HomeMy WebLinkAbout1523upply sui•h rents, isxues~ and protits mcei~•ed hy il on the indebledneas sec•u~ed herehy io'auFh orcfer a~ M}orlRagee deter
minra. The right to enter ~nd t~ke ~wssessiion ot the MortBaeed Yro~~erty, to mannge and operate the s:ime, a~d to ~•o11ec1
the rrnts, issues mui protits thereof, whether by a teceiver or otherwixe, ahall t-e cumulAtive to aoy other right or remecly
hereunde~ or atforded by Is-w, and may i~e exetciaed rnncurre~Uy therewilh or ~ndependently ihrrruf. Murtg.igee shall
be liable to accouot ot-ly tot such tr~ts, issues und prntits ~ctuully re+~ei~~ed by Morigugee.
14. 1t the indebtednrsa src•ured hereby ia now or hernafter turther secured by chattel morlgages, security interests.
(itwncing statemenls, µledges, c~ootracts ot gaarunty, .~signments of leases, or other aecurities, or i( lhe Morlguged Yro•
~~erty hemby encumbered ronsisls ot more than one {~n~el o( real property, Mortgagee muy Ul its optiu~ rxhuust any unc
or more of said securitiea i~nd aecurity hereunder, or such ~k~rcels o( the security hereunder, either conrurrenNy or inde-
pendenlly, and in such order as it may delermine,
15. This MoHgage shall secure not only existing indebtedness, but utso such future advan~~es, whether such .~dv.~nces
are obligatory or to be mude at tl~e option ot 1lfortgagee, or otherwise, As are made within twenty (20) yea~s trom the d:~te
hrreot, to the same estent as it such tuture adv~nces werr made on the date ot the execution ot this MoriRage, 1-ut surh
secund indebtedness shall nol eac~eed at any time the nuiximum principnl amount o( = N/A
plus inlerest, and any disbursements made (or the payment oi t:~xc3, le~•ies, or insur.-nce, on the Mortgagrd Property, with
interest on such distwrsements. Any such futur~e s~dvancrs, N~hether obligatory or to be made al the option ot the Mortgagee.
or otherwise, may be made either priot to or a(ler the due dale of lhe Note or any other notes secured by this MoHgage.
Thia l1lortgage is gi~rn tor the s{xrilic purpose ot securing any and all indebtednesa by thp 1Norlgagor to MoHgagee ( but
in no event s1w11 the secured indebtedness exceed ai any time the maximum princi~-ul ~imuunt set torih in this ~~ar.~R~~l~h- in
w!-:wte~•er manner this indebtedness m:iy t,e e~~idenced or represented, until this 111ortguge is sdisfied ot rc~nni. All coven-
:ints :,tu1 agrerments coniaincrl in this illortgaRe shal! hr zp{~lic::l~le !o all (urthp~ advanirs m:~de hy MortgaRee to
1~lortgagor under this [ulum advancP ~•lause. `
16. Na del:~y by rioNg~gee in exercising any right or remcdy hereunder, or othervviae attorded by law, sh:ill o{~erale
as a wai~•er thereof or preclude Ihe e:ercise thereo( during the continuance o( any default hereuoder. No w~aiver 1-y
illortgagee of any default shall ronstitute a wai~~er ot ot con.sent lo subsequent detaults. No (ailure of Mortgagee to exercise
any option herein given to accelente maturity ot the debt hereby scrvrcvl, no (orhear.ini~e by Mortgagee he(orn or after the
e:en•ise of such option and ~o withdrawal or al-~ndonment of (orec•Iwure pra-eeding by l~tortgagee shaU fre taken or c~on-
strued as a waiver ot ita right to e:ercise such option or to nccelerate the m•+turity oi !he deM hemby secureel by teason ot
any past, present or tuture de(ault on Ihe ~>art ot 1lfortgagor, and, in like manner, the pra•urement of insur.~n~r or the {~y-
ment o( taxes or other liens ot cha~rges by rlortgaRee shall not IM taken or construed .~s .~ wai~•er of its riRht to ai•~rler.~te
the maturity o( the debt herrby sc~~ured.
17. Without a(tecting the liat-ility ot Mortgagor or :~ny other person lexcept any {-erson eYpressly rele:~sed in ~+•ritingl
(or payment ut any indebtednrs4 secured hernby ur (or ~-erformam~e o( any obligation contained hemin, :+nd without a!(cr!-
ing the rights o[ lltortgagee with res{~•t to any scti•urity not eY~iressly released in vrriting, 1~lortgaRee may, at :~ny time and
(rom time to time, either before or aftcr the maturity of said nole, :md w•ithout nuti~~e or consent:
(ai iteiease any ~~erson Iiab1P (o~ ~k~yment r~t all or any ~~art of the indet-tedness or for ~x~r(orm:~nre of any obliRation.
Ib1 I11ake any .iRreement eYtending the time or otherK•ise altering ihe tern~s of payment of all or any ~~art o( the
indehtedness, or madifyin~ or v-aivinR :~ny obliR:dion, or suhordinatinR, m~ityi~g or othervvise dealing with the lien or
.•h:~rgP hereof.
fc! F.:errise or refr.~in irom exen•ising or w:~i~•e any riRht ;lfort~:~Rc~ may h:~v.~.
