HomeMy WebLinkAbout0919 a~q?ly xu~•h rrnta, ixsuex and pn,tita receivecf hy it on the indebtedn~-sa si~•un~1 hrmby in such ord~•r ~~r Atorl~;:iK.ti• d~•ter- ?
mines. The right to entrr and tuke ~?o~~~vion o( the 111ortKugecl I'ru~?rrty, to munaKi• and u~xrale the ~:~n~e, and to ~•oU~~c•t
the rents, is~uc~ .~~d protita thenof, whether by n recei~~er or othemise, ah,dl be cumulnlive to .my othrr righl or rem~~cly
hereunder or +dforclec! by law, nnd may be exen•iaed concurrenUy thetewith or inde{~endenUy 'tht•ny,f. I?lortg:~g~r ahull
1~e lii~ble to u~rount only tor auch rents, iavues nnd profita i~ctuully rc~ri~•c~c1 !ry Alortgagee.
14. If Ihe indebtecJn~~a ~•und hemhy is now o~ hereafi~r tunh~~r s.Y•umd by chuttrl morlgages, s~ti•urity interesta,
tinuncing sledrments, plcdgcw, i~Mrac•Is ot Runn?nly, u~wiKnments ot leascs, o~ other ssc~c•urities, or if Ihe 1~lortgaged I'ro-
~x•rty hereby encumtxned ~~onsiata o( mure thun one ~x~rcel o( mid pro{xrly, Alortgs~gee miry ui its option exh~ust uny on~ ~
or more ot suid securitiea und security hereunder, or surh ~~:~rcels ot the security hereunder, either con~•urrenlly or inde-
~xndenily, und in such orde~ as it muy detennine.
15. This MortgtiRe ahull sc~•ure not only exiating indebtednesv, but a~lso su~•h (utum advam•es, whether sui•h :uh•unce+:
~~re obligutory or to t?e m:ide at the option ot Mortgagc~, or othenvise, as nre made within twenty (20) yeurs (rom the date
hereot, lo the same extent :?x it such tuture ndvnnces were made on the date of the execution o( thia MorigaRe, hut such
se~vred indebtedness shall not exceed at any ti~ne the m~ximum princiFwl amount ot Z
plus intemxt, and any disbu~sementa made tur the ~xiyment of tuxes, levies, or insurunce, on the Alortgugt~cl I'ro~xrty, with
interesl on such disbursements. Any such future ad~~an~~, whethec olili¢~i;ory or to be r~u~de ut the option of the hlortgagee.
or otherwise, muy be mnde either prior to or after the•due date of the Note or any other notes secured by this Mo~tg:~ge.
Thia Dtortgage is given for the apeci(ic pur~wse uf s~curing stny and all indebtedneaa by the Alortgagor to MortRa~Kee Ibut
in no event shall the s~.rured indebtedness e:ceed at any time the nwximum princi~u~l i~mount set forth in this ~uir<~Rr.~ph? in
~hi~te~•er manner this indebtedness muy be e~•idenced or represented, until this riortg:~ge is xitisfied ot rrcord. All co~en-
ants <md agreements con•.nined in this Moriguge ahall t~e applii•uble to all turther advan~•cs ?nudr by hlortgaRee to
Mortgagor under this tutum ad~~um~e claune_
16. No delay by Tlortgagee in exercising any right or trmedy hereunder, or othcrwi~e aftorded by taw, shall o{~erate
.~s a wniver thereof or preclude the e:emise thereof during the continuance ot any deta~ult hemunder. No waiver by
~tortgagee of ~ny detz~ult shall constitute a wai~~er of or conac nt to sul~~yuent de(aults. No failure of Mortgagee to exercise
ainy option herein gi~~en to accelerate maturily of the debt hereby sec•ured, no forbe:~r.ince by r'tortgngee before or atter the
exemise of such option and no withdrawal or atk~ndonment ot toreclosure ~~ro~~eeding by 1Vlortgagee shall iie tuken or i•on-
strued as a waiver of ita right to e:ercise such option or to nccelerate the maturity of the debt hemby sc~a~ured by rnas~n o(
anV I~st, present or tuturn de(~iulf on the {k~rt of 111ortR:~gor: and, in like m.~nner, the pr»~vrement of insurun~•e or Ihc
ment of taxes or other liens or charges by A1ort~uxee shall not Ix lake~ or cnnstrued as a~~:~i~~er of its riKht to :u•~•elerate
the nmturity of the debt hereby seeurnd.
17. Without a(fecting lhe liability of MortRagor or .~ny other {~r~wn I~xcept any ~xrson expressly rele.~s~~c~ in w•ritinR)
tor ~~.~yment o( 1ny indet~tedness secured hemby or for performance of any oblig:?tion cont.~ined herein, and ~vithout a(tect-
ing the rights of Mortgt~gee with res~~•t to any security not expressly mleased in writinR. 1~'1orlRaRee may, at any time :~nd
irom time to time, either before oir a(ter the maturity of si~id note, :~nd K~ithout notice or consent:
(a) Relcase any ~?erson liable for paymeot ot all or arry ~~rt of the indebtednc~s or tor ~~ertormanc~ of any obliQation.
