HomeMy WebLinkAbout0702 a~q~ly such n~nts. is,u~•r unJ {irotita c~Y•r~vr~i by it un the i~drbt~~clnN,w secun~d hereby~ in sui•h o r as MorIRaR.r d~•trr
m~nra. The right tu enter nnd ti~ke ~x,.,uk~iun of the 1lfortR~~Kc~ 1'ro{?erty, to manage und u~xn~te~c ~~m~•, uod t~, rolliv1
the r+enta, ix~ura .u?d pn~fils thriYK,(, whether Irv u rcvei~~er or othrrwiac~, ah:~ll t~e rumululive !o uny nther right ur mn~~viy
hereunder or atto~ded by luw, nnd me~y be exen•ie~ed cnn~•urrently therewith or inde~~rndNOtly themot. Mortg~~ger sha~lt
I~e liuble to nccuunl only (or auch rnnta, inxuax and profits u~•tu:Jly re~•eivrd by Alortgagee. ' . •
1~. If the indehtedness secumcl hemlry ia now or hereiifter (urlher secured by chadtel mortKs~gea, se.vri/y inlerc~sta.
Iinuncing stntemrnla, pleclges, contracts of guara??ty, usxiKnmenta o( leusea, or olhe~ securitiea, or i( the Mortguged Yro-
{?eHy hereby encumbemd consisls of more than one p:inrl o~ nid pro~~rriy, Murtgagee muy ut its option exhuust uny one ~
o~ more o( aaid securities und s~urity he~eunclrr, or ~uch ~rcels ot the serurity hemunder, either ~Y~ncurrenlly or i~de- ;
~iendrntly, and in such orde~ a~a it muy drtermine.
15. This 114ortg:iKe ahiill s~•ure not only existing indrbtednesa, but also sueh (uture udvances, whether auch :idvt~nc~~s
+~re obligutory or to he made at the option of hlortg:~gee, or otherwise, i~s are mnde witliin twenty 120) yE:iirs from the date
hen*ot, to the same e:tent ue it such future adv:in~ra were made on the dute o( the exec-ution of thia MortgnAe, hul sui•h
securnd indebtcdness siudl not ezreed nt s~ny time the ~n:iximum ~~rinci{~al a~muunt o( S N/A
plus interest, :~nd uny disbucse~~enta mude Ior the ~~upment u( t:~xes, Ievies,•oc insun~nre, on the Mortguge~i Yro{x•r1y, with
interest on such diabursementa_ Any sai~h fulure t~d~ances, whether obligutory or to be made ut the oplion of the Morlg.igeF,
or otherwise~ m:iy be tnade either prior to or aher the due date of Ihe Note or nny olher notes secured by this MortgaKe.
ThiY Nlortgage is gi~•en for the s~?c~•ific puryx~se o( e~vrinR nny and all indebtedness by thc AlortKaRor to MortgaRee Ibut ~
in no event sh~ll the secured indebteclneas ex~~c~ed ut uny time the m.~ximum princi{~al an~uunt set torlh in this ~?:~r.iKruph) in
wh~te~•er manner this indebtednr~v may 1?e evidenccd or rnpn~entecl, until this Mortgage is s:~tisfic~l of reeY?rc1. All cocen- S
ants und ugreementa contained in this rlortgaRN sh:iU t?e :~pplicuble to .~U (urther udvanc•cs mude by Atorig.iRee to
lllortRagor under this (uture ndvance ~luuse.
16. No drlay by Alortg:~gee in exrn•ising a~oy right or mmedy hereunder, or otherwise u(torded by laiw, shall o~xrate
as i~ w:~iver themc~t or preclude the exercise thereot during the rontinuunce ot any default hemunder. No wai~•er by
MoHg.~gee of any de(uult r.hall ~~onstitute ~ wai~•er ot or consent to subsequent de(aults. No (aiilure o( htortg:igtr to exer.~ix
any option herein given to accelen~te muturity of the debt hereby sc~•ured, no torhearance by Mortgagee betore or a(ter the
rYen•ise o( such_ o~riion and no withdre~wnl or nik~ndonment of (orc~•Iwum procrrdinR by MortR~gee shall t~e taken or ~^on-
strued as a w.~iver of ite riRht to exerciee such option or to accelerate the maturity of the debt hereby sc~•umd hy reason of
any ~~st, prc~sent or tuture defnult un the part o[ Mortgagor. und, in like m:~nner, the pra•umment ot insur.~nir ur the ~?:~y-
ment of taxes or other liens or ~•hargcw by 111ortRaKee shall not tm t:ik~•n or ~•onstruecl .~s a wni~c•r ot its riKht tu a~•~•elente
the maturity o( Ihr di•bt hereby scr~urc~ci.
17_ Without ntferting the liability of Aiortq:~Kor or any uther ~~erson (exc~•pt :~ny ~x•rson c•xpreuly re1~:~s~Yi in ~+•ritinRl
(or payment of any indebteciness sc~~urcd heret?v or for ~~erforni:~nce of any ubligation contained herein, and without a((ec•t-
inR the rights of MorfRagc*e w•ith res~xK•t to uny stvurity not cYpressly mleased ~n NritinR, T1ortRaRer mny, at :my time :~nd
fmm time to time, either hefore or after the maturity ot s:iid nate, .~nd without notice or ~~onsent:
,
la) Release any ~?erson liable tor ~~yment of .~I) or any pt~rt o( the indebtedness or for ~~rformance of any ohliKation.
