HomeMy WebLinkAbout0578 :~~,~~ly au~•h rrntx, ?.+,u~~e :~nd ~,n~titr mceivi~d tiy it un ~hr indeht~~clnrs~s +~~•unY! he•n•by in xNch orde•~ :~x MurtK:~K~y' d~:l~•~•
uuura. 'I'he righl tu ~~nt~•r aind tuke ~x~~u•~;siun u( the A1uriRugrd i'ru{xrty. to manuR~• :uid operute ~tbU s~u~x~, nnd to cp11e~•t
~he rrnta, i~urrss and prot~ta then~u(, whether by i~ nK•eivar or otherwise, shi~ll Ix~ cumul:itivs to uny otMer right c,r remivly
hereunder ur i~(fonlyd by luw, i~nd n?e~y t?e eYen•iycxl ~~ncurn•ntly iherc~vith or inde~x•nd~ntly then~,f. Alortgugec xhnll
1ie liuble lo ur~•ount only (or sui•h renis, irtsues a~nd prulita u~•tuaUy rec~ivc~cf hy Mortgugce.
14. It ihe indebteclnexx ~~•un~f hereby is now or hernaflrr turthrr ~•un~d by i•hutte) mortgag~w, ~~•urity inten~ts.
(inancing atutrm~~nta, plcclg~~+, ~ti~ntr.~cts ot guun~nty, astii~;nmrnte o( le.~srx. or ~~~her ~•urilit•s, or if the Mortgaged Ym-
~N~rty hereby encumlx~md ~•ons~ata ot morn th:~n one ~uuce) ot rru) pro{mrty, Mortgagee muy at ifs uption exhuust any une
ur more ut ~~id sc~uritieei iind ~•urity henundrr, or auch ~uurelg u( the s~~vrily hrreundrr, erther ~v?ni•urmoUy or inde-
~xndently, und in such order us it nury determiue.
15. This I~lortgnge aha+ll ~•ure not only existing indebtedneas, but ulso such futurn nd~~.~nces, whether au~•h advt~ncrx
are ohligntory or to t~e mude at the option ot Mortg:igee, or othervvixe, ais i~m mude within twenty (ZO) years trom the dute
hemot, to the ~?me extrnt :~s if surh futum ad~•t~n~r~ wem mi?de on the daite o( the rxe~•ulion o( thia MoHRtiRe, but such
s~~vmd indebtedneas shall nut excecd at :iny time the muYimum princiµil amuun! ot S
~dus intenwl, and uny dishunementa mude tor the E~:~yment of tax~w. levi~~, or insu~ance, on the MortKaKed Pro{xrty, with
intemxt on surh disbursrments. Any su~•h (uture :idvan~Yw, whether obliKutory or to !?e mE?de ut th~• option of the ~1ortKuKr~•.
or otherwisr, muy I~e mude either prior to or utter the due date ot the Note or uny othe~ notca secun~d by this AlortgaKe.
This A1ortFuge is Ki~rn tor the speri(ic pur~wse o( struring any und all indebtrdnes4 by the A1oriK~qor ta Mo~IRagee Ibut
in no e~•ent shaq the securnd indebtednr~v e:<recf :~t any lime the msiYimum principnl arnount set forth in this ~~:~r.iRraph) in
whatever rminner thic indebtednesa may be evidenced or repn~ented, until thia Morlgage is sutis(ied ot ncord. All rnvrn-
anta .~nd aRnements contnined in thig 111ortg:~Ke shall !x• :~ppli~•able to aU further .?dvan~•~~v m:~de by MoriR:~Kee to
~turlR:?gor under this tuture adcam-e cl~~use.
16. No delay by Mortg~gee in exercising• ainy right or mmedy hemunder, or otherrvise aftorcied by l~w, shall operate
:?s a.v.~iver thereo( or preclude the exemise themof during the conti~u~nce ot any de(ault hereunder. No wt~iver by~
Aiorfg.~g~~e of uny defuult sh:~U ronstitute a waiver o( or consent to sui?stryuent defaults. No Iailure ot Mortgagee lo exer~•isc
any option herein gi~~en to accelen~te maturity oi the debt hereby ce~•ured, no (orbear.~nce by MortgaRee before or alter thr
.•xrn•ise ot su~•h option a~nd no withdrawu) or abandonment ot (ore~•losure prareding by Illortgugee shall be taken or con-
strued ns a waiver ot its right to exemise such option or to a~•celer.~te the maturity of the debt hereby secured by re:~~n ol
:?ny ~k~st, pmscnt or future def:~ult on the {u~H of Afortkagor. :~nd, in like manner, the procummenl of insur:~n~~e or the
ment of taxes or other liens or ~•hargrs by htortR:~Fe~e ch:~ll not be t.~krn or i-onstru~Yl as H•:~i~~~r of ils riKht tu a~•~•eter:~t~•
the m:~turity o( thp debt hrreby ~•urecl.
17. ~Yithout a(fectinR the linbility of hlortgaRor or any other ~~erson lexeept any {~erson expresgly releasecl in writin~)
for ~wyment of .?ny indehtedness sei•ured hereby or for {~erforma~nce of nny obliQation contained hemin, :?nd w•ithout :~(te~•t-
inR the riQhts of 111ortRagee with ms~xr•t to nny se~~urity not expres~cly released in writing, MortRaRce m:~~~, at any time and
(mm time to time, either I~etore or :~fter the maturity of s:iid note, r~nd without notice or consent:
la) Release any ~xr3on liable for {k~yment o( all or any ~~rt of the indebteclncss or for ~x~r(orm.~n~•e o( any ohliKation.
