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HomeMy WebLinkAbout0294 a~~ply auch n~ols. ~~~urs und pmf~te rc~~riv~~c1 by il on the indeht~Yln~•ew r,.~•un~i hen:by in e+uch unlrr us rturtKuK~~• d~•~.•r ~ni~?rx. 'fhc right ta entcr und t.~ke ~x,xc,.:.viun ot lhe 1~lurtgu~;.x1 Pru~K•rly. to ~nan:~Ke a?nd o~xrute the s:~m~, :~nd to ~•oll~~.•t ihe mnts, issuE~a und ~~ru(ita then'ut. whrther by a n~•~irer or olhe~.vise. sl~all iw cumulalivr lu ~~ny uthr~ righl ur rrn~~vly hereu~de~ or n(torded by law, aod muy 1?e exen•i~:d concurmMly therewith or inde~K~nde•Mly ihen~?(. rlo~tguti~r. shall be li~ble to a~c~runt only (or such r~nta, isvurei und profits actu.~lly rcti~i~~c~l by Alorlgug~Y. 14. It the indebt~~clness s~•un•d hemby ia now or her~•uttr~ (urlher s~K•un~d by chutte) mortguges, si~•urity interc~ts. tin:~m•ing slutements, pleclg~•~, conlrni•!s of gut~r~nty, :?~ignmenta of learzes, or other serurities, or it the MortRuQed Yr~- {xrty hereby encuml~ered consists ot more than one {x~n•el o( m:~l pruperty, Mortgagee m:~y ul ila optiun exhuusl uny une or more ot ssaid securities und s~x•urity hereunde~, or sui•h {x~rcels ot the sc~•urity hereunder, either ~~oncurmnUy or inde- ~nndenUy, nnd in such order a~s it may determine. 15. This I4lorlgage shull secure not only existinR indebteclneas, but ulso such (ulure advnn~rs, whether such a~dvuncc~ ure oblig:~lory o~ to be nuide at the option ot Mortgugee, or otherwise, as pre ms~de within twenty (20) ycvra trom the dale hereof. to the same exlent t+s it such (uture iid~~ancea Nere maJe on the date of !he exec•ution ot this Morlgage, but such secured indebtedness atu~ll not exceed at any time the maximum principal amount of S g~ • QOn _~n plus interest, and any disbursements mt~de for the ~?uyment of tvxes, levies, or inaurnnce, on the rloriguged Property, with intemst on such disbursements. Any such future udvuncex, ahether obligatory or to be mtide at the option of the I~fortKagee. or otherwise, ma~y be made either priur to or nfter the due date of the Note or nny other notes secumd by this Mortgage. 'Chis Mortgnge is given (or the specific.purywse ot securing any und ull indebtedness by the MorlgaRo~ lo Morigagee (but in no event stuill the secured indebtedneas exceed at ~ny time the maYimum princi~x~l amount set torth in this {kirnKrnph) in w•hntever mnnner this indehtednc~s mny 1?e evidemrd or represented, until this Mortguge is ~?tistied ot rec•ord. All co~•en- ~~nts s~nd aBreemenls cont~ined in this rtortg:~Ke shall be npplicnble to uU (urther ad~~ances m:~de by Mortg:+Kee to Mortg.?gor under this tuture ad~•ance clause. • is. No delay by Mor~gngee in exercising any right or remedy hemunder, or otherwise at(orded by law, shall opernte as a w.iiver thereof or preclude the exemise thereof during. the continuance ot any default hereunder. No waiver by Mortgagee ot any detuult shall constitute a wuiver ot or consent lo sul~sequent detaults. No tailure ot Mortgagee to exen~ise ~~ny option herein gi~•en lo s~ccelerate maturity o[ the debt hereby secured, no forbearnnce by 111ortgagee before or after the exemise ot such option and no withdrawal or ahandonment of toreclosure pra•eeding by Mortgagee shall be taken or i~on- strued as n waiver ot ita right to e:erciae such option or to accelerate the maturity of the debt hereby sec•ured by reason of any ~r?st, present or future detault on ihe ~~.~rt o( Mortgtigor: and, in like mt~nner, the procurement of insurance or the µ~y- ment of taxes or other liena or charges by Mortgagee shall nof be taken or e•on~trued as ~vai~~er ot its riRht to accrlerate the ~rwturity o( the debt hereby secured. ' ~ 17. Without af[ecting the liability of I1lortgagor or any other person (except any ~~erson expressly released in writinR) for payment ot any indebtedness sc~urecl hemby or for pertorm:~nce of :~ny obligation contained herein, and without :iftec•t- ing !he rights of 1liortgt~gee with rex~xct to any se~vrity not expressly released in writing, MortRa~ee may, :~t any time und from time to time, either before or atter the maturity ot ssiid note, :~nd wilhout notice or consent: (a) Rele~se any ~ierson liable for ~yment of all or any ~~art ot the indebtedness or for {~ertorniance o( any obliKr~tion. (b) 111a~Ce .iny a~reement extending the time or c?therwise :~Itering the terms of ~h~yment of xll or any ~k~rt of the indebtedness, or mcxlifyinR or waivinR any obliRation, or subordinating, modifying or otherwisd de:iling with the lien or churge hereot. - (c) Exercise or refrnin (rom exen•ising or waive :~ny right MortR.igcti: enay have. - (d) Accept additional sec•urity of any'kind. (e) Release or othenvise deal with any pro~?erty, real or personal, securing the indebteciness, includinK :~ll or'any ~uirt of the Mortgaged Property_ 18. Any agreement hem:~(ter m:~de by rlortRagor and 1~lortgaRee pursuant fo this mortRaRe shall bc~ su~~erior fo the riRhts of the holder of any intervening lien or encumbrance. 