HomeMy WebLinkAbout0138:~ppty su~•h mnt~, is~u~5 und pn-tita receivid by il on the indebtedness sci•urrd hemhy in aurh onler :~s MorlKuKec~ deter
min~n;. The right to entcr and tuke ~n,ss~:,..ian ot the Mortgaged 1'ro{-N~ty, fo ma~nuKe :ind u~-er:ile Ihe s:une. :~nd to i•ollri•t
the rents, ieesuea i~~d pn~(its thereut, whethe~ 1-y o recriver or otherwise, shull 1~ cumulative to uny othr~ ~ight o~ rem~dy
henunder or alfurded by luw, a~nd mny be exen•ised concurrcnUy therewith or inde~iendently thenwt. Mortgagre shnll
i,e lit~ble to airounl only tor su~•h rentK, issuc~ und pro(ila uctually nxrived hy Mo~lgugce.
14. If the ~ndehtedn~s ~vnd hertby is now o~ hemafter (urther st.~c•urrci by chalte) mortKugvvx, u~v~ily inlen~ts.
financing slatements, pledgea, contrai•ts of gu:~r.~nty, asvigome~te of leasex, or othe~ securilies, or it lhe Mortguged Ynr
~-c~rty hereby encumtxmd co~sixts o( more Ihan one ~-anrl o( ma) pu-{~eHy, Morlg~+gee muy ul ita optiun exhuust any one
ur murr of suid itc~•urili~~x .~nd secutity henundrr, or such ~~.~rrnls ot Ihe security hereunde~, either ~~ocurrenUy or inde-
{x~ndently, und in auch order us it m:~y determi~e.
15. Th~s Mortgage ahull sc~•ure nol ooly existinR indebtedneav, bul also such (ulum s+dv.~nces, vehether such :~dv:~ncex
are obligs~lory or to t,e mude at the uption ot Mortgagce, or othrrwise, us pre made ~vilhin twcnty (20) years fwm !he datc
hen.•ot, to the same extent :-x if such tutum a~deaniY•x wem m:-de on the d~te ot the ezecutiun o( thia 1NoHg:~ge, bul su~•h
~•ured indebtedness shall nof ex~rrd ~t a~ny time lhe maximum princi{kil amount ot = A8
plus interest, und anv dist-urxmcnts me~de tor the ~x~yment ot taxrs, leviea, or insunin~~e, ~,n the MorlgaRed Yro~x rty, wilh
interest on such disbnrsements. Any such tuturn udvnnci~, whether ol-liR.ilory o~ to t~e mude ~t lhe uption of the Mortgagcti,
ur othrrwise, m.iy i~e mnde either prior to or ufter the due date nt the Note or nny other notes xrured by this Mortg:ige.
'Chis MortRage is gi~•en tor the specific purpoae oI sc~~uring t~ny and aill indeble~inessa by the MortguRor to Mortgagee (but
in no event sh:+ll the ~cxvnd indebtednesc exc~crd at :my time the maximum prinri~k~l :unount srt torth in this ~,:~r.~Rr.~ph) in
~•hatever manner lhiy indehtcvinc~ss m:ry 1-e evidenird o~ rrpmsent~~el, until this Mortg.~ge is e:~tisfied ot rc~anrd. Al) cuven-
:~nts :~nd ugreements contained in lhis ~toNg:~xe shall tx~ applic:~ble to s~U turther :~dv:~n~Y~ m:~de by Vlortg:~Ree tc,
\tortg:~gor under this future nd~~a~ice clause.
16. No del~y by Mortgagee in exercising any righl ur remedy henunder, or otherwisc :~flord~d by I.iw, shall o~~erate
:-s a waiver thereuf or prec•lude the exemise /hemof during the continuance ot any defnult hernunder. No waiver by
:lfortqagee of any default sh:ill constitute ~ waiver of or consenl to sul-sequent detaults. No (ailure ot MoHgagee to exercise
,~ny option hernin given to acreler<~te maturity o( the debl hereby sec•ured, no forF-earanir by Mortgagee tx~(ore or a(ter th~
exen•ise of sui•h option and no withdrawal or al~:indonment o( foreclc~ure proceeding by MoriR~gee shall be taken or con-
strued as a waiver of ita right to exercise xuch option or to n~~celerate the m:~turity of the debt hereby scr-umet by re:~son o(
any ~~ast, prc~se~t or futum def:iult on Ihe ~k~rt of 111ortg:~gor. :~nd, in like mannr.r, the procurement ot insuran~~ or the ~k~y-
nzent ot taxes or other liens or ~•harqes by MortR:~gee shall nut 1~ t:~krn or ~~nstn~cd•as a wAiver of its ri~ht tu a~•~~•ler.ite
the iru~turity ot the debt hemby si~•ured.
17_ Withoul at(ectinq the Iiability o( A1orlg:iKor or any other person (excYpt any ~~erson expressly released in writing-
lur ~~:rymenl ot any indebtedness secured hereby or tor ~~er(orman~r of any ob1iR:+lian contained herein, and wilhout atfet•t-
inR lhe rights of Alorlg.iRee with res~xr•t to a~ny se.•urity not expre~sly relr.~scYi in writing, MoHgaRee m:~y, al :~ny time :~nd
f mm ti~ne to time, either t~elom or atter lhe malurity of said not~, and wifhout noliir or consent:
(a) Iteleuse any ~K•rson liable tor (~:~yment of all or any ~~:~rt of fhe indeF-tednc~s or fur performan<r o( any obliRation.
