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,iit,wn in such ~ta?ru?ri?is. Muit~a~u~ ahaii i~erp arai rtaintain a fufl and , Rt~rtga~c ma~ itave under thi~ mo~e os u~er larrs~ol' Florida. •
accurate set of books and records showing all tht matten above The receipt and appUcadon by Mortgagee of such income pursuant ;
,pecified, a~d shall permit Mortgagee at any ame to inspect and audit all hereto, shall not cure any breach or default, r?or atiect any proceeding ~
~turtgagor's Dooks of account, records, and papers relaung to any o! the insututed by reason thereot. Gut such income. less all costs of operatlon
!oregoing mauers. In the evenc any such audit is caused to be made b~~ and maintenance, when received h~• Mortgagee, shall be applied in
4iongagee by reason of the failure of ~lortgagor to comply with an~ o[ rectuctio~ ot the enure indebtedness (rom Ume to time secured hereby.
the foregoing provisions. then Mortgagor shall pay to MoRgagee upon Mortgagor shall not in any manner obsauct or interferc with any of
tle~nand all expenses incurn,d by Mortgagee in connection with s~ch Mortgagee's ~ights under this Paragraph 16. in the event I~Songagee acts
.~udu. under the provisions of this Paragraph 16. Mortgagor shall pay a service
charge in an amount equal to five percent (5%) ot all income collected by
None of the provisions of this Paragraph 11 shall De applicable so Mortgagee.
inng as the property ~s residential m naturP and designed tor occ~pancy
t~~ le•ss ~han five (S) families. 17. Upon request of MoRgagor. Mortgagee may. at ics sole opdon.
i.nm limp fn •imo Ti{[P ~~~h~Tr 1flVdn(`P9 fn ~nft4:1Q(1Y' OTOV~fd.
I 2. DAMAGE TO OR CON DEMNATION OF PROPERTY. Any award of however, that such advances are made within twenty (20) years from the
~iamages or compensation [or iniury to. or in connection with any date hereo[ and that the total principal secured hereby and remaiNng
~ ondemnation for public use of the properry or any part thereof, or any unpaid, includiryZ any.such advances. shali not at any time exceed the
proceeds of any setUement with respect to a condemnauon whether or aggregate outstanding principal sum o[ f 0.00 plus any
~~ot em~nent domain proceedings have been institu[ed, shall be and is ciisbursements made by Mortgagee for the payment of taxes, levies, or
hereby assigned by Mortgagor and shall be paid to Mortgagee, who may insurance on the Mortgaged Property, rvith interest on such disbwse-
appiy, use or release the amount thereoi in the same manner as in ments at the default rate provided in promissory nae secured hereby.
Paragraph 2 provided for the proceeds ot fire or other insurance. Mortgagor shalt executP and deliver to Mortgagee a note evfde~cing
each and every such future advance which Mortgagee may make, and
I 3. MORTGAGEE'S CONSENT REQUIRED. Mortgagee may declare all . such documents as Mortgagee may require to retlect that such note is
sums secured hereby immediately due and payable within 30 days after secured hereby. Mortgagor shall pay all such future advances with
su~ h deciaration except as expressly limited by law, if Mortgagoi, interest provided therefot, and the samP. and each note evidencing the
~.:::i~out :~iorigagee's priur w:itten cunsent (ay sells, conreys, cantracts same. shall be secured hereby. All pro~isions of this Mortgage shall
to s~ll, alienates or further encumbers all or any part of the property, or apply to each ivture advance as well as to ali oJirr iikiebte~ine~s
~b? leases all or any part of the praperty [or a term, together with all secured hereby. Nothing herein conwined shall obligate Mortgagee to
exercisable options, of S years or more; or (c) suffers the tide or any make any such future advances. The word "MortgagoY' as used i~ this
~nterest in the secured property to be divested, whether volunwrily or paragraph, includes any successor in ownership of the Mortgaged -
involun[arily: or (d) changes or permits to be changed the character or Property or any part thereo[. The word "Mongagee" as used in this
use of the property: or (e) is a partnership and any of the general paragraph includes any assignee of Mortgagee.
}~nners' interests are transferred or assigned, wfiether voluntarily or
im oluntanly: or is a corporation with tew•er than 100 stockholders at I8. FEES. Mortgagor shali pay to Morigagee the manimum amount as
che date o[ execution of this Mortgag~ and more than 10% of its capital may trom time to dme be permittPd by lav?• for fumishing in connection ;
stoc k is sold. aransierred or assigned duriiig a 12-month period. with the obligations secured hereby, each swtement pursuant to any <
statute ~at the time then in force. Additionally, Mortgagor shall pay
14 NO WAIVER. Mortgagee by accepcing payment of any sum Mortgagee's fees, charges and expenses for any other statement i
secured hereby after its due date, or by mal.ing payment or taking any information or services fumished by Mort~tagee in connection with the
action which. under the provisions hereof Mortgagee is enaded but not obligadons secured hereby. Said services may include, but shall not be ~
obligated to make or take, or by forbearing from enforcing any of its limited to. the processing by Mortgagee. of assumptions. substitutions. ~
nghts. shall not be deemed to have waiveci its right to require payment modifications, extensions, renewals, subordinadons. rescissions. ~
from or action by Mortgagor and to declare a defauit for Mortgagor's changes of owner. the processing of, or joinder in the execution of. any i
iSii:S:e rodo sa. map.platsurveyorotherinsarumentaffectingordescribingtheproQerty _
~including all recording costs), recordarion of map. plat or record of
In the event Mortgagee should expressly waive any rights under any survey, grants M easemenu, and full and partial releases. and the ;
provisioas d this Mortgage, such waiver shall no[ be deemed a waiver of obtaining by Mortgagee of any policies oi insurance pursuant to any of
any rigtus Mmtgagee may have subsequendy to require payrt?ent from the provisions contained in this MoRgage.
