HomeMy WebLinkAbout0677 ~ i ,~f L~ ~ "l
~,~Y~p arnl maiutain a full an~l arrur:ur ,~~t ~~f ixx~k, anc! riY~~ir.l., uf am~ uthcr ri~;ht ~chiih \furt~:~~;er ni.~~~ ha~r unil~i'i~i~'\1un~;a~;r
~i~u~~iit~ ail thr ni:uirr, alx~~c ,~xY'iGctil, :uul ,haU ~x•rmit \I~n~{:4;~ti ur un~lrr lhr la~~•. uf Fluri~l.i 17~r rcY~iEx :in~l a~~~~lic.uiun h~
it .im• timr to in.prit :uxl auclit atl \turt~;a~;ur'. ixxik. c~f ~~ct?unt, \t~~rtg:t~;ct uf ,uch incumr ~~ur,u.uu lirrrtu. .hall n~K iurr am
r.iur~lti, ancl 4~prn rrlaunK t~~ :im~ i~f the fu~r~;uin~; mauer.. ln the hrearh ix cirt:uilt, nur affcti~t am ~x~x•rr~fin~ iituitut~~~l h~• «:i,un
c•~rnt am• ,uch au~it i~ c~~i,c~1 tu hr ma~k• h~• Atun~;:+~;rr h~• rr:t.un thrrcx~f, hut ,urh incumr. Ir.._ all iu.~> ut u~irr.ui~~n an~l
~~1 thr failure uf MurtK:~Kur tu cumpl~• ~~ith an~• uf thr f~?rc~{uin~; maintrnan~r, Hhrn rc~c~ri~~c~i h~ \I~~nkaKcti•, ,hell Ix a~~pUr~t in
J~ruri,ium, then .~tc~nkag~~r ~hall u~ ~1e>n~:i~;c~c u~~n ~k~ziancl all rc~luni~~n uf thr rntire in~elxctilnrt. frum timr w timr ,rcurcYl
rxpri~.+rs incurrc~cf hy ~tungaKre in a~nncY-tiun ~~•ith such au~fit. hrreh~•. ~turtK~gor shall nex in an~• ~nanner ~,burua ur intrrfrrr
Nuiir ~~f thr pru~~isiun. ~~f thi. ~ara~;raph 11 ,hall Ik applic:~hlr with an~• ~~f ~t~~n~grr's rights wi~ier ihis Paragr.~ph IG. In the r~•rnt
-,u I~mk a+ thr pre~rm• is rc~+i~ential in n:+wrr an~i cfrsiknc~l fur ~tungagre acts un~er thr pru~•isiuns uf this Prr.~kraph 16, ~hmg•rKur
~x•iu~~;?n~~• b~• le*~ than fi~^e (5) families. shail F~~• a sen•ice ch:irge in an amuunt eyual w fi~•e prrcrnt (5~)
uf all income a~llecYeYi b~~ ~tortp„ager.
13. DA.'~tAGE TO OR CONDEA1NATlON OF PROPFR'il'. M~~
:i~var~ c~f ~l:?mlgrs ur rumpe~t~[iun fur injun• tu, ur in cunnc~cYi~~n
ich arn• ronciemnatiun for public use e>f ~he propem• or any p~ar[ 1'. l'~x>n rryue,t c~f ~km~K~r, ~tc~ngagrr ma~•, at i[s wlr
iherruf, or an~• prexeecis uf an~~ secdement with respect to a conciem- ~'Fx~~>n, kum time to [ime make fuwre sc1~.u~res a~ ~turty,ag~~r;
na~iun ahether ur rnx eminent ~k~main proceeciings hac~r tx~n Pr~n~etecl, how~c~~er, that ~uch aelvancc~s are macle w~thin ta•enh~ (20)
~n~tituted, ~hall be an~t i~ hrrrt~• :~»igned by 11unKagur and shall )'~n from the date hereof and that the tcxal principal secured
tk ~aid to Murtp,:?ger, wM> ma~~ appl~~, use ~~r rrlc~e the amcwnt hereb~• ;uid rrmainink un~id, inclueling am• such a~hancrs, shall
iherc~~f in the same manner a, in P~aragraph 2 provicled ior the ncK at an~~ time exceed the ap,g~e~ate oustanding principal sum of'
~~rc~ceecis of fire or aher in,urance. t0.00 plut an~• disbursemen[s made h}~ ~fongagee for the pa~ment
of ta.res. le~7es, or insurance on the Mortgaged Propem~, w'ith
intercyt un such ~iisbursemen4i at the JrFault ratr pru~~iJecl in pn~m-
13. I3EVEFICIARY~ti CONtiENI' ItEQUIFtED. Mungagre ma~• de- ~-~u>n' nae secured hereb~•. Mort~~r shall execute and drli~~er to
cl~~re aU sunu secureci herebp immeciiatel~• ~iue and pa~.~ble within ~~~nS~g~ a rxxe evidencing each and ever}• such future adrance
i0 ~ia~s :ifter such declaration except expreasly limited b~• law, if p'hich Aton~gee map make, and such ck~cumen~ti as ~tortgagee ma}•
~t~~rtgagor, without bturt~gee ~ prior wTitren a>nsent: (a),elLs, con- reyuire te, reflect that auch nae u securrci hereb~~. Atung:?gur ,h:;ll
~ r~~, c~~ntract~ to srll, alirnates ur further encumbrrs all or any pan pay' all such future ad~ances a~th interesc pro~ridrei d~ereFor, and the
~~F the propem~, or (b) lec~ses all ur am• ~n of the properry far a same, and each ncxe eviciencing the wne, shall be secured hereby.
