HomeMy WebLinkAbout0899 :~~i~~ly .urh n•nls, issu~•s .u?~l prutite ~e.•~•i~~d hy il un the indebtcKL?.•~ :c~•ura~el hc•rrl~~~ in such urd~•r :+s :1lurtg:~k~~ il~•t.~r
niines. 9'he right to ent~•r and take ~x,s,~:,siun o( the hlurt~;uRrc1 1'ru~~rHy, tu m:~na~;e :~nd ~qxrulr the s:?m~, .~nd to ~•ullr~9
the r~nts, issuea und protils thereot, whethr~ by ti rcrriver or otherwisse, ahail Im rumul:itive lo uny oth~~r right or rnm~Kly
hereunder or :?tfonled by Ir~w, :~nd mi?y I~e exen•i~~d ~~oncurrenUy thenw•ith or inde~iendently th~•n~.~t. Mortga~;~r sh:~ll
I~e liuble to uccount only tur such mnts, isvues and profita u~•tuully rc~'ri~•~d by \1ort~;agcr.
14. If the indebteclnesa :u~•und hemby is now or hereatt.~r furiher xcrumd by chaltrl murtg:~gc~, s~K~urity interests,
fi~~uncing atutem~•nts, ~declg.~x, ~-~~ntra~•Is u( Kuar.+nty, a~;iKnmrnta of Ieusa~s, o~ other se~•urities, or if the MortguRc~1 Pm-
~xrty hereby encumlxred conaista ot more thun one {wrcel of real pm{~eriy, Mortgagce r~u~y ut its option exhuust .~ny one
or morn of s:~id s~vuritiea.und security hemunder, or such Ex~rcrls o( the sc~•urity henunder, either ~•on~•urrrntly or inde-
{~endently, und in such order as it muy determine.
15. This hlortgage shull x~•ure nut only existinR indebteclness, but also such fufum a~dvun~•es, whether sui•h ad~•anrc~
arr obligatory or to t~e mnde t~t the option ot 1Nortgagre, or othenvise, as ate made within iveenty (2~l yea~s trom the datc
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~~c'l~:V~. lv l~~t .lVI~~C a'A~a"i~\ ~ta • ou~ •u~~ a~ a . ~~aaa a v~• ~ v . . n n .
sc~•umd indehtedness shall not exceed al any time the muximum princi~xil umount ot S N/A
plus interest, and .?ny disbursements made (or the ~k~yment ot taxea, leries, or insur.~nrP, on the l~tortgagc~! Property, with
interexl on such disburaements. Any such futurn a?dvan~~es, w•hether ubligatory or to Ix mude at the option o( t~he I~lortKag~~•.
or otherwise, m~y be made either prior to or atter the due d:de ot the Note or any other noh•s srcund by this I~1ortRaKe.
This I~lortgaRe is gi~~en tor tha s~~~itic pur~~osr ot securing any and all indebtednc~4 hy the 1~1oHRuK~?r to AtortRaRcr Ibut
in no event shall thc secured indehtedness excc.rd at any time the m.iximum prinri{k~l aimounl ~t (orth in this ~uir.it;raph) in
H•hatever in:~nner this indehtedness rru~y I~e e~iden~rcl or repr~sented, until this \lortgaRe is.:itis(ied of rc~rord. All covrn-
ants f~nd agm~ments contained in this AlortgaKe sh:ill t~e appli~•able to all further ad~:in~•~~s m;ide by 1~tortK:~Rc~~ !o
111ortgagor under this tuture ud~•ance clause.
16. No delay by htorig~gee in exercising any right ot mmecly hemunder, or otherNise at[orded by law, shall o{~er.~te
as a wai~•er thereof or preclude the exemise thereo( during the continuance o( any defuult hereunder. No w~iver by
Mortgagee ot :iny defa~ult shaU constitute a waiver oi or consent to suhsequent defauhs. No failure of Mortgugee to exerciu•
any option herein Ri~~en to accelente maturity of Ihe debt hereby secumcl, no torlxar.~n~-e by Mort~agee before or a(ter thi•
exen•ise ot such option and no withdrawal or al?andonment of foreclosure proceeding by Mortgagee sh:ill t~e t~ken or c•on-
strued ns a w•niver of its right to exemise such option or to ~cceler.~te the m.~turitp o( the debt hereby ~•umd by re:~u~n of
any past, pmse~t or [uture default on the part ot \fortKagor: ancl, in like m.~nner, the pra•urement ot insurance or the pay-
ment of txxes or other liens or charges by 111ort~:~Rcr shall not t?e taken or ~~onstruc~cl as wai~~e•r of ils riRht lo :?~•~•eler.~te .
the mawrity ot the debt hereby secured.
lT. ~Vithout affecting the liability of Mortgagor or :iny other {~eison lexcept any ~~ersan expressly rele:~scr1 in H•ritinQ)
for ~~yment ot any indebtedness securecl hereby o~ for ~~erfornkince of ~ny ohliRation contained herein, ait~d ~~ithout a((ec•t-
ing Ihe rights of 141ortgagee with ms~ea•t to a~n~r se~•urity not expressly releasecl in ariting, ~1oriRaRee may, .~t am• time :~nd
fmm time to time, either t~etom or atter the maturity of said note, :~nd v~ithout noti~-e or consent:
In) Release any ~~erson liable tor paiyment of all or any ~~art ot the indPbtedness or for ~~er(orma~ce of am• obliKation.
