HomeMy WebLinkAbout2532prindpal imouat of two times the unt ot the Note, plus intetwt theteoa, snd any disbursemeau made [ot the psymeat o[ taxes, levies. ot
iruutance, oA the Mortjaaed rty. witd Wterwt on wch disbunements. Any such futun sdranas. whethet obliptory or to be nqide at the
optioa o[ tt-e NoitE r otheiwi~e. msy be made eitherpilor to or aitet the duo date of ttie Note or anr oihei ao~M secured by this Mottp~e.
This Mortp~e ' ~ foc tde specitic purpose ot securia~ any and all iadebtednass by the Mortta6or to Mort~ee (but Li no eveat s1nU the
•ecured ' edncu exoeed st aay time the maximum priacipal amouat set fortA in this pusarapb) ia whstever ~r this iadebtedneu may
be ' aoe0 or cepreteatod. until Wi~ llottgase is utisfied of cecocd. AU covenaats a~ satteemenu contained in this Mort~ase shsU be spPliabb
16. No delay by Mortgaaee ia exerchins any right or romedy henwdet, or otherwise atfordcd by law.:hall uperate u s waivet theceo(
ot pieclude the exeri,ise theroof durine the continuance ot any default hereunder. No wuver by Mortgsaee of sny default shall oonstitute a waivet
of or conseat to wbsoquent de(aults. No [uture of Alort6agee to exaicise any option hereia given to acalerate matwity of ihe debt hereby securnd.
ao forb~aranca by Mortgaaee befon or atter the exetcise of wch optlon and no withdnwal or abandonment of fondosure proaedi~g by Mort-
ga6ere shall be talcea or construed u a waive~ oi iu right to eaetcise such opuon or to accelerau the maturity of the debt hereby ucurod by rrason
o[ any past. present or futun default o~ the put ot Moctgaaor; and, in like manne[. the piocucement o[ insuraaa or the paYment of tues or otAer
liem or charaes by Mottgaaee shaU not be takea or construed as a wairer of its ri~ht to acceknte the maturity of the deDt hereby socurod.
17. Without afCectins the Iiabili/y of Mortgagor or aay other penon (except uiy person expteuly released in writin~ for payment of aay
indebtodness sa:ucad heceby oc [or pe~tonnance of any obligation contained henin. u-d without affecti~ the riahb oi ]Nongs~ee with respect to
any xcurity not expressiy releaud in writing. Nortgaget may, at any Cune and from time to tune, either before or aRet the maturity of said note,
and without notice or consent:
(a) Rekase any person liabk for payment of all or any put of the indebtedneu or for per[ormance o! any obtigation;
(b) Make any aareement extendin6 the time or otheiwise altecina the terms of paym~nt of all or any part of the indebtedness, or
modifyina or waivina any obiigation, or subordinsting, modifying or otherwise dealingltvith the lien or chuae hereof;
(c) Exetcise or nfrain from exercisina or waive any right Mottgagte may hare:
(d) Accept additional security oi any kind; aad
(e) Rekase or othe~wise dcal with any property, ral or personal, saurina the indebtedaess, includiag aU or any put of the Mortgaged
Propetty.
18. Any agreement herafter made by Alortgagor and Mortgtgee purswnt to this mortbaae shal! be_supecior to the rights of the hoider of
my intervening lien or encumbrance. -
19. l~lortgaaw herehy waives all right oC6omestead exemption, if any. ia the Mortgagod Property.
20. In the event o[ condemnation pcoceedinas of the ~lottgaged Propaty, the awud or compensation payabk the[eundet is hereby assisood
to u~d shal! be paid to Mortgagee. Mortgagee shaU be uader ra oblgation to question lhe amouat of any wch awud ot oomQensatian atd a-ay
accept t1~e same in the amount in whieh the same shall be paid. In any such condemaation procYCdinas. MortgaEee may be represeatod by wumd
sekcted by Mortga6ee_ The p~oceeds of any awud or compeasation so ieceived shaU, at the option of Mottgagee, either be applial to We prepay-
ment of the Note and at ihe nte of interest provided the[ein, ngardkss of the nte of interest payabk on tbe award by the condemnina authority,
or at the option of ~tortg~gee, such awud shall be paid over to Mortgagor [or restontion of the lMortaaged Propetty.
