HomeMy WebLinkAbout0773' :
.S •` ,
v •- .
apply such n•nts, issues and profits recei~•ed by it on the indebtedness secured hereby in ouch onler as INartgager deter
mines The right to enter and take Ix~.+sc•ssion of the Mortgaged Protxrty, to manage and olrer.Ile the sslme, and to collect
the rents, issues and profits thenu1, whether by a receiver or otherwise, shall Ire cumulative to any other right or remedy
hereunder or afforded by law, and may Ire exen•ised concurrently therewith or indelxndently thereof. Mortgagee shall
Ire liable to account only for such rents, issues and profits actually received by Mortgagee.
14. if the indebtedness see•und hemby is now or hereafter further secured by chattel mortgages, aee•urity interests,
(financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro-
txrty hereby encumtxnd r•onsists of mom than one Ixlnel of real ptolrerly, Mortgagee may at its option exhaust any one
or more of said securities and security herounder, or such 1-arcels of the security hereunder, either concurrently or inde-
)rertdently, Irnd in such order srs it may determine.
15. This Mortgage shall see•uro not only existing indebtedness, but also such future advsmees, whether such advances
are obligatory or to Ire made at the option of Mortgagee, or otherwise, us are made within twenty (20) years from the date
hereof, to the same extent :IS it such future advanc•ew were made on the date o[ the execution of this Mortgage, Cwt suI•h
secured indebtedness shall not exceed at any time the m:Iximum princilxll amount of S n/a
plus interest, and any disbursements made for the )><ryment of taxes, levies, or insurmle, on the Mortgaged Property, with
interest on such disbursements. Any such future :Idv:Inces, whether obligatory or to he made :Il the otrtion of the Mortg:gee,
or otherwise, may be made either Ilrior to or after the due date of the Note or any other notes secured by this Mortg:Ige.
This Mortgage is given for the specific puryrose of securing any and all indebtedness by the Mortgagor to Mortgagee (I-ut
in no event shall the second indebtedness exceed at any lime the maximum princilwl amount set forth in thin p:Ir.Igr:grh) in
whatever manner this indebtedness may Ire evidenc•td or represented, until this Mortgage is s:Nisfied of record. All coven-
ants and agreements contained in this (Mortgage shall Ire applicatrle to all further advances m:Ide by Mortg:gee to
Mortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by I:Iw, shall operate
:IS a waiver thereof or preclude the exercise thereof during the e•ontinuance of any default herounder- No waiver by
Mortgagee of any default shat constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise
any option heroin given to accelerate maturity of the debt hereby secured, no forbearlnce by Mortgagee treforo or after the
exen•ise of such option and no withdrawal or atrnndonment of foreclosure pra•ecding by Mortgagee shall he taken or con-
strued as a waiver of its right to exercise such option or to acrelerrte the m:turity of the debt hereby secured by reason of
any Iklst, pre+ent or future default on the hart of Mortgagor: and, in like manner, the procurement of insurance or the Iray-
ment of taxes or other liens or charges by Mortgagee shall not Ire taken or construed a~ a w>iivet of its right to ac-celerde
the maturity of the del-t hereby sec•und.
17. Without affecting the liability of ;Mortgagor or any other person lexcept any )arson expressly released in writing)
for payment of any indebtedness see•urecl hereby or for performame of any obligation contained herein, and without affect-
ing the rights of Mortgagee with reslrec•t to any security not expressly released in writing, Mortgagee may, at any time and
from time to time, either treforo or after the maturity of said note, and without notice or consent:
(a) Release any trerscrn liable for tr:Iyment of all or any trari of the indebtedness or for Ix•rformunce of any obligation.
(b) Make any agreement extending the lime or otherwise altering the terrrvs of trayment of all or any twrt of the
indebtedness, or modifying or waiving any obligation, or sulroniinating, mcxlityiug or otherwise dealing with the lien or
charge hereof.
(c) I•:.4rcise or refrlin from exercising or waive any right Mortgageee• may have.
