HomeMy WebLinkAbout1598 up{?h• such rents, issua~ :Ind protita received by it on the indebtedness secured hereby in such order as Mortgagee drtrr-
nunrs. 7'he right to enter and take {x?ssa•ssion of the Mortgaged Pro{rerly, to man:Igr and u{ler.+te the same, and to collect
the rents, issuell ulld {,ruins t'nrrrot, NI?rtllrr iN• :1 rrc•rlvrr ur utllrrNlae, ~I:III I:e llilTlulati~~ to atiy 4iliiT iTtbht ur Li'tTii~}
hereunder or afforded by law, and rn:ly Ire rxrn•ised conavrrently therewith or independently thereof. 111ortgagre shall
Ire liable to account only for such rents, issues and profits actu:dly received by Mortgagee.
14. It the indebtedness sea•und hereby is now or hereafter further tlecured by chattel mortgages, security interests.
financing statements, pledges, contrarta of guaranty, :ISSigrurx•nts of leases, or other securities, or if the Mortgaged Pro-
{rerty hereby encumbered consists of mutt tkln one {r:ln•rl of real property, Mortgagee may at its option exhaust any one
or more of said securities and security hereunder, or such {>ana•Is of the security hereunder, either concurrently or inde- #
{lendently, and in such order :ts it may determine.
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15. This Mortgage shall secure not only existing indebtedness, but also such future advara•es, whether such advances
are obligatory or to tee nwde at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the dote ;
hereof, to the some extent as it such future :adv:lnc•es were made on the date of the exerution of this Mortgage, twt such
secured indebtedness shall not exceed at any time the m:Iximum princi{xIt amount of S 30 x00 •
plus interest, and any disbursements made for the {+:lyment of taxes, levies, or iasunme, on the Mortgaged Pro{lerty, with
intrust on such disbursements. Any such future advane•rs, whether obligatory or to ter made at the option of the I1lortgagee,
or otherwise, may be made either prior to or after the due date of the :\ote or any other notes secured by this Mortgage.
•Chis Mortgage is given (or the specific pur{rose of securing any and all indebtedness by the Mortgagor to Mortgagee Ibut
in no event shall the second indebtedness excrad at any time the rrl:Iximum princi{ral amount set forth in this {,:Iragr,y,h) in
whatever manner this indeMedrles+ nl:ry Ire evidc•nc•ad or repnsrntad, until this Mortgage is s:Itisfied of record. All coven-
ants and agn•rments contained in this MorlgaKe sh:dl tee applicable to all further advancy>s made by Mortgagee to
Mortgagor under this future advance clause.
16- No delay by Mortgagee in exercising any right or remEdy hereunder, or otherwise at(onkd by taw, shall operate
as a waiver thereof or preclude the exen•ise thereof during the a•ontinuance of any default hereunder- No waiver by
i\fortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise
any option herein given to aca•elerate maturity of the deM hereby sa>a•ured. no (orlrearanc•e by Mortgagee tretare or after the
exen•ise of such option and no withdrawal or atr:rndonment of forre•lusure praeeding by hiortgagre shall tee taken or con-
strued as a waiver of its right to exercise such option or to acrelerrte the maturity of the debt hereby secured by reason of
env {>:ISt• present or future default on the {?:Irt of \lorigagor: and, in like manner, the procurement of insuramr or the {r:Iy-
ment of taxes or other lirnc or charges by Mortgagee shall not ire taken or comtrucd as a waiver of its right to acc-rlerctr
the nwturity of the debt hereby sec•und.
17. Without af(ec•ling the liability of 1lurtgagur or am• other {rer~on texcrpt any {rerscrn expressly released in writing)
for {xilyment of any indebtedness sec•urEd herrlry ur for prrturnr:Ince of am obligation contained herein, and without :Itfcr•t-
ing the rights of Mortgagee with res{xr•t to any security not expressh• relc•:+srd in Nriting. ~tortKagre may, at any time.and
f mm time to lime, either Irrfure or alter the maturity of slid rwtr• and without noUcr or consent:
taf Release any {rerson liable for {>:Iyment of all ur any {r:Irt nt the indebtedness or for {x'r(orrrl:Inar ut aay ohhgation.
Ihl Make any aKrec>mrnt extending the Ume or otherwise altennK the terms of {r:Iyment of all or am• part of the
inlet+trtlress, or mn<lifyinp, of w•;~iving ally ~iigatiun or sutronfirlatinK, mudifyinK or otherwise dealing with the lien or
charge hereof.
(cl Exen•ise or rein.+in from exercising or waive am right ~turlf;aK.•c• tn:Iy have.
(dl Accept additiun:d seavrih• of any kind.
