HomeMy WebLinkAbout2760.~pply su~•h rrnls, isw~~ und protita rea~eivcd by it on the iodebted~eas secured heret-y in auch onler ua MoHR+~K~+ deter
minea. The ~ighl to enle~ nnd tuke ~w.~s~ion ot the Mortguged I'ro~mNy, to munagr und openite the ss~me, und to collcti•t
the renta, issues und pro(its thereot, whether by n recei~~er o~ olherwise, siwll be cumulativo to any other right or rem~dy
hemunder or nt[orded I~y law, nnd mny be exen•ised concuRe~tly therewilh or inde{~endently thereof. Mortgagee ahull
i,e liuble to i~ccounl only for such renta, iavues and profita .icluaily received by MorigAgee.
14_ lf the indel-tednesa se~•umd henrby is nuw or hemufter furlher secured hy eh:dlel mortsuges, ~•u~ily interexla,
(in+mcing statements, pled~es, contructs o( gunntnty, assignmenta of leases, or other securitiea, o~ it the Mortgaged Pcu-
~xrty hereby encumlxnd consists of more tha~ one ~u~rcel o( nul pmperty, Mortgagee may at its opticn exhaust uny one
or more ot suid securitiea ~~nd scti•urity hereunder, or such ~iarcels ot the sei~urily hereunder, either concurrently. or inde-
~~endenlly, i~~d in such order as it mtiy dete~tn~e.
1.
.~re obligatory or to be m:~dc ut the option of Mortgagee, or otherwise, as are made within twenty (20) yen e dale
hereo(. to the s:-me extent as it such tuture advAnces were made on Ihe date of the execulion o ' ortgage, but suc•h
secumd indebtedness shall not e:ceed at any lime the m:~ximum principal amou
plus intemst, and ~ny distwrsements made for the ~wymenl ot laxes, lev~ nsurnni^e, on ihe Morigagcd Pro~~erly, with
interest on such disbursemenls. Any such future ud~~nnces, w ~ ~gutory or to be made nt the option of the Mortqagee,
or otherwise, muy be mude eilher prior to or atter e ds~te of lhe Note or any other notc~ secured liy this Mortg:ige.
This Mortgage is given tor the sE~eci(ic ot seruring uny And aU indebtedness by the Mortg:~Ror to Mortgagee tbut
in no event shall the secu ness exceed at any time the mazimum principnl amount sel (orth in this {x~mRraph) in
w}wtever manne n ebtedness may 1-e evidenced or repmsented, until ihis htortguge is satistied ot record. All rnven-
.~qts ~ menls eonlained in this Mortg.~ge shall he applic:~ble to ~11 further :idvanirs made by MortgaKec to
16. No delay by Mortgagee in exercising i~oy right or mmedy hereunder, or otherwisc af(ordcYl by law, shall o~-erate
as a waiver thereof or preclude lhe exen•ise lhereot during lhe continuance ot nny detault herYUOder. No wai~•er t-y
Mortgagee of :~ny deinult shall constitute a waiver ot or consent to sul~sequent defaults. No (ailure of Mortgugee to eY~mise
uny option herein given to accrlerate m:iturity of the debt hemby secured, no torbrarance by Mortgagee betorn or atter the
rYercise of such option and no withdrawal or :itwndonment of foree•losure procr~ding by Mortg:~gee shall I~e laken or ~~on•
strued ns a wai~•er of its right to eYemise such option or lo accelerate the maturity of the debt hereby sc~•un+d by reason ot
any ~k~st, present or future detault on the ~~rt of Mortgagor: and, in like manner, the ~~rocure~nent o( insur.~m~e or the ~-~~y-
ment of t~xes or other liens or ~•harges by MortR:~Ree shall not I~e taken or rnnstrued as ~ w:~i~~er of its riRht ta :~i•~rler.~te
the m:-lurity ot the debt hereby se~•ured.
17_ Without a(fecting lhe lial~ility of 1NoHgaKor or :~ny other ~~erson (excrpt any ~xrson expnssly rele:~sed in writing)
tor ~uiyment of any indebtednes~ sec•uretl hereby or for ~-ertorm:mce of any ob1iR:Nion contained herein, :~nd without a((~K•t-
ing the rights of 1liortgagee with res~x~•t to any security not expre~ly released in wriling, Morlg:~Rce may, at :~ny lime and
from time to time, either I~efore or ~fter the maturity of said note.:md without notice or consent:
(a) Release any ~~ers~n li~lde for ~uiyment o( al) or :~ny ~k~r! uf•the indehtedness or for ~x~rforman~r ol any obligation.
(b1 111ake any aRrc•ement AxtendinR the time or otherwisr altering the terrns of ~~.~yment of all or .~ny E~:~rt ot the
indebtedness, or modifyinR or waiving :~ny obligation, or suhonlinatinR, mcxlifying or otherwise dealing with the lien or
~~harge hereo(. '
(c) Exercise or rntr.~in from exen•isinR or w.~iv~ any riRht A1ortKaRcr m:ry hare.
Id1 Anrpt additional se~•urity ot any kind.
