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HomeMy WebLinkAbout0488 ~ t t i i~pply euch rents, iseu~~? +~nd protib received by it un the indehtednea~ ~ecund herehy in such onle~ us Mon~+~s~ dete~- minea. The right to enter and take pwseasion o~ the Mortgnged Proprrty, to nu?nage n~d oEwrute the aume, nnd to collect ; the renis. i~es atul Protitr thereof. wfiether bY a iec~i~~r or othervri~e. shaN be eumaf,~tive ta ac~ ot~wr right or remc~y ; hereunder or attorded by law. and may be exercieed rn~curie~tly therewill~ or indtpendently thi~eot. Mortgagee atwll be liuble to eccou~t only for suc6 rents, itsues and protib actuully received by Mortgagee. i , ~ 14. It the indebtedneas secured hereby is now or hereatter tu~ther secured hy chnttel mortguges, security intecests, t tinenci~g atetemenls, plodges, contrects ot guaranty, useiBnn?en~e ot leases, or other securitiea, os if the Mortsaged Pro- E perty hereby encumbeted consista o[ more t6an one {wrrel ot rea! property, Mortgagee may at ita option exhUUSt any one ~ or mors ot wid a~urities and security hereund~r, or auch percels ot the security hereunder, either conrurrently or inde- : , pendenlly, and in such order as it may determine. ~ lb. Thu Mortgase ahall secure not only e:iating indebtedneas, but also such (uture advancea, whether such udvnncea are obligatory or to be tpad~, ~t R6e option ot Mortgagee. or otherwise, as are made withi~ twenty (20) years iwm the date ~ hereof, to the same e:teht as U•sucA iiture udvuncea were made on the date of the e:ecution of thie Mottgage, bul such : secured indebtedneas alu~ll not e:ceed at aay time the maYiraum principal amount ot: ; plus interest, and any disbunements made tor the payment ot taxes, levies, or ~Asurnnce, on the ivionBaged Properiy, wilh ~ interest on such diabursements. Any auch tuture advances, whether obligatory or to be made at ihe option of the Mortgngee. } or otherwiae. may be made eitbas priaz to or afler due date di !he No*x o: any other notes secured by this Mottgage. ~ This Mortgage is given tor the ~pecitic purpoee of securing any and all indebtednesa by (he Mortgagor to Mortgagee (but ~ in no event ahall the eecured indebtedness e:cecd at any time the mn:imum principal amount set torth in this paragraph) in ? . whatever manner this indebtednees may be evidenced or represented, until this Mortgage is satis(ied of record_ AU coven- } ants and agreements coatained in this Mortga~ce shall be applicable to aU turther advance$ made by Mortgagee to ~ Mortgagor under this tuture advance clause. _ ~ 16. No delay by Mortgagee in exercising any right or remedy hereunder.•or otberwiae aftorded by.law, ahali operate ~ ae a waiver thereof or preclude the e=erciPe thereof during the rn~tinuance of any default hereunder. No wai~~er by ~ Mortgagee of any default sliall conatitute a waiver of or rnneent to subsequent detaulta. No tailure of Morigagee to e:ercise s~ny option herein given to accelerate maturity of the deM hereby aecured, no forbearance by Mortgagee betore or atter the ! exerrise of such option and no withdrawal or abandonment of foreclosure pra~eeding by Mortgagee ahall be taken or rnn- strued as a waiver of its riBht ta e:ercise such option or to accelerate the maturity ot the debt hereby secured by reason ot any past, present or futute detault on the psrt of Mortgagor: and, in like manner, the procurement ot insurance or the Emy- _ ment o( taxes or oiher liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate ~ the maturity oi the dri~i nereuy ~ecurea. 17. Wjtlwut aftecting the liability ot Mortgagor or any other person (except nny person expreasly released in wtiting) (or payment o[ any indebtetlneas secured hereby or tor pertormance of any obligation contained herein, and without at(ect- ing the righta ot Mortgagee witb respect to any security not e:pressly releaxd in writing, Mortgagee may, nt any time and irom time to time. either betore or etter the maturity of said note, and without notice or rnnaent: (a) Release any person liable for payment ot all or any part of the indebtedness or tor pertormance of any obligation. ~ A (b) Make any agreement e:tending the time or otherwise altering the ternas of payment ot all or any part o( the ; indebtedneas. or modifying or waiving any obligation, or subordinating. mcdifying or oEherwise dealin~ with the lien or ~n~~e he.