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HomeMy WebLinkAbout0697 uNply such n~uts, ibxu.~x and prufita receivnd by it o~ the indet?trcln~wa ~vr.~d hemby in xui•h onir~ us Mottg,~Kcr J~•ter mines. 7~he right to enter nnd Wke ~?oss~~xiun of the Mortguged Pn?~~erty, to muni~ge und o~?erutP the wime, und to collcK•t , Ihe renb, iwuea and pro(ib theteot, whether b~ a re~ri~~er or olherwiee, sfwll t~e cumulutive lo uny othe~ ~ight o~ mmecly i~ereundes or atforded by law, ~nd riwy be exen•ised concurrently therewith or independently then•ot. Mortgi~gre ahall ' i~e liuble to account only [or auch rnnts, ianuea and protits actually recriveei by 1ltortgugee. i 14. It the indebtcdness aecured hesehy is now or hemtdter (urthrr a.~cured by dwttel morigegee, sec•urily internata, ~ (inancing atutementa, plecin!~, M~t~_•!. ~t quurunty, asaignmenta ot leases, or other securities, or it the Mortguged Ym- ~ ~~riy hereby e~cumbered consiats ot more tF?an one ~wn~e) ot mai properly, Mortgageo mny ut its option exhauat any one or morn ot siiid eecurities and aecurity hereunde~, o~ such ~mrn ls of the acY•urity hemunder, either concurrrndy or inde- pendently, t~nd in such order us it mf?y determine. 15. Thie Mortgf~ge ahull aecure not on.ly existing indebtedneaa, but ulso xuch future ndvun~ra, whether such udvunces are obligatory or to be made at the option of Mortgngee, or olherwiae, as are mnde within twrnty (20) years from the dutc hereof, to the same e:tent as if such future ndvunces were mnde on the date of the execulion ot this Mortgnge, but auch secured indebtedness shul) not e:ceed at any time the mn:imum principa) amount of t plua inteceat, and any disburaements m~de (or the payment ot tuxes, leviea, or inaunince, on the MortgE~ged Pro~~erly, with F intecrst on such diaburaemenla Any such tuture udvancea, whether oblig:itory or to he made al the optiun of the Morlgi~gee, or otherwiae, may be made either prior to or after the due date o( the Note or any other noles secured by thes Mortgage. ~ This Mortgage ia given for t!±A a~i(ic l~ur~bse ot securin~ any And all indebtednrss by the MortguRo~ to Morigaqee (but in nu e~-ent shatl the eecured indebtednees e:ceed nt uny time lhe m:iximum principal nmount eet forth in this {wrngrnph) in w~hatever manner this indebtedness may be e~•iden~~rd or represented, until thia 111ortguge is ~tistied of record. Ail coven- ~ ants and agr~emente contained in this MottguRe ahul) be i~pplici~ble to nll further advt~nces m:~de h~' MO~R7P.fP to Alortgs~gor under thie future advance ctause. _ i 16. No delay by Mortgagee in esemising any right or remedy hereunder, or otherwiae ufturcied by law, stiall operate ~ as a wuiver thereof. or prnclude the exercise thereot during the continuance of nny detault hereunder. No waiver by ~ Mortgi~gee ot any de(ault ahall conatitUte a waiver ot or consent to subsequent defaults. No tailure ot Mortgagee to exercise ~ any oplion herein given lo accelernte maturity of the debt hemby secumd, no torhearance by INortgagee before or ~fler the ~ exercise of such option and no withdrawal or ata~ndonment of toreclosure proceeding by Mortgagee sFwll be luken or con- ~ strued as a waiver ot ita riBht to e:erriee such option or to accelerate the maturity of the debt hereby secured by re:uon oi ~ any past, present or (uture detault on the part ot Mortgagor: and, in like mnnner, the procumment ot inaur~nce or the pay- t ment o[ taxes or other liens or charges by 14Lortgagee shall not he taken or construeci as wai~•er of its right to :~cceler.~te ~ the maturity ot the debt hereby secured. ~ t 17. Without attecting the liability of Mortg~gor or t~ny other peraon (except any ~~ersan expressly releused in writinR) ; tor ~~ayment of any indebtedness secured hereby or tor pertormance ot siny oblignlion cont~-~ined hernin, and w•ithout :~t(eet- ~ ing ihe righta of 1ltortgagee with respect to any sec•urity not exp~ly released in writing, I~lortgagee may, at :~ny lime and ~ trom lime to time, either before or a(ter the maturily o[ said note, and without notice or consent: n (a) Retease any ~~etson linble tor payment o( all or any ~~art uf the indebtedness or for per(orrnance ui any ohliQ~tion. ~ (b) 1Nake any agreement eYtending the time or otherwise altering the terms of payment