HomeMy WebLinkAbout0593 aE,~~l~ +u~•h mnts, i+.u~~, :u?d pru(ite n~~ri~•ec1 b>• it on the indc~bt~•dn~~sg sa~•unrl hi~n•h~• in ~u~•h ordrr :~s Alur~~;aK~~~ d~~trr
mu~rs. The riKht tu e•nt~~r :utd tukc~ ~w~u•~.,iun o( the A1orl~aged I'ru~~•rlV, lo m.~n:~tir :~nd u~?.rr:~l~• th~• s:~ui~, :~nd tu ~~ulli•~•t
the renta, iagues :~nd protit$ tttereut, wheihe~ by s~ari~rr or otherwise, ahall I~e cumul:ilive tu r~ny otht~r riKht or n~~n~Kly
hereunder or uf(orded hy lavq, apd nuiY I~e.e:eni~Yi concurnntly themHith ur inde{x~~denUY thrn~~f. A1ortKu~;~r shall
l~e Ii:~bIP to ac~~unt only tor such mnfs, issue~ .ind pm(i1s n~•luully re~•riv~~l by Mortg:~~;~w>.
l4. If the ~~~~i~~~~.~i~,.:~ u~•und herrLy ix nuw ur herr.?fter furth~•r s.i•un~cl 6y ~•h:~tt~•1 tnurt~;ages, scK~urity interc•sts,
financinK st:~teme~is, pIE~c1Kt~, cnntr.u•ts ~?f ~u.~runty. assiknm~•nts uf (~:is~s, or uther ~~vriti~~s, or if the AturlKu};~Yi Pro-
~xrtV hemby encumlx•red conaists ot more th:~n one ~k~n•e! ot nal ~~w~x•rty, 1~lortgagcr may at i1s ~ptiun exh:wst any on~•
or more of ~iid sc~~oritic~ au~d s~~•urity hemunder, ur such {k~rcefti o( the sc~•urity hemunder, e~ther ~•onrurrrnily or inde-
~~endenUy. :~~d in auch onler .~s it m.iy detemiine.
15. This T1ortRage xhall ~•ure not only existinR indebtednesR, 1?ut alu~ sui•h tulure :i~l~•an~•es, whelhrr su~•h ad~:inr~~+
:?tr obligt?tory or to he ma~de t~t the option of MortgaKE~e, or othen+•iu, as .~m m:ide within twcnty 120) yr:~rs from the daM
hemot, to the same extent .?s it such futum ad~•an~Y~ wem m;~de on lhe date of the exe~•ution of Ihia ~1ortK:?K~•, hut such
~•umd indcbt~Kines~t shuU not excctid at any time lhe maximum princi~~ul :~mount of S NlA
plus interest, and any disbursements madv for the ~~;~yment ot laxc~, levies, or insur~n~•e, on the AtortRuKed P~o~x•rly, with
interest on such disbursements. Any such (uture :~dvun~•es, whether oblig.~tory ur to t~ made at thr option of the AlortkaK.~•. ~
or other~rise, may 1?e made eithcr prior to ar a(tcr the due dute of the Note or any other noles serurec! by this Atort~aKe.
This Mortgage is given for the s~~ec•i(ic purpose aI scxvrinR any and .~11 indebt~~ciness hy the AtortRaKur to TfortKaRee lhut
in no event sh.~ll the securcd indebtedness exceed at .?ny time the nu~ximum princi~k~l amounl set forth in this ~u~r.iRraph) in
~~•hatever mnnner this indebtedness may 1~e evidem•ed or repmsented, until this rlortguRi~ is s:~tis(icd of rc~~ord. All ~•ov~•n-
:~nts und agreements containecl in this I1lortgaKe sh:~ll t~ ;~ppli~•ahlc~ to aU turther ad~•:in~•t~s ~n:~di~ hy \1urtK:iKc~e~ to
:~iurtKagor under this future :~dvanci• cl:~use.