(b) Make any agrrrment extendinR the time or othern~ise altering the terms of payment of all or any ~k~rt of the ~
indebtedness, or moclitying or ~+•aivinR any obliKation, or subordinating, moclifying or othervrise dealing K•ith the lien or ~
charge hereot. ~
(c) Exercise or refr<~in (rom exemising or waive any riRht MortRaRer m;~y hn~~e.
(d? Accept ndditional security o( any kind_
(e) Kelease or otherv?•ise dea) aith :~ny pro~x:rty, real or ~~erao~al, sec•uring the indebtedness, includinR ull or any ~?:~rt j
ot the Mortg:~ged Pro~~erty. f
~ ~
i 1K. Any agreement hereafter made by 111orlRagor and MortRaRcr pursu.int to this mort~aRe shall !?c~ su{~rior to the ~
riRhts ut the holder of any-inten•ening lirn or encumbrance. z
;
~ 19. Alortg~qor hereby wai~•es all riRh! of homestead exemption, if :~ny, in 1hF A1ortRaRi~1 Yr~~x•rty. '
~
E 20. In the ecent of condemnation proceedings o( the Mortgaged Prc~E~erty, the award or ~•ompen+:~tion {?ayable there-
F under is hereby asxigned to and shall 1?e ~~id to Mortgagee. Mortgaqec shall be under no obligation to question the umount
~ of any such" award or com~~ensation and may accept lhe same in the amount in which the same ahall be ~~aid. In any su~h
~ ~~ondemnation proceedings, ilortg~gee may t?e representcd try counsel setected by Mortgagee. 7'he prm•eeds of any aw:~rd
~ or compensalion so recrived shall, at the option ot A{origagee, either be .~pplied to the prepayment ot the Note and at the
~ ratP of intemst pro~•ided therein, regardl~~s o! the r.~te ot interesl payable on the .?w•ard hy the condemning authority, or :it
the option of l~tortgagee, such award shall be ~?aid o~•er to 11~ortgagor (or restoratinn of the 1ltortgaged ProE~erty.
t
~ 21. I( Alortgagee. pursuant to a e•onsfruction li~:m aRrc~~ment or loan commitment made Hy 111ortgagee with 1~tort~aRor.
r -
~ agrees to make constru~•tion lo:~n ad~•ance~s up to the principal amount of the Note, then tllurtgagor hereby co~~enants th:~t it
~ will comply with all of the terms. pro~isions and co~•enants of s:~id ~-onstru~•tion loan agreement or loan commitment, K•ill _
~ diliRently construct the improvemen(s to be built pursuant to the terms thereo(, all of the terms thereot which are in-
~ corporated herein by mference as though set forth fully herein and will ~~ermit no defaults to occur thereunder and if a de-
~ L•wlt shall occ•ur thereunde~r, it sh~iU constitute a d~•f:iult under this !11ortKaRe and fhe Note.
~
~ :.~`2. At the option ut 11ortKaRee, MortR:~Ror shall procide~ MortRaRee with ~~eriodic ~rrtifierl audited statements o( the
finaneial condition ot Mortg<igor.
~
• -
23• ;~tortK:~Kor reprc~ents and ~+arr.~nts that n ~•or{xir.~tion,-it is duly orKanized and validly exis/in~, in K~wci stand-
~ inK under the I~ws of the statr of its incor~x~ration, has sto~•k outstanding w•hich h.~s lieen duly and ~:~lidly is;ued, and is
~ yuali(ietl to do busin~~ and is in Ku~xl ~tandinK in the State of Florida, with (ull ~~ower and authority to consummate the
~ loan cuntemplated hemby, and, i( a partnership, it i~ duly tormec! and ~~alidly existinR, and is fully qualified to do husin~s
- in the State of Florid:~; with (ul) (~ower and aufhority to c~onsummate the loan rnntvmpl.ited hereby.
2~f. In the event any one or more of the pro~isions ~•ontained in this Atortg~Re or in the Note shall for any reason
~ t~e held to f~e im-alid, illegal or unenfon~c•able in any rr:c{~ec•t, su~•h im~alidity. ille~ality or unentorceablity shall, at the
option of the AiortRaRee, not aUe~•f an~ other pm~•i~ions o( this Mort~aRe, but this 1liort~age shall l~e construed tts it such
- invalid, iUeR:~I or un~ntor~•e::hle pro~•ision h:~d ne.•c•r heen ~•ont:iined herein or therein. The tota) interest payable pursuant
- to the Note or this AtortRaKe Hhall not in any one year exi•~etl the hiQhest lawful rate of intemst in the State of Florid:~.
25. The ~•o~enants and aKreements herein containcYl .h:ill bind and the I~enefits and ad~~ant:~res ehall inum to the
= rev~x~~ti~~~ heirs. execvtors, administr.~tors, successors, and a~siQns of the parties hereto. Wherever used, the sinRulnr _
~Y numl~er shall include the plural, the plural the sinRular. :~nd the u~ce of any Render sh:~ll F~ il~)~)IIC:i~IIp Io all Kenders. All
_ ~-oven:+n:s, agreenicnts and undertakinqs shall F~e joint and ~e~•cr.~l. In th~ e~•ent addition:il numtx•red ~ovenants ur para-
Kraphs are (or com~eniPnc-e ins~rtrd in this ?~1ortRaRe, su~~h additional c~o~•en~nls shall be read and Ri~en e(fect as thouRh
following this cavenant in conser-utire order.
L~ -3- Bo~K ~97 PaGE 699
~
~ .
: ~ .
- ~
. . . : ~ _ _