HomeMy WebLinkAbout0352 :q~ply wu~•h rrnt., i~u.•x und pru(ils rei•eiv~~ by it on the indebtecini~ax se~•un~c1 hcml,y in yu~•h urder as !~lortgag~r• d~•t~~~-
~ninrs. 7'he right to ente~ .~nd luk~ {w.~c~~ion uf the Alortg:~ged Yru~xHy. to n?un:~ge and open~te ih~~ sume. :~nd to coll~ti•t
the mnla, i~u~~x und pmtits thercrot, whelher by n rereiver or otherwiso, ahull 1?e c•umulutive tu uny uthe~ right n~ remedy
e
hemunde~ or nUorded by luw, und mny be exenieed conc•urmntly thernwith or inde~xndc~ntly th<~n~f. hlortgaREr ahall
t~e li:~hle to ai•~rount only tor such renta; issuea und proCis ~utuully receivrd by A1o~tgagre.
14. It the indebttdnrxs ~•urcd hereby ia now or hereufter Tu~ther sM~und by i•hutte! n:ortg~~ges, ~cvurily interexta.
finnncing statements, pledges, ~•ontr.~cta of guur.~nty, uasignments o( leu~~s, or other securities, ar it the Mortguged Pro-
~xriy hereby encumbered consista of more thun one µ~nY:l ot mul pn~perly, lNortgagee muy nt ita option exhaust nny one
or mom o( auid securitiea .~nd se~•urity hereunder, or auch ~x~tc~ls of lhe security hereuoder, either ~~oneurrently or inde-
pehdentiy, nnd in such order .~s it sn:?y delermine.
15. This 111ortguge ahull secure not only existinR indebtednesv, but also such ~uturn .~d~•a~ncrs, whether such udvanres
ure obligatory o~ to be nu~de i~t the option of MortgnRee, or otherwi~e, se are m:~de within twenty (20) Yeara from the date
hereof, to /he snme extent as i[ such iutum nd~~e~n~tiK? were mude on the date of the execution of lhia Mortg:iRe, hut such
~umd indebtedness shull not excced at uny time the maximum princi~ud:imount of S N/A
~~lus interesl, and any dishursementa made tor the ~~uyment of taxes, levies, or insur.~n~•e, on the Mortg:~K~d P~operty, with
interest on such disbursementa. Any such tuture .~dv.~m~ea, whether obligutory or to be mnde at lhe option ot the Mort~agee._
or otherwise, nu~y be mt~de either prior to or nfter the due date o( the Note or ~ny other notes secured by this Mortguge.
This Mortgage is given tor the specific pur}~ose o( securing nny and ull indebtedness by the MortRagor to I~tortg:~Ree (but
in no e~•en! shall the secured indebtednrs4 excec~d at :~ny time the maximum principiil amount set torth in this par.~Kr.~ph) in
whaterer mnnner this indehtednc~s mny be eviden~•ed or repmsented, until this MorigaRe is ~tistied of record. All coven-
ants und agreements cont~ined in this 1lfortgage shall l~e appli~:il~le to all turiher adv.~nn~s made hy Mortgngee to
AlortRagor under this tuture ad~~ance cluuse.
16. No del~?y by Mortgagee in exercising any right or remcdy hemunder, or otherwisc aftorded by law, shall o~~erate
as a ws~iver theteof or preclude the ezereise thereof during the continunnce of uny detault hereunder. No wai~~er by
biortgagee ot any detault sh~ll constitute a waiver ot or consent to sut?sequent defe~ults. No fnilure of 1~1ortg:~gee to exen•ise
any option herein given to s?ccelerate maturily of the debt hereby ~~ureci, no torbearance by MortgaKee be(ona or a(ter the
exercise o[ such option and no withdrawul or alu~ndonment ot toreclobure pro~reding by Mortgagee she~ll t?e taken or con-
strued as a waiver of ita riRht to e:ercise such option or to accelerate the maturity of the deht hereby secureci by re:~son ot
any p:?st, present or future default on the }k~rt of '~lortgugor: .+nd, in like munner, the proivn•ment of insuran~r or the {?:+y-
ment of taxes or other liens or churgcw by Atorig:~Ree shall not be t.~ken or construed us a~~:~irer o! iis right to :~~•reler.~te
the maturity ot the debt hereby sec~red. •
17. V1~'ithout af[ecting the liability ot A9ortg~gor or any other ~~erson (except any ~?erson expressly released in Mritin~)
for payment of any indebtedness secured hernby or for {~erformance of .iny obligation contained hetein, and without atfect- _
ing the rights of Iltortgagee with res~~•t to any security not expressly released in writing. Mortgagee may, at :~ny time and
irom lime to time, either before or ntter the maturity of said note, and without notice or consent:
la) Release any peryon li~ble tor payment of all or any ~~art of the indebtedness or (or pertormance ot any obligation.