(b) Make :~ny agmement exlendinR the time or otherwise altering thc lprms o( ~~:~ymPnt of :dl or :iny ~-:~rt u( the
indebtedness, or m~-difyinR or vvniving :~ny obliR:ition, or sulxirclinaiinq, mexli(ying or otherwise dealing with the lien or
~•harge hereof_
(c) ~:xen•ise ur re(r.~in Irom exercieing or wai~r any riKht l4lortR:~K~r• nuiy have.
(d1 Aci~ept addit~onal scruri/y of any kind. , ~
(e) Release or otherwise deal with nny pm~~rly, real or ~~ersonal, securing !he indebledneas, ini•tudinR all or any ~w+rt
~~t the Mortgaged Properly_
18. Any aqrecment herealter m:~de by ~llortgaRor :~nd 1~tortRaREr ~iursu.~nl to this mortKaRP shall Ix~ su~-Prior to the
riRhts o( the holJer of any inten•ening lien or encumbram•e. -
19_ Mortgaqor hereby waives all riRht of homestead e.emption, if :~ny, in thr MortRaRed Pro~~erly_
20. In the evenl o( ~•ondemnalion proi•cedings of the Mortgaged Yro{x•rty, the uward ur ~om~~ens:~tion {wyahle there-
under is heret~y assigned to and shall be ~wid to Mortg:igee. l~tortgagee shall be under no ublig:~tion to question the amount
uf any such award or c•ompens:ition ~nd may accept the same in the amount in which the same slwll 1-e ~-:~id. In any su~h
~•~~ndrmnation proceedings, ~lortgaRee may he repmse~tcr) try i~unsel selecled by Mortgagec~. The pr«•eecls of :~ny :~ward
~~r compensation so rereivcYl shall, at the option o( Mortgaqee, either be applied to the prepayment ot the Note and at the
r:de of interest pmvided therein, mRardles,c of the r.ite o( interest payable on the :~ward by the ~•ondemninq authority, or at
the option of lWortgaRee, su~•h aw~ard shall hc~ ~~:~id over to MortRagor tor msloration ot lhe AioriRaqed Pro~~erty.
21. It MortgaRee, pursuant to a construction loan agrcwme~l or lo:+n i~ommitment made by 111ortgaRee wiih rlortqagor,
:~Krees to make construction lo:in ad~•ances up to the princip:d amount o( the Note, then 111ortgagor hereby c-ovenants ihat it
~~•~11 cumply with all ot lhe terms, pmvisions and covenants o( s:iid constru~tion la~n ~greement or loan commitment, will
diliRenUy construct the impm~~ements to t-r buill pursuant to the term.v thereof, all of the terms themof which are in-
~•~~r{wr.~ted herein by re(erenc•e as thouqh set forth (ully herein and will ~~ermit no de(aults to oc~ur thereunder and it a de-
f:iult sh:ill oc~ur thereunder, it sh:dl c•onstitute a detault under this 1ltortgage and the Note.
`22_ At the nption o( btortRaRec~, Mortgaqor sh:dl provide 11lortg:igee with peri~xlic rnrtitied audited statementa of the
(inancial c•onditiun ot MartQaQor.
23. 1'IortgaKor reprc~rnts and warrants thal i( a i•or~x~r.dion, it is duly or~anized and ~alidly existinR, in good stand-
ing under the laws o( the statt• ot its incor~~ration, has stock outstanding which has been duly and ~•alidly issued, and is
~~u:dified to do business and is in gcwd st:~nding in the Sl~te of Florida, with (ull power and authority to consummate the
loan ~•ontemplated hemby: and. i( a ~uirlnership, it is duly tormecf and validly existing, and is tully yualified to do business
in the State of Florida: with lull ~x~wer and authority to consummatr the (oan c~ntemplated hereby.
'l4. In lhe event any one or more of the provisions rontained in this Mortgage or in the Note shall for any reason
I~e held to Ire invalid, illegal or unenforceable in :~ny res~~•t, such invalidity, illeqality or unen(orceablity shall. :~t the
option of the !1lortqaRee, not ~t(e~•t any other pmvisiuns ot tl~is ~lforigaRe, but this btortgaqe shall be consirued as if such
im~alid, illeRal or unenfon•~able provision h:~d n~•v~r been c-~~ntained herein or therein. The total inte.-est payable pursuan!
to the Note or this lbtortKage ahall not in any ~~ne year rxc•~ti~ the highest I~w(u) r.ite of interest in fhe St~~te ot Florid:~.
25. The covenants and agreements herein ~•on4iincYl shall bind and the t-ene(its and advanG~gee ahall inure to the
re~s~-r~~tive heirs, exe~vtors, adminiatrators, suiYrs.~urs, :u~d :~~.si~ns of the parties hemto. Wherever used, the singular
numl-er shall include the plur:il, the plural the sinQular, and the use o( any qender shall be applicable to all genders. Al)
~•ovenanf.q, agreements and undertakinqa shall I~e joint and severaL In the event additim~al numberncl covenants or para-
Kraphs are (or conven~encr inaerted in lhis 1~lortqaRe, suc~h additiona) co~•enants shall I~e mad ~nd Riven et(ect as though
(ollowing lhis covenant in consecutive order.
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