Id) Ac•cep/ additional security of any kind.
(e) Release or otherwise deal with any protrerty, real or Ilersonal, securing the indebtedness, including all or any Ir:Irt
of the Mortgaged Property.
18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage sh:dl tee sutrerior to the
rights of the holder of any intervening lien or encumbranrn.
19. Mortgagor hemby waives all right of homestead exemption, if any, in the Mortgagedt! Property.
20. In the event of condemnation prex•eedings of the Mortgaged Property, the award or compensation payable there-
under is hemby assigned to and shall be Iklid to Mortgagee. Mortgagee shall tee under no obligation to question the amount
of any such award or c•omlrensation and may accept the s•Ime in the amount in which the same shall Ire paid. In any such
c•ondemnalion pmceedings, Mortgagee m:Iy be repnsc•ntcd I-y counsel selected by 141ortgagee. The prcx•eecls of any award
or compensation so received shall. at the option of Mortgagee, either ire applied to the protrayment of the Note and at the
rate of interest provided therein, regardk•ss of the rlte of intend Ir:lyable on the award by the c»ndemning authority, or at
the option of Mortgagee, such aw:Ird shall Ire, paid over to :1lortgagor for restoration of the Mortgaged Yrotx•rty.
21. I( Mortgagee, pursuant to a construction loan agrcrmc•nt or loan commitment m:lde by Mortgagee w•Ith Mortgagor,
agrees to make construction loan advances up to the princitr:d amount of the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, provision and covenants of s:Iid construction loan agreement or lain commitment, will
diligently construct the improvements to Ire built pursuant to the terms thereof, all of the terms then•of which arc in-
cortxrr.Iled herein by nderence as though set forth Cully herein and will trermit no dc•taults to occur thereunder and if a de-
fault shall crc•cur thereunder, it shall constitute a default under this Mortgage and the Nole.
7L. At the option of 111ortgagec•• Mortgagor shall provide Mortgagee with (rericxiic certified auditfd statements of the
financial condition of Mortgagor.
'1.3. Mortgagor rnpnsc•nts and K;Irrants that i(a cortrcrrltion, it is duly organized :Ind validly existing, in good stand-
ing under the laws of the state of its incorl-oration• has sta•k outstanding which has been duly and validly Istiued, and is
qualified to do Irusine•ss and is in good st:Inding in the State of Florida, with full Ixrwer and authority to ccinsummate the
loan contc•mptated hemby: and, if a Ir:rrlnership, it is duly formed and validly existing, and is fully qualified to do business
in the State of 1•'Iond:I: N'Ith full t1oN•Pr and authority to consummate the loan contemplated hereby.
'l4. In the event :Iny one or more of the provisions contained in this Mortgage or in the Note shall for any reason
Ire held to Irc• invalid, illeg:Il or unenton•eable in any resfx•c•t• such invalidity, illegality or unenforceablity shall, at the
ot-tion of the :~lortgagc•c•• not aflert :my other provisions of this Mortgage, but this 5lortgage sh:dl t,e c•onstrued as if such
im•:did, illegal or unenlorceablc• provision had never Irec•n c•ontaincd herein or (herein. The total interest )xlyable pursuant
to the Note or this Mortgage shall not in any one year excec•tf the highest lawful rite of inten•a in the State of Florida.
'L5. The covenants and agreements herein conl:nne•cl ,hall bind :rod the trenefils and advantages shall inure to lhr
rl•BtNY'tl~'e heirs. executors, administ rltors• succc•sscrrs• :end :etitiigns of the parties hereto. Wherever used, the singular
numlrc•r shall include the ptur:d, the plural the singular, and the usc• of any gender shall Ire- applicable to all genders. All
c•cnenants, agreements and undertakings shall Ire joint and uwerd. In the ecenl additional numbered covenants or Iwr<I-
graphs are for convenience inserted in this Mortgage, such additional cm~enants shall Ire mad and given effect as though
following this cavenant in consecutive order.
-s- a0ac 344 P~cE 7'7'3
~¢ i