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HomeMy WebLinkAbout2577principal amount of7~01«26K~tibN+K~he Nute, plus interest thereon, and any disbursen~ents made for the paymeat of tsx~s, kries. or insurance, oa the Mortgagcd Property. with Interest o~ such disbursementt Any such future sdvancp, whether obli~gatory or to,be made at t!-e option of the Mortsaeee. or otheiwise, may be made eithet priot to or atte~ the due date of the Note or any othet notes secured by this Mortpje. TAis Mortgsge is 6iven for the specific purpose of securi~ any ud aU iadeLtedneu by the Gtott~or to Mort~ee (but in no evrnt shall the secured inde0tedness excad at any time tbe maximum ptiacipal amouat set forth in this pusaraph) in w•hatever manner this indebtedness msy be evidencod or iepresonted. until th~ Mort~e is utnfiod of record. Ail corenants and ayaments contained in this ~lottgaje shall ~e appliqbk to aU further adwances made by Mortgsaee to Mortaaaor undor tAis futun advana dause. 16. No delay by Mortgaaee in exetcisina any right or remody hereundet, or otherwise aRorded by law, shal! operate u a waiver thereo! or pceclude the exercise thereoi during the coatinuance of any default hereunder. No waivee by Mortasgee of any default shail constitute a wairer of or conseot to subsoqueot defaults. No failuie o[ Mortgagee to exercise any option herein Biren to acalerate maturity of the debt hereby secured, no [orbearana by Mortgasee baforo or after the exercise of such option and ao withdnwal or abandonment ot fondoaure proceedi~ by Alort- gagee shall be taken or cautrued u a waiver of its right to exerciss such option or to accelerate the maturity o[ the debt hereby securod by reuon of my past. present or futuie default oa the put o[ Moitgagor: and, in like manner. the procurement of iruurance ot the psyment of taxes or other liens or charaes by Mortgsgee shall not be taken or consUUed u a waiver of its right to accelente the maturity of tl~e debt henby secured. l~. Without atfectiag the tiabiGty of Mortgagor or any other penon (except any person expressly released in writing) [or payment of any indebtodness secuied heteby or for performance o! any obtigation contained herein, and without aftecting the righu ot Morigagee with tespect to any security not expressly released in writing, Mortgagee may, at any time and from time to time, eithet beton ot after the maturity of said note, and without notice ot consent: (a) Rekase any person liabk foi payment of aU or any put of the indebtedneu or for perlormance of any obligation; (b) Make any agreement extendi~ ihe time ot otherwise altecir-a the terms of payment of all or aay patt of tAe indebtedneu, ot modifying or waiving any obligation, or suburdinatiag, moditying or otherwise dealing with 1he lien ot charge hercot; (c) Exercise ot te(rain Bom exercising or waire any right Mortgagee may have; 1d) Aceept additional security of any kind; and (e) Relwse or otherwise deal with any property, real or personal, securing the indebtedness, iadudia6 all or aay put of tde MoR6aged Property. ! 8. Any agrcement hercafter made by Mortgagor and Mortgaaee pursuant to this mortgage shall be supecar to the ri6htt of the holder of any incerrrning lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, i[ any, in the Mortgaged Property_ 20. In the event of condemnation proceedings o! tlx Mortgaged Property, the award or compensatioa payabk thereuader is hereby atsignod to and shall be paid to Mortgagee_ Moctgagee shall be under ao obligation to questioa the amount of my such awud or oompensatioo ud may accept the same in the amount in which the same shaU be paid. In any such condemnalion proctedings, Mortga~ee may be reptesented by counsd sekcted by Morigagee. The proceeds of any awud or compensation so roceived shaU, at the option of Mortaa~ee. either be applied to lhe prepay- ment of the Note and at the rate of interest provided therein~ regudkss of the nte ot interest payabk on the awatd by the condemning authority, or at the optan ot Mortgagee, such award shall be paid over to Mortgagot for restontion of the Mort6agod Property. 