The URL can be used to link to this page

Home My WebLink About1074, principal amouat oBl~3I7i61iii~li[~Ldfddll uf the Noto, plus interest theteon. ahd an~ bisbu~sements made foi the paymrnt ot taxes, levies, or insurance. oa the Mortgagod Pcoperty. with intete:t on such disbunements. Any such futute advanoes, whether obligatory or to be made st tAo optio~ of the Mortgagee, or otherwiso, may be made eithe~ prior to or attec the due date ot the Note or any other notes sccutod by this Mortga~e. This Mortgaae is siven for the specitic purpose of securuig any and all indebtedness by the Mortgagor to Mo~tgsaoe (but in no event shaU the secured indebtodaess exceed at aay time tde maximum principal amount set foith in this puagrapb) in w~hatever manner ihu indebtodneu may be eridenced or represented, until this Mortgage is satisfied of record. All corenants and s~reemenu contained in thk Mottga6e shall be sppGcabla to ap further adrances msde by Mortgageo to Mortgagor under this futun sdvance dause. 16. No delay by Mortgagee in exercising any right or remody hereunder, or otherwise attordod by law, shaU uperate u a waivet thereof or prcclude the exercise thereo[ during the continuance of any default hereundei. No waiver by Noitgsgoe of any default shall constitute a waive~ of or consent to subsaquent defaults No faluie oi Mortgagee to exerciso any option herein pve~ to accelerate maturity of the debt hereby secured, no to~bcarance by Mortgagee betore or after the exercise of such option and no withdrawal or abmdonment of foreclosure procceding by ~lo~t- gaga shall be taken or construed as a wairer of its right to exerrise such option or to acceleeate the maturity oI tha debt hereby ucured by reuon o[ any past, ptesent or future default on the put of Mortgagor; and, in like mannor, the pcocutement of insurance or the payment of taxes ot other liens or charges by M~rtgagee shaU not be uken or consuued as a waiver o[ its right to accelente the maturity of the debt hereby secured. 17. - Without aftecti~ the liabiGty oi lNortga6ot or any other person (exapt any person expressly teleued in writu~ tor paymrnt of any indebtedness secured hereby or for petformance of any obligation contained herein, and without aftecting the right~ of Mortgage~ with nspect to any secunty not expressly releued in writing. Mortgagee may. at any time and (rom time to time, either bGfore ot atter the maturity of said note, and without notice or consent_ (a) Release any perwn Gabk fot payment of all or any part of the indebtedness or tor performance of any obligation; Ib) Make xny agreement exteading the time or othervvise altering the terms of payment of all or any put ot the indebtodness, ot modifying or waiving any obligation, or subocdinating, modifying or otherwise dealing with the Gen or charge hereof; Ic) Exercise or re[nin from exercising or waive any right Mortgagoe may have; Ptoperty. (d) Accept additional security of any kind; and (e) Rekase or otherv-ise deal with any property, real or penonal, ucuring the indebtedaeu, inctuding all or any put of the Mortgagod 18. Any agreement heteaFter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to lhe righu of the hoWer of any interrening Gen or encumbrance. 19. Mortaagor hereby waives all right of homestcad exemption, if any, in the Murtgaged Propeny. 20. In the event of condemnation proceedings of the Mortgaged Prope~ty, the awud or compensation payabk tt;ereunder is hercby assi~sod to and shall be paid to Mortgagee. Mortgagee shaii be under no obtigation to questio~l the amcwnt of any such awud ot rnmpensation and may accept the same in the amount in which the same shaU be paid. In any such condemnation proceediugs, Mortgagee may be represented by oounsel sekcied by Mort~tagee. The proceeds of any awazd or compensation so received shaU, at the option of Morigagee, either be appliod to the prepay- ment of the Note and at thc nte of intercst provided thercin, regardkss of the rate of interest payabk on the award by the condemning authority, or at the optan of Mortgagee, such awud shall be paidover to Mortgagot for restontion of the Mortgaged Ptopetty. 