HomeMy WebLinkAbout2216:~pply ~urh n•nls, i+~.u~•+ :ind ~-n~fits nK•t•i~•~v1 by il on thc ind~•I~t~~Ine~K ~~~•un~t! hemhy in su~•h urd~•r :~s I-turtK:~K~r drti•r-
mines. Th~• ~iKht lu ~~~il~•r :~nd tak~• ~NItW..,iun ul the Mur1~;aK~r! 1'ro~xrly. to man:~K~• :~nd u~Kral~• th~• ~:~mi•. :u-d to ~•oll~•~•1
the r~nts, is.w.:~ :~od ~-rufitx Ih~~muf, whether !~y a nr•~•ive~ or u1heM~iu~. sh:~ll Ix• ~•umulaUve tc- :uiy oth~•r riKht ur n•mi~ly
h~•reunder or :i(fur~l~r1 by I:~~v, and ~nay IK~ ~•xen•iu~cl cu--~•u~n•nUy th~•mwith ur ind~~~K•ndc•nUy thenv,C illortKaK~r tih.~ll
Iw liabl~• to a~•~•ounl unly fur xu~•h rc•nls, ix+u~~ :u~d profils :u•tu:dly nv~~i~~iv1 by A1ortKaK~r.
14. If the iud~•hlirLu•s. .~~•unYi h~•mbv i~c now ur hi•maftrr (urther u•cumcl by chutlel mortKaKes, u~vrity intE•n•+~s.
(in:~nc:si~ statemi~nl., pledx~w, cunlrai•ts o( gu:~r.~nty, a+,i-;nmi~nts o( li•au•s, ar olher s~x•uritu~, or ~f the I1Surtg.~gcY) Yn~-
~K~rt~• h~•mby ~•ncumlK•n•d ~•~-n.ists ol mon• th:~n un~~ ~-:~rri•1 ul n•:~I prn~x•rty, Alortgagee m:ry at its ~~ptiun .•xh:iust :~ny on~•
or mum ut .:~id u~•uriti~~. :+nd u~•urity h~•munder, or .u~•h ~-:~nY•Is .-f the sc~•urity hen•un<Irr, eilher ~•on~•urn•ntly ur ind~•-
~x•ndrntly. :u~d in sui•h. order :~s it m:-y deter~nin~•.
:~m oblig:don~ or lo IK• made at the uplion o( A1~,rlKakiti•, ur utherN~ise. as am made within,lwenlV (20) y~a ~• d:~te
h~•r~v-f, Io the s:une ~•xtcnt :~s if sui•h futum ad~:~n~•i~s v~•em mud~~ o~i the datc o( the ixcrvtion ut ~~rIK:~K~~, but su~•h
~Y•unvl ind~~bt~rlnrs~ shall not exi•c~~c1 at :~ny tim~~ the m:~ximum prin~•ipal amuunt
~~lus inten•st. ancl :~ny disburu~n~nts mude fur thr payme•nt u( taxrs. levi ~• sur.~n~•~•, un the 141ort~;:~~;~y1 f'ro~x•rty. Nith
inti•mst on su~•h dishursements. Any such tutum ad~:~n~•i~, w•hr ~K:ilury ur lo IK• tu:-de :it th~• u~-tiun of Ihi~ ~1urtK:~K~y.
ur oth~•rN~i~•, n-:~y iM mad~~ ~•ither ~-riu~ tu or a(tt~r t• ~:~te of lh~~ Note or :~ny other not~~s ur•uny) h>~ this 11ort~;:~x~•.
'I'his A1urtRaK~ is Ki~~en for the ~~x~•itii• ~ u s~~•uri~-R any :~nd all indel~te~cln~~sti by thc~ 11urtK:~Kur to \furl~;aK~~c~ lhu!
in no i~vi~nt .hall the tir~~un~c1 in n~~~ c•XI'(YYI :d an~• limi• Ih~• m:~ximum ~irin~•ipal amwu-t s~•t lorth in 1l~is p:ir.i~;r.~~-hl in
wlr.~te~~er m:u~ner tl .- ~• ~t~Ylncce may IN• i•vid~•m•~~1 or m~,n~u•nt~~l. until this \1ur1~;aKe is s:-tisi~ivf uf rw•urd. AU ~•u~en-
:u~ts and - mnls conlain~~1 in this 1~tortK:~ki• sh:ill IN• appli~:~hl~~ tu aU furth~•r ad~:~n~•i•s m:~d~~ I~y \turtK:~K~~~ tu
lt;. No delay b}• Mortg:~x~r~ in ex~•rcisinK :~nr ri~;hl ur rcmt•r1p hrmui~d~•r. or othi~rvvis~• atlord~~cl h~ t:~w, shall u~x•r:~t~•
:i. :i H•ai~i•r thenn-f or pn~•ludi• the rxercise th~•ny~t durinK thi• ~•ontinuani•e o( nny di•L•wlt h~•n•w~di•r. \fu w:~i~~•r h~.