IC.. No delay by 11lortgagee en exercising any right or reme~cly hemunder, or othen?~isc ufforded by It?w, sh:ill o~xr.?tr
as wui~~er thereof or pmclude the eYercise thereof durinR the crntinuance ot any de(uult hereunder. No ~~.~i~er hy
\fortkugee ot any detault shull constitute a~vai~~rr of or consent te~ sul~sequent detuults. No iailure of A1orlK.iRcr to ex~•n•isc•
~ny option herein Ri~•en !o accelerate maturity ot the debt ht~mby ~•ured, no (ortxmruncr by A1ort~.~Ree beforn or :dt~•r thi•
rYen•ise of such option and no w•ithdrawal or ntu~ndonu~ent of fon~c•losure prex•erclinR by 111ort~aRee shnll t~e taken ur ~•on-
strued ns a wai~•er of its riRht to eYen•ise such option or to acrclcrate the maturity of the debt hembp ac~•umd bv mason ut
any past, pre..ent or future de(ault on the ~k~rt of 111ortRaK~~r: :ind, in like munne~r, the prcx•urement ot insurc~n~•e ur th~ pa~•-
~nent ot taxes or other liens or chargcs by h1orlKagee sh:~ll nut i~c~ taken or ~•onstrucd :~s ~~•:u~cr of its ri~;ht tu :u•~•c•I~~r.~tt~
the maturity ot the del~t hereby scK~urc~cl_
17. ~Vithout a(fecting the li~bility ot Mortga~or or any other ~~erson lexrept :iny ~x~rson ex~~rc:~cl~ releuscvl in writinRl
for ~k~yment of :~ny indebtedness sc~•ured hereby or (or per(ormance of any ohligation contuined herein. :ind ~vithout :~tte~•t- .
ing the rights ot illortgaRee ~~•ith res~x~•t to .~ny scvurity not expmssly releasecl in ~~•riting, I11ort~a~~~• m:~y, at :~m• time and
F from time to time, either I~fom or after the maturih~ ot said note, :~nd N•ithout noti~r or c•onsent:
~ la? Release any ~x~rson liable tor ~kiyment of all or any ~~.~rt of the indebtedne~ or tor ~~crforma~ce o( any ubliKation.
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Ib) blake any agn~ment extending the time or otherw~ise allering the termti of ~~:~yment of .~II or any ~u~rt of the
indebtedness, or mcxlifyinR OI µ':il\'Ih}~, any obliKation, or sulx~rclinating, mocii(ying or other~•ise dealing ~cith the lien or
f charge hereof.
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~ (c? Exercise or refrain imm exercising or ~•aia•e any riKht ;~iortK:~Rt~• m.iy h:~~e.
~ (d) Accept additional sec•urity n[ any kind.
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~ Ie) Release or othen.~ise de:d wilh any pm~x:rty, real or ~~ersonal, securin~ the indebtc~ness, includin~ all or an~~ ~r.~rt
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~ of the hiortgaged YroE?erty.
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18. Any agreement here.~(ter made by ;lfortgaRor and Atort~aKe~ putsu:~nt to this mortQ:?Qe shall lie su~~rriur to thcr
~ riRhts o[ th~ holder o( an~ inlen~ening lien or encumhr:?nce.
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~ l9_ ;1lortg:~gor hemby w.~i~~es all right ot homestead exemption, if any, in the AtortRaRcY1 Yro~~crt~~.
