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HomeMy WebLinkAbout0654 i ~ • t _ . . ~ ~,.i ''r :~~~~?ly yuch renls, is~u~~ und pro(ita received by it on the indebtedness ~•un~c1 hereby in such orde~ :is Mortgagee detrr- mines. The right to enter und take ~w.~~ion o( the 111ortgaged Yroperty, to munage t~nd u{x:ra~te the 'ji1111P, und to ~•olle~•t the rents, isauea and pmfits thereof, whether by u recei~er or othervise, s1w11 be cumutative to any other right or mmedy hereunder ar atforded by law, a~d may be eYen•ised cv~ni•urrently thErewith or inde~~endenUy themuf. MortgaRee shull tie li~ble to a~rouai only (or auch rents, isaues and protiia a.•tuully received b~r Mortgugre. 14. If the indebtedness r~ecured herehy is now or hereutter turther secured by chattel mortg~ges, security j~ten~ts, fini~ncir?g atAtements, pledges, ~~onlracta ot guAr.~nty, usxiRnmenta o( leases, or other sec'urities, or if the Mortgnged Pro- ~~erty hereby encumbered conaista ot more ttu?n one ~x~n~el o( reul property, Morigagee r~wy at ils optiun exhauat uny ane or more ot auid sfcuritiea and aecuiity hereunder, or such purcels of the security hemunder, either c-on~vrrently or inde- pendenUy, u~d io auch order aa it may determine. . 15. This Mortgnge ahxll aecure not only existing indebtedness, but also such luturn adv~nces, whether surh a~d~~un~~es ate obligutory or to be made at ihe option o( ~IortgAgee, or otherwise, as are made within twenty (20) years fmra the date hereof. to the same e:tent ne it such tutum nd~~nnces were mnde on the date of the e:ecution o( this Mortgage, but sui•h aecured indebtedneas shall not e:ceed at any time the muximum principal umount o[ Z plus intecest, and any disbursements mad~ tor lhe paymenl of taxes, levies, or insurance, on lhe 111oHgaged Proi~erly, with intereat on such disbutsemenis_ Any such future ~dvancea, whether obligatory or to be raude ut the option of ihe Alortg~gee. or otherwise, may be tnade either prior to or aite~ lhe due date ot the Note or any other notes secured by this Mortguge. 'I'his Mortgnge is given for the specitic pur~>ose o[ securing nny nnd al) i~debtedness by the MortRagor to Mort~agee (but in no event shall the secured indebtedness e:ct,•ed at any time ihe maximum principal amount set torth in thia paragraph) in whatever mnnner thia indebteciness may he e~~idenced or rnpresented, until this Mortgage is satiaiied o( record. All co~•en- anta ~nd agt~eementa contained in this Alortgage ah:dl he t~pplici+ble to uU further advunces made hy Morigagee to I1lortg~~gor under this future advance clause. . 16. No delay by Mortgagee in esercising nny right or remedy hereunder, or otherwise a(forded by Inw, s1wU operate as a wai~~er thereof or preclude the exemise thereof during the continuance ot ainy default hemunder. No waiver !?y Mortgugee of any default shall constitute a wai~•er ot or coneent to sui~sequent defaults. No tailure of Mortgagee to exercise nny option tierein given to accelerc~te maturity o( lhe debt hereby secured, no (orbearance by Mortg~gee betore or alter the exercise ot such option and no withdrawal or ait?andonment of (oreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver ot ita right to exemiae such option or to acceler•?te the maturity oi the debt hereby secured by mason of any ~~ast, present or future det~ult on the ~mrt of MortgaQor, and, in like mnnner, the prorurement of insuranre or the ~k~y- ment of ta:es or other liens or cht~rges by Mortgagee shal) not I~e taken or ronstrued as a wai~~er of its right to n~•~~rlerale the Trwturity of the debt hereby st~c•ured. 17. Without a(tecting !he liability of Mortgagor or any other ~~erson (exrep! aqy.pe~eop ~DcpresSly releasctii in v?~ritinR) for payment ot any indebtedness secured hereby or tor per(om~ance o( any obligation contained herein, and without ~tfect- ing the righta of Mortgagee with respect to any serurity not expressly released in writing, Morl~agee thay„at Any;~~r and from time to time, either betore or nfter the maturity ot said note, and without notic-e or consent! ' ~ (a) Release any person liable tor payment o( all or any E~art of the indebtedness or for ~~ertormance oi any obiigation_ (b) Make any agreement cztending the time or othervvise altering the terms o( ~~yment of s0 or any part ot thr indebtedness, or moditying or wai~~ing any obligation, or suhordinating, modifying or othenvise dealing witb the lien or charge hereof_ (c) Exercise or re(r.