HomeMy WebLinkAbout1595 .?p!d>• such rents, Itiuc•s ;uxi pn,fite rec•civc•d by it un the indebtedness se•c•umci hen•hy in such order :IS Morlga~cv• <h•ter
aunts. The right to enter and lake 1N~cse:ciun of the Morlgage•d Pmtx•rty, to manage, and ulx•r.+te the s:une, and Nr cultc•c•t
the mots, issues and profits then•c?t, whether by a nc•eiac•r c?r otheravise, shall Ix> cumulative to any other right ur n•me•cly
hereunder ar affonleci by law, and may Ix• exen•ised eroncurrently therewith or indelxndently then•uf. 111ortgage•e sh:dl
Ire liable to ncc•ount only for such mots, issues and profits actually revrived 1?y Mortgage•e.
14. If the lode>hte•clness scc•und he•mhy is now or hereaRer further se•cun•d by chattel mortgages, u•e•urity inten•sls,
financing statements, pledgees, contracts of guar>Inly, acignments of leases, or other securities, or if the Mortgaged Pn?-
ix•rty heml?y encun+lx•nd consists ul mute than one tr;+rcel of n•al pnglerty, Mortgagee may at its option .>xhaust any on.•
or mom of slid securities and security hereunder, or such trarc•t•!s of the sec•urily hereunder, either concurrently or inde•-
tx ndently, and in such order as it may determine.
- i+1nr ih:~ll ~s»•ur! nnf only ~v •ti P in. >.t jsvlnnn~
am ohlig:doq• or to 1?e made at the option of Mortgagee, or otheraa•ise, as urn made within twenty>1~1 years f e date
hereof, to the s:+me extent as it such fulum advances were made on the date of the execution oft rtgagr, teat such
see•und indel?te•dness shall not exceed at any time the maximum princilu+l amount o
plus intemst, and any disbursements made for the p:lyment of taxes, levies ranee, on the Mortgaged Profx•rty, aa•ith
interest on such disbursements. Any such future advances, wheth story or to Ire made at the option of the Mortgagee>,
or otherwise, may 1?e made either prior to or after the a of the Note or any other notes se•c•un•cl 1?y this Mortgage,.
This Aiortgage is given for the slxe•itic par severing any :Ind all indebtedness by the litortgagor to 111urtgage•e Ibut
in no eaent shall the, secutrcl ind> exceed at any time the maximum principal amount stt forth in this Ir:+ragraph) in
aa•hatever manner thi • ~ ne~c may tee evidenced or nryrmsented, until this Mortgage is s:+tisfied of mc•ord. All coven-
ants and nts contained in this Alortgage sh:dl Ix> :ryrplicahle to all further advances made 1?y Mortgagee to
16. No delay by Mortgagee in rxen•ising any right or remedy hereunder, ur otheraa•ise afforded by laa+•, shall otxrlte
as a waiver thereerf or preclude the exercise thc•nr?f during the continuance of any default hereunder. No waiver I?y
~turtgager of any default shall constitute waiver of or consent to sulae•yuent defaults- No (:+ilure of Mortgagee to exc>n•isc•
any option heroin given to ac•celer.+te maturity of the debt hena?y u>c•umd, no fort?earlncr by fllurtgager Ix>fore or after the
exen•itie of such option and no w•ithdrlaa•al or alr;lndonmenl of fot•c>.•L>_;ure prcxreding by Mortgagee shaft tx• taken or ,v/n-
all iialU ifs ii ~"v;ii~cr u: iw r:};::: fe...,. .:~5 ~s I^. tl::• ,••,I/~rity of Ih.> .)nt.t hvrri?v cFY•11nY1 bV rC:lS(?r? Of
any bast, pre:tic>n! or future default on the part of Mortgagor, and, in like manner, the proc•un•ment of insuru+ce or the Iray-
menl of taxes or other liens or charges by Mortgagee sh:dl not Ix• t:+ken or c-cn?stnu•d as a waiter of its right to acceler:+te
the maturity of the debt hembv soured.
17. Without affecting the liability of 1\lottgagur ur any other Irc•rscm (exc-eyrt any lx'rsun expn•ssly ndcasect in avriting)
for payment of any indebtedness se~.•ured hereby or for trerfonnane•e of any uhligation contained heroin, and a+•ithout alfe•c•t-
ing the rights of i•tortgagee with msirect to any security not expmssly releascrl in welling, Murtgage>e m;+y, al ar»• time :wd
fm?n time !o time, either Ix•fon• or after the maturity of s:+id note, and avithout notice or conseni:
la) Nele:+se_any trc>rsun liable for Ir;+yment of all or any hart of the indebtedness or for Ix•rformancc of am• uhligation.
Ib) Make any agreement extending the lime or othera+•ise altering the terne; of p:+yment of all or any lrrrt ul the
indebtedness, or mcxlifyinR or a+:+iving any obligation, or sulxrnlinatinK, n+cxiifyinK or othena•ise dealin>; with the lien or
ch:IrKc• henrof.
