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HomeMy WebLinkAbout1349prini.ypal amount oQprQ{~~p~mp~p~ the IVoto, plus interest thercun, and any disbursements maJe foi the psyment of taxes, levies, or uuurwce, oa the Mongaged Piroperty, with i~tecest on such d'ubu~semrnts. Any such fuwre :dvancq. whether obligalop• or to be made at the option of the Mortg~gee, or othe~wise. may be made either prior to or after the due date of the Note ot any othe~ notes secura! by this Moitgage. This Mortgage is giren foi the specific purpose ot secuiing s~y and al! indebtednaas by the Mortgsgor to Moitgagee (but in no eveat shaU the secured indebtodneu excced at any time the maximum priacipal amount set forth in this puagraph) in whsterer manner thit indebtedn~ss may be evidencod or repnsented. until this Mortgage is satisfied of record. All covenanu and agieenienu contained in ihts Muitga6e ahalt be ~ppGcabk tu al1 turther advances made by Mortgagee to Moitgagot under this futute advana dause. 16. No delay by Mortga6ee in exercisine any riaht or remedy hereunder, or otherwise aUorded by law, shall operate u s waivet thereuf or prcclude the exercise thereof during the continuance of my default hereunder. No w~aiver by Mortgagee of any default shall constitute s wairer o[ or consent to suDsoquent defaults. No failure of Mortga~geo to exercise any option herein giren to acceleiate maturity o[ the debt henby securod, no [orbeuance by Mortgsgee be[ore or atter the exercise o[ such option and ~o withdrawal or abandonment of foreciosure proceeding by 111ort- gaga shaU be taken or construod u a waire~ of its right to exercise such option or to acceleiate the maturity of the debt hercby src~red by ieuon o[ any put, present or future default on the put of Mortgagor; and, in like manner, the procurement ot insurance or the payment of uxes or other liens or chatges by Mortgagee shall not be taken or construod u a waiver of its right to acceletate the maturity o[ the debt hereby sautod. 17. Without attecting the liability of Mortgagor oi any other person (exapt any pe~son exptessly released in writin~ for payment of any indebtedness securod hereby or Cor performance of any obtigation contained herein, and without attecting the rights ot Mottgagee with respect to any security not expressly teleased in writing, Mortgaitee may, at any time and from dme to time, either beCore or atter ihe maturity of said note, and without notice or conunt: (a) Rekase any person liabk fo~ payment of aU or any part of the indebtedness or for performance of any obligation; (b) Make any agreement extending the time or otherwise attering the terms of payment of aU or any part of the indebtedness, ot moditying ot wairi~ any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof; Ic) Exercise or refrain from exercising or waive any right Mortgagee may have; (d) Accept additionai security of any kind; and (e) Release or otherwise deal with any property, real or personal, securing the indebtedaess, incluciing all or any put of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this moitgage shall be superior to the rigf~ts of the holder of any intervening lien or encumbnnce. 19. Murtgagor hereby waives all right of humestead exemption, i[ any, in the Mortgaged Propaty. 20. In the event of condemnation proceedings of the Mortgaged Property, the awud or compensation payabk thereunder it hercby zuigned to and shall be paid to Mortgagee. Mortga~tee shall be under ra obligation to question the amount of any such awud or compensation and may accept the same in the amount in w•hich the same shall be paid. In any such condemnation proceedings, Mortgagee may be reptesented by rnunsd sekcted by Mortgagee_ The proceeds of any awud or compensaUUn so tceeived shaU, at ihe option of Mortgagce, either be appliod to the prepay- ment of the Note and at the rate of interest provided therein, regudtess of the rate of interest payabk on the award by the condemning authority, or at the option of Mortgagee, such aNard shall be paid over to Mortgagor for restontion of the Mottgaged Property. 21. If Mortgagee, purswnt to a construction loan agreement or loan commitment m~de by Mortgagee with Mortgagor, agrees to make rno- struction loan advances up to the principal amount of the Note, then INortgagor hereby covenants that it will comply with all of the terms, pto visions and covenants of said consttuction loan agteement or loan commitment, will diligenUy construct the improvemenis to be built pursuant to the terms thereof, all of the terms thereof which are incorporated herein by refercnce u though set forth CuUy herein and wi11 permit no de- faults to occur ihereunder and if a default shall o~cur theteundet, it shall constitute a defauit under this Mortgage and the Note_ 22. At the option of Mortga~tee, Mortgagor sha0 provide Mortgagee with periodic certifred auditcd statements of the operations of and the financia! conditan of Mortgagor_ 23. If all ot any part of the Mortga~ged Property, or any interest therein, is sold, conveycd, transferred ot further encumberod by Mottgagor without Mortgagee's prior written consent, excluding (i) a transfer of the Mortgaged Property by merger or consolidation of Mortgagot, it Mort- gagor is~ a corporation, u•ith another corporation having a net worth of not less than the net worth of Mortgagor, or (u) the gnnt of any kaso- hold intercst in the Mortgaged Property not conuining an option to purchase, w hich kase is made in the ordinary course of Morigagoi s busineu, then and in that e~ent, Mortgagee may declare all sums secured by this Mortgage to be immed"utely due and payabk. Mortgabee shall have waived such option to accelerate if, prior to ihe sale, tnnsfer or conreyance, Mortgagx and the person or entity to whom the Mortgaged Property is to be sold or transferred reach agceement in writing that the credit of such penon or entity is satisfactory to Mortgagce and that ihe interest payabk on the sums secured by this Mortgage shall be at such rate u Mortgagee shall roquest. If Mortgagee lus v-•aived this option to aooelente u provided in this Puagraph, and if Mortgagor's successor in interest has executod a w•ritten assumpaon agreement, accepted in writing by Mortgagee, Mortgagee shall release Mortgagor from all obligations under this Mortp,age and the Note. 24. Mortgagot represents and w-artants lhat if a corporation, it is duly organized and vaGdly existing, in good standing under the laws of the state of its incorporation, has stock outstanding w•hich has been duly and validly issued, pnd is qualified to do business and is in good studing in the State of Florida, K•ith full pow•et and aulhority to consummate the loan contemplated heteby; and, if a partnership, it is duly formed and vrlidly existing, and is fully qualifi~~d to do busineu in the State of t~lorida: w•iih full power and authority to consummate the loan contemplated hereby. 25. I.n the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reaion be held to be inralid, ~llega) ot unenfotceabk in any tespect, such invalidity, illegality ot unenfotceability shall, at the opuon of the Mortgagee, not affect any other pro- visions of thic Morigage, but this Mort~ta~e~ shall be construed as if such invalid, ille~al or unenforceable pro~ision had never been contained herein or therein_ The total interest payable pursuant to the Note or this Mortgage shall not in any one yeat excred the h~hest law~ful rate of inte~est allowed by the law of the State of rlotida. 26. The covenants and agreements herein contained shaU bind and the benefits and advantages sha0 inure to the tapective heas, executurs, administrators, successors, and usigns of the parties hereto. Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicabk to all gerders. AU covenants, agreements and undertakings shall be joint and seatral !n the event additional numbered corenants ot paragraphs are fot conrenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. R ;~r347 ~~~Ei34b 3_ ~ ~~:_~ ~ _ _ z -=~ ~~=-~ ~~ ._ ~ ~ - ~-.~~~~~ ~. n.::a- .y :.;..