HomeMy WebLinkAbout0821 apply such n~nts, isw+•s and prolits nc•eivcrl by it un the indebtedness secured hereby in such onler :cs Mortgage, deter-
mines. The right to enter and lake Ixw~sc•s.Kion of the Mortgagee) Prolx•rly, to manage :u+d ut?c•r.+te thc• s:une, and to c•olb•c•t
the mots, iseuea and profile thene,f, whether by a receiver or otherwise, shall tx: cumulative to any other right or remeely
hereunder or affunkd by law, and may (,e exen•ised concurrently therewith or independently thene?f. Mortgagee shall
I,e liable to uerount only for such rents, issues and profile actually received by Mortgagee:.
14. if the indebtedness se•c•urecl hereby is uow or here:eiler further se~c•urcd by chattel mortgugcs, sc•e•urity interests,
flouncing statements, pledgees, contracts of guar.+nty, asignmenta of le:?ses, or other sce•urilics, or if the Mortgaged Pn?•
turfy hereby encumlw•red consists of more Iluen one Ixen•d of real prol,erty, Mortgagee may ut its option exhaust :eny one
or more of s:eid sre•urities :+nd se•e•urity hereunder, or such Iwnels of the sce•urity hereunder, either concurrently ur inde-
txndently, xnd in such Doter :eg it may determine.
15. This I?lortq:ege shalt serum not only existing indebtedness, but also such future advanc•ew, whether such adv:ux•es
err obligatory or l0 1?e made at the option of tllortgage•e, or otherwise, :+s are made within twenty (20) years from the date
hene?f, to the s:eme extent as if such futum advunc•e•s were made on the d:dc of the exce•ution of this Mortgage. but such
see•und indebtedness shall not exe•ced at any hme the maximum princil,:+l amount of S In/a
plus interest, and any disbursements made for the (xrymrnt of /axex, levies, or insurmer, on the Mortgaged Nrolx•rly, with
interest on such disbwrsements- Any such future adrences, whether obligatory or to he made al the option of the Mortgageee•,
or otherwise, m:ey t,e made either prior to or after the due dale of the Note or :eny other notes serund by this Mortgage.
'Phis Mortgage is given for the sl,ec•ific purpose of ser•uring any and all indebtedness by the Mortgagor to Mortgageee• Ibut
in no event shall the st•c•und Indel,teelness l•xlYYd at any Iinu• the maximum princil,:d amount sea forth in this pamgreph) in
wh:dever manner this indebtedness may he evidene•ed or repn•se•nled, until this Mortgage is s:disfied of ne•ord. All c•men-
:u+ts and agreements e•ontainecl in this A1ortgage sh:+U )x: applicable to all further advances made by Mortgagee to
Mortgagor under this future advance clause.
lti. No delay by 111ortgagee in exercising :eny right or n•medy hereunder, or otherwise aflordeel by law, sh:dl olxr:dc
as a waiver thereof or preclude the exen•iee thereof during lhr continuance of any default hereunder. No waiver by
Mortgagee of any default shall constitute a waiver of or cor?sc•nl to sul,sequent deL•wlts. No L•eilure of Mortgagee to exen•isa•
any option herein given to acerlerate maturity of the debt hereby sce•ured, no fort-.earamr by Mortgagee Ix (ore or alter the
exercise of such option and no withdrawal or a)?:endonmc•nt of foree•Ic,sure pnx•eeding by Mortgagee shall 1?e taken or con-
strued as a waiver of its right to ezenise such option or to ac•celerde the maturity of the debt hereby see•unet by reason of
any Ikest, present or futon, default on the pert of Mortq:+gor: and, in like, manner, the proe•un•n:ent of insuruur or the I,:+a-
ment of taxes or other liens or charges by Mortgagee shall not be taken or constnad as a waiver of its right to aceeler.+te
the nwlurity of the debt hereby secured.
17. Without affee•tinq the lial?ility of Mortgagor or any other I,crscm lex,rpt any tn•rson expn•ssly released in writing?
for Ir:+yment of any indebtedness see•und hrn•by or for Ix•rform:mer of any obligation contained herein, and without affce•t-
inq the rights of Mortgagee with rrsl,ec•t to any vr•urity not expressly relc•:e.4ed in writing, hiortgage•e may,'al am• time and
from time to time, either tx•fore or after the maturity of s:+id note, and without notie•r or consent:
la) Kelease any tx•rson liable for fueyment of all or any part of the indebteclne•ss or for Ix•rtorm:ence of any ubligatioo.
