HomeMy WebLinkAbout0030 ~ Praservation and Maintenance of Property Borrower shall keep the Property ~n good repa~r and snalt not
comm~t waste or perm~t ~m~pa~rment or deter~orat~on of the Property
5 Waiver. Any fa~fure by Lender to ~ns+st upon the str~ct performance by the Borrowpr of any of the terms and
prov~s~ons hereof shall not be deemed to be a wa~ve! of any of the terms and prov~s~ons hereof.
6. Successors and Assigns Bound. The covanants and agreements heresn conta~ned shall b~nd, and the nghts
hereunder sha11 ~nure to the respect~ve successors and ass~gns of Lender and Borrower, sub~ect to the prov~s~on
of paragraph 9 hereof.
7 NoticP Fx~ent fnr anv nnh,.n ranwre~i uncier anni~nahlP law tn hP n~van ~n annthar mannar !al anv nntirr~
to Borrower prov~ded for m th~s Mortgage shall be given by deliver~ng it o~ by ma~!~ng such notice by certif~ed mail,
rEturn rece~pt requested, addressed to Borrower at the Property Address or at such other address as Borrower
may des~gnate by not~ce to Lender as provided herein, and (b) any not~ce to Le~cier shall be given by certrfied ma~l.
return rece~p! requested, to Lender's address stated herein or to such other address as Lender may des~gnate
by not~ce to Borrower as provided here~n. Any not~ce prov~ded for ~n th~s Mortgage shalt be deemed to have been
g~ven t~ Borrower or Lender when g~ven ~n the manner designated here~n.
8. Governing Law; Severability. The laws of the State of Florida shail govern the ~nterpretat~on, cons~denng
construction, and enforcement of the Agreement and th~s M~rtgage. The foregoing sentence shall not lim~t the
appt~cab~l~ty of Federal law to this Mortgage or the Agreement. In the ever,t that any prov~sion or clause of this
Mortgage or ihe Agreement conflicts with applicable law, such conflict shaU not affect other prov~s~ons of this
P,Aortgage or the Agreernent wh~ch can be g~ven effect w~thout the conflicting prows~on, and to this end the
prov~s~ons of th~s Mortgage and the Agreement are declare~ to be severable.
9. No Transfec As part of the ~nducement to Lender to establ~sh the Credit, Lender has cons~dered and rel~ed
on the credit worthiness and rel~ability of Borrower. Borrower covenants and agrees not to sell, convey, transfer, lease,
or further encumber any interest (either legal or beneficial) in all or any part of the Property without consent ~f
L.ender. tf any person shali obtain an ~nterest (either legal or benefic~al) in atl or any part of the mortgaged property
pursuant to the execution or enforcement of any tien, secunty ~nterest, or other right, whether supenor, equal, or
subord~nate to th~s Mortgage or the I~en hereof, such event shal! be deemed to be a transfer by Borrower and an
event of default hereunder. In that event, Lender, at ~ts option (and not tc~ the exclus~on of any other remedy wh~ch
~t may have) may declare all the sums secured by th~s Mortgage to be ~mmed~ately due and payable.
~ 10 Acceleration; Remedies. Upon delault of any covenant or agreement of Borrower ~n ih~s Mortgage or
~n tt~e Ayreement. Lender rnay declare the outstanding principal amount of the Cred+t and the interest accrued
thereon, and all other sums secured hsreby, to be due and payabie ~mmed~atefy. Upon such declaration such
pnnapal ar~d ~nterest and other sums shall ~mmediately be due and payable witho!.,t demand or not~ce and sa~d
p~~ncipal sum and accrued ~nterest shal{ both bear ~nterest from such t~me until pa~d at the highest rate allowable
under the laws of the State of Flonda. Upon an event of de`ault. ~ender may proceed by su~t or suits at ~aw or !n
equ~ty or by any other appropr~ate proceed~ng or remedy to (a) enforce payment of the sums
due and payable under the Agreement; (b) foreclose th~s Mortgage and sell the mortgaged Property under the Judg-
' ment or Decree of a court or courts of competent jurisdict~on; (c) co!lect all rents, issues, profits, revenue, income,
~ ar,d other benefits from the mortgaged Property; and (d) pursue any other remedies available to Lender. Lender shall
k be entitled to collect in any s~ch proceed~ngs all expenses of foreciosure includ~ng, but not limited to, reasonable
! attorneys' fees. court costs. and costs of documentary ev~dence, abstracts, and title reports
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; 1? Re{ease Upon payment of all sums secured by this Mortgage, Lender shall rel2ase th~s Mortgage. Borrower
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shatl pay the cost of releas~ng and satisfy~ng th~s Mortgage ot record.
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12. Attorneys' Fees. As used ~n th~s Mortgage and in the Agreement. "attomeys' fees" shall ~nclude attomeys'
fees ~~curred ~n any appellate proceed~ng.
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: '3 Advances Lender may. at its opt~on, advance funds to perform any obl~gation ot Borrower hereunder and
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; any such sums shall be sec~red hereby.
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a 14 Future Advances. Th~s Mortgage secures a Secured Cred~t Access Agreement, ihe pnncipal amount of
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' wh~ch may mcrease or decrease from t~me to Ume during the term nereof. This Mor;gage shall secure the ent~re Cred~t
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s um~* anci any iuture aclvances to be macte at the opt~~r} ot Lencler, as are made w~th~n twenty (2U) years trom the
; date hereof, to the same extent as if such future advan,c,~ were rnade on the date ot the ex~.utian of this Mortgage.
The totai amount of indebtedness that may be so secur~d may decrease or increase from tfine to time, but the total
' unpa~d ba!ance so secured at one Ume shall not exceed twice the face amount of ihe Secured Cred~t Access Agree-
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° ment, plus ~nterest thereon, and any d~sbursements made for the paymeni of taxes, iev~es. or ~nsurance on the mort-
" gaged Property, with ~nterest on such d~sbursements.
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~ In 1Nitness Whereof, Barrower has executed this Mortgage on the c+ay and year first above wntten.
This is a Balloon MoKgage securing a Yariable Rate obligation. Assuming that the initia! rate of interest
were to apply for the entire term of the Mortgage (and assuming that the maximum credit is drawn under
this Agreement secured hereby), the final payment or the p~incipal balance due upon meturity would be
approximately S , together with accru~d interest, if amr, and all advancements made by
the Martgagee under the terms of this Mortgage. The actual balance due upon maturity may vary depen-
ding on changes in ihe rate of interest and the amount drawn under the Agreement.
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~ 800!( ~7~ i~Cf 0~
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