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HomeMy WebLinkAbout1013 i ~ v:vuLmn~~~v~. ~nuuiu tne rropeny, or an~ part !nercol ur ~nlerr~t thtrc~n, be tal.rn ur damagrd b~ rcasun ul an~ pubiir wr or ~mpru~rmrnt or condemnauun prucctding, or in an~• othtr mannci ~'cundtmnatwn'1 ur ~huuld Borr.~Nrr rrrri~r an~ nutiir ur inlurmauun rr~.ud~nK .u:h ~'ondemnati.~n, Borruwtr shali gi~r prompt nuuct thertof to l.rnder. i_endrr ~hall be rnt~tled ?o ail comptnsation, aNards and othrr pa~ments or rclitl ~rantrd ~n runnertion with ,uch runJ~nin~iwn. anJ +hatl hr rntultd, at ~t~ option, to appear m its oN n name in an~ arUUn or procrtding rtlaung thtretu. In thc r~ ent uf ~u~h an a~raranit, HurruHtr a~,ret~ tu p:~~ ali cu~ts and exprnsc~ ~ncurrtd b~~ Lendtr, including but not 6m~trd to rcawnablt attornr~ and psraltgal Irr, tfiruugh the tnal and apptl!etr Ir~ ri All r.~mpen~rtion, awards, damagrs, nght~ uf action and procred~ award~d to Burrower (the 'proretJ~"1 arr hrrcb~ a,.igntd ti~ Lendrr, anJ Nurruwrr agrec5 ~o extcutt such furthtr ass~gnmrnu of the procreJ~ ~ Lendtr ma}' rtywrt. In the rsent an~• poruun of tht Property is so taken or dam~gtd, t_ender shall ha~e thr opuon in its ~ole and ab,ulutt d~>rrcuun iu ;~pph all .urh prucerd~, aftrr deducUng therefrom all cost~ and txpensts regardicis of tht particular nature thereof and N hethrr incurrrJ Hith ur w hhuut.ui[ inrlud~ng but nut hmited to tFe afore~aid attarneys'and para!egal (ets incurred b~• it in connection W ithsuch praceeds, upon any mdebttdnc~~ secured htrrb~, ur tu appl~ all such proceeds, a[ter wch deductions, to the ratoration o( the Propert~ upun such conditiun~ a~ Lender ma~ detrrminr. tiuch :~ppiirauun c~r rcle,ue +hell not cure or wanr an~ default or notirr o( defauit herrundrr or imalidate am art dune pur~u~nt to ,uch notice. :~m 3muunts recei~ed by LrndEr hereunder ~alter pa} mem of any costs and etpensc~ in conncction H ith ubtaining same) ~hall, il rcteinrd b~ Lrndtr. tx applied in papment of an} accrued intrrtst, efiargc~, lien~, insurance premiums, if am, and then in reduction of the thtn-uut~t~nding principal sum ol ~hr \ute secured hertb~, notw+th~tanding that the ~amr m:?y not then be due and payablt. Am• amuunt su •rpplied to princip~l shall be applied to thr ~a~mrnt of in~tallments o( principal on Ihe \ote ~n imerse order of their due dates. - 12. RORROH'ER tiOT RELEASED. Extension of tht time [or paymtnt or moditication of amortiiation ot the ~um~ secured b~ this M~~rtgage Kranted b~ l.ender to an~• surrrssor in interest of Borrower shall not operate to releast, in any manner, the liabilh~ of the original Burrower and Borrower'S successors in interest. Lender shall not be required to commence proccedings aRainst such successor ur refu.e to extend time for pa} ment or i utherW ise mudif~• amortvation of the sums srcured by thi~ Mortgage by reason of any demand madr by 1he original Borrower and Borrower's ~uccesson in interest. 13. FORBEARANCE B1' LENDER NOT A N'A1~'ER. An~ farebearance b~• I_ender in exercising am nght or remedt hereunder, or otherwise a(forded b~ applicabte law, ,hall not be a w aiver of or preclude the exereise of any such right or remed~. The procurement of imurancr or the p~~ ment of :sxrs or other liens or charges b~• Lender shall not be a wai~er of Lender's right to accelerate the maturit~• of the indebtedne+s secured b~ this ~lortgage. 13. REMEDIES Cl'NULATIVE. All remedies provided in this Mortgagt are distinct and cumulative to an~ other right or remed~ undrr this `lortgage or affordrd b}• law or eyuity, and ma~• be exercised concurrentl~•, independently or successi~el~. I5. St'CCESSORSANDASSIGNSBOUND;JOINTANDSEVERALLIABILITY:CAPTlONS. Thecovenantsandagreementshereincontained ,hall bind, and t he rights hereunder shall inure to the respea i~ e successors and assigns of Lender and Borrow er, subject io the pro~ isions of paragraph I ~ hrreoC' All co~~rnants and agreemenb of Borrower shall be joint and se~eral. The captions and headin~ of the paragraphs of this Mortgage are for :omen~ence only and are not to be used to interpret or define the pro~isions hereof. 