HomeMy WebLinkAbout0610:~pply au~•h mnta, iu.~u~~x und protits received hy il on the indebtedness secured hereby i~ such onfer as Mortg:iKee deter-
minra. 7'he ~ight lo ent~r a~nd tukN ~-oseu~iun ot the Mortgugecl Yro~~erty. to mune~Ke und o~mn~te the ~mP, and to collecl
the renta, isaues u~d pn,tits therreof, whethe~ by n rc~~eiver or otherwise, ahuU I~e rumulutive to uny other right or rem~dy
hereunder or at(orded by I~w, and may be e:emised roncurtrnUy therewilh or inde~~cndenQy themof. Mortgagee ahull
I~e liuble ~O AlY'OUII~ only tor such rr~ts, l89U@8 AOd N~'O~IlB Actuedly ~•rived !~y Mortguqee.
14. It the indebtc~fness ae~•urrd he~mhy is now or hen~fte~ (urthrr secured by cluittel moriquges, se~•urity interests,
tinan~•ing stutements, pledgee, contrncts of gunr.~nly. usxignments of leasea, or other securities, or if the MoKgAged Pro-
{x riy hereby e~cumbered ~~onsists o( more thun one {k~nrl o( n:d pro~ierty, Mortgagee may at ib option exhuuat any one
or nwre ot suid aecuritius und security hereunder, o~ su~•h ~~:ucels ot lhc security hereunder, aither co~~vrrently or inde-
{~endenlly, ~ind in~auch order a~ i! muy determine.
are obligatory or to be mi~de s~t the option ot MoHgngee, or otherwisc, us are tnade withi~ twenty (20) years ~tc
hereo(. to the same extrnt ua if such tutum t~dvances were made un the dnte ot the execution of ortgage, I~ut su~•h
seeured indebtedness xlwl) not exceed n! nny time the m:~ximum princi~x~l nmount ~A
plus intenwt, and any diaFwrsements rru~de (or the {x~ymenl o( taxes, levies un+nce, on the Mortgaged Yro~xrty, (vith
intemsl on such disnursementa. Any such fulurn adv~ni~rs, whet g~tory or to !~ made :~t the option of the hlortgag .
or otherwise, m:~y be m•rde eilhe~ prior to or a(ler th ute of the Note or uny other notrs secored t~y this Mortgag .
This 111ortguge is given tor lhe s{xritic pu src~uring nny and all indeMednexs by the Mortg.~gor to Mortgagee Ibut
i~ no event sh:ill the secured in eas e:cei.~d at any time the m:~ximum prinei~wl amount set forth in lhip {~:~n~Rnq>h) in
v-lwtever manner th~ ~ edness may t~e evidenced or represente~el, until this Mortqage is s:dis(ied ot record. All coven-
ants und • enls cont~inecl in this MortguKe shall t~e :~pplirable to :~11 further :~dv:~ni•i~s made by Mortg:~gee to
16. No delay by 111ortgagre in exen•ising any right or remecly hemuoder, or otherwise aftorded by law, shull o~~erate
as a waiver fhereof or preclude the e:erciae themuf during lhe ~•un/inuance ot any detault hemunder. No waiver by
Mortgagee of any de(uult shal) constitute A waiver of or conaenl tu sulr.x~yueM detuulls. No tuiluru of Morigagee to exen•isP
i~ny option herein gi~~en to ~ccelers~te maturity o( Ihe debt hereby secured, no tortmnr.m~r by Mortg:~gee be(are or after thr
exen•ise of such option and no withdrnwail ur atwndonment ot (onr•losure proci~e.ding by Morigagee shall be taken or i•on-
strued as a wai~~er of ita right to exerciae sueh option or to Ai•celer.de the maturity of the deM hereby ~•ured by mason o(
uny ~wst, present or futurc default on the {x~rt ot MortgaRor: :~nd, in like m:~nncr, the procurement ot insuramr or Ihe ~-:~y-
ment of taxes or other liens or ~•hargea by 111ortgax~r shall not 1~ ta~kt•n ur ~Y~nstruecf :~s a wai~•er of its riRM to ainrler.~te
lhe nudurity ot the debt hrreby u~•u~rd.
17_ Without atfecting the liability ot MoNgugur or :~ny other ~-erwn lexcrpt any ~~erson expn~ly rele:ise+f in v-ritingl
for ~-ayment ot any indet-tednrx- secured hemby or tor ~~erform:~nce of a~ny obligation contain~d herein, and without attect-
ing the rights o! 111ortgagee with res~x~•t to tiny security not expressly rcle:~sed in NritinR, MortRxRee miry, al any time and
tmm time to time, either IMtorn or after the maturity of s:~id note, and withoul noti~~e or consent:
la) Nelcase any ~K•rsun liat-1e for ~~:~yment o( all or any ~kirt of the indebl~~ln~ws or for ~wrformance o( any obligation.
(bl Make any u~rermenl extending the time or otherwise altering lhe lernu o( ~-:iyment o( all or any {u~tt o( lhe
indebtcvlnrss, or modi(ying or w:~ivinR any ot-IiR:~lion, or sulnrclinatinR, mocii(yinR or otherwise deaGng with lhe lien or
~h:irgt~ hereof.
~ Ic- F.xen•iRe or re(r.~in trom exerc•ising or wai~•~• any riRht MortR:~Re~s• may have.
r ldl Accept additi~,nal scY•urily of any kind.
Ie! Relcase or otherwise de;d w•iih any pro~~eriy, mal or ~~ersonal, scK•uring the indebtcvlness, ini•IudinR all or any ~~:~rt
o( the Morlgaged Proj~erty.