(b) htake :~ny aRmement extendinR the time or other~+~ise alterin~ thr terml of ~yment ot all or :+ny p:irt o( the
indebtedness, or modityin~ or wai~•inR any ohliRati~n, or sutxitclinntinR, moelifyinR or otherwise dcalinR with the lien or
ch:~rge hereof.
(c) Exerci~e or rrfrnin (mm exen•ising or w:ii~•~• any riKht 111ortR:+R~~c~ may h:+~•e.
(d) Accept ~dditiunal ~YVrity ot any kind.
(e) Rele.~se or othenvi~ deal with :~ny pro{x•rty, real or I~ers~mal, se~vring the indebtcKiness. in~•IudinK all ~~r anp ~>art
ot Ihe AtoriKaged ProE~erty.
i8. Any agreement here:~tter made by A1~~riRagor :u~d Mort~;a~ee pursuaM to this mortKaQe shall t~e su~x~rior tu the
riRhts ot the holder ot .~ny inten~ening lien or encumbrance.
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; l9. Mortgi~Aor herehy wai~•es al! riRht of homesteld exemption. i( any. in thP MortR:~Re~l Ym~x•rty.
~ 20_ In the e~rnt of condemnation pr~•eedings ot the Alortguged ProFxrty, the award or com~xns~tion pa_r•able there-
under is hereby assigned to and shaU be paid to Mortq.~Ree. 1liorlgagee shall be under no obliKution to question the amount
~ O~ :IIIV such a~+•ard or com{~ensation and may accept the s:~me in the amount in K~hich the same shall be paid. In any su~~h
' ~•ondemnation pr«~c•eding~, A1ortR.igee may be mpresent~•d I~y i•ounsr) srlected by ~tortgaRee. The proc~~~s of :~ny :~w~ard
~ or ~~om~~ensation so receivecf shall. :?t the option of IliortRa~ee, either be applietl to the pre~x~yment of !he Note :+nd at the
~ rate ot intrrest pm~•ided therein, ~~;ardlesg a( the rote of interest payable on the aw•ard by the i-ondemning :iuthority, or at
~ the option ot 111ortQ.~Ree, such ~iw:~rd shatl be ~uiid o~~er to MnrtRaRor (or restoratiun of the 1~tortRa~ed Pro~~rty.
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~ 2t. If ~tortR.~Kee, pursu:int to a~•onstruclion lo:~n ~~Krcrment or loart commitment made by MortRaQee with 11'Iortg~~Ror,
~ aKrees to m:~ke ~•onsfruc~tion loan ad~:+nc•~ up to the principa) amuunt of the Note, then MortgaRor hereby c'o~•enants that it
' «~ill com~>ly w•ith all o( the terms, pro~isions and covenants o( said construction loan aRreement or lo:~n commitment, H~ill
diliqently consfruct the impm~•ements to be builf pursuant to the terms thereoi, all of the terms thereof 'which are in-
~ e•or~~rated herein by mference.as thouRh set foclh fully hemin and will permit no detaults to oc~~ur themunder and if a de-
~ (.iult shall occur thereunder, it sh~ill constitute a de(ault under this 1ltorig:ige :~nd fhe Note.
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~ 22. At the o~rtion of !~1ortRa~~eY~, :~ior1Q:~Kor shaU pmvide :~tortK.~Ree with peri~xfi~• ~•ertified :wditecl st:+temrnis of the
k financ•ial condition of ~lurtg:igor.
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~ 23. ~1ort~aRur mprexnts and warranfs that it a cor~x?ration, it is duly orRanized :~nd validly ~xistinR, in gcxttl st.ind-
~ inK under fhe law~s of the state of ets inc•or~x~r:iteon, has tit~x•k uutstanding whii~h ha4 tx~en duly ~ind calidly ia+ued, .iwd is
yu.ilitied to do businrs.g and is in R~n~d st:~ndinR in the St:ite of Florida, with (ull ~wwer and authority to ~onsummate the
loan ~•ontemplated herehy: and, ~t a ~~actnership, it i4 duly formc~cl and ~alidly ezistinR, and is (ully qualified to do businecs
in the State of Elorid:~: with tull ~~wer and authority to ~Y~nsummate the I~in i•ontemplatc~l hemby.
'l4. In the e~•ent any one or more o( the pro~~si~~ns ~•untained in lhis 11lortgaRe or in the Note shall for any reason
1~ held to be invalid, i1leRal or unEm(on•eable in any res~rect, such invalidity, iUe~ality or unenforceablity ~hall, at the
~iption of the :~fortKaQee, not afte-i•t t~ny other pm~•isions o( this A'IortKaRe, but this 1~lorlgage shall f~e construed as if such
- im:~lid, i1leRal or unenforceable pm~•i~ion h:~d ne~~er heen c~ontained herein ar themin. The total interest payable pursuant
lo the Note or this AiortKaKe ahall not in any one year r•x~•i~t•d the highest lawful nte of interest in the Statc of Florid:+.
25. The covenanta and aqreements herein containc~l ~h:ill bind~ and the bene(its and ad~'antages shall inure to the
m,~?crt•tive heirs, executors. ~dministrators, su~•~•essurs, and :~~iRns of the parties hereto. Where~•er used, the sinRul:ir
~ numt?er ahall include the plural, the ptur.d the sin~ular. ~nd the use of any Render sh:dl t~e applirable to all genders. All
~ coven~nts, aqreements and undert~kinRa shall 1?e joint and sever.~L In the e~•ent additional numbered ~•o~•enants or F?ara-
e
Rr:~pha are tor com•enien~r inserted in this MortRaRe, wuch ~dditional ~•o~enants shall t?e read and gi~•en effect as thouRh
follow•ing this co~~en:~nt in consc-cuti~•e order.
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