(h) Make any agreement exleoding the time or otherwise altering the te•rrru of p:eyment of all or any pert of the
indebtedness, or modifying or w;riving any obligation, or sulx,nlinating, mc,clifying or otherv?•iec: dealing with the lien or
charge hereof.
/c) Exercise or refrain from exen•ising or waive any right Mortgagee, may have.
(d) Anepl additional see•urity of any kind.
(e) Release or otherwise deal with any pmlxrrly, real or personal, securing the indebtedness, including all or any t?:+rt
of the Mortgaged Property.
18. Any agreement hereafter made by Mortgagor and Mortg:+g+'e pursuant to this mortgag+• shall tw superior to the
rights of the holder of any intervening lien or enc•umbrance-
19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Prolx:rty.
i
20. !n the event of condemnation proe•e•ecfings of the 141ortgaged Nrolxrty, the award or comf?ens:dion p:+yable there-
under is hereby assigned to and sh:dl be p:+id to Mortgagee- Mortgagee shall 1?e under no obligation to question the amount
of :my such award or compensation and may accept the same in the amount in which the same shall t?e p:eid. (n any such
4 +•ondemnalion pr+xeedings, Mortgagee may I?c• npnsentMi Iry +•ounsel sele,'ted I:y Mortgagee- The proct•~Kls of any award
i or c•omf,e:nsation so received shall, at the option of Mortgagee, either be applied to the prepr-vment of the Note and at the
• rate of interest provided therein, regardless of the rate of interest payable, on the award by the condemning authority, or at
the option of Mortgagee, such award shall tx• paid over to 1~lortgagor for n•storatiun of the Mortgaged Property.
21. If Mortgagee, pursuant to a construction loan agreement or b,:en commitment made by Mortgagee w,th Mortgagor,
agrees to m:+ke e•onslruction loan advances up to the princil,:d amount of the Notr, then Mortgagor hereby covenants that it
will comply with all of the terms, prm•isions and covenants of s:+id construction loan agreement or teen commitment, will
diligently construct the improvements to Ix• truilt pursuant to the terms thereof, all of the terms thereof which are in-
corlx?r:ded heroin by reference as though set forth fully heroin and will permit no defaults to occur thereunder and if a de-
fault shall cxcur thereunder, it shall constitute a default under this Mortgage and the Nofe.
22. At the option of Mortgagee,, Mortgagor shall provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor.
23. M,urtgagor representr erect warrants that if a corporelion, it is duly organized and validly existing, in good sl:+nd-
~ ing under the laws of the state of its incorlx,ration, .has stock outstanding which has been duly and validly issued, and is
s yualifitd to do busines4 and is in good standing in the State of Florida, with full power and authority to rnnsummate the
loan contemplated hereby: and, if a f,artnership, it is duly formal and validly existing, and is fully qualified to do business
in the State of Florida: with full Ix,wer and authority to e•onsummate the loan contemplated hereby.
24._ In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason
Ix: held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the
option of the Mortgagee. not affect any other provisions of this Mortgage, but this Mortgage shall he rnnstrued as it such
invalid, illegal or unenforeceable provision h:+d nerer been contained herein or therein. The total interest p:+yable pursuant
In the Note or this Mortgage shall not in-any one year exceed the highest lawful rate of interest in the State of Florida.
~ 25. 'I he covenants and agreements herein contained shall hind and the benefits and advantages shall inure to the
rest?ec•tive heirs, exe:evtors, administrators, suc•cesserrs, and assigns of the parties hereto. Wherever used, the singular
numtx:r shall include the I,lur.d, the plural the singular, and the +>.ge of any gender shall l,e applicable to all genders. All
covenants, agreements and undertakings shall he joint and sever.+1. In the event additional numbered covenants or para-
graphs are for convenience inserted in this Mortgage, such additional cm•enants shall he read and given effee•t as though
following this covenant in consecutive order.
-3 81)~K ~~J YdGE C7i:r0
f
a
q_'z _ ~ s