HomeMy WebLinkAbout2830.~pply auch mntx, ~rnura u~e! protita received by it on the indebtedneea xa~~urrd hereby in such onler :~x MorlRs~Kee deter
minrs. The righl to eMe~ and take ~wsac~iun ut the 111ortgaged Pn~~xHy, to munuge und operate ihe a:une, und to collect
the renta, issues and prolils ihereof, whether by a~~eiver or otherwise, shaU be cumulutive lo uny other right or remrdy
herrunder o~ a(torded by Ivw, and muy be exen•ised concurrently therewith or inde{xndently therrot. Morlg~gee shnll
be liable to an~ount only tur such rents, issues and profita actuuliy recrivrd by Morigugee.
l4. It the indrbtedness aec•ured hereby is now or herea(le~ fu~ther secured by chattel morig:igrs, scti•urity inlereala,
(inanring atatements, pledgrs, rontracta of guarunty, ;~signments of leases, or other securities, or if the Morfguged Pro-
~-erly hereby encumbered cunsists ot more tlwn one pnnrl ot rrul property, Mortgagee m:~y at its option exhausl uny oae
or more o( s:iid securities and security hereunder, or such {x~rcela ot the security hereunder, either concurrently or inde-
pe~dently, and in such order :is it may determine.
15. Thie 111ortgnge sh:~ll serurr not only e:isting i~dehtedne~, but also such luture tidvnncrs, whether such :~dv:imti~x
are obligatory or to he m:ide at the option ot 111ortgagce, or otherwise, ~a are made wilhin twenty (20) yeats trom the d~te
hemof, to the same extent as it such (ulure advanirs were m~de on the date of the execulion of t~s hlortRage, i~ut such
secun.rl indebtednc~ss shall not exi~ead at any time the maYimum principal umounl of S n 8
plus interest, and any disbursements made to~ the E~yment ot taxes, levies, or insur.~nce, on the Mortguged Yro~-erly, with
i~terest on such disbursements. Any such tuture nd~ances, whethrr obliRatory or to be made at the option of the 111ortgugee,
or otherwise, r~wy be made either prior to or ~fter the due d:ite of the Note or any othe~ notes secureci by this Mortg:ige.
This Mortg~ge is given tor the specific pur~~oae ot securing any and ull indebtedness by the MoHgugor to MoHR:igee (but
in no event shall the secured indebtednesc exrcrd al .+~y time the m:~zimum prin~•i~xd amount set (orth in this ~H~ragrnph- in
vchatever manner this indehtedness may tie e~•ideni-ed or rrprc~entecl, until this rlortgage is s:itistied of rerord. AU ~•oven-
ants and agreemrnts contained in this Morig~ge shall I~e appli~~ahle tn :~II further advaniti•s made by MortguKee to
Afortgagor under this future advance clause.
16. No del:iy by Morigagee in rzerrisinq .~ny right or mmedy hereunder, or otherwixe afforded by law, slwll o~~erate
:~s a wai~•er thernof or preclude the exen~ise thereof during the continuance of any detault hemunder. No w:~iver by
A1orlgagee ot any de(ault shall constitute a waiver ot or consent to sul,et.~quent de(aults_ No lailure of Morlgagee to exrrrise
any option herein given to accelerate maturity ot•the debt hereby se~•urrd, no (orbearan~~e by 111ortgagee t-eforn or alter lhe
exercise ot such option aod no withdrawal or abandonment of forec•losure proceeding by Mortgaqee shall he taken or ron-
strued as a waiver of ita riRht to e:ercise such option or to acceler<ite the maturity of the debt hereby secured by m:ison o(
any past, present or tuture de(ault on ihe ~~.~rt ut Alortgagor: and, in like manner, the procurement of insuranm or the {~y-
ment of taxes or othrr liens or eharges by 1Nortg:~Rce shaH not I~e taken nr constnuYi :ss a waiver of ils rigbt tu a~•~•elente
the maturity ot the debt hereby secured.
17_ VVithout a(ferting the liability o( 111ortgagor or any other ~x~rson Iexcept any ~~erson expressly releaserl in writinR-
for ~~yment o( any indebtedness secured hereby or for ~~erform:+nce ot any obliRation contained herein, and without a((ect-
ing the rights ot Atorlgagee with res~r•t to any security not expmssly released in writing, MortqaRee may, at any time :~nd
(rom time !o time, either hefore or atter the maturity of said note, :~nd wilhout noti~~e or con.gent=
._ (a) Release any person liatde for payment o( all or any ~~art uf the indebtedness or (or per(urm.~nir o( any ohligation_
Ib) ~iake any agreement extending the time or olherr-ise altering lhe ternLS of ~wyment of all nr any Ek~rt ot Ihe
indebtedness, or modi(ying or wai~•ing :iny oh1iR:~tion, or suFarcl~nafing, muclifyinR or otherw•ise dealing w•ith the lien or
charge hereof.
