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HomeMy WebLinkAbout0286 ~j ~ prindpal amount o[ two times the amount of the Note, plus interest thereon, and any disbursements made for the payment o[ taxe, levies, or insurance, oa the Yorgged Property. with interest on such disbursements. Any such ttrture advance. wbethes 9b cry or to be atado at the option of the Mortgagee, or othenviae, may be made either ptioc to or after-the due date of the Note or any other notes sscured by Wls Mortgage. This~Yorgage b given for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but in rte event shall the secured indebtedness exovod at any time the maxLnum principal amount set forW in this puagrapb) in whatever meaner thh Ldebtodness msy be evidenced or npreseated, ttndl this Yortgge is satisfied of record. All covenants and agreements contained in thk Mortgage shall be appliabk to all further adrancea msde by Mortgagee to Mortgagor order this tlsturo dvaaoe tiause. 16. No delay by Mortgagee is exerdsiag any right or remedy hereunder, or oWerwise aRorded by law, shall operate u a wearer thereof or preclude the exercise Wenot doting the continuance of any default benurder. No waiver by Mortgagee of any default shall eonsUtute s waiver of or consent to subsequent defaults. No failure of)ttortgagee to exerdse any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exerdse of web option and ao witldnwal or abandonment of fondostue proceeding by Mott- g~ snap be taken or construed as a waiver of Its right to exercise such option or to aoakrate the maturity of the debt hereby secured by reason of nay past. preeat or futon default oa the part of Mortgagor;and, in like manner, the procurement of instuanoe or the payment of taxes or other liens or charges by Mortgagee shall not be taken or comtrued as a waiver of its right to accelerate rho maturity of the debt hereby secured. 17. Wittwui affecting We liability of Mortgagor or any other person (except nay person exptessfy released in wilting far payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affecting We rights of Mortgagee wild n;:pest to any security not exprasly released in wilting, Mortgagee may. at any time and from time to time, dWer before or after the maturity of said note, and without notice or consent: (a) Release any person Uable for payment of all or any put of the indebtedness or for performance of any obligation; (b) Yake any agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying nr oWerwise deaWtg with the lien or chugs hereof; (c) Exercise or refrain Gem exercising or waive any right Mortgagee may hare; (d) Accept additional secuilty of any kind; and (e) Release of otherwise deal with any properiy, real or personal. securing the indebtedness, including all or any put of the Yorigaged Property. , _ , r i 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this morgage shall be wperior to the rights of the holder o[ any intervening lien or encumbrance. 19. Morgagor hereby waives all right of homestead exemption. if any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property. the award or comperwtion payable Wereunder is 6eteby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any sudt award or oompensatioo gad may accept the same in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgagee maybe represented by enured _ selected by Mortgagee. The proceeds of any award or compensation so recdved shall, at the option of Mortgagee, either be appUed to the ptepay- mcnt of the Note and at We refs of interest provided therein, cegardleu of the me of interest payable on the award by the condemning auWority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Lottgagee with Mortgagor, agrees to make con- struction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it wID comply with all of the terms, pro- visions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be bunt punuant to the terms thereof, all of the terms. thereof which arc incorporated herein by reference as though set forth fully herein and will permit no de- .faults to occur Wereurderand if a default shall oonrr thereunder, it shall constitute a default order this Mortgage aril the Note. _ 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the operation of aril the financial condition of Mortgagor. 23. If all or any put of the Mortgaged Property, or any interat therein, is sold, conveyed, tranferred or further encumbered by Mortgagor without Mortgagee's prior written consent, excluding (i) a transfer of the Mortgaged Property by~metger or coasolidatioa of Mortgagor, if Mort- gagor is a corporation, wild another corporation having a net worth of not less than the net world of Morgagor, or (ii) the grmt of any kaso- hold interest in the Mortgaged Property not containing as option to purchase, whidt kale is made in the ordimry course of Mortgagor's business, then and in that erect, Mortgagee may declue all wins secured by this YortgagF to be immedutely due gad payable. Mortgagee shall have ~vaired such option to accelerate i[, pilot to the sale, tranfer or oonreyanoe, Mortgagee aril the person or entity to whom the Mortgaged Property is to be li sold or transferred reach agreement in writing that the credit of such person or entity is satisfactory to Mortgagee and that the iaterat payable on i the wins secured by this Mortgage shall be at such rate as Mortgagee shall request. if Mortgagee has waived this option to aoxknte as provided in ' this Puagtaph, aril if Mortgagoi s wccessor in interest has executed a wiltten assumption agreement, aooepted in writing by Yorigagee, Mortgagee ' shall reirase Yotgagor from all obligation under this Mortgage aril the Note. 24. Mortgagor represents and wurants that if a corporation, it is duly organized and validly existing, in good standing under the laws of the ~ .state of its incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do business and is in good standing in ~ the State of Florida, .with full power and authority to consummate the loan contemplaad hereby; 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 power and authority to consummate the loan contemplated i hereby. t 2S. In the event any one or more of the provision contained in this Mortgage or in the Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceabiiity shall, at the option of the Mortgagee, not affect any other pio- visions of Was Mortgage, but this Mortgage shall be conuued as if such invalid, illegal or unenforceable provision had never been contained herein or Werein The total interest payable pursuant to the Note or this Mortgage shall trot in any one yen exooed the highest lawful refs of interest allowed by the law of the State of Florida. e - - ~ 26. The earenutts and agreements herein contained shall bird aril the benefits aril advantages shall inure to the rapective heirs, executors, { administrators, successors, and assigns of the parties hereto. Wherever used, the singubu number :hare include the plural, the plum the singulu, ' and the use of any gender shall be appik:abk to all genders. AU corerunts, agreements aril undertakings shall be joint and several [n the event ~ additional numbered oovaants or paragraphs arc for convenience inertod m this Mortgage, arch additional covenants shall be read and givtn effect as though following this covenant in consecutive order. i M 6 _ S 4 3 _ _ _ 8~ ~ ~s . .3_ . _ . . _ ~ _ _ _ .~.a` __F - - -