under this Mortgage and the Ne~.'
22. At the option ot Mortgagee~ Mortgagor ahall pmvide Mortgagee with periadic certified audited statements o( the
financial rnndition of Mortgagor.
23. Mortgagor repreeents and warrants tbat if a corporation, it is duly organized and vatidly e:istins, in goai sfand-
ing under t6e laws of the state o( its incot~wration. has stock outatanding whic6 has been duly and validly iseued, and is
qvalifie•~ to do Laiaineas and ia in gaod standing in the Stat~: ot Florida, with fuU pawer and authority to rnnsummate the
loan contemplated 6ereby: a*~d, if a partnership. it is duly formed and validiy ezisting, and ia fally qualified to do M~siness
in tlie State ot Florida: wit6 tul! power and authority to consummate tLe foan contemptated hereby.
24. In tbe event any-cne or more of the proviaions contained in this Mortgage or in the Note shsfl for any ~eaeon~
be held w be invalid. illegal or unenfon~eabte in any reapect. sach invalidity, illegality or unentoreeabtity sball, at the
of:tion of the Mortgagee, not attect any other prnvesions of this Mortgage, but this Mortgage shall be conatrued as if such
invalid, illegal or unentorceable provision had never been contained hereia or therPin. T'~e total interest payable pu~suant
to t6e Note or thia Mortgage shall not in any one year e:ceed the highest lawiul~ rate of intereat in the State of Florida.
25. Tt~e rn~enanta and agreements berein rnntained shall bind and the bene(its and advantaaes s6a11 inure to We
respective heira. esecutors, administratots, sucY~eseors. and asaig~ ot the partiea 6erefo. Wher+.wer used, the singular
number shalt include the plural. the plurat the sin~ula;r, and tbe uee ot any gender sball be applicable! to all gendeis. All
covenants. agreennenb end undertal~ings shall be joint and several. In the event addit:onal numbered covenanta or para-
Brapbs are (or rnnvenietwe inserted in this Mortgage. r~ch additional covenanta ahall be read and given e[fect aa though
following this rnvenant in coneecutive order. ~ .
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Baex~77 P~~ 56~
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