HomeMy WebLinkAbout3000pnncipal anwunt oi ~QxQ~ryp}{~~{pOp~Q¢~ the Nmr, plu: 4t-Sptes( tAereon, and any d~sGursements maJe fut lhr pa~ mrnt of taxes, Ir~~es, ot
iniuran~~e, on the Nortgagrd Property, with interest on such dis~urs~nents. Any surh future adrancts, wt~athtr obligrtur~~ ur to be mrJe at the
uption of thr Mu;tgey~ee, or othrrwise, may be made rither prior to or after thc due date of the Note or ar.v other nutes securcd by this Nuitg~~.
7'his l-tortg3ge is g~ven for ihe spec~Gc purpusr uf srcuiing any arxi all indeb[edneis by the Moitgagur to Nurtgagee (but io no event shall the
~r.ured indzbt~iness exc~d at any time the m~imum prmcipal amuunt set furth in this paragraph) in whate~er manner this indebte.inrss may
br evidrnced ur tepresentrd, until this Mottgagt is satisfi:d o! tecutd. All rovenunls atK1 agrtrments contained in this Nutigsge shnU br applicable
tu aU lu~ther advances made by Mortgagre tu MortgsEtot urnier this fuwu .~dvance clause.
16. No dciay by Murtgagee in exerrising •rny right ur remerly hereundtt, or olherwue affurded by lavv, ihsll upr~ate as a wai~~er thrreuf
or preclude the exrr~isr thereof duting thr cuntinu;-nce of any default hereurxiet. No wai~~ec by Nortgagee of sny default shall cunsutute a wan'er
ut or runsent to sub~~~yuent deiaults. No C~lure of Nortaagee to exercise any option herein gi~•en to arcrlerate matui~ty of the debt hereby secur~Yi,
no forbe:tr~nee by bturtg:-gre befote or alter the exercise uf such option and no w~ithdtawal or rb;u~donm~nt uf foreclosure proceeding by Nort-
g,~~e shall be taken or ronstrued as a waivet of its rigin to exrn ~se such optiun or to a~celecate the mntutity of the debt heteby se: ured by teasun
of any psst, p~esent or future de[•rult op the part of ~lortg:+gor; and in like manner, thc pro:~urement of insurancc or the payment of taacs or uther
liens or charges by Nortgager +h~ll not t~e takan ot runstrued as a w~:uver of its ;ight to accrlerate thc maturity of the debt hereby ~ecuteei.
17. Withuut affccting the Gability uf \luttgagor or rny other persun lex~~ept any per~on rYptrssly releaxd in writir-g) for payment of any
i~xirbtetiinrss xcurrd hercby or for perfotmenre ot sny obligatiun cuntained herein, and wilhout 3ftecting the rights oC ~tortgagre W~ith respect to
any ~ecunty not rxpre,~ly releas~d in wnung, !lfoctgagre m:~y, at sny time ;-nd from teme tu time, either befure or aftet thr mawrity of said notc,
arni w~thout noticr or consenr.
I:+) Rrkax any person liabk for payment ol all ~r :u~y put of the indebtedness or for pecform;-nce of any obl~gation;
Ib) Nake any ~~rcemrnt extendm~ the time or otherw~:e altering the terms oC payment of rll or any part of the indebtednr~s, ur
m~tifil~ u~K ur H aiving any obl~~tiun, or subordinating, mcxi~fying ar othetwue drrling with the lien or rharge heteut;
(r) f:xrr«se ur ~elrain from exercisin~ or wr~ve any nxht Murtgrgee may have;
Id) Accept add~uunal secur~tp ot any kind; and
Ie1 Relea~e u~ utherNlsr dcal whh any pruperty, rral or pcrwnal, ~rcuring the ~ndcbtedness, in~luding all or any pxrt of the Murtgaged
Pruprrty.
I8. Any agreemrnt hcr~alte~ m:n1e by ~lung:~.ur :~nd ~turtgagee putsuanl to thi~ murtga~te shall be s~~pt rior tu the t~hts ot the hulder u(
any inten~ening 1len or epcwnbrence.
19. ~tortgagor hereby wa~vi~ ali nght of h~>mestead eximptiun, -f any, in the ~tortgagrd Properiy.
3U. In the e~~ent of condemnation prorrrdings of the biortg:~ed Psuperty, the award or compcnsatiun payable thereunder is her:hy ss~gned
to and shall be paid lo Murtg:~ee. ~tortgagee shall be under nu ybligatiun to question the amount of any such awacd or compensaticu~ and may
r~cept the jamr in th~ amount in which the same shall bc paid. In any such cundemn•ation proceedings, !-fortgagee may be represented by counsel
selec[rd b~• ~tor;gal;cY_ The proce~ds of any duard or rompensation so received stwll, at the uptiun of Mo~tgagee, eitFer be appiied to the prepay-
ment o; the Note rnd at the iatc of interest prov~ded therein, regardless of the rate of interest pryabk on the award by the condemning authoriry,
or 3t the opti~n of ~turtgag~e, surh r~ard sh~ll be paid uver tu Nurtgagor for restoration of the Mortgaged Property.