of all or any Exirt o( the ~ indebtedness, or mudifying or waiving any obligation, or subordinating, moditying or othemise dealing with the lien o"r ~ charge hereof. ~ (c) Exercise or rnfrain irom e:emiaing or waive any right Mort~agee may have. (d) Accept additional security ot any kind. ~ ~ (e) Reteaee or otherwise deal with any property, real or personal, securing the indebtedness, includinR all or any ~~:~rt ~ o( the Mortgaged Property. ~ 18. Any agreement hereatter macie by Mortgagor ~nd Mortgagee pursuant to this morigaRe shall he superior to the ~ riRhts of the holder of any inlervening lien or encumbrance_ ~ 19. Mortgagor hernby waives all right of homestead exemption, i( any, in the Mortqaged Yroperty. _ ~ 20. In the event of condemnation ~~roceedings of the 11lortgaged Property, the award or compena.~tion uayable there- under is hereby assigned to and ahall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount f of any such award or compensation And may accept the same in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgngee may be represented by counsel selected by 1liortgagee. The proceeds of any award ; or rompensation so received shnll, at the option ot Mortgagee, either be applied to the prepayment of the Note and at the r rate of interest provided therein, mgardless of the rate ot interest paynble on the ~ward by the condemning authority, or at ~ the option of I?lortgagee, such award shall be ~~aid over to 111ortgagor tor restoration of lhe 14tortgaged Property. ~ 21. If 11lortqaqee, pursuant to a construction laan agreement or loan commitment made by Mortgagee with Mortgagor, - ' ~~grees to make constcuction loan ad~~unces up to the principal amount ot the Note, then Mortgagor hereby covenants ih~t it ~ will comply with all of the terma, pro~~isions and covenanls of said construction loan agreement or loan commitment, Nill k diligently construct the improvementa to be built ~~ursuant to the terms thereoF, all of the terms thereof which are in- ; cory~orated herein by reterence as though set (orth !ully herein and will permit no defaulta to occur thereunder ~nd it a de- _ ~ fault shall occur thereunder, it s6a11 constitute a detault under this b~ortgage and the Note_ i : 22. At the option ot Mortgagee, Mortgagor sh:~ll provide Mortgagee with periodic certi(ied audited statements of the ` financial condition of Mortgagor. 3 f ~ f 23. Mortgagor represents and warranta that if a corporation, it ia duly organized and validly e:iating, in good stand- ing under the laws of t6e atate of ita incorporation, has stock outstanding which has been duly and validly issued, and is ~ qualified to do b~sinesa and is in good standing in the State of Flurida, with tull power and authority to c•onsummate the ~ ~ loan contemplnted fiereby: and, i( a partnership, it is duly (ormed and validly existing, and is fully qualified to do business ~ in the State of Florida; with full power and authurity to consummate the loan contemplated hereby. ; 24. In the event any one or more of the proviaione contained in this 141ortgage or in the Note shall for any reason be held to be im•alid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ; option of the MoHgagee, not atfect any other provisions o( this 114ortgage, but this Mortgage shall be construed as it such _ invalid, illegal or unentorceable provision had never F?een contained hemin or therein. The total interest payable pursuant ~ ; to the Note or this Mortgage ahall not in any one year excred the highest lawtul rate of interest in tbe State o( Florida_ ~ 25. The covenanta and agreements herein contained shall bind and the benefits and advantages shall inure to the ~ respertive heirs, e:ecutora, administrators, succes.sors, and assigns oi the parties hereto. Wherever ueed, the sinEtular ; number sFu~ll include the plural, the ~~{ural the singulat, and the use of :~ny gender ahall be applicable to al! genders. All ~ covenanta, agreements and undertakings shall be joint and several. In the event additional numbered covenants or para- ~ grapha are for convenience inserted in this 111ortgage, such additional covenanta shnll be read and given effect as though ~ following this covenant in consecutive order. = 3 ~ , -3- 800K ~.+v~ FAGE ~~7V ~ F - i F s. . . ~..a. ~ ° . . , . ~ .