\1ort~;aK~~• ot any de(ault sh:~U ~•unstitute :~ w:~i~i•r u( or ~•or~s~~nt to subu~yu~•nt dc•(aults. ;\u f:~ilum of A1ur1K:~K~~• to e:~•n•is~•
:u-~• u~Nion h~•min Ki~~~n to a~•celer.~te m:~turily ut the d~bt I~.~mt~y sc•~•un•d. no torlxar.~n~•e• hy A1orIK:~K~•~• Ix•tun• ~~r :+it~•r th~•
~•z~•n•iu~ o( su~•h uption and nu ~•ithdr,~wal ur :d~:~ndunm~•nt i~( (om~•lu,ure pro~•irYlin-; hy NortKuKir ~h:Jl ~r takim ur ~•on-
slruid as ~ w:~iv~~r o( its riRht to ~~xen•ise sui•h option or to :~~•iY•li•r.~tr the mnturity of lhe debt hc•reby ~rureYl bp re:~sun uf
:~n~~ p:~st. pn•seM ur fulum def:~ult un Ihe ~~:ir~ of 1~1ur~K:~kor: at~d, in lik~~ m:inn~•r, 1he ~-m~•unvm•M ot insur:~n~~c~ ur thi• ~,:~y-
m~•nt u( tax~•s ur uth~•r li~•ns r~r ~•h:~r{;i:s hy \1ur1~;:~K~Y• shall nut IN• tak~•n ur ~•~~n~truc~d :~s :i ~v:~i~~~r o( its rikht tu :a•~•~•I~~rat~•
IFi• m:durity ul th~~ d~•bt hen•1~~• sei•uny1.
17. Without :dte~•tinK th~• liahilily ut A1ortK:~kur ur :~ny ~~th~•r ~H•r,un ~~~x~•~q~t :my ~N•non i•xpmssh• n•I~:~,itil ~n NntinKt
tur ~~:~ynx•nt u( any indebtiKln~~.ti ~~.•ur.Yl h~•r~~ht~ ur for Ex•rfurm:-n~•c uf an~• ~~hliKation ~•onl:~iniY1 hrn~~ri. :ind w~lhuut :~1l~~•t-
inK thr riKhts uf \tortKaK~r wNh res~N•~•t to :~m• ~iruritY not i•xpn•a.ly n•li•auY) ~n acnt~nK. :~1urtK:~~w• ~nay, at :~nv hmr :~nd
(n~m fimt• to time. ~•ither !K•(un• ur all~•r thi• m:~tiuity o( +:~id nut~•. :uid H~Hhuut nuli~•e ~~r i•onsrnt:
1:~1 K~~k:~s~~ am• ~N•rsun liahli~ Ior pa~~mi•nt ~~( :~il or any ~r.~rt ~d th~• inde•bt~•dn~•.s ur f~~r ~N•r(urman~r nl :m~• obli~;:~l~un.
Ibl ~1ake :~n~~ :~Krtr•~n~•nt ~•xti•nd~nR Ihi• tim~• or uth~•na~isc• :~Iterink th~• I~~rm~ af ~r.~ynx•nt o( all ar any ~x+rt ol th~~
indeht~~lnccs, ur m~Klityink ~~r ~~:~i~ink any obliKation. or su1N~n1~n:NinK, mrxiilyinK or ~~th~•r~~is.~ d~•:ilinK ~~th th~ li~•n ~~r
rhar~;~~ hf•nY~f.
1~•1 Exer~•isr ur n•(r:~in Irom i•xi•n~is~nk ~~r ~~:~ic~• :~m~ nKht ~1urt~;:~R~~~• nre~ h:~~~~
Idl A~•iY•pt addihunal .~•~•unty o( :~m• kind.
1~~1 It~•li•asu• ur oth~~nci:~• d~•al ~ai1h :u»• {~ro~N•rly. m:~l or ~K•rti~~~e:il..t~~•urink thf• ind~•hti~dn~~~s. ~n~•ludinl; :~II i~r:~n~• ~-:~rt
o( thi~ ~1ortRa~;~•d Pru~n•rl}•. _
IK. Anv :~kn•~•~n~•nt hF~matt~~r m:~d~• L~• \1~~rt~;a~;ur :~nd \1~~rly::~;;~•~• ~rursu:~i~t ti~ !h~~ murt~::~ke• ~hnll Ir• ~u~N~nor t~~ thf•
ri~;htti ot th~~ hnldt~r u( nny inten~•nin~; lii•n or ~m~•umhran~•~•.