~r. . (c) Ezerciee or retrain tmm exercising or waive any right Mortgagee msiy have. . (d) Accept additional eecurity of any kind. (e) Releaee or otherwiae deal with any property, real or personal, securing the indebtednesa, includin6 all oc any ~rt ; of the Mortgaged Property. . ; sa:'- ^ w i`Dt t2L`Ti.'IS~tL`T STLi:.I` 1. 1?~f~a ~s n.~ 1~Q!!ansm n~~sas~n~f fn fF~io mnrfnn¢s~ !t}tA~~ f1f! AU~IPnOi l~ t~l@ ~ . ua.N: ..p°..e~. ~ a..o..~ r^'__"' , rights of the holder of any intervening lien or encumbrance. ~ 4 4 € ! 19. Mortgagor hereby waives all rig6t ot homestead e:emption, it any, in the Mortgaged Properly. --J ~ 20. In the event ot condemnation proceedings of the Morigaged Property, t6e award or compensation payable there- ? ~ under is hereby assigned to and s6a11 be paid to Mortgagee. Mottgagee shall be under no obligation to question the amount s ~ ~s ~Z~ o~~~ g.yg~ pz fp~Fa.:..,.,,o,f~nn gnri Yn~ns. grrs.nl Iha ~mn in tha mm~~~nt in whirh fhe ~wme eht~ll be oaid. Iit anY 8uch 1 E condemnation proceedings, Mortgagee may be represented by counael selected by Mortgagee. The proceeds of any award ~ ~ or compeneatioa so received ahall, at the option of Mortgegee, either be applied to the prepayment of the Note and at the t ~ rate of intereat provided therein, regardless ot the rate of intereat payable on the award by~ the condemning aufhority, or at ~ the option'ot Mortgagee, such award shall be paid over to Mortgagor for reatoration of the Mottgaged Pro{serty. . ~ 21_ If Mortgagee, pureuant to a ronstruction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construMion loan advancea np to the principal amount of the Note, then Mortgagor hereby covenanta that it { will comply with all of t6e terme, provisions and covenants of esid construction loan agreemeni or loan commitment, will diligently construct the improvements to be built puraunnt to the temna thereof, all of the terms thereof which are in- : corporated herein by re(erence as though set torth fully.herein and_ will permit no defaulta to occur thereunder and if a de- tault ahall occur tbereunder, it st~all constitute a default under thia Mortgage and the Note_ • 22. At the option of Mortgagee, Mortgagor ahall provide Mortgagee with periodic certitied audited atatementa o( the ` financial condition of Mortgagor. ' 23. 111ortgagor repreaenta and warrants that if a rntporation, it is duly organized and validly exiating, in good atand- ~ ing under the lawa of lhe atate of ita incorporation, haa stock outstanding which haa been duly and validly iesued, and is ~ qualitied to do busineas and is in good atanding in the Stafe ot Florida, wiW fall power and authority to conaummate the loan contemplated hereby: and, if a partnerahip, it is duly (ormed and validly e:iating, and ie (nlly qualitied to do businese in the State o[ Florida: with ful) power and authority to conaummate the loan contemplated hereby. ~ ~ 24. In t6e event any one or more of the proviaions contained in this Mortgage or in the Note ehall for any reaeon ~ be held to be invalid, i11egAI or unenforceable in any reapect. auch invalidity, illegality or unenforceablity aha11, at the ~ ~ option of the Mortgagee, not af(ect any other proviaiom o[ thia Mortgage, but thie Mortgage a6a11 be construed aa if aach ; in"valid. iUegal or unenforceable proviaion had never been contained herein or therein. The total intereat payable pursuant ; ~ to the Note or this Mortgage s6a11 nat in any one year excerd the 6igheat lawlu! rate of intereat in the State of Florida. i i 25. The covenants and agreementa berein rnntained ahall bind and the benetita and advantagea shaU inure to the - respective heirs, e:eeutora, administrators, successora. and ~igne o( the pertiea hereto. Wherever used, the singular number shall inciude the plural, t6e plural the singular, and the use of any gender ehal! be applicable to all genders. All covenants. agreeiuente and undertakings ahell be joint and eeveral. In the event additional numbe~ed covensnte or para- ; graphs are tor rnnvenience inserted in this Mortgage, auch additional covenants shall be read and given effect as t6ough following this covenant in consecutive order. - b'.?i!A ~V~.7 ~~ia`'. ~ # ~ 3 . Q ~ . ~ . . . . ~ . - t~.-~~r= . .....R: ~...[`e.~~-o_~ . _ . . ~ . . . .