21. If Mortga~tee, pursuant to a construction loan agrcement or lwn commitment made by Moit6agee with Mort6agor, agrees to malce rno- struction loan advances up to the principal amount of the Note, then Mortgagor hercby rnvenants that it will cornply with all of the terms, pro visions and covenants of said construction loan agreemrnt or loan commitment, w01 diligeoUy consUUCt the improrements to be built p~usuant to the terms thereof, all of the terms thereof which are incorponted herein by refercna u though set focth fu1(y hetein and vvil! peimit ao do- faults to occur thereunder and if a default shall occur thereunder, it shall constitute a detault under this b[ortgaEe aad the Note. 22. At the option of Murtgagee, Mortgagor shaU provide Mortgagee with periodic certified audited statements o[ the opentions o[ and the financial condition of Mortgagor. 23. If all or any put of the Mortgaged Property, or any interest therein, is sold, conreyed, transCerred or further eocumbered by Mortaaaor without Mortgagee's prior written consent, excludi~ (i) a truufer of the Mortga~ted Property by merger or conwlidation of Ir[ortasaor. if Mort- gagor is a corporation, v-ith another corporation haring a net worth of not less than the net worth of Mortgagor. or (u) the 6rmt of any kaso- hold interest in the Mortgaged Property not containing an option to putchase, which kax is made in the ordinary course of Mongaaor's business, then and in that event, Mortgagee may declare aU sums secured by this Mortgage to be immed'utely due and qyabk. Mortgase~e sfull have waired such option to accelente if, prior to the sale, transfer or conreyance, Mortaagee and the person or entity to w~hom the Mortaaged Ptoperty is to be sold or tnnsCerred reach agresment in v-riting that the credit of such penon or entity is satisfactory to Mortgagee and that the iaterat payabk on the sums secured by this Mortgage shall be at such rate u Mortgagee shall request_ IC Mortgagee has waired this oplion to aoakrate u pro~ided in this Paragnph, and if Mortgadoi s wccessor in interest has executed a written usumption agreement, accepted in writina by Morigagee, Mortgagee shall rekase Mortgagor from aU oblisations under this Mortgage and the Note. 24. Mortgagor represents and w•arrants that if a corpontior., it is duly organized and validly eatisting, in good stan.iing under the laws of the state of its incorporation, hu stock outstanding which has been duly and validly issued, and is qualifitd to do business and is in good studing in the State of Florida, with Cull pow•er and authority to consumm~te the loan contemplated hereby: and, if a putaership, it is duly formed and validly existing, and is fully qualified to do business in the State of fiorida; aith full powYr and authority to consummate the loan rnntemplated hereby. 25. In the event any one or more oC the pro~isions contained in this Mortgage or in the Note shall for any reason be held to be imalid, illegal or unenforceabk in any respect, wch invalidity, ilkgality or unenforceability shall, at the option of the Mort~ee, not afkct any other pro- visions of this Mortgage, but this Mortga~te shali be consuued as if such invalid, illegal or unenforceabk provision had ne~•er been contained haein or therein. The total interest payabk pursuant to the Notc ot this Mortgage shall not in any one ypr excced the highest law-ful nte of inte[est allowed by the law of the State of Florida_ 26. The corenanu and agreemrnts herein contained shaU bind and the benefits and advantages sha11 inure to the respective heirs. exccutors, administrators, successors, and assigns of the puties heroto. Wherever used, the singulu number shall include the plural, the plural the sinaulu, and the use of any gender shall be appGcabk to all genden. All covenants, agrcements and undertalcin6s shall be joint and several In the event additional numbered covenants or puagraphs aze for convenience inserted in this Mortgage, such additional covenanis shall be read and giren etfect u though [ollowing this covenant in consecutive order. ~ e~j~~~4~ ~ar,r2576 ~ s k - -3- ~