(b) hlake any agreement extending the time or otherv~•ise altering the terms of ~>ayment of all or uny part nf the
indebtedness, or modifying or wai~•inR any obligation, or sui?ordinating, modifying or otherwise dealing with the lien or
charge hereof.
(c) F.xemise or re[rnin trom exercising or w.~i~~e any ri~ht 111ortRagee may harc.
(d) Accept additional security ot any kind.
(e) Release or otherw•ise deal with any pro~~erty, mal or personal. sec~ring the indebtedness, includinR all or any ~?:~rl
~ of the Mortgaged Pro~~erly_
I
E 18. Any agreement hereafter mt~de by AlorlQagor and Mort~.~Ree ~~ursuant to this morlRage ahall I~e su~~erior to the
~ rights ot the holder oi any intervening lien or encumbrance.
~ 19. 1~lorigt~gor hemby vvai~-es all riRht o( homestead exemption, i( any, in the Mortgaged Pro~x~rty.
20_ In the e~~ent ot condemnation pra•eedings o( the Mortgaged Yroperty, the award or compens:ition ~~yable there-
~ under is hereby assigned to and shall be paid to Mortgagee. b4origagee shall be under no ohligation to question lhe amount
~ of any such award or compensation and may ac•ce~~t the ~me in the amount in which the same shall be paid. In any such
~ condemnation proc-eedings, Mortgagee may be represented try counsel selected by Mortgagee. The proireds of any award
or compensation so received shall, nt the option of Mortgagee, either be applied to the prepayment ot the Note ~nd at the
rate of interest pro~~ded therein, re~;ardless of the nte ot interest payable on the aw•ard by the condemninq authority, or at
the opiion of tllortgagee, such award shall be ~iaid o~•er to Mortgagor for restoration of the Diortgaged Pro~~erty.
~ 21. If 141ortgagee. ~~ursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor,
agrees to make construction lain :id~ances up to the princi~~l amount o( the I~'ote, then Mortgagor hereby co~~enants that it
s::!! ca:r.;:ly :~•i:k a12 ci !!:c Lcrs:z,, ,^.:e:•isions sr.~ r^~~er_~n+_s of s-aid CO~!c}ntrlinn lnan :~gr~mPnt or loan commitment. will
diligently constn~ct the improvemenCs to be built pursuant to the terms thereol, all ot the terms thereof w•hich are in-
corporited herein by mterence as though set forih (ully herein and will ~~ermit no detaults to occur thereunder and i( a de-
fHUlt stwll occur thereunder, it shall constitute a default under this Mortgage and the Note_
~ 22. At the option of Mortgagee, :4fortgagor shall provide 111ortgagee with ~~eriodic certi(ied audited statements o( the
~ tinancial condition of Mortgs~gor.
~ 23. A'Iortgagor represents and K•arrants th:~t if a cor~wr~tion, it is duly organized and validly existing, in good stand-
" ing under the laws of the state of its incorporati~n, has st«~k outstanding w~hich has been duly and validly issued, and is
~ quali(ied to do business and is in good s4~nding in the State of Florida, with tull power and authority to consummale the
loan cantem lated hereb -~nd, i( a rtnershi it is dul tormecf and ~•alidl existing, and is full quali(ied to do business
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in the State of F'lorida: with full {ww'er t~nd authority to consummate the loan contemplated hereby.
- 24. In the event any one or mom ot the pmvisions contained in this Mortgage or in the IVote shall for any reason _
be held to be invalid, i11eRa1 or unenfomeable in any mspec~t, such invalidity, illegality or unen(orceablity shall, at the -
option of the htortqagee, not atfect any other pmvisions of this Mortgaqe, but this 114ortgage shalt t?e construed as it such
im~alid, illeqal or unentorceable provision had ne~•er t?een contained herein or therein. The total interest payable pursuant
~ to the Note or this MortRaRe shall not in any one year excced the hiRhest law(ul rate of interest in the State of Florida_ ;
~ 25. The covenants and agreementa herein containecl shaU bind and the henefits and advantages shall inurn to the
'<< respecti~•e heirs, executors, administrators, succes.4ors, and assigns o( the parties hereto_ Wherever used, the sinRular _
num}~er shall include the plurnl, the plural the sinRular, and the use of any gend.er shall be applicable to all genders. All
`x3 ' covenants, agreements and undertakings shall i?e joint and severat. In the event additional numhered co~-enanta or para-
graphs are for convenience inserted in this 1~1ortRage, such additional co~~enants shall be read and gi~~en ef(ect as though
~ following this covenant in consecutive order.
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