21. If ~tortg:~ee. punuant tu a constructiun luan agrerm~nt or loan commrtment made by Nort~:agre wrth Morty,agor, agrees to make con-
struction luan advances up to thc prinr~pal amount of the Note, thrn !1lottgagot hrrehy co~^en:tnts that it will comply with all of the te:ms, pro
v„ions and covtn~nts of said constructiun luan agreement or loan cumm~imrnt, w•~Il diligenUy construct the improrements to be built pursuant
to the te-ms thereof, all of thc terms thereof uh~ch are incorporated herein by reference as though set forth fully herein and will permit node-
Cauits to occur thereunder ~nd i( a default shall occur therrundet, rt sh;ill constitute a Jefrull under this ~lortgage and lhe Note.
23. At ih~ opuun of \turt~:afrr, ~turt~~gor shall pn~~~~de Mort~:~:re w~th penuciir rertdirJ audited stat~ments ol the operauons of and the
fin~nrial :ond~tiun of ~1ort~egor.
23. If a!1 or any put ~~f the Nortg:qted Property, or any mtrrest therem, is suld, cuncryrd, tr3nsfr~red ur furiher encumbrred by Mortgagvt
N7IFIOU( NOIIQ32Cl'f~S ~1flt)f N~tiltt(1 l'OIISCHI, CXl'IU131f1~'. (II 8 LI:fDS~t'I O~ (}IC !-1ort~~.~d ProQerty by mergcr or conso~dat~on of Mortgagor, if *fort-
g.~ur is a cor~naUon, wilh another rorpuraUOn having a net wo~th oC not less than thr net worth of Mottgagor, or lii) the gtant ot any lease-
hold interest in the ~tort~aeed Pro{~erty nof contaitung an opuon to purchase, w hich lease is made in the ordmary course of htoitgagoi s business,
thrn and in that e~rnt, ~tortgagee ma~' derlate all sums setured b}' ihic titorigagc to bc ~mmediately~ due and pa;~able. Mortgagee shall have waived
cuch option lo accelerate ~f, ptior to the sale. transfer or conveyance. Mortgagee and the person or enuty to w•hum the Mortgaged Property is to be
wld or transtured reach agreement in writing that the crrdit of such person or enut~• is satisCactory to Nortgagee and that ihe interest payabk on
the sum~ secured by this Afurtgage shall be at wch rate as Nort~a~cee shall reyur,t. If titortgagee has wai~~ed this option to accelerate as provided in
this Paragtaph, and ~f ~tortgagor's cuccessor in ~nterest hac executed a w ritten assumption agreement, accepted in w riUng by Mortgagee, Nortgagee
ch:ill releau ~tortgagor Crom all ubligations under this Mortgage and the hute_
?4. ~turtgagor reprc~rnt+ and w~~r~nts that ~f a rorpurahun, it u dul~' orgentzrd and ~a~dl~ e~tsung, m guod standing undet the laws of the
~tate ~~f ~t~ incurpuratiun, hes stuck ~~utstan3:ng w h~rh has been duly and ~aLdly ~swed,.and -s ~uafitird '.~ du business and u tn gcwd stand~ng. in
;he State of f lorida, u~th tuli pu~+er end authont~ to ionwmmrtr the I~an contemplatrd hereby; and, if a partnership, it is dulq formrd arn1
~aliJly e~tst~ng. ~nd ~c full~ yuaGf~rJ to du bus~pes~ in the Stete of Plot~da; w'ith full puwer and authori[}' to consummate the loan coniemplatrd
hcreby.
25. In the e~ent am ur~e ur rnure uf thc prov~siuns cunt,ur~ed in thts Nortg,~te ur in the !vote sh311 for an) r~ason be held to be ~malid,
~Ikgal or unenfurceable tn any r~sp~rt. suih ~malxl~ty, il1e~;aGt~ or unenfo~crabilit~ shall, at the uptiun of the ~1ott¢agec. not affect any Mher pro-
~~~.ions of thi~ Mort~aKe, but this \lortuaszr sh~ll br cunsttueJ as if ,uch im•aGd. illegal or unenfe~rcerble pto~ui~~n h~d necer Lrtn contained herein
or therein. Thc t~~tal interc,t payabte purs~rnt to the lvute or thic Nortg~ge shall not in any one }~eat e~cecd the highcst lawiul tate of ~nterest
~llvucd by the law' uf Ihe S[ate of F1uriJe.
26. The co~cnrnts and agrerments herein ~ontained shall bi~id end the benefits and aeivantages shall tnure to the tespect ~•e hei:s, e~ecutots.
adm~nis~retors, succrssors,•and :-ss~gns of the partics herrtu. Whcrever used, the singular numhxr shall include the plural, the plural the singular,
and the use of rny gender shall be applicabk to all genders. All covenants, agreemcnts and undenaking~ shall be joint : ~d se~eral In the event
adJtuonal numbered co~enants or para~raphs are for convenience iuserted in this Mortgage, such additional co~~enants shaU be read and given
effert as though follok ing this cuvennnt in consecuuve order.
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