19. Mortgaqor heret~y we~ives all riRht of homestead exemption, if :~ny, in thc~ MortguRetl Pro~~erty. j 20. In the e~•ent of condemnation proceedings of the Mortgaged Pro~>erty, the award or com{~ensation ~k~yable there- i under is hereby assigned to and shall I~e paid to Mortgagee. I14ortgagee shall be under no obligation to question the amount s of any such award or compensation and may accept the same in the amount in which the same shall be ~k~id. In any such condemnation prue-eedings, A4ortgagee may be represented try counsel selected by MorlRagee. The pmceeds of any award ; or com~ensation so received shall, at the option of Mortgagee, either 1?e applied to the prepayment of the Note and at the ` rate of interest pmvided therein, regardless o( the rnte ot interest payable on the nward by the condemning authority, or at ~ the option of 1liortgaRee, such award shall be ~>aid over to Mortgagor (or restoration of the MortRaged Property. 7 i 21. I( A1ortgagee, pursuant to a construction loan agreement or loan ~rommitment rs?ade by Mortgagee with Mortgagor, _ agrees to m:ike construction loan ad~•an~rs up to the princi~~.~l amount of the Note, then Mortgagor hereby covenants th:it it ~ will ~bm~ly with all ot the terms, pro~zsions and covenants of said construction loan agreement or loan commitment, will ~ dili~ently construct the improvements to he built pursuant to the terms ihereof, all of the terms thereof which are in- ` corporated herein by rn(ernnce as though set (orih tully herein and will permit no defaults to occur there~nder and i( a da- ~ tault shaU occur thereunder, it shall constitute a default under this Mortgage and thE Note. ~ 22. At the option ot 111ortgagee, ;liortgaror sh.ill pro~•ide MortRagee with periodic certi(ied audited statements of the ~ financial condition of MortKagor. ~ 23. Mortgagor represents and w•arrants that i( a cor~x~r.ition, it is duly organized and validly existinR, in good sland- ~ ing under the law~s of the state o[ its incorE~oration. has st«•k outstanding which has been duly and ~•alidly issued, and is ~ qualified to do business and is in Rood standing in the State o( Florida, with tull power and authority to consummafe the :<_9 loan contemplated hereby: and, it a~~artnership, it is duly tormed and ~~alidly existing, and is tully qualified to do bosiness e in the State of Florida; with (ul) (~ower and authority to consummate the loan contemplated hereby. ~ ; 24. In the event any one or more o[ the pro~~isions containec# in this 1b'lortgage or in the Note shall for any reason ; t~e heid to i?e im~alid, i11eRa1 or unenforceable in :~ny res~~ect, such imalidity, illegality or unenforceablity shall, at the ' option of the A'Iortgagee, not affec•t any other pmvisions o( this A~torigage, but this Mortguge shall be construed as it such - invalid, illegal or unen(orceable pro~•i~ion had ne~-er heen c•ontained herein or therein. The lotal interest payable pursuant to the Note or this Mort~age shall not in any one year ex~red the highest lawful nte of interest in the State of Florida. 25. The i-ovenants and agmements herein containecl shal) bind and the bene(its and advantages shall inure to Ihe ° n•s~~ec•tive heirs, exe~vtors, administrators, succes.wrs, and a~igns of the parties hereto. Wherever used, the sin~ular number tihall include the plural, the plur:~l the ain~ular. :~nd the use of any gender shall be applicable to all genders. All covenants, agreements and undertakinga sFwll 1?e joint and several. In the event :iddition:il numbered covenants or p:~ra- ~ Rraphs are tor com~enience inserted in this AtortR~Re, su~•h additional co~~enants shall t?e read and Ricen effect as thouRh t following this covenant in consecuti~~e order. ~ ~ ` -3- . ~ 3~1 294 9C~~!c %~C~ ~ ~ - ~ _ _ . x _ = _ ~ = ' •`ry,cr F 'c ~ d' ? ~ ~ ~X _ . ~ .+.....~.G .`4_'5~.~~~ . . . - .~R:~' ~:G~e~a~e~. .