HomeMy WebLinkAbout2295 +I+NIy such n•nts, iswrs and pruhta nnr+wrd by it on the indebtedness secured heeyby in such Doter :?s Mortgagor deter-
u+inos. The right to tenter and Inke {N«•ssiun of the Mortgagod Prol,erly, to manage and ol,er.+tu the same, and to t•ollc•t•l
the rnnts, issuau and profits thenuf, whether by a nveiver or otherwise, shall he cumulative to any other right or remt•cly
hernunder or afforded by law, and nwy he exen•ised concurrently (herewith or indel,endently thereof. Mortgagee shall
be liable to account only for such mote, iasuee and profile actually rc•t~eivcd by Mortgagee.
14. It the indrbtcdnesa sct•und hemhy is now or hereafter further secured by chattel mortgages, seourity interests,
financing statements, pledges, t•ontrrcts of guaranty, ussignrnenta of leases, or other securities, or if the Mortgaged Pro-
perty hereby encumbered consists of more than one I,:+nr) of real prol,erly, Mortgagee may al its option exh:wst any one
or mom of said securities and security hereunder, or such I,anels of the security hernunder, either concurrnntly or inde-
Ixndently, and in such order as it nwy determine.
15. This Mortgage shall securn not only existing indebtedness, but also such fulurn advances, whether such advances
are obligatory or to be mode at the option of 1ltortgagee, or otherwise, as am made within twenty (20) years from the dale
hereof, to the same extent us if such future advances were made on the date of the execution of this Mortgage, but such
secured indebtedness shall not exceed at any time the maximum princifud amount of S N/A
plus interest, and any disbursements made for the lurymerit of tuxes, levies, or insur.+nce, on the Mortgaged Property, with
interest on such disbursements. Any such future ndvancea, whether obligatory or to be made nl the option of the MortK~+K~•.
or otherwise, may t,e made either prior to or after the due date of the Note or any other notes secured by this Mortgage.
This 1Norlgage ie given for the sl,cr•ific purlwse of securing any and all indebtedness by the Mortgagor to Mortgagee (but
in no event shall thc• second indebtedness exceed ut any time the maximum principal arnounl set forth in this t,:rr.+gr:+ph) in
whatever manner this indebtednes4 may I?e evidenced or represented, until this Mortgage is s:+tisfied of n•c•ord- All croven-
an/s and agreements contained in this 141orlgage shall F+e applicable to all further advancos made by \turtgagee to
Mortgagor under this future advance clause.
16. No delay 1>r~ hlortgagee.in exercising any tight or comedy hereunder, or otherwise afforded by law, shall operate
as a waiver thereof or preclude the exen•ise thereof during the continuance of :rny default hernundec No waiver by
Mortgagee of any default shall constitute a waiver of or consent to sul,seyuent defaults. No failure of Mortgagee to exen•ise
:+ny option heroin given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or :after the
exen•ise of such option and no withdr:+wal or abandonment of forec•losum proc•ecding by Mortgagee skull I,e taken or con-
strued as a waiver of its right to exercise such option or to accelerate the maturity of the debt heeyby secured by reason of
any Ixcst, pre,ent or future default on the lucrt of Atortgugor: and, in like manner, the procurement of insur.+nre or the I,:oy-
ment of taxes or other liens or charges by Mortgagee shall not t,e taken or construed as a waiw•er of its right to acceler.te
the maturity of the debt hereby secured.
17. Without affecting the liability of Mortgagor or any other I,erscm (except any I,erson exprnssly released in writing)
For I,ayment of any indebtedness secured hereby or for performanoe of any obligation contained heroin, and without affe•c•t-
ing the rights of Mortgagee with resl,ec•t to any security not expressly released in writing, Mortg:+gc•c• may, at any time and
from time to time, either Ixforn or utter the maturity of said note, and without notice or consent:
la) Release any Ix•rson liable for l,:ryment of all or any (,art of the indebtedness or for Ix•rformance of any obligation.
Ib) Make any agreement extending the time or otherwise altering the terms of I,:+yment of al! or any part of the
indebtedness, or modifying or waiving am obligation, or sul,onlinating, modifying or otherwise dealing with the lien or
charge hereof.