(c) E:eniae or rrtrain trom eaercising or w~ai~~e any riqht MortRaRee may have.
(d) Accept~additional security of any kind.
(e) Release or oth~rwise deal w•i1h any ~~ro~-erty, rea) or personal, securing the indebtedness, in~•luding all ~~r any ~~:~rt
o( the Mortgaged Property.
18. Any agreement herea(ter made by Atortgagor and 111ortRaRee• pursuant to this mortR:ige shall hr su~~erior to the
riRhts of the holder of any inten~ening lien or encumt~ran~•e.
19. 111origagor hereby w•ai~•es all riRht o( homestead exemption. i! any, in the MortRaRed Pro~x rty.
20. In the e~ent ot condemnation proceedings ot lhe bfortgaRed Pro~~erty, the award or ~~om~~ens:~tion ~~ayable lhere-
under is hereby assigned to and shall t-e paid lo Mortgagee. hiortgagee shall be under no obligation to question the amount
of any such ax~ard or compensation and may accept the same i~ the amount in which the same shall be ~-:~id. In any such
~-ondemnation proceedings, Dlortgagee may be represented by counse) selected hy Mortqagee. The proceeds ot any award
or c-ompensation so receia~ed shall, at the option of Alortgagee, either he applied to the prepayment of the Note and at the
rate o( interest pro~•ided therein, regardless at the rate of interest p:~yable on the a~•ard by the condemhing authority, or at
the opiion o( AtortgaRee, such ~w~ard shall F~e ~~:iid u~•er to Mortgagor (or mstor.ition o( lhe MortRaqed Property_
21. It 1~lortq:~gee, pursuant to a construction I~n agreement or loan commitment made by 111ortgagee with 1~lortqagor,
aRtees to make construction la~n adv.~nceR up to the princi~k~l amuunt of the Note, then MortR~gor hereby co~•enants that it
vcill comply v-•ith all ot the terms. provisio~s and co~~enants ot said construction loan :~greement or loan commitment, will
diliRently construct the impro~•ements to be built pursuant to ihe terms thereot, al) of the terms thereof which are in-
~•orporated herein by re(erence as though cet torth tully herein and will permit no defaulls to oc~or ther.~under and i( a de-
(~ult shall occur thereunder, it shall constitute a default under this Mortqage and the Note.
72. At the option of MorigaRee, ~tortgagor shall proride Mortgagee with periodic certi(ied audited statementa o( the
tinancial condition of 111ortgagor.
23. A1ortRagor represents and warrants lhat it a cor~-or.dion, it is duly orRanized und validly existinq, in Rood sl~~nd-
~ng under the laws of tbe stale of its inror~wration, has stock outstanding w•hich h:is been duly and v:ilidly is.4ued, and is
qualitied to do Iwsiness and is in Rood standing in the State of Florida, v~ith (ull power and ~uthority to consummate lhe
lo:in contemplated hereby; and, if a~~actnersl~ip, it is duly (ormed and validly e:istinR, and is (ully qualified to do business
in lhe State ot Florida: vrith (ull power and authority to consummate the loan contemplaled hereby.
24. In the event any one or more o( the procisions conlained in lhis 1Nortgage or in the Note ahall (or any reason
he held to be im•alid, illeRal or unenfon-eable in any res~~ect, such im•alidity, illegality or unenforceablily shall, at the
option of the Dlortg~Ree, not atlert any other provisions o( this Mortgage, but ihis MorlgaRe sh~ll Fre construed as if such
~m•alid, illegal or unenforceable pro~•i4ion had never been rontained herein or therein. The tolal intetest payable pursuant
to the Note or lhis blorfRage shall not in any one year exi~eed the higheat lawful rate of interest in the State of Plorida.
25. The covenants and :~greements herein containrd ghaU bind and the bene(its and advantagea shall inure to the
n~~-ecii~•e heirs, executors, administraturs, successurs, and assi~ns ot the parties hereto. Wherever used, the sinRular
number shall include the plural, the plur~l the sinRular, and the use of :my Render shall be applicable to all gendecs. All
co~•erwnts, agreementa and undertakinqa shall t~e joint and scweral. In thr e~•ent additional numbered covenants or para-
grapha are (or com•enienrn inserted in thia MortRaRe, surh additional ~~ocenants shal) he read and Riven effecl as Ihough
foUowing thia co~•enant in consecutiti•e order.
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