The URL can be used to link to this page

Home My WebLink About0432 ; :~~?~,ly such nnts. ia+u~~s und pro(ita rec-eived hy it un the indebted~ess :,ec•unvl hemby in xuch urd~•r :?x At~utgag~ti• det.•r minra. The right to entrr ~~nd ti~ke {x~,csrssion of the 1Nortg:igcvl Nra~x~r/y, lo munage a~nd o~x~ratc• the w~me, .~nd lo coU~Y•t the rents, issues und pmtite ihereof, whether by i? rea~i~~e~ or otherwise, ahull I~e cumuL•~tive to any other tighl or reirn•cly ; hereunder or a((urded by (aw, ~nd mny be exen•ietied concurrently then~with or inde~xndenUy therc~(. Mortgagee xhi~ll iie liable to t~ccounl only [or auch mnts, issue~ und profita tu•iwilly ~ec•eiv~d hy I1lorigi+K~r. t4. lt the i~debtednc~a secu[ed hereby is nuw or he~eatter fuirther xe~•urrd by chutlel mortguges, sei•urity interE~is. tinancinR slntements, plec~ea, contracts ot gui~r.~nty, asxiRnmenta o( le:~vrs, or olher secvriliea, or if the Mortgaged Pro- ~mrty heceby encumbered consiats ot more tluin one ~u~rrel o( reul pro{~erty, Morigagee may nt its option exhnuet uny one or more o( ai~id xe~urilies und security hereunJer, or such ~wrcels ot the security hereunder, eilher concurrently or inde- {~ndently, and in such otder ua it mUy dete~mine. 15. Thi~ Martguge s}udl secure not only existing indebtednesa, hut also +uch futurn adv~nms, whether such ad~•uncc~ are ~bligatory or to be maide at the option of Morlgi~gce, or othemise, t~s are made within twenty (20) years from lhe dntc hereot, to the same extent as it such future adranres were m~de on the d~te ot the exec•ution ot thia rlortgnge, t?ut such secured indebt~.dness shall nut exceed at any time the ~nuximum princi~l a~muw~t of~i plus interest, and any disburaementa mnde for the payment ot tuxes, levies, or inwrnnce.•on:the Mortgt~Kc~cl Pro~~erty, with interesl on such disbursements. Any such future Advunces, whether obligaitory or to be mnde at the optiun of the AtortRaRer. or otherwise, may be made either prior to or a(ter the due dnte ot the Note or anp other notes secured by this MortgaKe. This Mortgage is given (or the specitic pur~w~ ot se~vring uny nnd all indebtecl~ess by ttie Mortgugor to Mortgagee (but in no event shall the secuted indebtedness e:ceed t~t any time the m.iximum princi~~al amuunt set torth in this µ~r.~Rraph) in Nhutever mnnner this indebtedness mny be eviden~rd or represented, unlil this Mortgage is satis(ied ot record. All coven- nnts and ngreemenfs contained in this 11lortguge shall he APNIICiiF/IH to nll turther advan~~s m:~c1e by 1Nortg.igee to 1~lnrlgs~gor under thia future t~dvpnce clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwiae aftorded by I~w, shall operate us a wai~•er thereof er preclude the e:ercise thereof during the continuance o( any default hereunder. No waiver by tlfortgagee of any default shal) constitute a waiver ot or consent to suttsequent defaults. No failure ot Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no (orbexr.ini~e by Mortgagec hefore or after the eYen•ise ot such option and no withdrawal or abundonment of foreclosure procee~ding by Morigagee ehnll be t~ken or con- strued as a waiver o[ its right to e:erciee such oplion or to necelerate the maturity o( the debt hereby secured by mason ot any ~~ast, present or futurn de(nult on the part of Murtgagor; nnd, in like manner, the procumment ot insur.~nce or the {u~t~- ment of taxes or other liens or ch:irRes by DloHgagee shall not i?e tuken or con~true•c1 us a waiver of its riRht to a~•~•~~lerote the rr?aturity ot the debt hereby secured. 1T. Without atfecting the liability of Mortgagor or uny other person (except any ~erson exE~ressly releasecl in v?ritinR) (or ~yment ot any indebtedness secured hereby or for pertornu~nce of any obligntion contained herein, and without aftect- i~g the righls ot 14tort¢s~aee with reapec•t to any securily not ezpressly released in writing, Mortgagee may, at any time .