(e) Release or ofhenviu~ deal with any pro~~erty, real or ~~eru~n:d, scr•uring the indebtrciuess, ini•IudinR :dl or :+ny ~~:~rt
ot the Aiortgaged Pro~~erty_
18_ -Any :~greement hen•atter made by AlorlRaR~~r and MorlRaRee pursaant to this mortK~~R~ shall be su~~erior to the
riRhts of the holder o( any inten•eninR lien or encumbr.~nce.
l9. MortgaQor hereby K'aives aU riRht o! homestead exemption, if any. in th~~ AtortgaReci Yro~~rty.
20. In the event of condemnation pra•eedings of the Morlgaged Yro~~erty, the award or i~om~~nsition ~k~yable there-
under is hereby assigned to and shall be paid lo A1ortRagee. blurlgagee shall he under no obligation lo question the amount
o( any such aw;~rd ori~om~~ens~tion and may a~•~~ept the s:~me in the amount in which the same shall t-e ~~iid. In any such
~•ondemnation pro~•E~~dinRs, MortKaRee may I~e represcrntrcl t-y ~nunscl selei•ted hy 111ortRaRee. The pr~xreds of :inV aw:~rd
or i•om~~ensation so recei~~ec1 shall, at the~ option of MortgaRee, either tx~ applied to the prc~~~yment of the Note and at the
r.~te ot interest pm~•idcYl therein, mK•~rdle~s o( the r~te oi interest ~~y:d~le o~ the award by the c-ondemninR authority, or at
the option oi ~tortgu~ee, such :~N•ard ~h:~ll 1-c• ~-:~id o~~er to ~tortRaRur for ms/or.~tion of the R1ortRaged Pro1~'rty_
21_ It A1ortRagcr, pursuant lo a~•onstructiun lo:~n aknn•menl or loan i~ommitmenf made by A1ortRager w•ith TlortgaRor,
:+Kmes to m:~ke ~ronstru~•tion loan adc:mces up !o the principal amount u( the Note, then MortR:~gor hereby ~^o~•enants that i~
will comply with all ot the terms, pro~•isiuns and co~•enants ot s:iid c-onstruction loan a~mement or lo:~n commitment, w•ill
diliRendy construct the impro~•ements to t-e I-uilt pursu.int to !he ferms thereof, all o( the terms thereot w•hich are in-
~•or~x~r.~ted herein by refereni•e as thouKh set (orth (ully herein and will F-ermit no defaulls to occur thereunder and it a de-
tault sh:~ll «rur thereunder, il shall ~~onstitute a de(autt under this 111ortRaRe and the Note.
2'l. At the option o( AtortR:~Rr~~, MorlRaRor shal) pmride 1~lort~aqee with ~x~riodic ~•prtitic~l auditt~cl statements of the
tinan~•ial ~ondition of 1~1ortKaqor.
23. ~torlKaKor reprt~x~nts and warr.~nt. that if a cor~K-r.Nion, it is duly org~nized and validly existinR, in RMx1 stand-
inR under the la«s o( Iht~ st:~t~~ o( its inror~-oration, h:is st~x•k outstanding which has Ix~n duly and ~:~lidly issuecl, and is
qualified to du businE:tis :ind is in K~~l standinq in the State of Florida, with tull ~~ower and authorily to consummate the
Ic~:~n contemplal.Yi hereby: and, if a ~~:~rtnership, it is duly (ormecl and ~~alsdly exist~ng, and is tully qualitird tu do busine~s
in the State of tlorid:r, w•ith full ~x~w~er and authority to consumm:ite the loa~~ runtemplatc~l hereby.
`l4_ In the event any one or more ot the procisions conlained in this Mortgage or in the Note shall for any mason
IK~ held to Ix~ im:did, ille~;al or unen(orceabl~ in any ms~xY•t, such im•alidity, illeKality or unenforceablily shall, at the
oplion of Ihe Mort~:~K~~, not :dfe~•t any other pn~~~isi~~ns ~if this A1ortRage, but this MorlRage sh:dl I-e construed as if such
im:~lid, i11cR:~l or unentor~•~•:~ble ~-ro~•ision had ne~~r I~cen contained hercin or themin_ 7'he total interesl ~wyable pursuanl
ro the Note or this A1ort~aKe shall not in any une ye:~r ~~x~•~r~i th~• hiRhc•Kt I:~w(ul rate of intemsf in the Stale of Florida.
'25. 7'he irocen:~nls and aRnrments herein ~•ont:~ine~ci ~hall bind and the benetits and ad~:int:i~es sh:ill inure to lhe
res~titi~ti~•e heirs, exci•utorc, :ulministr.itors, su~•i•eswrs, :ind :is~iKns uf the parti~~s hereto. Whercvrr used, the singul:~r
numl~er shall in~•lude the plur.il. lhe plur.il the sin~ular. :~nd the use n( any Kender shall I~ appli~•able to all genders. All
co~•enants, agrcements and undertakinp,a shall I~e joint and ~a~•enl_ In the evenl addition:~l numl-ercYl co~enants or para-
graphs are tor con~~enience insc•rted in this AiortqaKe, such additional ~-o~enants tiE1:lII IM read and Ki~•en e(fect as though
follo~ng this co~~enant in consecvfi~•e order.
Mortgagor shall first obtain the written consent of Mortgaqee prior to the con-
veyance of the mortgaged ProF•erty to a third party. It is specifically understood
that failure to obtain such written con~ent of Mortgagee~ which consent may be granted
or withheld at the sole discretion of Mortgagee, shall constitute a default hereunder.
an~K ~4~i P~cf 2~`'J~ ~ •s . s .
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