(b) Make any agreement extend'eng the time or otherv?•ise altering the terr?LS uf ~kiyment of al! or any part of the
indebtedness, or modifyinq or wai~•inQ any oblig.~tion, or sul?otrlin.~ting, mocli(ying or otherwise de.~ling with the lien or
charge hereof. -
(c) EYemise or retrain trom exemising or wai~•e any tiRht 1ltortR:~Ree m:~y ha~•e.
~I Id) Accept additional securitv of any kind_
(e) Release or otheru•ise deal with .iny pro~~erty, rea) or ~~ersonal, seivring the indebtedness, includinR all or any part
of the rtortgaged Pro~~erty.
18_ Any agreement hernafter made by MortgaRor and hlort~uKce pursuant to this mortR:~Re shall I~e suE?erior to the
riRhts of the holder of any intervening lien or encumbrance_
~ 19. hlortgagor hereby wai~-es all right of homestead exemption, if any, in the 11ortQ:~Rc~! Yro~>erty.
@ 20. In the evenl ot condemnafion pro~•eedings of the MortgaRed Property, the award or com~~en~:~tion ~k3YiIF1IP ihere-
~ under is hereby ,istiiRned to and shall be paid to Mortgagee. titort~agee shall be under no obliRation to qaestion the amount
f of any such award or compensation and may accept the same in the amount in which the s:~me shall t~e paid. In any such
condemnation proceedings, Tfortgagee may be repmsented try e-ounsel selected hy Mortgagee: The proceeds of any award
or compensation so recei~•ed shall, at the option of Mortgagee, either be applied to the prnpayment of the Note and at the
rate of interest pro~•ided therein, regardless of the rate of interest ~~yable on the award by the condemning aulhority, or at
the option of 1liortgagee, such aw•.ird shall t,~ paid m~er to 1~1ort~;agor for restoration o( the A1ortRaged Pro~~erty.
~ 21. If riortgagee, pursuant to a construction loan agreement or loan commitment made by AlortgaRee w•ith hlortgaRor,
~ :~grees to m:~ke conatruction lo:~n ad~•ances up to the princip:~l amount o( the Note, then tl1ortgagor hereby co~~enants that it
vti•ill comply with all ot the terms, pro~•isions and co~•enants of s:~id construction loan agreement or loan commitment, w•ill
diliRently construct the impro~-ements to i?e built pursuant to the terms thereo(, all of the terms thereof K~hich are in-
~~or~wrate~' herein by reference as though set (orth (ully hemin and will ~~ermit no defaults to occur themunder and ii a de-
~ f~ult shall occur thereunder, it shall constitute a de(ault under this Alortgage and the Note.
~ 22_ At the option ot 1~~ortgaRec, 1~tort~aRor shall pmvide ~toriRaRee with periodic certified audited statements of the
y financial conditiun of MortgaRor.
~ • 23. Mortgagor reprc~enta and warrants that if a cor~ioration, it is duly orRanized and validly existinR, in Rood stand-
~ inR under the laws of the state of its incor~~orrtion, has stoc-k outst.~nding which h:~s been duly :~nd ~alidly ivu~d, and is
~ qualified to do business and is in ~ood standinR in the St:~te of Florida. Kith tull ~wwer and authority to consummate the
- loan contemplated hemby: and, i! a partnership, it is duly (ortned and ~.~lidly ezisting, and is tully qualifiecf to do husiness
in the State ot Florida: with (ull ~x~w~er and authority to consummate the loan contemplated hereby.
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24. In the ecent any one or more of the pro~•isions rnntained in ihis 111ortgage or in the l~ote shall for :~oy reason
Fx held to f?e im•alid, ille~al or unenforceable in :~ny respect. such invalidity, ille~ality or unenforceablity shall, at the
option of the :~tortg:iRee, not a((ect :~np other pm~~isions of this A1ortRaRe, but this Atortgage shal) be construecl as if su~•h
in~:~lid. illegal or unenfor~eahle pm~~ision had ne~~pr t?een ~•ontained herein or themia The tota) interest ~k~yable pursuant
~ to the 1Vote or fhis !~tortKaRe shall not in any one >•ear excc~ed the highest I:~w(ul rate of interest in the St.~te of Florida.
' ?a. The co~•enants and agreements herein containc~l shall bind and the t?enefits and advant~ges sh:~ll inure to the
res~~ecti~•e heirs, executors, administr.~tors, 9UCCPSSOr3, and :~~.siRns o( the {k~rties hereto. Wherever used, the sinKular
number shall include the plural, the plural the sinRular, and the use of any Render shal! be applicable to all genders. All
~•ovenanta, agreements and undertakings shall t?e joint and ~~~er.~L In the e~~ent additional numbered cmcenants or para-
graphs are (or com~enience inserted in this MortRaRe, such additional ~m•enants shall be read and Ri~•en effe~t as thouRh
~ follow•ing this co~•enant in consecufi~•e order.
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