14. A1urIKaK~ir hrmbv ~~:u~~~. all rik:ht ~~( hnmt•~ti•:id rx~•m~~huu. ~f :im•. ~n th~• \turt~;:~k~til Pru~r•r~y-
_~1). In th~ ~•~~~nt ul rundi~-nn:~ti~~n ~~r~N~w~clink. uf (h~• \1ortK:~Kf'~1 1'ru~n•rt~•. th~~ :~w:~rd ur ~-o~n;N•n~:~tiun ~r.~yabl~• Ihrn•-
unde~r i: hen•by .~stii~;rnyl to and ~hall IK• p:ud to ~1~~rtkakiti~. ~lurtkaRi~~•;hall tk• und~•r nn obliKatiun tuyu~•stiun th~•:~muunt
nf an~~ vu~•h aw:+rc1 ur ~•om~N~n.:~tiun ::~~d rn:~~~ :~~v•~•pt fh~~ .:unc• in thF• :unuunl in .+hi~•h th~ vun~• sh:~ll iK• ~r.ud. ln :~nt• ~u~•h
~•i~ndi~~nnatiun pro~•~•~•dink., ~lorlk:~~;e~~ m,~}• IN• ny~n•u•nt~•~I L~• ~~.un.~•1 s~•li•~•uY1 h~• 11~~rtKa~~K•. '1'hc• ~~r~N-tn-ds ~~( anc aw:~rd
ur rom~M~ns:Uiun M~ rc•~•~~i~iyl sh:~ll. at thf~ o~~tion ~d 11~~rtt;:~K~•t~. ~•itht~r IK• :~E~~~licxl to the pn•~r.~~•mi~nt ut th~~ Nutt• and at Ihr
ral~~ ut int~~n•st pror~d~•d Iht•r~•i~i. n•;;:u~U~•~s ut th~• r.il~• ~~1 inti•n•tit }~:+yahl~• un th~• :~Hard h~~ Ii:c• ~•ondemn~nk :iuthur~t~•, nr :~t
th~~ n{Nion uf ~1ort~;a~;ir~. ~u~•h aw:ud shull IN• ~~.ii~1 oc~•r h~ ~lurtk:~~;ur I~~r n•~tur.~ti~m uf th~~ \li~rtkakecl ~'ru{N•rt}~.
21. It ~turt~;:~~;i•~•. ~~ursu:lO1 11~ 7 ~'~~IItiIRI/'~iti/l (o:~n :~~;n•~•m~~nt nr iuan ~•oin~n~l~n~~nt ~nadc• Iry :1i~~rt~;:~~;er w~~th ~turtk:~kur.
:~kriY•s t~~ tnak~ ~•onslro~•Iiur~ lu:~n ad~.in~-i•s up t~~ th~• prin~•~Er:d :nn:n~nt u( thc• \oti•. thi•n ~1:~rtKaKor ht•mhy ~~o~~f•n:~nts th:it it
NiN i•u~u~~ly with :~U al thi• lrnn., ~~ru~i.i„ns :u~d i•u~r~rmis ~~I ~:~id ~•ut~.~ru~~hon I~~:~u :~knY•ment or lu:+n runttt~~tmt~nt. ~'~I)
dilit;~~nUt• ~•un~truct th~• impro~~•m~vits t~~ Ih• hu~lt ~~ur~u:~nt tu th~• t~•rms th~~n~~(. all of th~• tt•rm; Ih~~mof ..•hi~~h :~n• in-
~-~ir~Nir:~t~•d ht•n•~n by rrlrn•m•~• :i, thuu~;h .~•t t~rrth lulh• h~~m~n :~nd «il{ ~x~rmrt n~~ d~•laultc tu ~~~~~•ur Ihe~mundi~r :~nd ii :~ d~..
lault sh:~ll ~N•~•ur th~•n•un~l~•r. it shall cutishtutt~ :~ d~•f:~ult ~~nd~•r ihi.r- ~1ort~;a~;~~ :~n~t th~~ :~~rti•.