trrm, te~ether with all exercis:ible c~ptions, of 5~~ears or more; or Nahing hereiR contained shaU c~ligate Mortgagee to make anJ• such
(r) suffers the title nr an~• interest in the secured prc~erq• to be future ach~ances. The wvrd "~ton~gur" ai u.~c~f in this par.?graph,
~li~~rstrci, w~hether ~~oluntaril~~ ur im•ulunt:uil}; ur (d) changes or includes any successor in o~vnership of the MortRaged Propert~• or
E~ern~i4t to be changed the character or e~se of the propert}~; or any part thereof. 1t~e word "Mortgagee" ac usecl in this paragraph
i e) is a partnership and any of ~he general partners' interests are ~ndudes an~• as.signee of Mortg,agee.
~ransferreci or assigned, afiether voluntarilp or im•e~luntaril~; or
~ C1 i, a cvrpe~ration w~ith fewer than 100 s!ockholelets at the date of Ig ~~~~~~~r shall pa~~ to riortgagee the maximum
r~rrution of this hfortgage and more than 10`~ of i~s capital stock ~~unt a~ ma}• from time to time be permitteci b~• law for fumishing
i~ u>Id, tr.uuferred or a~.sip,ned during a l2-month pericxi. in connection a7th the obligations secured hereb}~, each statement
1-i. ~i0 WAR'ER Afort~gee b~• accrpting p:?}'ment of an}~ sum P~~~t to any statu[e at the time then in Force. Aelditionalh•,
~rcured hereb}' after i~s due clate, or by~ making pa}~ment or t:ilcing ~?lortgagor shall pay l~tongagee's fees, charges and expen.ses (or any
.~n}~ action which, under the pro~isioru hereof ~tortgaAee is entideci <xher statement, information or sen7ce~ fumishecf by ~lortgagee in
~~ut nex ohligateci to make or take, or b}• forbe~aring from enforcing connectiun w~ith the obligatiuns securecl hereb~~. Said sentices ma~~
am e~f itti righ~s, shall na be ~eemeci a> ha~~e ctiai~~ec1 i~s right to ~nclude, but shall na be limiteci to, the processing b}• Mortgagee,
rruuire pa~~ment from or acYion by Atortgagor and to declare a c1e- ~~-SUmptions, substitutions, modificatior~~, exteruior~s, renewaLs,
l~ult ior `Iortg,agor's failure to eio so. sutx~rdinations, rescissioru, changes of ov?ner, the processing of, or
juinder in the execution of, an}~ map, plat sun•e}• or aher instrument
In the «•rnt ~tortgagee should espr«sl~• «ai~•e :u»• rights under affeceing ar describing the property (including all recording cos~s),
.+nc pro~~isions of this hfortgage, such aaiver shall na be deemecl a recordation of map, plat or record of sunrey~, grants of e~.~sements,
' w~aicer of an}' rights Mortgagee ma}~ ha~•e subseyuend}~ to require and full :u~d partial releases, and the otxaining b}~ Mortgagee of any
4~a~ment from ur action by~ ~lortgagor and to declare a elefault for policies of insurance pursuant to any of the pro~~isions containecl in
`.t~~rtRaRor's failure to do x~. this Mortgage.
~ 19. V('AIVER OF 57A"fITTE OF [1M[TATIO~IS. Mortgagor hereb~•
! I5. ASSIGNh1ENT. Mong,agor hereb~~ :issig,ns and transfers to wai~~es, to the fullest extent permissible bp taw, the statute of limita-
I ~1c~rtg,agee during the ec>ntinuance of this htortgage, all rents, issues, tions as a defense to an~~ demand or c~lig,ation secureci b}• this
E~ruFits, ro~alties, tolls, eamings and income of the properq• includ- btortgage.