Exercise or refrain !mm exen•isinK or waive any right MortK:?Kc•e• may have.
fdl Accept additional se•e•urita• of am• kind.
le) Release or othenvisc• deal with any pmlrcrty, real or I+ersonal, severing the indebtedness, inrludinK all or any trrrt
of the Mortgaged Pmlrc>rty.
1R. Any agneement hereafter made by Mortgagor and Mortgagee pursuant b this mortF:aKe shall tN• sutxvior to the>
rights of the holder of any inten•ening lira or encumhr.+nre.
19. Aiortgagur hereby waives all right of homestead exemption, if any, in the 111ortgaKrd I'nrlx>rty.
20. In the event of condemnation prcx•cc•dinKs of the Mortgaged Profxrh•, the award or comfx•nsatiun payable them--
under is hereby assigned to and sh:Jl Ile paid to Mortg:+gee. 111ortguKee shall he under no obligation to question the amount
of any such award or comtxns:ltion and may accept the s:+me in the amount in which the same shall Ire Ix+id. In any such
condemnation pnx•eedings, ~tortgager may tx> repn•sent,•c) by cuunse•! sele•c•ted by Mortgagee. "Che prcx•e•cds of :+ny aw:+rd
ur comix•ns;+tion su rec•eiced shall, at the option of ~lortgaRee, either ix> applied to the prepayment of the 1Vute and at the
r.+te n( interest pnrvided therein, n•ganHess of the r,+te of interest tr:ryable on the, aavard by the condemning authority, or at
the option of AlorlgaKee. such award shall Ix• paid over to :11ortKagor for n•sU?tation of the \lortgaged Pn?{x>rty.
21. If \lurtgagec>. punuanf fo a.•onstruction lu:ul aKnti•mc•nt ur loan commitment mode by IllortxaRc>c• with ;llortgaKor.
to r.;;14o e•oncenr,•t;nr, In:?n :?rivancc>s ufr to the frrincip:d amount of the Note, then !1ortgagor hereby covenants that it
will comply with all of the terms, pruaisiuns and coa•enants of s:+id construction loan agreement or loan commitment, well
diliKently construct the improvements to Ix• built pursuant to the terms thereof, :dl of the terms thereof achic•h art in-
rorpor:rte•d herein by mtemnce as thuuKh set forth fully heroin and will hermit no defaults to o\•1-ur tht•rrunder and it a de-
fault steal! occur thereunder, it shall constitute a default antler thin AtortKage and t!:r Nute.
2'l. At the option of RlortK:IKc•c•, lllortKaKor sh:+Il pma•ide A1ortKaKec• with Ireriorlio certiliod audited s1:Nements of the
financial r•ondition of 1lortgaKor.
23. ZlurtKaKur represents and warrlnts that if a curtx,ration. it rs duly organized :Ind validly existinK• in good stand-
inK under the laws of the state of its incorlrordion• has st,N•k outstanding +chic•h has Ix•en duly and validly issued, and is
qualified to do business and is in Rc?cxl standing in the State of Florida, with full fx?wer and authority to consummate the
loan contemplated hereby: and, if a partnership, it is doh- funned and validly existinK• and is fully qualified to do business
in the State, of Florida: +vtth full IN,+?"Pr :Ind authority to consununat+• the loan contempl:+ted hereby,
'LA. In the eccnt any one or more u( the pnraisions contained in this ~1ortKage or in the Note shall for any reason
fK• held b ix• invalid, illeKal or unenfon•eahle in am• rc•atx•c•t, such incalidih•, illegality or unenfon•eablity shall, at thc•
option .:f thc• \lortgagee• not attest any other pmvisiunY of thiti iltortgagc•• teat this- Mortgage shall IM construed as it such
invalid, illegal orunentun~ealrle trn,vision had never Ix>en contained herein or therein. The tot:11 interest payable pursuant
to the Note ur this ~fortRage shaft nut in any one sear cxcc•cd thc• highest Iawlu! rrte I,( interest in the State n( Florida.
'LS. '1'hc• cuaenants :Ind agrevnunts hen•ul containe•cl shall hind and the Ix•nefits and :Idcantages shall inure, to the
res~x•ctive heirs, exc>cutors. adminictr.+tors. .ucces.urs, and aligns of the parties hereto. 1Vherecer used, the sinKul;lr
numlx•r shall in/•iude the plural. the plural the singular, and the use of any gender shall 1?e :grplicahle to all genders. All
covenants, agn•c•nx•nts and wrdertakings sh;?Il Ix• joint and several. In the event additional numbered coa•enants or para-
graphs :ue fur cunrenience inserted in this Mortgage, such additional covenants shall tx• read and given e(fec•t ac though
follmving this r?cenant in consecutive c?r.ler.
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