HomeMy WebLinkAbout1788'~; 1 !
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app~y xu~•h mntx, i~.+u~~x and pro(ib received hy i! on Ihe indabtedoris aecund henby in euch onler ua ~I11o~tgi~gee d~•ter-
~ninrs. 7'he rixht to rotr~ und take ~x-.~~ion of the MurtRugrcf Pw~~rty, to munuge and o~~e~ute lhe aame, a~od to colleti•t
the mnts, is.au~~a .~nd protits then.~,(, whether i-y u nKriver or othecwise, shall be cumul~~tive to nny other right o~ remcKly
hereunder o~ tdfordecf by luw, nnd may be exen•is~ed concurrently therewith o~ independently therrot. MorlR~~K~ ~~~~
t~e linble to uccou~t only (or such rents, isaues aod profits ai•tually received by Mortga~ee.
14. lf the indehtedness aecured hemby is _~ow ot hr~ea(ter fuNher secund hy chnttel moHgeges, sc~•urity iotereats,
(inancing st+Kemrnts, pledgrs, cunt~acts of gunrunty, uuwignments of Iruses, or olher securities, or it lhe Morlguged Pro-
~mrty hereby encumbered ~~nsists o! more ttu~n one ~~~n~el ot reu) property, Mortgagee muy ot ita optiun ~xhuust nny one
or more ot ea~id seeuritiea t~nd aecurity hemunder, or such ~wrcels o( the security hereuoder, eilher concurmnUy or inde•
~~endently, and in auch order aR it mny determine.
15. This 111ortRuge aludl secure not only existing indebtedness, but ulso such tulure advancea, whether such ndvi~nces
t~re obligutory or to 1-e made al the option o( Mortg:~gee, or otherwise, as are made wilhin twenly (20) yeara from the date
hereo(, to lhe sume extent us if su~•h tutum a~d~~anrea wem mndc oo the d~te ot the execotion ot this Mor/e~+ISe, twt auch
xeaured indebteclness slwll not exceed ed u~y lime the ma~ximum princi{wl amount ot i 245,~~0.00
plus interext, und any dixtwrsementa m:~de (or fhe ~wyment ot taxes, levies, or insurunre, on the Morlgaged Property, wit6
interest on such dist-ursements. Any such future ad~•ances, whether ol~lig~tory or to I~e m:ide ut !he o~~tion of the MoHgagee,
or otherwise, ~ru~y be made eilher prior to or atter the due dute ot the Note or any olher notes secured by lhis MoNg:~ge,
This Mortguge is given tor the s~~eci(ic puryw~e ot secu~ing any :ind all indebtednesg by the I~lortg:~gor to Morigagee (bul
in no event stu~U the secured indebtedness ex~red at any time the m:izimum princi~~al amount set forih in thia pumKruph) in
whutever mnnne~ this indebtednes~ may be evidenced or represented, until Ihis tilortguge is ssitis(ied of ~~ord. All coven-
:~nts .~nd agreements contuined in this MortguRe sh:~U t-e npplii:~ble to all further advancrs made hy Morigagee to
111ortRagor under this tuture udvance cluuse.
16. No delay by I1lortgagee in exercising nny right or remedy hemunder, or olherwise attorded by law, sFwll operate
:~s a waiver thereof or preclude the exemise thereof during the continuance of any deiault herrunder. No waiver l~y
Mortgagee o( any de(nult shull constitute A waiver of or consent to subsequent defaults. No (nilure o( :Norigugee to e:en•ise
any option herein gi~~en to accelerate malurity of the debt herehy secured, no torbearance by Mortgngee hefom or ~(ter the
exen ise of such o~~tion ~nd no withdrawal or ntu~ndonment of foreclosure proceeding by Mortgagee sfwll be taken or con-
strued as a waiver of ita right to exemiae such option or to ~ccelerate the mntutity of the deM 6ereby scrured by mason of
uny ~wst, prnsent or tuturn detault on Ihe ~k~rt ot Mortgagor; and, in like nwnner, lhe procurement ot insur.~nce or lhe {xiy-
ment o( faxes or other licns or ~•harges by 11lortgagee shall not he taken or constru~~ as n wai~rr of ils rigM to ai•reler.ite
the ~rwturity o( the dcbt hereby secvred.
17. Without al(ecting ihe liability o( Mortgagor or s~ny other person (except any person expreasly mleasec! in writinR)
for {~yment of any indelrtedness secured hereby o~ fo~ ~~erlormance of any ot~ligalion contained herein, and without at(ec•t-
ing the rights of Mortgagee with res~xY~t to a~y security not expressly released in writing, MortRaRee mny, at any lime and
(rom time to time, either 1m(ore or after the maturity ot said note, and without notice or consent:
(a) Relcase any ~~erson liable for ~u~yment of all or any ~wrt of the indet-ledness or (or ~~crforman~r of .iny obliRatton.