16. MORTGAGE; COYERti1NG LAW': SEYERABILITY; ~'ENl'E:. This Mortgage shall be go~erned b~ the law of the junsdiction in w hich the propert} i~ located. 1 n the e~ent of anJ~ liugation ari~ing out of the mortgage, the nota, or any other loan agrtement a here such litigation does not im ohe n fureclosure uf the mortgagr, ~enue shall be proper only in Manin County, Florida. In the event that an~ provision or clause of this Mortgage or the \ute conllicts with applicablt law, such contlict shall not affect other pro~•isions of this Mortgage or the \ote which can be gi~en etfect without the runllicting pro~ision, and to this end the pro~isions of the Mortgage and the Note are deciared to be se~erable. 17. TRANSF ER OF THE PROPERTY; ASSI'MPTIOti. If all or any part of the Propen~• or an}• interest therein is sold or transferred b}• Borrower H iehout the Lender's prior written consent, the Lender ma~•, at its option, declare all the sums secured by this Mongage to be immediatel~• due and pa~able. .4 "sale or transfer'shall be defined to include, without limitation: ~a) com~eyance b~~ deed, (b) lease of Property in excess of two (2) years, excluding tenant leases in the ordinan course of the businas of the Borrower, (c) a Iease-option agreement in which the option period exceeds one ( I) ~ rar. ~d) contract or agreement for deed, le) transfer of control of the Borrower bp sale or delicer~• of stock, agreement, or othen+ise. transfer or ~.~ignment of am beneficial interest in a trust of a trustee Borrower, and (g) azsignmrnt of any partnership interest or change in composition of a p~rtner~hip Borrower, including. but not limited to, transfer of control of any corporate general partner. The Lender shall ha~e wai~ed such option to arrelerate if, prior to the sale or transfer, the Lender and the pcrson or entitg to whom the Proprny is to be sold or transferred reach agreement in writing i [ hat the credit of such person is satisfactory to the Lender and that the interat payable on the sums secured b}' this Mortgage shall be at such rate as the ~ I ender shaU reyuest and the assumptiun fee, if an~, is paid. The Lender may, at its option, retzase Borrower from all obligations ~nder this Mongage and f ~~xe. W ithout limiting the effect of the foregoing. this pro~ ision shall be construed, to the extent necessary, to compl}~ w ith applicable statutory or case ~ iau, as an escalation pro~ ision authore~ing the Lender, in thc event of anp sale or transfer as defined herein, to increase the interest on the tiote to a rate ~ nut to exceed the Lender's then-pre~ailing rate for similar loans. In no event shall Lender be reyuired to reduce the rate of interest should the then- ~ ~re~ailing interest for sim~lar loans be less than the rate established in the :Vote secured b}• this Mortgage. f 1 ~ { i 18. ACCELERATIOti;REMEDIE5. UponBorrower'sbreachofanycovenantoragrcementofBorrowetinthishlortgage,includingtheco~enants { rur.tained in any and all agreements between Borrow•er and Lcnder, Lcnder map declarc the outstanding principal amounts of the \ote and the interest ~ accrued thereon and all other sums secured hereby, to be due and pay able immediately, and upon such declaration such principal and interat and other ,ums shall immediately be due and pa~~able without demand or notice. Upon acceleration, Lender at Lender's option may foreclose this Mortgage b~• ;udicial proceedings. Lender shall be entitled to collea in such proceeding as an additional indebtedness secured by this Mortgage all costs and expenses ~ ~ .