1R. Any agrrement here:dtcr m:~de by Mor1K:~Kur :~nd MortRaKre pursu:~nt to this mortKaK~ sh:ill F~ su~x•rior to th~•
riKhtR ot the holder ot any inten~eninR lien or encumbr.~n~r.
19_ MorlgaRor hrrehy w:ii~•es all riKht ut hnmest~~ad ~•xemption. if :~ny. in thr AtortgaK~Kl 1'ro~x~rty.
'LO. In lhe e~enl o( ~~ondemnation pr«•trdings of Ihe 111ortgaRE~cl Yn,~K~rly, the award ur iwm{~ens:~tiun ~-:~y:~i-le lhcre-
under is heml-y assiqnec! to and shall t-e ~~:~id to AturtKagce. Alorigagee shull t~e under no obligation t~- question the amount
of any such award or c~om~mnsalion aud m:~y ac~rpt the c:~me in lhe am~~unt in which fhe same shal) be ~~:~id. In any such
~-ondemnalion pr~x•ee~ings, ]11ortRaRcr m:ry t-c~ n~prt~c~nl~d Iy counu~l selw•ttd by 111orlRagee. The prrx•eeds ~~( any aw•ard
or com~~nsation so received shall, :it the option ot MortRagee, either I~e applied to lhe pre~~ymenl of the Note and at the
rate ot inferest pro~ided therein, rrK:udless o( the r.~t~• ot int~•nwt ~-ayable on the :~ward by the condemninR authority. or at
the option o( MortRaKee, such awarcl shall tw ~r.~id m~E~r fn AtortKaRor tc-r mstor.~tion of Ihe 111ortgaged Pro~WHy_
21. I( Morlg:~Kee, pur~u:int to a~•onstruclion lu:~n aKrtti•rnent or lo.ui commitm~nt made by AtortKaRre w•ith AtorlRaRor,
:+Rrees to m:ike i~nstru~•lion lo:in :~d~:~ni•c~s up to thN prin~•ipal ~mount of the Note, then btortgagor hernby i~u~rnants that it
will comply with all o( the terms, pnn•ision~c and c~n~enanlx o( s:~id ~•onstru~•tion lo:in agreement or lo:in ~•ommitment, will
diliRently construct th~~ improvements to tM built pursuant to the~ 1~~rms thereo(, all ot the terms thereof w•hich are in-
~•or~wr.il~~d herein by m(eren~•e :~s thouKh u t torth lully hrmin and v~•ill ~iermit no de(:~ults to «•~•ur Ihereundi•r :~nd it :+ de-
(:iult shall ~•cur thereunder, it shall constitute sl di•(ault under this ;11or1K:iRe and the Nute.
'l2. At the option o( 111ortQaKtr, A1ort~;aRor ~hall prucide MortKaQEr with ~~eri~Kiic ~•Prtitied auditcd statcmrnls of thr
(inanc•ial rnndition nf MortRaRor.
'l3. ~tortRaKur re•pms~•nls and w~arranls th:A i( n~•oryx~r.~tion, it is rluly orKanizeYl and validly i•xiating. in Ruod stand-
inK under th~~ laws n( the stat~~ o( its in~•nr~x-r.~tion, h:~s sl~«•k out~tandinR w~hi~•h has Ixrn duly and ~•alidly issui~l, and is
yualified tti do busine~ :md is in R~~1 standin~ in the State of F lorida, w•ith full ~x~wer and authority to conxummale the
I~~:in ~•ontempl:ded hrrehy: and. i( a~~:~rtnershi~~, it is duly form~Yl a~nd calidh~ existinR, ar-d iy fully qualified tu do busincws
in the State of Flond:i: with full ~w~ser and :wth~irity t.- ~•unsummate the loan contemplatc~l hereby.
24. In the evrnt any one or m~,re ot !he pru~isions c-ontain~~rl in this MortRaRe or in the Note shall for ahy reason
f~c• held tn 1~ inv:did, i1leRal or une~forceable in :~ny res~-cY•t, sueh im~alidity, i1leFality or unen(on-eat~lity ahall, al th~
~,~,~~~r~ ~r ~he \1urtKaRre. not at(~rt any other pmci.ions ~-f this \1or1R:iKe, trut this AiortRage shull he construed as if such
inv:~lid, illcKal or unen(on•~:~hl~• pro~ision had ne~~•r I~Y~n ~ti-Mained herrin or themin. The total interest (wyable purauanl
Io lhe Note or this MorlRaRe ahall nut in :~m• unc• y~~ar ~•xr~Y~l the hiKhest law•ful r.de o! interc~t in the Slate of Florida.
'l5. The coven:~nts :~nd :~Kree~nents hc•rein ~•ont:iineYl sh:~l) I~ind :~nd lhe I-enc(ils :~nd :~dvanfages ahall inum to lhe
rrs~xydi~n c~irs. exe~vton. :~dminixlr.ilorv. suc~•E~w,n, :u~d assiR~w of the partic~ h~rcdo. ~t'hemver used, the singular
numlKr :chall include the plural, the ~rlur.~l thi• sin~;ul:~r, :ind ehe uw• u( any Render shnll he :~ppli~•ahle to all genders. All
i~~n~en~nl~s, aqmementa .~nd undi~rtakinqA shall f~e joint and ~a~~~er.iL In the ~~•en! additional numF-ered covenants or para-
graphs are for cunveme•nc•e inserted in this AlortguRe, sw~h addition:~l ~•ovenants ~hall 1-e read and Qicen e(tcrt as though
(ollowing this co~•en:~nt in consecuti~~e nrd~r
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