HomeMy WebLinkAbout0358 :y~~?ly ~u~•h mn1~. ixsut~x .u~d ~iro(ita rr~r.ived by it on the indebtedni~as ~•un~f hereby in huch ordrr us Alortg.~gcr. d~•tcr
min~~ The right to entet :~nd tuke ~x~ssion o( the lllort~;ugec! Yn~~mrty, to munug~ und o~?enNe the s:~me, und to cullcv1
the rnnta »ure und protits thereot, whether by u[eceivar or otherwise, a1ud1 he cumulative lu any other right or rem~vly
hereunder or a((ortled by luw, and mny I~e ex~rciac~i ~-~m•urmotly ~hereH•i~h or independently lhenv~L Mortgugce ahull
Im liuble to i~r~~unt only tor such rents, isaues a~nd protita a~•tuully rece?v~1 by l~~origi~g~~e.
14. i( the indehledn~a secvrrcl hereby ia ~ow or hereutter tuHher aecumd by chuttel mottgugc~s, igecvrity interests.
(inanring stritemenls, plecigeY+, cu~itnicts of ~tuun~nty, i?~+ignmenla of leasea, or other sei•urities, or if ihe Mortgaged Pro•
{ierty hereby encuml~ered cunaista ot more th~~n one pun~el of real property, Mortgagee nu~y at ita option extu~uat nny one
or morn ot suid eecurities ~nd security hereunJer, or such ~u~rcels ot the atti•urity hereunder, either concurrenUy or inde-
~~endenlly, und in such order ua it may determine.
15. This Mortgnge ah:ill ~~ure not only existinR indebtedness, but also auch (utum :~d~~an~~ex, whether such udvunces
are obliga~tory or to he nutde ul the option of Mortg:~gee, or othemise, ns are made within twenty (ZO) years from /he date
hereof, to the ~~me extent us if such tuturn advuncrs wem mude on the dnte o( the exc~•ution ot this Morig.ige, but such
~~urec! indebtednesa shall not eYCeed :d any lime the m.?Yimum princi~ml amount of S ~~A
plus intemst, and any disburaemrnta nkcde (or ihe ~xiyment ot taxes, levies, or insur.mce, on the Mor?guged Pro~~erty, with
interest on such diabursements. Any such future udvances, wneiher obligatury ue to t,r mnde at ttze ~ption of the Mortgugec.
or othemise, may be made either prior to or atter the d'ue date ot the Note o~ any other notes secured by this Mortgage.
This Alorlguge is given tor the specitic purpose of securing any and alt indehtedness by the Mortgngor to Mortgagee (hut
in no event shell Ihe secured indebtedness e:ceed at a~ny time the mt~ximum princi~>al a~mount sel torth in this ~~r~graph) in
N•hatever rruinner this indebtedneas may be evidencec! or represented, until this Mortguge is sntistied ot record. Ali coven-
ants iind agmementa contnined in thia Mortgagr shall t?e applic~ble to s~ll further advancc~ m:~de hy 111ortg:~gee to
Alortgagor under this tuture nd~•ance clause.
16. No detuy by Mortgagee in exercising eu~y right or remedy hemunder, or othetwise a(torded by law, shull o~~erate
as a wairer thereof or preclude the e:emise thrrc~~f during the continunnce ot any defauli hereunder. No wui~~er by
'~iortgngee of ~ny detault shall constitnie n~vai~•er of or consent to suhaequent de(uults. No failure of Mortgagee to exen~ise
any option herein given to accelerate maturity o( the debt hemhy secured, no torbearance by Mortgagre beforn or ntter lhe
exercise ot such option s~nd no withdrawal or aiwndonment of forec•losure proceeding by Mortg~gee shnll t?e taken or con-
strued as t~ wniver ot ita right to e:ercise such option or to :~cceler.~te the maturity of the debt hernby secured by reason ot
any past, present or future detault on the ~~art of Mortgagor: and, in like mnnner, the procurement ot insurunce or the ~?:~y-
ment of taxes or other liens ar cFu~rges by MorlRa~gee shall not iie taken or ~~onslrued as a wai~~er of its right to a~~rler.ite
the maturity ot the debt hereby secumd.