~f foreclowre including, but not limited to, reasonable attorneys' and paralegal fea. through the trial and appellate level, receicer's fees and expenses, z ` and costs of documentan e~idence, abstracts, title reports, and documentary stamps. ~ 14. ASSIGNh1ENT OF RENTS; APPOINTMEhT OF RECEIVER. Borrower hereby~ assigns to Lender all of Borrouer's rights and interest as 1 ~ le~sor in any leasa now or hereafter existing and affcaing the real property dacribed herein, together with all rents, income and profits due and ' f becoming due therefrom, which leases shall be subject and subordinate to this Mongage in all rapects. In the e~ent of any default occasioning acceleration under this Mortgage or the `ote which it secures, Borrower authorizes Lender to demand and to collect all rcnts accruing from the Propert} and apply the same to the outstanding indebtcdnas, and any payments thus made and applied shall not cure any default nor impair the Lendcr's right to proceed with any legal action to collect its entire mongage deM. Borrower hercbp authorizes LPnder to give notice in writing of this assignment at any ume to any tenant whose Icase is azsigned to Lender by virwe of this provision. Prior to default, BorroNer shall ha~e the right to collect said rents. ~ pro~•ided, how•e~er, that e~en before a default occurs, no rent for more than two (2) months in ad~anceshall be collected. Borrower futher agrees to take nu other aa which would impair or datro~• the rights and benefits of Lender under this atsignment. ~ In the event of a suit being instituted to foreclose this Mortgage, the Lender shall be entitled to apply at any time during such forcclosure suit to the court ~ ha~ing jurisdicuon thereof for the appointment of a receicer of the Property, and of a!1 rents, ircoma, profits, issues, and re~enues thereof, from ~ hatever sourcc derived: and it is expressly agreed that the court shall forthwith appoint such rece~ver with the usual powers and dutia of recei~ers in like cases: and said appointment shall be made by the coun as a matter of st~ia right to the Lender, and w•ithout rcferrnce to the adeyuan~ or inadeyuac~ of ~he ~ alue of the property hereby mortgaged, or to the sol~ency or insoh~ency of the Borrower or any other party defcndant to such suit. 7 he Borrower hereb~• specifically w ai~ a the right to object to the appointment of a receiver and exprasly~ consenis that such appointment shall be made as an admitted :yuity and as a matter of absolute right to the Ler~der and that the same ma~• be done without notice to the Borrower. 20. BORROR'ERS FINAtiC1AL STATEMENTS. At the option of the Lender. Borrower agrca to provide Lender with an annual financial .;atement in form satisfactor}~ to the Lender and an annual operating statement of the Property, both statements to be deli~ered to Lender w ithin sixt~ It,O? days following thc end of Borroaer's fiscal year. 4 ~ 21. FUTURE ADVAtiCES. This !~lortgage is gi~en to secure not only the original indebtednes~ e~ idenced b}• the \ote ~ecured hereb~, but abo ~uch k ~ (uture ad~ances up to a total indebtedness of . . . . N/A , _ . , . ~ f>ollars (S. - ..~~A. . . . . . . . . . • . ~ . • • - ~ ~ - ~ • • l. as may be made within twent}~ (20) }ears from date hcreof. plus interest therean. and am dubursementti b made by the Lender for the pa~ ment of taxa, insurance or other iiens on the Property encumbered b~ this titortgagc, w ith interest on such disbursement~. ~ which ad~ances shall be secured hereby to the same extent as if such fuwre advances were made this date. The total amount of indeMednes~ secured ~ hercb} ma}• increase or decrease from time to time. The provisions of this paragraph shall not be construed to imph an} obligation of Lender to make an} future ad~ances, it being the intention of the parties that any future advances shall be solelp at the discrction and option of the Lender. Any reference to "~ote" in this Mortgage shall be construed to reference any future advanca made pursuant to this paragraph. BOGI( 674 P~GE1,013 5 ~~.c' t'~ S K ~ . ~~t'~ _ ~ °-e~'`.r -SR'~'~Y'}n _'l~v.JS~~~~~~~~.. .