~ 20. In the event o( condemn:ilion pro~•eedinRs of the 111ortgaRed Property, the award or com~xns:ition pa~~abie there-
~ under is hereby assigned tQ and shall t~e E?;iid to 1~iortRaRce. ~tortRa~ee shall be under no obliKation to question the amount ~
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; ot any such award or comE~ensation :~nd may accept the ~me in the amount in which !he same sh.~ll i~e F?:~id. In any such
4 condemnation proc•eedings, ~1orlgagee may I~e mpresented by. counsel selected by I~1ort(;aKee. The proi•eeds of any aw:~rd
~ ur compens:~tion so received shall, at the option o( ~lortgagee, either t~e appliect to the pre~-~yment of the Note and at the ~ '
~ rate ot interest pm~•ided therein, mKardless of the r.~te of interest {x~~able on the .iw•ard b~• the condemninR authority, or at
the o~~tion of l~tortqa~ee, such award shall Ix~ p:~id o~•er to hlortg:~~or tor restoration of the MortgaRed Pro~~erty.
=4 21. It ~lortgaRee, pursuant to a construction Io~~n agreement or loan commitmenl made by Dtort~aqee with Dlortga~or.
y~ :igrees to m:?ke construction loan :?d~:~n~•es up to the princi{~al :~mount of the l~iotr, then MortRagor hereb~• c-o~•en:~nts that it
~ w•ill comply with all of the terms, pm~•isions and co~•enants ot s<~id cnnsiruction loan aKreement or lo:~n commitment, ~a•itl
~ diligently construct the impro~~emenls to be built pursuant to the terms therec~(, all of the terms thereof N•hich are ir~-
curEx~rattYl herein by reference as though set forth fully hemin and will ~~ermit no defaults to occur thereunder :~nd if de-
~ (.iult sh:ill o~rur thereunder, it shall constitute a default under this hlort~aRe and the Note.
'L2. At the option of Atortga~ee, TtortKaKor sh:~ll ~~ro~ide \tortRaKee with periodic mrtified audited statements o( the
financial condition of 1ltortgaAor_
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23. ltortgagor represents and w•arrants that if a~•or~wration, it is duly orKanizecl :ind validly existin(t. in R~~ st~nd-
_ in~ under the I:~ws of the st.de of its ini•or~wration, has stock outst:inding w•hich has been duly and ~~alidl~~ i~.suE~c~, and is
; qualified to do busines~ and is in ~ood standinR in the State of Florida. Hitn full ~~ower and authority to consummate the •
r Ic~an euntemplated herehy: and, if a ~k~rtnership, it is duly formec! nnd ~~alidl~• existinR, and is fylly qualifi~d to do husine~c
in the State o( Florid'.i; R'Itll IUII ~MN'Pi and aulhority to consummate the loan contemplated hereb~.
- 24. In the e~•ent any one or more of the procisions contained in this 1lortgaRe or in the Note shall for any reason
i~e held to f~e invalid, illeqal or unenforceahle in any res~~ec•t, such im•alidit~•, ille~;ality c~r unenforceahlity shall, at the
= option of the UortRagee, not affec•t :~ny other pro~isions of this MortgaRe, but this A1ortKaRe shall t~e construed :?s if su~•h
inv:~lid, iI1eK:i1 or unenforceablp pm~~ision had ne~•Pr Freen contained herein or therein. The total interest payable pursu.int
lo the 1'ote or this rtortgaKe shall not in any one year ezct~ed the hiRhc~t lawful r:~te ot interest in the Statr o( Florida.
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~ ?a. The co~~enants and aRreemenfs herein containeci ~fi:~ll t>ind and the benefits and ad~•antages shall inure to the
res~~•fi~~e heirv, executors, administrator!;, succe~.+ors, and as~iRns of the p.irties hereto. Wherever used, the sin~ul:~r
- numlier shall include the plur.~l, the plur~l the sin~ular. :+nd the use of :~ny gender shall 1?e applii•able to all ~eriders. All
co~-enants, aQreement:~ and undertakings shall 1?e joint and serernt In the "e~~~nt :idditional numbere~l c•o~•Pnants or para-
Rraphs are for com•enience inserted in this A1ortQaQe, su~•h additional ~o~•enants ~hall lie read and ~iren ettect as :hou~h
- (ollo~•ing this co~~enant in consecuti~-e otder.
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