HomeMy WebLinkAbout0388 :~p~~ly ~u~~h mntr. ~„u~•, :~nd ~~n,lils ~~~•~•i~ed by il un thi• i~debt~~chu~w ~ce~•uccd hun•i?y 1n yuch onl~•r :~z MurIK:~K~y drt~•r
nuiu•a. 7'he ~ight to ent~•r +~nd te~kc ~N,.vu:.u?iun ot the 141urigagec! 1'n~~xrtY. te tt~ennKc a~nd ~~eeute the x:i~n~, :~n~l lo ~•oll~r•t
the n•nts, ia+u~~ i+nd pmtitn therev,t, whether by a~ rei•ei~~er or otherwiae, nhull Iw+ c•umulnti~•~ to s~ny uthrr riKht u~ mm~Viy
hemundc~ or t~ttonlecl by law, i~nd nu~y Im exeri•ised i~u~i•urmntly thcmwilh or i~de~wndently then~?t. ]1lnrtRa~kcr ah~~ll
I~e liable to i~ccount o~ly (or such nrnta, iec~ura und pmtita urtually m•riv~vl by Martgugeo. , .
14. If the indeblednraia ~•umd hemi?y ia now ~,r here:~ttrr further si.rured hy chntlel mortgugea, s~~~urily inten~xte. ~
finaneing stutrmenta, plcrlgra, i•u?ilracla of ~ut~r.~nty, asviRnmenta of lexs~.~, or olher securiliea, or if the MortgugE~cl Pro• ;
~H~rty hemby encumbered consibts o( more th:?n oue ~x~nrl at re~l pro~~erly, Morigagee rtu~y ut its option exhuust nny une
or more ot said aecvritioa und eec•urity hr~eunder, or xuch ~,un~ele of the aec•urity hereunder, either ~tin~•urrenUy or inde-
~~endently, i~nd in auch oaler us it me~y determine.
l5. Thie Mortg:~ge aht~U eecure not ooly exietin~C indebtednes+, but also aueh future advunces, whether uu~•h ud~~uni•erc
:?m obligutory or to be mude At the uplion ot Mo~IgaKee, or otherwise, aa are mnde wilhin twenty (20) ye~rs from fhe d:LLe
hereof, b the xume exlenl i?e i( su~•h future a~dv:mira we~e mude on lhe dute nt the exe~•utiun of t N~Aorigtigr, but xui•h
~•umd indehtcKlneas sFu~ll not e:ceed s~t uny time the m:~ximum princi{?nl amount of =
plua intereal, s~nd any diat,ursements nu~de tor lhe ~uiyment ot t.~xex, levies, or inaurance, un the Mortguged Yro~?erty, with
intrn~at on such disbursrmenta. Any su~•h (utum advam•rs, whether obligutory or to I~e mude :~t the option of the Mortgngc~•,
or utherwise, may be made either prior to or n(le~ ihe due di~te of /he Note or any other notes aecured by thia MortRage.