Ib) Make any agreement extending the time or otherwise altering the terms of ~xiyment ot all or any part ol the
indebtedness, or modifyinR or waivinR any obliRation, or sufx~rclinatinR, modityin~ or olherv~•ise de~ling veith the lien or
~•harge hereof.
(c) F.zercise or refr~in tmm exere•ising or waive .~ny riQht A1ortRaRee may ha~~e.
(d) Accept additional secvrity o( any kind.
(e) Release or otherx•ise deal with any pro~~erty, real or pe~or?al, securing lhe indebtedness, includinR all or ~ny part
of the Mortgaged Property.
18. Any aRreement here:~fter made by A'lortgagor and AfortgaKee pursuant to this mortRaKe shall be su~~erior to the
~ rights of the holder of any inten~ening lien or encumbrance_
i 19. Mortgagor heceby wai~•es all riRht of homestead exem~~tion, if any, in th~~ 111ortR:~Rc~1 Yro~~ertp.
20. In the ecent of condemnation ptoceedings of the Mortgaged Yroperty, the award or com~~ensation payeihle there-
under is hereby assigned to an~ shall I~e paid to hlortgagee. r'Iortgagee shall be under no obligation to question the amount
of any such aN•ard or compensation and may accept the same in the amount in v~~hich the same sh:~ll be paid. In any such
E ~•ondemnation proceedings, 21'Iortgagee may t?e represented !ry counsel selected by A4ortgagee. The proceeds o( any aw•ard
~ or c-ompensation so received shall, at the option ot Mortgagee, either be applied to the prepayment of the Note and at the
~ rate o( interest pm~•ided therein, mgardless of the nte of interest payable on the award by the rnndemning authority, or at
~ the o~~tion ot- ~tortgagee, such award shall F?e paid o~•er to Aiortg;~Ror for restoration of the Mortgagrc! Froperty_
` 21. If ~Iorig~gee, pursuant to a c•onstruction loan agreement or Ioart commitment made by Mortq:~gee with htortq.igor,
~ agrees to make construction lcuin ad~~ances up to the princi~~.~l amount o~ the Note, then 111ortgaSor hereby co~~enants th.~t it
~ µ•il) comply with all ot the terms, pro~~isions and co~•enants of said construction loan agreement or loan commitment, will
~ diligendy construct the impro~•ements ta be built putsuant to the terms thereof, all ot the terms thereof which are in-
f cor{wrated herein by mference as though set forth fully herein a?nd will permit no defaulte to occur themunder and if a de-
(:iult shall occur thereunder, it shall constitute a default under this Mortqage and the Note.
F ~
± 22. At the o~;tion ot :~tortRager, ~tortgugor sh:dl pro~~ide 141ort~agee with perio~ic certified audited statements of the
_ financial condition of Mortga~or. -
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{ 23. h'Iortgagor represents and w•arrants that if a corporation, it is duly orl;anized and validly existing, in Rood stand-
ing under the laws of the state of its incor~xiration, has stoc~k outstanding w~hich has been duly and ~•alidly issued, and is
? yuali(ied to do business and is in good standinR in the State of Florida, with full power and authority to consummate the
' loan contemplated hereby: and, if a ~h~rtnership, it is duly (ormed and validly existing, and is fully qualitied to do husiness
: in the State ot Florida: with ful) power and :~uthority to consumrrli~te the loan contemplated hereby.
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24. tn the event any one or more of the pmvisions contained in this Mortgage or in the Note shall for any reason
° t~e held to be im•alid, illegal or unenforceable in any res~•t, such im~alidity, illegality or unenforceablity shall, at the
- option of the Mortgagee, not a(fec•t any other provisions of this ~4ortgaRe, but this Mortgage shall be construed as if such
~ imalid, illegal or unenfonrable pmvision had ne.~er F?een contained herein or therein. The total interest payahle pursuant
to the Note or thia MortlGaRe sh.all not in any one year exceed the highest 1aw(ul rate o( interest in the State of Florid~.
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; ?5. The covenants and agreements herein containeci shall bind and the benefits and advantages shall inure to the
" res~•ti~•e heirs, executors, administrators, succes.sors. and :issigns of the parties hemto. Wherever used, the singular
~ number shall include the plural, ttie plural the sinRular, :~nd the use ot any gender shall be applicable to all genders. All
co~•ertanta, agreements and undert~kings shall t?e joint and sever:~l. In the e~~ent additional nambered co~~enants or ~~ara-
Qraphs are for con~•enience inserted in this I~fort~aRe, such additional c-ovenants shall be read and gi~•en effect as thou~h
follow•ing this covenant in consecuti~•e order.
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