HomeMy WebLinkAbout0755 }~il~ re~rived'Y.W ~ on the indebtedness s~•un~d hersby in sui•h ord~•r us AlortgaKee dc•ter-
~~p~ily au~•h rcnir, iatiura,aDCi . ~ ` ~~s
minra. 7'he riRht to enter t~nd luke ~x,sse~siun ot the t11c?rtgugcrl Yro~Mrly, ti? ma~iaKe and u~~rr.+te the suii~e, and to ~~oUcct
the rente, i~ura +~nd pmiits then~ut, whether by u rea•ei~er or otherwise, shall l?e ~'umuluti~~e to uny other ri6ht or mm.~ly
hereunder or a(tord~~c1 by la~w, nnd muy I~e exen•i~d c~,n~~urrently therewith or inde{xnd~nUy therrey(. 111ortKuKre shall
he liable to account only tor surh mnta, iw~ues und pmfita uctunily recei~~ed by Alorigagee.
14. If the indebteclne~s secured hereby ia nuw or he~euttNr turther secured by ch~ttel mortga~grs, sc~•urity ir~terests.
tin:~ncing statements, pledges, contracta o[ guAranty, assi~nments of teusea, or other securitics, or if tfie Mortgaged. Pro-
perty hereby encumbered cwnsixts ot more than one ~x?n~l ot rral properiy, Mo~tgugee may at ite option exhaust uny one
or more ot said securities and security hereunder, or such ~~rcels of !he sec•urity hereunder, either ~wncurrently or inde-
pendently, and in such orcier As it muy determine.
15. This Mortgage ah:dl secure not only exiatinR iodebtedness, but also auch future advnnirs, whether such :idvancea
are obligatory or to be mude at lhe option ot Mortgagee, or otherwise, as arn made within twenty (20) years trom the dnte
hereot, to the same eYtent as it such future advances were made on the da/e ot the exec-ution of this Mortgnge, hut guch
secured indebtednc~s shall not exceed ut uny time the maximum prinri~~al amount o( a-~tl/A
plus interest, and any disbursements made tor the {k~yment of taxes, levies, or insuran~r, on the Mortgiiged Pmperly, with
interest on such disb~rsementa. Any such tutu~e :idvan~rs, whether oUligaitory or to t~e m:ide at the option of the Mortgugee. ~
or otherwise, m:~y he made either prior to or atter the due diite of the Note or any ather notes secured by this hlortRage.
This hfortgaKe is gi~•en tor the spcri(ic pur~?ose of scti•uring uny and nll indebtednE~s by the AiortgaKor to ~1lortg~R~ (but
in no event sha11 the secureci indeMedness ezceed at any time the m:~ximum princi~~al umount set forth in this ~kir~Rrt~ph) in
w•hatever manner this ind~bteciness mny he eviden~•ed or repmsented, until ihis I~1orlgaRe is satisfied ot rec•otd. All co~~rn-
.~nts ~~nd agreements conlained in this Mortga~e ~hull t?e appliciible to aU (urther .~dvunces mude by Mortgagee to '
111oHga~gor under this tuture advance cl:iuse.
16. No deluy by Morigagee in eYercising any right or remedy hemunder, or otherwis+e aftonle~ by law, shall o~~erate
• us a w•aiver thereo~ or {~reclude the ezemise thereof during the ~rontinunnce of any de(ault hemunder. !Vo wai~~er by
\4ortgugee ot any detault shall constitute a waiver of or consrnt to subsequent defautis, No tailure ot rlortg~~gee to exercise
uny option herein gi~-en to acrelerafe matu~ity of the debt hereby serured, no [orbearance by 141ortgflgee 1?etore or after the
exercise of such option and no withdrawal or atwndonment of forecfasure proceeding by MortKagee shall f~e t:iken or ~•on-
strued ns a waiver oi its right to exercise such option or to accelente the maturity of the deht hereby scK'ured by reason ot
any Ewst, present or future detault on the part of 111o~tgagor: and, in like manner, ihe proi-urement of insuran~-e or, the {k~~•-
ment of taxes ar other liens or ~•harRes by A1ortRagee shall not Ix~ taken or construed :?s a µ•:~i~•er of its ri~ht to a~•~•eler:ite
the irwturity o( the debt hereby secured.