7'his MuriRuKe is given tor the spe~•i(ic pur~wse of siti•u~ing any nncl all indebteciness by the MortRugor to Mortga~ger (bul
in no event ech:iU lhe eururetl indebtedneas e:ceed al nny time the nu~ximum princi~~al i~muunt set torlh in this ~wn~graph) in
w•hate~•er m:~nner this indebt~Ylness ~niry I,e eviden~•ed or reprrsenled, until this MortRage is satisfied of re~mrcl. Atl i~oven-
:~nts unef agn~~menta conlaineel in this 1~1ortR:~R~ ~h:ill F~e appli~•t~ble to :~U furiher :~dvances made by I~lortg:~Kc~e to
A1~~rtKagor under thia future z~d~•unce clauee. -
16. No delay f~y Mortgvgee in exerc•ising :~ny right or rnmcdy hereunder, or olherwise ++fforded by law, shall o~~ersite
as a wui~•er thcreoi or preclude the exerciae thereof durinR thr irontinuamr ot :~ny de(ault hereunder. No waiver by
111ortg:~g~r o( any detuult ehuU cwnstitute a waiver of or conscnt lo sulrx•quent dP(au144. No failure of 1ltortRagt~c• lo exemise
.~ny option hemin Ki~~rn to a<relende maturily of the del?t hemby ec~•urcYf, no fori~earanrn by MorlgaRee betore or utter the
ex~~ri•i~e of Kuch option a~nd no withdr.iw•a~l or ulwndonment of foreclaKUre pnKreding hy Mortgngee shall be tnkrn ur ~~on-
~~rur.d as a vrniver of ite riRht to e:erciae auch option or to mreler.~te the m:durity of the debt hereby ~•ured by m:~son o(
:~ny pngl, prc:~ent or tuturr default on the ~~:~rt o( Morl~;:~~or: and, in lik~ manner, the pro~•ummenl of insuruni•e or the ~w~y-
mr~t of ta:es ur other liens or ~•hurK~~x by MoriRaKer xh:d) r~ot t~r taken ur ~•onslnuYl as u waivi•r of its riKht tu a~~~•elernle
th~ Ru~turi~y ot the debt h~~reby sec•umd.
17. Without atfecting lhc lia~bility o( MoNgaRor or :~ny other ~~e~n (rz~tipt .~ny ~H•rson expn~ly rele:~x~cl in writinR)
for µryment u( any indrhtcdnc~s xe~vrecl hereby or tor {~erformance of uny obligation containcrl herein, .+nd without a(fe~•t-
inR the riqhts of 111ortgagee with rea~~ei•t to any se~•urity not expresaly rele:?sed in writing, MoHq:~Rce may, at :~rty time and ~
tn?m time to time, cither I~tore ur :itter the maturity uf said notr, and without nutiir or mnsenf: i
;
(a1 KPIE'JtiP any ~~crx~~n linblc tor ~ymenf o( .dl or :IOV ~k9~ O~ ~FIP IfItIPlllNf~OE'R9 OT ~Oi j~f~O~if1:lllfY` O~ :~ny obliR~tion. j
Ib) Make any agnx~ment extending the time or othervvixe ultering lhe term~ of ~uiyrnent of all or any ~~:~rt al the
indet?tedness, ~?r m~xli(ying or wai~~ing any obliR.ition, or sut~rclin:~ting, mcxlilyin~C or othen+•it~ dealing with ihe lien ur
charg~• hereoL •
1~) EYercise or refr.iin (rom exercisinq or ws~ive any riQht MortRagee m.iy h:~ve.
Id) Ac~•ept Udditional secvrity ot any kind.
(e1 Itelcase or otherwi~e deal vaith :~ny pro~~erty, re:d or ~~ersonat, ~ctivring the indebteclnest+, includinA all or any ~xirl
of the MoriQaged Yro~~erly.
~IR. Any aKreement hereafter made by MortRaRor :~nd Mort~aKc~' Pu~suant to this morlRaKP shall t~ su~?erior to the
rights the holder ot s~ny interveninR lien or encvmbranre. i
19. 1~4ortgagon c~~reby w~ives all right o( humestead exemption, if :iny, in lhe A1ortK:~gcr1 I'm~~crty.