'L''. At the u~~ti~~n o( ~t~irt~:~~~•~•, ~lnrtk:~~i~r sh:ill pr~~~id~• \1~~rtn:~KeY• ~cith ~K•ri~xli~• ~•~•rtiti~•d nudit~Yl .t:~trm~•nts ~~f th~•
fin:in~~i:~l ~'~~ndttinn ~~f ~lurtk:iRor
'_':{. \1nrt~:~;;~~r mpr~•s~•nt. :~nd ~~:ur:nit. that ~t :~ ~-or~N~r.it~~~n, it is d~dt• nrkan~z~•d nnd ~a1~~11y ~•xist~nK. ~re K~NK1 ~tand-
in~; und~•r th~~ Li~. ~d Ih~~ st:~t~• ~d tt, in~~nr~N~rati~~n. h:~. st~N•k nutst:indinK Kh~~•h ha~ tw~t•n duh• :~nd ~:~I~dly i~.u~•d. :~nd ~.
qu:dif~~Y1 to d~~ hutiim•:. :~nd ~~ ~n y;~:~K1 st:~ndink in Ihi~ tit:itr u( Flnrida. with (ul) ~Nnver and aulhurity to r~~nsumm:~t~~ the•
lu:~n ~•uni~•m~~l:~t~~d h~~mhy: and. ~f a partn~•nh~p, it i. duh• tunn~~l :~nd ~:~I~dh~ ~•xistin~;, and is (~dly yu:~~~r~~tii ~~~ d~~ I•u~~n~•"
in th~~ tit:~ti~ ul M'lond:l_ N1~F1 IUU ~NIWPr :ind :~Whorily t~~ r~~nsumm:~t~ Ih~~ lu:~n i•unt~•mt~lat~Ki h.•mlry.
'L•t. In th~~ t•~~~•nt :~ny on~~ ur ~n~~m u( th~• pn~~~.iuns +•~~nt:iir.~~d ~n this ~tort~;:~k~• ur in thc• 1ut~~ shall for :iny m:~M~n
!K• h~•Id to Ix• im:ilid. iUi•~;:~I ~~r wirn(~~r~•~•:~hl~~ in any n•.~n•~•t. su~•h inc:didify. illr,ality ur unc•n(on~e:~hlity .hall. :~t th~~
ii~~tu~n ni thi• \1ortK:~K~y~. n~~t all~•~~t :~ny uthi•r ~~r~~~~;i~~ns ni Ihiti ~1or1K~~K~'. hut this tiurtti:~};i• sh:ill IK• ~•onslrutYl as ~( .u~•h
~m:~l~d. ~II~•~;:J or unc•nt~~n~i•:~l~1~• prutii.ion ha~l n~~~~•r IK•i•n ~•~rnl:nn~•d h~~n~~n or thrn•in. The tutal int~~rest ~~:~yaLl~~ ~~ur5iiant
t~~ thi~ \ut~~ nr this \1urt~;ak~~ sh:~l) not in :nn ~~n~• ~v~.ir ~•~~~~~~~~1 Ihi~ hikhr;l l:~~atul r.~le~ n- inl~ri•.t in Ihe Stat~• ~~( Fl~~nda-
•~:~. '1'he~ ro~~•nantti :~nd :~~m~•tn~mts hi~n•in i•unt:~uiwl ~h:~ll hind :uul thi• IK•ni•1~1. aml adc:~nt:~Re~s sh:~ll inura• to th~~
r~•,~H~~•I~c~~ h~~irs. ~~xei•utor., :~dr.iini.tr:~tnrs. ~u~•~~i•s,~~rs, :~nd :~;~iKn. ~~t thi• partu~s h~~mlu. «'h~•m~~•r uscY1. the sinKul:~r
n~nnlK•r .h:dl ~n~•lud~• th~~ ~rh~ral. thf~ ~~lural fhi• ti~n~uL~r. :~n~l thr u~.• ui :~n~ e;i•ndc•r ~h:~ll la~ :q-plic:~bl~• to all ~;enders_ All
~•m~•n:~nlti, aKn~mu•nts and und~~rt:~kin~;s .h:Jl Ire j~~~nt and w•~-i~nl In th~• ~~~~•nt :~d~l~ti~~nal r-umix•rtKl r~~~~•nants or para-
~r.~phs :~m for ~~~m~eni~•n~•.• inx•rt~~d :n this ~1urt~;a~;e. ~u~•h :~~i~i~~~~,~,:~1 ~ u~~•nantc :hall Ix• n•r~d :~nd K~~~•n e((c~•t a~ thouRh
(ollowinK th:s coc~•n:~nt m ~•onsecuti~r• r~r~1~•r.
26. Mortgagor shall first obtain che written consent of mortgaqee prior to the
conveyance of the Mortgaged Property to a 3t~hird party. It is specifically understood
that failure to obtain such written consent of mortgagee, which consent may be granted
or withheld at the sole discre~ion of Mortgagee, shall constitute z defaalt hereunder.
.~ ~`~~~9 ~,6~.~7~~ ~ w w