17. Without attecting the liability ot t1lortgagor or ~ny e!her ~renon (ex~-ept uny person expressly releasecl in writinR)
for {myment of any indebtedness secured hereby or (or performance of ~ny obligation contained herein, and without a(fect-
ing the rights of 111ortgagee with rea~~t to nny securily not expressly released in writing, 1lortgaRee may, at a~ny time ~nd
fmm time to time, either before or after jhe maturity ot said note, s~nd without notice or consent:
(a) Rele:~se any person liable tor payment of all or :+ny ~iart of the indebtedness or fo~ ~~ertorman~r o! ~ny obligation.
(b) l~take any agreement e:tending the lime or otherwise ~Ilering tl~e terms ot ~~ayment of all or any part ot the
indebtedness, or modifying or wni~~ng any oblig:~tion, or subordinating, moditying or otherwise dealing with the lien or
charge hereof.
(c) Exemiae or re(rnin from exercising or waive .~ny right Mortgagee mny ha~~e.
(d) Accept additional security of any kind.
(e) Release or otherveise deal v?ith any pm~~erty, mal or ~~ersonal, securing the indebtedne~, including all or any part
of lhe 1ltortgaged Property.
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j 18. Any agreement hema(ter made by 1liortgagor nnd 1~iortgaKee pursuant to this mort~age sh:~ll I~e su~~erior to the
riRhts of the holder ot any intervening lien or encumbrance.
19. Mortgagor herehy waives all right of homestead exemption, if any, in the Mortgaged Property_
20. In the event ot condemnation proceedings oi the 1Nortgaged Property, the award or compensation ~~ayuble there-
ander is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount
of any such avvard or compensation and m~y accept the same in the amoant in which the same shall be paid. In any such
condemnation proceedings, Mortgagee may be represented lyy counsel selected by Morigagee. The proceeds of any award
or compensation so received shall, at the option of Mortgagee, eithar be applied to the prepayment of the Note ~nd at the
rate of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at
the option of Mortgagee, such award shall be ~k~id ocer to l~tortgagor tor restoration of the Mortgaged Property.
21. If biortgagee, pursuant to a construction lo:sn agreement or loan commitment made ay Mortgagee with 111ortgagor,
agrees to make conxtruction la?n ad~•ances up to the principal amouot of the Note, then Mortgagor hereAy corenants that it
will comply wit6 all of the terms, provisions and co~'enante of said Construction loan agreement or loan commitment, will
diliqently construct the improvements to F?e built {~ursuant to the terma thereof, all of the terms thereof which are in-
cor~~orated herein by refernnce :~s though set forth tully herein and will permit no defaults to occur thereunder and i( a de-
fault ahall occur thereunder, it shall conatitute a default under thia Mortgage and the Note.
22_ At the option o[ bsortgagee, 111ortgagor sh:~ll ~~rovide I1lortgagee with periodic certi(ied audited statements of the
financia) condition of Mortgagor.
23. Mortgagur representa and warrants that if a corporation, it is duly organized and validly existing, in good stand-
inR under the laws of the state o( its incorE~oration, has stock outstanding w•hich has been duly and .•alidly issued, and is
qualified to do business and is in good standing in the State oi Florida, with full power and authority to consummate the
loan contemplated hereby: and, if a partnership, it is duly (ortned and validly existing, and is fully qualified to do business
in the State of Florida: with full power and authority to consummate the loan contemplated hereby.
24. In the event any one or more of the provisions contained in tbis Mortgage or in the Note shall !or any reason
be held to tre inv~lid, illegal or unentorceable in any respect, snch invalidity, illegality or unen(otceablity shall, at the
option of the Mortgagee, not at(ect any other pmvisions of this Mortgage, but this Mortgage shs~ll he construed as if such
in~•alid, illegal or unenfonrable proviaion had ne~•er been contained herein or therein. The total interest payable pucsa:~nt
to the Note or t6is 114ort~tage shall not in any one year exceed the highest lawful rate of interest in ttie State of Florid:~.
25. The covenants and agreements herein cont~~ined ~hall bind and the bene(ita and advantages shall inure to the
ms~~ecfive heirs, executors, administratore, succes.sors, and assiqns ot the parties hereto. Wherever used, the aingular
numt?er shall include the plural, the plural the sinRular, and the use of any gender shr~ll be applicable to all genders. All
covenanls, agreementa and undertakinga shall be joint and several. In the e~•ent additional numbered covenanta or para-
qraphs are for convenience inserted in thia Morigage, such additional co~•enanta shall tre mad and given etfect as thouqh
following this covenant in consecutive order.
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6~~~K 281 P.~GE 357 ~
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