'l0. In the event of condemnation praredinRs of the Morigaged Yro~~erty, the nward or com~~ensation pay~,ble ihere-
under is hereby assigned to and shall t,e ~x~id to Mortgagee. Mortgagce shall he under no obligntion to question the amount ~
of any such aw;~rd or com~~enx~tion a~nd may acrnpt the s:~me in the :~mounl in which the yame shall he ~?:iid. In any su~•h
c•ondemn:~tion pruceedings, htortg:~gee m:~y be represrntc~l Fry counsel sel~•eed by MonAa~ee. The proc~s ot .~ny award
or compensalion ~ rcK~eived ~h:ill, at the option of MortKagee, either 1?e applied to the prepayment ot the Note and at the
r.~te of intrn~t pmvided therein, reqardless of thr r.dt~ of interc~xt ~~yat,le on the ~ward hy the cundemfiin~ autbority, ~~r al '
the o~~tion of MorlgaRer, such awarcl shall F?e ~?;iid over to MortKaRor for mstor.~tion of the Mortgnaed'~roperty. ~
21. It Mortqaqee, pursu~nt to a ~~onstruction lu:~n aKreement or loan commitment made by Mortgagee with ltitortgagor,
aRrees to rn:wke ~•onstruclion ia~n ad~~unc~~ ap to the prinri~?ui amount of the Note, then hiortgagor heretry covenants that it
wil! ~•umply with :ill ot the terms, pro~•isions and co~~enants of said construc•tion loan agreement or la~n commitment, will
diliKently construct the impro~•emenls to be built pursuanl to the terms thereot, all of the terma thereof which are in-
i•or~ior.~tcd hemin by mfemnce :,a thou~h Ret torth tully herein and will permit no de(~ults to occur thereunder and if ~ de-
taulf shall ~x~cur thereunder, it shr~ll constitute :i de(ault under this Mortgage and the Note. -
'l2. At the oplion ot MoriKeger, Mor1Q:~qor sh~ll provide MortKaRee with ~~eriodic certified nudited sts~tements uf the
(iuan~ial condition ot MurtRaqor.
23. MortqaRor rnprnsentrt .ind warrants fhat if a cor~wr.ition, it ia duly orp,Anized :ind validly ezisting, in g~od atand-
inR under Ihe laws of the state of ils in~~orfroratian, has at~«•k out:st:~nding whirh has t~een duly and validly iagucd, and ix _
quali(ied to do busines,4 and is in R~~ocl starxiinq in the Stat~ ~~f Florida, with (ull ~~wer and authority to consummate the ~
loan contemplatecl herrby: and, i( a{~rtner.chip, it i~ duly (ormc~l and validly e:istinq, and ia (ully yualified to dn hugine~s
e
in the State of Florid:~; with (ull ~x?wer and authority to <•onAUmm:~te the la-~n conlempl:~ted hereby. :
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24. In the rvent :~ny one or mnre ot the pro~~isions c•ontained in this MOI't((7E(P. or in the Note shal) for ainy reason
t~• held to tx• invalid, illeg:d or unenfon•eahle in any res~~ecf, suc~h im•alidity, i1leRality or unentor~~e~blity shall, at the -
opti~?n ~f the MortR:~Ree, oot :~tte~•t any other pmvisions a( this 111nrtgaRe, but thi~ ltortqage shal) 1?e coa4trued as i( s~~ch F
imalid, iIl~Ral or un~n(or~•~.~blc~ pmvision had ne~~~•r I~een containcd hernin or therein. 7'he tot~l intereat pE~yable pursuant '
to the Note or thia ~1ortK:~Ke ehf~ll not in any one year ex~•.~~Ki the hiQhest law(ul rnte of interc~t in the St:~t~~ ot Florid:~. ~
2~. 7'he covenants and aRrcemenix herein rontaincvl shall hind and the bene(its and ad~•anG~gea sh.~l) inure to thr
rt-s~Kti•ti~•e heirs, exc~~utorw, adminixtrat~ir.s, succes.sors, :~nd :i45iKns o( the parties herc:to. Wh~•re~er used, the sinKular
numlK~r sh:ill includ~ the ~?lural, the plural Ihe sinR~d:ir, and the use uf any Render shall t?e ap~rlic:~ble to all genderu. All
~•uvr~uinta, a~reemente and undeNakinQa shall i~e joint and severnl. In the e~•ent nddition~il numt?crcKl crnenants or ~~.~ra- .
Rraphs are (~r con~•eniencr inserted in thie 111orIR:~Re, sac•h additi~~mi) ~•ocennnta shall lie read and Ri~~en effect as thouRh
(ollow•inR this covenant in con.4ecutive order.
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f~ ~ 296 PA~ 387
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