or action by Mort$agor and to declare a default for Mortgago~s failure to -
d~ 19. WAIVER OF STAME OF 1.IMITATIONS. Mortgagor hereby
waives, to the fultest extent permissible by law. the statute of
15. ASSIGNMENT. Mortgagor hereby assigns and transfers to Mort- limitatians as a defense to any demand or obligation secured by this
gagee during the continuance of this Mortgage, all rents. issues, profits. Mongage.
- royalties, toils, eamings and income of the property including those
` arising by reason of any oii. gas or mineral lease thereof, and all 20. GENERAL PROVISIONS
E installments of money payable pursuant to any contract of sale or lease
F relating to the property or any part thereot (hereinafter referred to A. The term ":ulortgagor" shall mean all parties executing this
col lectively as "income'~. together with the righ~ power and authority to Mongage as Mortgagor, their respective heirs, legatees, devisees.
k collect and Tetain all such income as it becomes due and payabfe. All administrators, executors, successors in interest and assigns, provided
~ income received by Mortgagee through the exercise of the foregoing that Mortgagee shall not 5e obligated to give any notice required
assignment. less all expenses (including reasonable attomeys' fees) hemundet to any Mortgagor other than as shown on the face page
~rcurred by Mortgagee in collecting such income shaU be applied by hereof.
titortgagee on any indebtedness secured by this Mortgage at such dme
and in the manner and amount as Mortgagee may determine. Without B. The term "Mortgagee" shail mean the owner and holder (Including
~ li~lung the generality of the foregoing. such application may include a pledgee) of the note secured hereby, whether or not named as
~ payment of periodic installments of principal and interest. or reduction mortgagee herein.
of th~ principal balance or reimburseme~t to Mortgagee as provided in
Paragraph e. The foregoing assignment is intended as an assignment to C. Every provision of the Mortgage imposing upon Mortgagor an
cake e[fect only upon a default by Mortgagor in any of Mortgagoi s obligadon to perform an act, or embodying an agreement by Mortgagor
ebligations under this Mongage, and Mortgagor accordingly reserves to pedorm an act shall be construed as obligating Mortgagor to pay all
the right, prior to any such defaul~ to collect and retain all such income costs and expenses relating thereto.
~ as it Decomes due anci payable.
~ D. In the event any provision hereof shall be declared invalid or
16. DEFAULT BY AtORTGAGOR. Upon default by Mortgagor in unenforceable through a final judgment in a court having competent
~ payment of any indebtedness secured, or in the pedorrr?ance of any jurisdiction, the validity or enforceability of any af the remaining terms
~~~~~atinn 'sm~osed upon Mortgagor. by this Mortgage. Mortgagee may. hereof shall not be thereby im~aired.
to the eztent permitted by law, without notice and without regard to the
adequacy of the security for the indebtedness secured hereby. either E. In this Mortgage, wherever the context so requires. the masculine
~ersonally or by attorney or agent. without bringing any action or gender includes the feminine and neuter, the singular number includes
j proceeding. without entering into possession of the property. or by the plural, and vice versa. and if more than one person is named as
receiver to be appointed by a court. (a) enter into possession anci hold. Mortgagor. the obligations of hlortgagor shall be the joint and several
' occupy, possess and enja~ the propert~~: Ib) make, cancel, enforce. obiigations of each person.
E maiify or terminate leases: (c? obtain and eject tenants ~d) set or modify
~ rents; (e) take receive and coilect all or any part of the rents. issues. F. The term "attomeYs fees' shall include a? costs, expenses and
~ p:olits. royalties, tolls. eam~ngs. income and instatlments (hereinafter attomeys fees inc~Tred pTior to the institu~on of any proceeding. during
; re(erred to collecuvely as "income") as ii becomes due and payable. the pendency thereof. and at afl levels of appral.
~ after paying such costs of maintenance and operation ot the property as
~t in its judgment may Aeem proper, tilortgagee may apply the balance G. Capuonsand paragraphheadingsusedhereinareforconvenience
~ :~~on [he entire indebtedness then secured hereby. The acceptance of ~ only and are not a part of this agreement and shall not be used in
~ ,uch income shall not constitute a w•ai~er of any other right which construing it.
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