21. If Mortgagee, pursuant to a construction loan agreement or lom commitment made by Mortgagee with Mortgagor, agcees to make coo- struction loan xivances up to the principal amount of the Note, then Murtgagor hereby covenants that it will comply with all of the terms, pro- risions and corenants of said construction loan agreement or loan rommitment, will diligently consuuct the improvements to be built pursuant to the terms thereaf, all of the terms thereof which are incorpoiated herein by reference u though set fo~th fully herein and v-il! permit no de- faults to occut thereunder and if a default shal! ocrur theteunder, it shall constitute a default under this Mortgage and the tdote. 22. At the opt~on of MortgaFeee, Murtgagor shaU provide Nortgagee with periodic certified audited statements o[ the operations of and the fnancial condition of Mortgagor. 23. If al! or any part of the Mo~tgaged Propeny, or any interest therein, is sqkf, conveyed, trunferred or further encumbered by Mortgagor without Mortgagee's prior written consent, excluding (i) a transfer of the Mortgaged Propetty by merget or concoGdation of Mortgagor, it Mort- gagor is a corpontion, w~ith another corporation havir~ a net w•orth of not Icss than the net wo~th of Aloitga6or, or (u) the grmt o[ aay k~so- hold interest in the MortgaRed Property not containing an option to purchase. w•hich kase is made in the ordinary course of Mortgagor's busineu, then and in. that event, Mortgagee may declare aU sums securcd by this Mortgage to be immedutely due and payabk. Mortga6ee shall hare waived such option to accelente if, prior to the sale, transfer or conveyance, Mortgagee and the person or entity to whom the Mortta6ed Property it to be sold or transferred rexh agreement in writing that the credit of such person or entity is satisfactory to Mortgaaee and that the interat payabk on the sums securcd by this Mortgage shall be at such rate u Mortgagee shall requat. If Mongagee has waived this option to acceletate u providad in tbis Paragtaph, and if Mortgagor's successor in ~nttrest tus executod a written assumption agteement, accepted in writing by Mortg2gee, Mortgagee sFull release Mortgagor from atl ob6gations under this Mortgagc and the Note. 24. Mottgagor represents and warrants that ~f a corporation, it ts duly organiud and va6dly existing, in good sianding under the laws of the state of ils incorporation, has stock outstanding w~hich has been duly and ~alidly issued, and 'u qwlifiod to do busineu and is in good standing in the Sute of Floricia, with full pow•er and authority to consummate the loan contemplatrd hereby; and, if a putnetship, it is duly formed and v.alidly exist~ng, and is fuUy qualified to do busineu in the State of florida: with full poNer and authoriq~ to consummate the loan contemplated heceby. 25. In the event any one or more of the pronsiuns contained in this Mottgage or in the Note shaU [~r any reuon be held to be in~~alid, illegal or unenforceabk in any tespect, such invalidity, illegality or unenforceability shall, at the option o! the Mortgagee, not affect any othet pro- risions of this Morigage, but this Alortga~Ce shall be construed as if such in~~alid, illegal ot unenforceabk prorision had ne~er been contuned hetein or therein 71ie total interest payable pursuant to thc Note or this Mortgage shall not in any one year exceed the highest law~ful rate of interest alluwod by the law of the State of Florida. • 26. The covenants and a~treements herein contained shall bind and the benefits and advantaaes shall inure to the respective heirs, executors, administrators, succcssors, and assigns of the parties hereto. Wherever used, the singular number shaU include the plunl, the plural ihe singular. and the use of any gender shall be applicabk io all gendea. All covenants, agreements and undertakings shall be joint and several !n the event additional nambered cor•enants or puagraphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given eftect as though following this covenant in consecutive order. ~ ~ ~ :.~ ____ ~x~ . _ .~_ . -- - 3 - ~11K347 P,~;E10~1 - _ ~~~~=~.~