~in (rom exercising or w•ai~~e any right 111~rt~:igee m:~y harr. (d) Accept additional security ot any kind. (e) - Release or otherwise deal with any property, rn.~l or ~~ersonal, securing the indebtedness, includinR all or any ~~:~rt ot ihe ~tortgaged Property. 18. Any agreement hereafter ~ru~de !?y Mortgagor an~ 141ort~agee pursu:anl lo this mortgage shall l~e su~?erior to !he rights oi the holder ot any inten~ening lien or encumbmnce. ; 19. Mortgagor hereby wai~•es all right ot homestead exemption, if any, in the :1lortgagecl Property. ~ 20. In the e~~ent ot condemnatian proceedings ot the Mortg~ged Property, the award or compens:~tion ~~ayable there- E under is hereby assigned to and shall t?e paid to Mortgagee, biortgagee shall be under no obligation to question the amount ~ of any such award or compensation and may accept the s:~me in the amount in which the same sh:?U be paid. in any such i condemnation proceedings, Mortgagee may be represented try• counsel selected by Mortgagee. The proceeds of any award ~ or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the ~ rate of intcrest pro~~ided therein, regardless of the rate of interest payable on the aw~ard by lhe condemning authority, or at ~ the option of Mortgagee, such n~vard shal) he ~~aid o~~er to I?lortgagor (or mstoration o( the Mortgaged Property_ ~ 21. If Mortgagee, pursuant to a construction loan agreement or loan ~~ommitment made by l~tortgagee with 111ortgagor. ~ agrees to make construction loan adv:~nces u~~ to the princi~:~l amount of the Note, then Alortgagor hereby covenants that it ~ will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently constn~M the improvements to be built pursuant to thc terms thereof, all of the terms thereof which are in- ~ ~rorponted herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de- ~ fault shall occur thereunder, it shall constitute a defaull under this Mortgage and the Note. 22. At the option of 1~4ortgagee, hiortgagor shall provide Mortgagee with periodic certified auditecf statements ot the ~ tinancial condition of Mortgagor. ~ 23. Mortgagor represents and warrants that if a cor~wration, it is duly organized and validly e:istinR, in good stand- ~ ~ ing under the laws ot the state of its incorporation, has stock outstanding which has been duly and validly issued, and is s< ~ qoalified to do Misiness and is in good standing [n the State of Florida, with full power and authority to consummate the ~ loan contemplated hereby: and, it a partnership, it is duly formed and validly e:isting, and is tully quali(ied to do business in the State of Florida: with full power and authority to rnnsummate the loan contemplated hereby. 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unen(orceablity shall, at the } option of the Mortgagee, not a((ect any other provisions of thia Mortgage, but this Mortgage shall be construed as it such ~ ' invalid, illegal or unen(orceable provision h1d never been contained herein or ihemin. The tota! interest payable pursuant ~ to the Note or thia DiortgaRe shall not in any one ye:~r exceed the highest lawful rate of interest in the State of Florida_ ~ rr 25. The covenanta and agreements hernin containecl shall bind and the benetits and ad~antages shall inure to the respective hei~s, executors, administrators, successors, and assiRns of the parties hereto. Wherever used, the singular number shall include the plurHl, the plural fhe singular, and the use of any Render shall be applicable to all genders_ All covenanta, agreementa and undertakinga shall be joint and several_ In the event additional numbered covenanta or para- grapha are tor convenience inserted in this 1~SortQage, such additional co~•enants shall be read and gi~•en ettect as though ~ foUowing this covenant in eonsecutice order. ~ ~ g~°~ ~~z P:~~L 654 ~ ~~ti ~ . ~ - - - . - - - ~ ~ __i ~ fi~ _ ~ ~ ~*~'k~~z"F ' cC '~'X `F ~ t~_ ~3 ~.y a. ~1~~ ^4' y-~~ ~ ~~f . _ <w4f'.~ P~'+i-~~ .