(c) Exen•ise or refrrin from exencising or waive any right Mortgagee may have.
(d) Accept additional security of any kind.
(e) Release or otherwise deal with any property, real or I,ersonal, securing the indebtedness, including all or any Izart
of the Mortgaged Property.
1R. Any agreement hemafter made by Mortgagor and ;Mortgagee pursuant to this mortgage shall I+c• sulx•rior to the
rights uF the holder of any inter•ening lien or enrumbr+nce.
19. Mortgagor hereby wgaives all right of homestead exemption, if any, in the, Mortgaged I'rof,c•rty_
20. In the event of condemnation proo•cedings of the Mortgaged Property, the award or roml,ens:rtion luryable there-
under is hereby assigned to and shall Ire (,:rid to Mortgagee- fSiortgagee shall be under no obligation to question the amount
of any such award or c•oml,ensation and may accept the s:+me in the amount in which the same shall be paid. In any such
condemnation pnx•eedings. Rtortgagee may he represented Fry counsel selected 1>.v i\lortgagee. 'f he pra-ccds of am• sweat
i or coml,ensation so received shall, at the option of Mortgagee, either be applied to the prel,ayment of the Note :,red at the
rde of interest pro~~ided therein, regardless of the r.+te of interest I,:ryahle on the award by the e-ondemning authority, or at
the option of 1\tortgaKee, sue•h award shall Ix paid over to Mortgagor for restordion of the Mortgaged Pro1?erty.
21. If Mortgagee, pursuant to a construction loan agnrment or loan commitment made by I`lortgagee with 5ortgagor.
:+Krees to make construction lo.+n adwances up to the principwl amount of the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, provisions and covenants of s:+id construction loan agreement or loan commitment, will
" diligently construct the improvements to hc• built pursuant to the teens thereat, al! of the terms thereof which are in-
corl?oratMl herein by mferenre as though set forth fully herein and will I,errr+it nu defaults fn cxrur lhere•under :+nd if a ri,•-
L•+ult shall cx•e•ur thereunder, it shall constitute a default under this Rlortgage and the Nate.
6 At the o ,lion of :'Nurt + c•e•, ~1ort { g: {
1 K~ K K:+gor shall ,rovide \lort rgee with ,eriodic certified audited statements of the
( financial condition of A9ortgaKor.
) 23. Mortgagor reprosents :end warr.+nts that if a rorlwrdion, it is duly organized and validly existing, in gcxxl stand-
ing under the laws of the state of ifs incorl,e+ration, has stork outstanding which has been duly and validly issued, and is
qualified to du business and is in gucxl sl:+nding in the titate of Florida, with full (rower and authority to consummate the
v loan contemplated hemhy: and, if a partnership. it is duly formed and validly existing, and is fully qualified to do business
in the State of Florida: with full Ix,w•er and authority to consummate the loan contemplated hereby.
2-t. In the event any once or more of the pnnisions contained in this 1lurtgage-or in the 1\'ote shall (or any reason
t,t• held to Ix• invalid, illegal or une•nforreahle in any reslx•ct, such im•alidity, illegality or unentorc•eahlity shall, at the
- option of the Mortgagee, not a(le•r•t any other provisions of this Mortgage, but this Mortgage shall t,e construed as i( such
invalid, illegal or unenfi+n•eahle provision had nc•wc•r Ix•en contained herein or therein. The total interest payable pursuant
to the Note or this Mortgage shall not in any one ye:+r exceed the highest lawful rate of interest in the State of Florida.
'l5. he covenants and agreements herein rontaint•d :hall hind and the benefits and adwant:+Kes shall inure to the
respecti~•e heirs, exe+vtors, administrators. successors, and assigns of the parties hereto. Wherever used, the singular
number shall include the plur.+l. the ph,ral the singular.:+nd the use of an!s gender ch:+Il Ix• applicable to all genders. All
cowenants, agreements and undertakings shall Ix• joint and secer.+l. In the' ewc•nt additional numl+e•red covenants or para-
graphs art' (oc convenience inst•rlcd in this ~lortgage•- such additional rme•nants shall f,e mad and giwen effort as though
following this covenant in ronsecutice order.
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