17. Without atfecting the liability of Mortgagor or uny other person (except any petson expressly mleaseci in writinRl
for p:~yment ot any indebtedness se~vred hereby or for per(ormanrn of any ohligation contained herein, and v~•ithout alfect-
ing the rights of Mortgagee with respect ~o any sec•urity not expres~ly released in writing, 111ortKaRce may, at any time and
irom time to time, either be[ore or after the maturity o! said note, and without notice or consent:
(a) Release any person liab{e tor payment of all or any ~k~rt ot the indehtedne~+.s or ~or {~erform.ince of any ohli~ation.
tb) hlake any ~greement extendinR the time or otherwise alferinR the terms of ~~ayment of all or any pairt of the
indehtedness, or modi(yin~ or w~iving any obtiR:?tion, or sul~rciinatin~, moclifying or othen~•ise dealing w•ith the lien or
charge hereof.
(c) Exemise or refrnin (rom exe~cising or waive any ri~ht MortR:+gee m~~y ha~~e. .
i (d) Aceept additional securit} of any kind.
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~ (e) Release:or othen~~ise deai with <iny pro~~eriy, real ~r personal, securing the indebteciness, includinK all or any part
~ o( the ;~1ort~aged Pcoperty. '
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lA. Any agreement hemafter made by Dlortgagor and MortRaRer pursuant to this mort~aRe sh:~ll 1~e su~~erior to the
~ riRhls of the holder of any intervenin~ lien or encumbrance.
4 19. Mortgagor hereby wai~•es all riR6t of homestead exemption, if :ny, in the I~1oriRa~Reci Prot~erty.
~ 20. In 1he e~~ent of condemnation proceedings of the Mortgaged Property, the aw:~rd or com~~ensation ~wyable there- ~
; under is hereby asgigned to and shall he paid to Morlgagee_ blortgagee shall be under no obligation to question the amount
~ nf any such award or compensation and may accept the same in the amount in which the same shall be {u~id: In any such
; condemtiation proceedings, htortgagee may be represented try ~ounsel selected by illortgagee. The proc•~ecls of any aw~ard
~ or compensation so received shaH, at the option of Mortgagee, either be applied to the prepayment ot the Note and_at the
g rate of interest provided therein, regardless ot the rate ot interest {~ayable on the award by the condemning authority. or at
~ the option of MortgaKee, such award s}wll F~e ~h~id over to Mortgagor for restoration of the 1liortgaged Property.
i
° 21. If AtortRa~ee, pursuant to a ronstruction loan agceement or loan commitment made by Mortgagee with Mortgagor, t,
~ agrees to make construction lo:~n advi~nces up to the principal ~moant of the Note, then 1~1ortRagor heceby covenants that it
; will comply with all of the terms, pra~~isions and c~venants o( said construction loan agreement or loan commitment, will
' dil+gendy construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in-
i ror~~oratPd herein by refernnce as though set [orth [ulty herein and wi!! permit no deEae{ts So occur thereunder and if a de-
! L•iult shall occur thereunder, it shall constitute a de(ault under this D4ortgage and the Note. ~
22. At the option of htortgaRee, l~tortgagor shall provide 111ort~aRee with periodic certitied auditecl statements ot the
financial condition ot A3ortRagor. ,
23. Mortgagor represents and u•arrants that i( a~•ory~or~tion, it is duly or~anized and validly existing in good stand-
ing under the law•s of the state of its incorFwration, has stoe~k outstanding which has I~een duly and validly is~ued, and is
yualitied to do business and is in good standing in the State o( Florida, with full power and authority :n consummate the
!~n contemplated hereby: and, if a partnership, it is duly tormed and vatidly existing, and is fu{ly qualitiecl to do business
in the State of Florida: with full ~x~wer .+nd ~uthorily to consummate the loan contemplated hereby.
29. In the e~ent any one or more of the pro~~isions coniained in this htoctgage or in the Note xhall fos any reason
be held to be imalid, illegal or unenforceable in any res~~ect, suc•h im•alidity, illegality or unen[orceablity shall, at the .
option of the Mortgugee, not aiFect any other provisions ot this ~iortgage, but this Mortgage ahall be con3trued as if such
' incalid, illegal o~ unen(orceable prc~cision had never been containeif herein or themin. The total interest payable pursuant
' to the Note or this MortKage shal) not in any one year exc~eed the highest I~Kful rate of interest in the St1tP o[ Florida.
' 25. The covenants and agreements hetein contained shall bind and the benetits and ad~•anfages shall inurn to the ;
' rrs~•ti~~e heirs, executors, administrators, successors, and ussigns ot the ~~rties hereto. Wherever used, the singular
numl~er s}uill include the plural, the plural the singular, and the use oi any gender shall be applicable to all genders. All
cocenants, agreements and undertakinga shaU lie joint and xeveral. In the e~~ent additional numbered covenanta or oara-
gr~phs are tor com-enience inserted in this MortRage, such additionat co~•enanta shall be mad and gi~•en effect as though :
following this co~•enant in consecuti~~e order.
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