1d1 Aicept additional security ot any kind.
~e) Kelease or othervvisc deal vrith .~ny property, ma) or persorwl, se~•urinR the indebtedness, includinR all or ~n~ ~w~rt
of the 11lortgaged Property.
IS. Any aRreement here:~fter made by ~tort~a~nr and 111ortRa~ee pursuant M this mortRaRe shall Ix~ su~~erinr to the
riRhts of the hotder o( :~ny intenrninK lien or encumbr.~nm_
19. Morigagor hrreby w~aives al) riAht ~t homestead rxemption, i( any, in thP 1~1ortK:iRed Yroperty
20. In the event of condemnation pra•crdings of the Alortgaged Pm~xrty, the award or i•om~~enwtion ~k-~yable there-
under is hereby assiRned to and shall t-e {~id to 1lorigagee. lllortg:~gee shall be under no obligation to question the amuunt
o( any such award or i-ompensation and m:ry ae~rpt ihe same in the amounf in wh'sch the sime shafl t-e ~~aid_ tn any such
~•ondemnation pra-eedings, !11ortRa~ee may t-e rPprrsentcYl try coun~l selec•ted by 11nrtR:~gee. The prcx•ecYls of any a~•:~rd
or ~ompens:ition so recrived shaN, at the option ut MorlRc~gee, either be applied to lhe prepayment of the 1Vote and at thr
rate ot inierest pmcided therein, rnRardlcss ot the r.~te ot interest payablr on the award by the ~•ondemning .~uthority, or at
the option of lfortQaRee, such asv:~rd shall Ix• {-aid o~•Pr t~, \1urtKagor tur rc~toration of the 1~IortR:~Rcd Pro~-erty.
21. 1( 11orIRaKee. pursuant to a~•onstrurtiun lu:~n aKn~ement or lam commitment m:ide by 1~1ortRaRee with :~1ort~aRor.
:iRrees lo m:ike construction (~~:~n :~d~ances up to the prinri~kil amount of the Notr, then 1~tortgaRor hereby c~ovetwnts that it
w•ill romply ~+ith all of the terms, pro~~~sionti and i•o~~eo:~nts u( s:+id s'onstru~•tion lo:~n aRrrement or lain commitment, will
diliKently construct the impro~•ements to he built pursu.int to the terms themot, all of the terms thereof v-hi~•h are in-
corporated herein by retrrence as thouRh srt (orth lully herein and will permil no de(ciults to oc~-ur themunder and it a de-
(ault sh:ill oc-~•ur thereunder, it sh.~ll constitute a det.~ult under this AtoriQaRe and the Note.
72. A1 the option of \tortRaRer. 11ortRaQor shall prm•ide ltortgaRee w'ith {-eri~xlir c•erti(i~d audit~l statements of the
(inan~•i:d rnndition of T1orIRaRor.
'L3. rlortK:iKor repre~nts ::nd warr.~nts th:~t d:~ ~-or-x~ration, it is duh orKanized and ~:ilidly existinR. in Roocf stand-
in~ under the laws oi the stat~~ of its inror~x~r.ition. has stoc•k outstandenR whirh h:is been duly :~nd ~:~I~dly is5ucY1, :~nd is
ryu.+litied to do business and is in K~wd s4~nding in the State of Florida, with (ull ~wwer and authority b~~onsummate thc~
Icxin contemplated hrmi~y; and, it a ~xirtnersh~l~, it is duly tormcd and ~•alidly existinR, and is tully quafified to do businecs
in the State of Florida: ~+~ith tull ~wwer and aulhority to c•onsummate the toan contemplated hereby.
'24. In thr e~_rnt ~oy one or more ot the pro~isiuns i~ont.~ined in this 111orlgage or in the Note shall for any reason
t~ held to t~e imalid, illeRa) or unenforceable in any ms~-e~•t. surh in~alidity, ille~alily or unen(orce:~blity shaU, at the
upt~on of the ~tort~aKee, not affect any other pm~•isions nf thig A1ortRaRe, but this MortgaRe shall be constnieci as i( sui•h
in.:did. iIl~Ral or unenton•eable pro~~ision ti:id ne~t•r I~ee•n .•ontaincd herein or themin. The total interest {~yable pur~uant
to the tiole or this 11ortK~Qe sha1) not in any one ~•~~ar ex~•.~~I the hiQhest tav-~ful rale of interest in the State of Florida.
'Lb_ The co~en:~nts and agrc~ments herein ~•ont:~ine~i shall hind and the 1~enetits and ad~~antaRes ahail inure to the
res{~ ti~~e heirs. exe~~utors, administrators, su~~~-c~s.wrs, and :~s~tiiKns of the E~:~rties herrto. Where~~er used, fhe singular
numf~er sh:~ll in~lude the plur.+l, the plura) thr sinxul.ir. :~nd the use of any Kender shall he a{-~~li!•able fo all Rende~s_ All
co-•enants, ugreements and unclertakings shall 1-e juint and se~•eral. In the e~•ent addition:d numbered co~•enants or para-
qraphs are for com~en~ence inserted in this 11ortRa~e, such additional ro~~enants sh:ill be read and Ri~•en effect as though
following this ca~enant ro c-onseeuti~~e order
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Btl7K 350 ~AG~ 1522