(b) Make any :~greement extending the time or otherwise altering the ternw of ~x~yment of all or any {u~rt of the
indebtedness, or modifying or w:iiving :iny ol-lig:dion, or sul~ordinating, modi(ying or otherw•ise dealing with the lien or
charge hereoL
(c) Exercise or re(rai~ (rom exerc~sing or wai~•e any riRht MortR:~R~ may ha.~e.
(d- An~ept addition;d sixurity of any kind.
(e) Ite~e:ise or othenvise deal with a~ny pm~-erty, re~l or personal, securing the indebtednesa, includinR al) or any ~~:~rt
ot the Mortgaged Property_
18_ Any agreement here:dter m:+dc by A1ortRaRor a~d MortR:~Kee pursuant to this mortRage sh:~ll br superior to the
riKhts ot the holder ot any intervening lien or encumbrance.
19. biortgagor hereby w~ai~•es all riRht of homestead exemption, if any, in the lllortg:~Rc~1 I'ro~xrty.
20_ In the event of condemn~tion prm-eedinRs o[ the Mortgaged Yroperty, the award or compenaalion ~~ayable there-
under is hereby :~asigned to and shall Fie ~>aid to Morigagee. ~1lortgaRee shall be under no obligalion lo question Ihe •rmount
of any auch award or com~~ensalion and nwy arcept the same in the amount in which the same sh:ill be paid_ In any such
condemn~tion proceedings, Mortg:~gee m:~y 1-e represented iry counsel Qelected by b•tortgagee. The proceeds o( any awarcf
or ~^ompensation so received shall, at the option o( 1ltortgagee, either be applied to the pre~~ayment of the Nole and at the
rate o( interest pro~~ided therein, regardk~ss o( the r.~te ot interest ~~yable on the award by the condemning authority. or at
ihe option of 111origaqee, such award sh:dl !x• ~k~id over to l~tortgagor for restoration o( the 111ortgaged Pro~~erty.
21. If MortAuRee, pursuant to a cronstruction ivan agreement or loan commitment m:ide by Mortgagee with Alortgagor,
agrees to make construction loan ad~~anirs up to the princi{-al amouni of the Note, then Alortgagor hereby covenants that it
will comply with all of the terms, provisions and covenants of said construction la~n aqreement or loan commitment, will
diligenNy construct lhe improvements to t-e built pursuant to the terms thereof, all o( the terms tbereot whirh are in-
cory~or.ited herein by re(erence as thouRh set torth (ully herein and wiU ~-ermit no defaults to occur thereunder and if a de-
(ault shall oc•cur thereunder, it shall ~ronstitute :~ de(ault under this Mortqage and the Note.
22. At the option of Mortg:~gee, 111or1gaRor sh:~ll pm~•ide Mortgagee with periodic certi(ied audited statementa of the
tinancial eondition ot MortR:~Ror.
23_ MurtQ:~Ror represents :~nd w~arranls that if a cor~x~r.dion, it is duly orqanized ~nd validly eaisting, in good stand-
ing under /he laws o( the state of its incor~~oration, has st«~k outstanding which hais t-een duly and v~lidly ia~ued, and is
yualitied to do buxinraR and is in Qood standing in the State ~~t Florida, with (ull power and authority to consummate the
loan contemplated hemby: and, if a E~:~rtnenhip, it is duly formed and v~lidly existing, and is fully qualitied to do businc~ss
in the State o( Florid:~; with lul) ~ww~er and :~ulhority to consumm:~te the loan rontemplated hereby.
2d_ In the event :iny one or more ot the pro~~isions c•ontained in this Mortgage or in the Note shall tor any re:ison
IK hrld to i-e ina:~lid, illeqal or unentorceable in any res~~ect, Quch invalidity, i11eR~lity or unenforceablity Ahall, at the
option of the MortK.~gcr, not afte~c•t any other pm~•isions of this MortgaRe, but this Mortg~ge shall be ronstrued as if such
invalid, illegal or unen(orreable pm~•ision had ne~•er heen contained herein or themin. 7'he total intereat payable pursuanl
to the Note or this ~1ortR:~Re shall not in :~ny one year exmed the highest law(ul rate of inlereat in t6e State ot Florida.
'L~i. The cos~enanla and agreementss herein containMl sh:~ll bind and the benetits and .idvantages sh:ill inurn to lhe
rrs~~cvti.•c heirv, exe~vtors, adminisMators, suci•essors, and as~iKns o( the ~wrfies hemto. Wherever used. the sinRular
number shall include the plural, the plural the sinQular, nnd the use ot any gender sFwll be applicable to ~II genders_ All
i~overwnta, ~greements and undertakinga shal) 1-e joint and severaL In the e~•ent additional numbered covenanta or para-
graphs are for com-enience inserted in this Mortgnge, such additional cm•enanta shall be read and Riven e(tect aa lhough
(ollowing fhia covenant in conseeutive order.
~ 26. Nbrtgagor shall first abtain the written oonsent of Mc~rtgagee prior to oonvey- i~
anoe of all or ariy portion of the m~rtgag~-security bo a third party. It is specifically ;
~ underst~ood that failure to obtain such written oor~sent of Mnrtqa9e~, which oonsent may
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