~nd trom time to time, either before or atter the maturity o( said note, s~nd without notice or consent_ (a) Release any person liable for payment ot all or any part of the indebtedness or for performance oE an~+ obl~ation. (b) Make any agreement eztending the time orotherwise altering the teRms ot payment of. all or any part of the indebtedness, or modityinq or wai~•inR any obligation, or suhordinating, modifyinR or otherwise deuling With the lien or charge. hereoi. (c) Exercise or rnfrnin (rom exercising or waive any right hiortR:~qee may have. (d) Accept additional security o( any kind. (e) Releuse or otherwise deal with any property, rer~l or personal, securing the indebtedness, including all or any part - of the Mortgaged Property. 18. Any agreement here.~fter made by Mortgagor and Mortgagee pursuant to this.mortg:iRe shall be su~~erior to the rights o[ the holder of any intervening lien or enrumbrance. puFa.v ~ . 1`~J. l~0itg.3gOi ~1Ci@Dy W71YP3 till flg(~I ui I~urnrsiruu' riir~iijiQivi~, ii .iTij~. iT. i: c;:'~ DT~•~'~`• ~ 20_ In the event o[ condemnation prm~eedings of the Mortgaged Propecty, the avvard or compensation payable there- f under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount j of any such award or compensation and may accept the same in the amount in which the same shall be ~~aid_ In any such ~ condemnation proceedings, Mortgagee may !?e represented by counsel selected by 14fortgagee. The proceeds ot any awarcl ~ or compensation so received shall, at the option of Mortgagee, either be applied to ihe preErayment of the Note and at the ~te oi interest pro~•ided therein, regardless ot the rate of interest pay:ible on the award by the condemning authority, or at the option of Mortgaqee, such aw~ard shall be Emid over to Mortga~or tor restoration oi the biortgaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with 111ortgagor, agrees to make construction la-~n advances up to the principal amounf of the 1\ote, then Mortgagor hereby covenants that it will comply with all ot the terms, pro~•isions and co~•enants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereot, all of the terms thereof which are in- corporated herein by mterence as though set torth tully herein and will ~~ermit no detaulls to occur thereunder and if a de- fault shall occur lhereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of htottgagee, Mortgagor ~hal) pmvide Mortgagee with periodic certitied audited statements o( the financial condition of Mortgagor. 23. Mortgagor represents and warrants that it a corporation, it is duly organized and vaiidly existing, in good stand- ing under the laws of the state of its incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do husiness and is in good standing in the State of Florida, with full power and authority to consummate the loan contemplated hereby: ~nd, if a partnership, it is duly tormed and validly existing, and is (ully qualified to do business in the State o( Florida: with tull power and authority to consummate the loan contemplated hereby. 24. In the event any one or more ot the provisions contained in this Mortgage or in the Note shall for any re:~son be held to be invalid, illegal or unen(orceable in any respert, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not attect any other pmvisions of ihis Mortgage, but this Mortgnge shall be construed as it such im•alid, illeqal or unentorc~e:~ble provision had never been contained herein or therein. The total interest payable pursuant to the Note or thia Morigage shall not in any one year excced the hiRhest lawful rate of interest in the Stat~ o( Florida. 25. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the respective heirs, e:ecutors, adminiatrators, successors, and assiRns of the ~rarties hereto. Wherever used, the singular ~ number shall include the plural, the plura{ the sin~tular, and the use o( any gender shap be applicable to all genders. All covenanta, agreementa and undertakinga ahull t?e joint and sever<~1. In the event additional numbered covenanta or ~~ara- graphs are tor convenience inserted in thia Mortqage, auch additional co~•enants shall F?e mad and gi~~en e(tect as though tollowing this covenant in consecuti~•e order. -3- ~ R ~8~. ~~E ~31 BOOK ~