Ir1 Release or otherwise deal with any pm{rertp- real ur {lersonal- securing the indebtedness, includinK :+II or any i?:Irt
of the Mortgaged Pro{rerty-
lti. An)~ agrrc'ment hrnalter made by lfurtK:Igur and Jlurig:rKce pursuant to tltia mortgage sn:+ii ire suprriur ir. iirr
rights of the holder of am• inten-eninK lien or encumhnnce
19. Mortgagor hrrc•hy waives :dl right of hurnrstrad exrmpUun- it any. In the \lortgaged Pro{~erty.
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C 20. In the event of condemnation pn,r-c•e-dings of the Mortgaged Pro{rc•rt~•- the award or com{ren+Itlon {r:lyahle there-
under is hereby assigned to and shall t,r {,:lid to ~lurtg:Igc•e. \fortgagrr stwll hr under no obligation to quc>stion the amount
t of any such award ur com{x•ns:riion and mac accept the some in the amount in which the same shall tee {r:Iid. In any such
cundrmnation pra•irdings• Mortgagee may he n>pn•.~entad in• a-uunsel srlra-trcf be \turtgaKrr. Thr prucreds of any award
ur c•om{,e•nsltion scr received sh:dl, at the option of ~lurtgaKee. either tee applied to the pre{l:lyment of the Note and at the
rate of interest pmvided thrrrin• rrKardless ul thc• rate ul mtrn•st p:cyahle on the award by the condemning :wthonty_ nr at
the option of 1lortgagce, such award shall I+r {r:ud our to ~lortgagur fur nstoration of the Mortgaged Pro{?erty~.
21 I( 1lortgagae. pursuant to a construction loan a~n•e•ment ur bxln commitment made b~• ~turtgagre with \krrtgagur.
agrees to tn:Ike construction Iu.In adrancc•s up to the pnnclir:Il amount of the Note. then Mortgagor hereby covenants that it
will comply with :dl of the terms. pnrvlsions and c•o~rnants ul s:ud construction loan agreement or !wn comrnitment• will
diligently constntet the improvements to ter built pursuant to the terms thereof. all of the terms therc•ot which are in-
c•or{xrratecl herein by n•ferem•e as thuuKh se•t forth hill}• herein and will {?remit no defaults to occur thereunder :Ind if a de- •
fault sh:Ill cx•cur therrundrr• it shall constitute a deLullt under this ~lortgagr and the Notr.
tl. At the option of \fortgagee•- ~1ortKaQor :hall pru~idr \1ortKaKre with periodic crrtihed audited statements of the
tinancia crondition of ~tortgaKor.
23- ~tottgaKur repra•scnts and warrant: that It a curiwratiun- it is date- orKanized and validly existing. in g«,ct stand-
ing under the laws of the state ut its Incur{,ur:Itiun. has stock ,,utstanding which h:u been .duly and validly issued, and is
qualified to do busine-ss and is in Kuud standing In the ~rltr u( Flond:I- with full {rower and authority to a•onsummate Ih=
loan contemplated hereby: and, if a {r:Irtnernhlp- it is doh- farmed and vahdh- existing, and is (ulh- quaG(ied to do husine•ss
m the State of I•-Iund:I: with lull i«,wa•r ana::wthurih- to r'un.umn?.dr the lu:?n runtrmplated hereby.
s L•1. In the event :Im~ one or more of the prmisruns .~untamcd In this Mortgage or in the Note shall for any rrasun
Ire, held to Ire invalid, illegal or unenfon-e:ehle in am~ rra,ati-t. such in~alidlh•- illrgahh- or unenturceahlity shall, at the
option of the Mortgagoc>, nut afle•c•t any other pnnisiuns ul this VortgaKe. teat this Mortgage shall tee construral as it such
imalid, illegal ur unrnlunealrlr {rro~tsion had nc•u•r I~rc•n contained hen•In or thrrrin. The tot:+1 intrust payable pursuant
to the Note nr this \lortgaFe• .hall nut in am one w•.Ir .•v• ati•d the highe•a I:Iw(ul r.Ite of intrust in the State of Florida.
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'L,i. The coven:Ints and at:rcrmrnts herein c-crntalne~l shall hind and the t,c•nellis and :rdvant:+gcs stl:lll inure to the,
m.pcctiar helrs• exec•utor., adminlanturs, wcce•surn- and :I•.•iKns of Ihr {r:Irties hereto. ~l-herever used, the singular
numlre•r shall include the p1ur.Il- the {Aural the surt:ular- and the use, of any Render steal Fee applicable to all genders. All
cm•rnants, agreements :Ind un<Icrtakinga shall he joint :Ind vveral. In the event additional numbered covenants or {>irra-
graphs arc for convenience inserted in this \fortKat;e. such addition:+1 cmenants shall Ire read and given effort as though
_ iollnwinK this c:,crnant in r onsc•rutiaF order
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