21. !t Mortgagee, pusswnt to a construction foan agntmrnt or Iwn commitment madt by ~[taa6ee writh Mortgaaor, agtees to make o0o-
struction loan advances up ta the principal amount oC the Nott, then Mortgaaor hereby covenants at it will comQly with all of the tetmq, pro-
visions and oovenants of said construction loan agreement or loan co:nmitment, will diligently oonstruct the improremeats to be bwlt pwsuant
to the terms thereof, a!1 of the terms thereo[ which ue iixw~poiated hetcii- by tefercnce u lhough set lotih IuUy herein and will pem-it no de-
faults to occur thereunder and if a default shall occur thereunder, it shall constiwte a default under this Idortgaae and the Note.
22. At the option of Mortgagee, Mortgagor shaU provide Mortgagee with periodK certified ~udited sutemcnts of the opentions of u-d the
fmancia{ condition oi I-tottgagor.
23. If aU or any put of the Mortaaged Property. or any interest thercin, is so18, conveyed, transfetred or fucther encumbered by Mortgaaor
without Mortgagee's prior written consent, excludinig (i) a tnnsfer of the Nortgaged Property by mer6er or co~notidation of Mo[tbabor. if M[ort-
gagor is a corporation, with another cocporation having a net wotth of not lesx than the net worth of l~ortgaaor, or (u) ihe 6rant ot any kase-
hold interest in the Mortsased Property not containing an option to punhase, w hich kue is made in tbe ordinaty course of Yortgagoi s business,
then and in that event, Mort~,tagee may declue all sums secured by this Mort6s~e to be immed'utely due and payabk. Mortg~ee shalt hare wairod
such option to accelente if, priot to the sale. transfer ot conveyaaoe, Mortga6a and the person or entity to whom the 1ltortaaged Propetty is to be
sold or tramkrred reach abceement in writiaa tt~at the credit of such person or entity u satisfactory to Moctgaaee aad that the interest payabk on
the wms secured by this,Mortaage shall be at wch nte u Mort6agee shall request. [f Mortgasee hu waived this option to aooekrate as provided in
this Paragaph, and iI Mortgagor s successor in interest has executed a written assumption agroemeat, accePeed in writina by Mongagee. Mortgagte
shall rckase Mortgagoi f[om all obligations undet tha MortgaEe u~d the Niote.
24. Mortgagor rcprcsents and wurants that if a corporat~on, it is duly o~iud ud validly existinE, in good standinE under the bws of the
st~te of its incorpontion. has stock ouutandina which has bcen duly and validly issued. and is qwlified to do business and 'u in good standiu6 in
tl+e State of Florida, with tull powei and authority to consummate the loan contemplated hereby; and, if a putnership, it is daly formed and
validly existing, and is CuUy qualificd to do business in the State of filorida; with full power and authority to consummate the foan contemplatod
hercby_
25_ In the erent any one or mote of the prorisions contained in this Morlga6c or in the Note shall for any reason be heW to be im-alid,
illegal or unenforcubk in any respect, such invalidity, ilkgality or unenfoscubility sha11. at the opuon of the Mortgagee, not affect any other pro-
risioas of this Mortgage, but this Mortgage shaU be construed u it such invalid, illegal or unenforceabk Qrovisan had never been conttirted herein
or thercin. The total interest payabk pursuant to the Noto or this Mortgage shaU not in any one year excxed the highest law~ful rate of interest
allowed by the !aw of the State of Florida. '
26. The oovenants and agreements harein contained shaU bind and the beaefits and adrantsbes shaU inuse to the tcspective heus, executots.
administntors, successors, and assigns of the puUes hereto. Wherever wed, the sir~ulu number sfull include the plural, the ptural the sinaulu,
and the use o! any Eender shall be applicabk to all genden. A{l covcnants, agreemenis and undertakin6s shall be joint and xveral In the event
additiomi numbered ~venanb ot puagaphs ue for convenience insetted in thi: Mortgage, such additional coaenanu shaU be sead ud 6iren
effect u though following thu covenant in wnsecutive order.
~.~'n ~47 P~~E252f
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