~ inK those arising b~• reaxm of any c~il, gas or mineral lease thereof,
~ ~nd ali installments of morx~~ pay~able pursuant to any mntract of 20. GEhERAL PROYISIONS :
I, ~ale or lease relating to the prope~ty or an~• part thereof (hereinafter i
referrecl to collectively as "income"), together with the right, pc~wer A The term "btongagor" shall me~an all panies execu[ing ~
f .~:~c1 ~uthorit}~ to collect and retain aU such income as it becomes ehis ~fortp,•age as Mortgagor, their respective heirs, lega[ees, de- ~
, Jue and pa~able. All income receivecl b~~ Mort~gee through the ~~isees, adminiurators, executors, succes.~rs in interest and a5-
; r~ercise of the fcxegoing assignment, less all expenses, (including siKr?s, pro~~ded that Mongagee shall na be c~bligatecl ro gi~~e ~
~ r«~nable attome~s' fees) incurred b}~ Mortgagee in collecting such an~• naice reyuired hereunder to any ~tortKagor aher than as
; tncume shall be applieci b~~ bturtgagee on an}~ inciebteciness secureei show~n on the face page hereoE j
~ h~~ this Murtgage at such time and in the manner and amount as ~
` ~tortp,agee may determine. Withcwt limiting the generality of the B. The term "Mongagee" shall mean the owner and hulder
! f~>regoing, such applicatian may include pa~~ment af periuciic install- (~ncluding a pledgee) of the ncxe securecl hereby~, whether or ~
e rnrnts of principal and interest, or reduction of the principal balance na named as biortgagee herein.
~ ~~r reimbursement to ~7ortgagee as provided in Paragraph 8. The
fc~regoing assignment is intended as an assignment to take effect C. Every provision of the Mortgage imFxKing upcm
E ~ml}• upon a ciefault by Mortpa~or in an~~ of Mortgagor's obligatioas ,~ortgagor an obligation to perform an act, or embod}~ng an
uneier this Mortgage, and ~tortgagor accordingl}~ resen•es the right, agreement by :~fongagor ro perform an act, shal! be construed
~ g.
' 4~ri~~r to any such default, to cc, Ilect and retain all such income as it ~~~~8ating Mcxtgagor to pay all costs and expen.ses relating
~ Ikcomes due and payable. ~~~~0~
:
~ D. In the event any provision hereof shall be declared in-
16. DEFAIJLT BY MORTGAGOR Upefn default by Mottgagur in ~>id or unenfarceable through a final judgement in a court ~
{>a~-ment of any indebtedness secure<i, or in the performance of any having competent jurisciiction, the ~alidit}~ or enforceability of
uhlip,ation imposecl upon Mortgagur, b}• this Mortgage, Mortgagee am~ of the remainin~ terms herec>f shall na he thereb}~ im- ~
may, wi[Iwut naice and without regard to the adequac~• of the sec- ~a~~~' ~
urit}• for the indebteclneas secured hereb}', either persunally or b}• E. In this Mong,age, vvherever the context so req~ire~, the
aaarney or agent, a•ithout bringing any action or proceeding, wich- maxuline gender indudes the feminine and neurer, the singu-
~~ut entering into possession of the property, or by receiver to be lar number indudes the plural, :?nd vice versa, and if more than
; a;~Ex>inted by a ccwrt, (a) enter into ~~ssession and hold, cxcupy, one persvn is named as Mortgagor, the obligatioas of hlortgaRor
~ Ex>ssess and enjcn• the propem•; (b) make, rancel, enforce, mexlif}• shall be the joint and seti~eral obligations of each person.
nr terminate leases; (c) obtain and eject tenancs; (d) set or mcidify
? renes; (e) take,.receive and collect all or an art of the rents; issues,
~ Y P F. The term "attorneys fees" shall inclucle all ce~sts, expen.~
i~rufi~a, ro~alties, tolLs, earnings, income and instaflments (herein- and attc,rney~s fees incurred prior to the in.uitution of any pro-
~ .~f~er referred w collectively as "income") as it becomes due and ceeding, during the pendency thereof, and at all le~~els of appeal.
E~a~able. After paying such cost.~ of maintenance and operation of .
~he prc~pem~ as it in i~.s judgment may deem proper, Mortgagee may G. C:+ptions and paragraph headings used herein are for
s .t~pl}~ the tralance upon the entire indebtedness then secured cvm•enience only and are na a part of this agreement and shall
ttereby. The acceptance of such income shall not constitute a v~~aiver ncx be used in construing it.
PAGE 3- ADJibTABIE MORTGAGE DEED ~Oil1f 67~ `IKjE 6~
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