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HomeMy WebLinkAbout0858 u~~ply such rents, isxw~ und pm(its received by it on the indebtedness aecyred ~herehy in such onler a?s Mortg:?gee deter- minrs. The right to enter nnd la?ke ~~osa~.~ion ot the MortKuged Yro{~erty, to au~nago and operute tho s:+me, and to collc~•t the cents, iesues and pn~Iita thereoi, whether by a r~eceiver or othecwise, ahall be cumulutive to ~ny other right or rem~dy hereu~der or nttorded !,y luw. and may be e:eniaed concurrendy therewith or inde~xndvotly therrof. Mortgngee shnll !~e liuule to account only tor such rents, iasuea And protita uctunlly received by MonKuRee. , 14. If the ind.^btednese ~•und hereby iu now or hernutter furthrr secured by chnttel mortgages, eecurity intereats, iin~nc•ing atuteme~ts, pledges, contracta of ![uarunty. usaignments ot leasea, or other securities, or if the Mortgaged Pro- peHy hereby eocumbered conaiata ot mote ttwn one pamel o( trul properiy, Morigagee may at its option exhaust any one or more ot s~id securitiea and arcutity hereunder, ur auch ~x+rcels of the seeurity hereunder, either concurrently or inde- ~endently, and in auch order ns it may determine. 15. This Mortgage shall secure not only existing indebtedness. but alao such tuture udvnnces, whether such nd~~ainces are obligatory or to t~e mxde at the option ot Mortgugee, or othervvise, as are made within twenty (20) yeats trom lhe dnte hereo(, to the same extent na if such (uture nd~•ancea were made on the d,.te of the e:ecution of thia Mortgage, but such secured indebtedness shnll not exceed at any time the maYimum principul amount ot S~~ nnn nn plus interest, und any diabursementa made for lhe payment ot taxea, leviea, or insurance, on the Morigaged Propet/y, with interest on such diabuisemenls. Any such tuture advunces, whether obligAtory or to be mude at the oplion of the Mortga~gee, or otherwise, may be mi+de either prior to or after the due dute of the Note or any other notes secured hy this 1~lortguge. This 11lorigage is given for 1he specitic purpose of aecvring uny and all indebtednesa hy the Mortgagor to Mortga~gee (but in no event shsill the secured indebtedness e:ceed at any lime the mnximum principal amount s:~t forth in this ~rngrnph) in ~hateeer manner this indebtedness mny be evidenced or represented, until this Mdrtgage is s~tis(ied of tecord. Alt co~~en- atnts and agreements contAined in this MortguKe slwll be nppii~ml?le to all further advances made by MortgUgee to Mortgagor under this tuture advance clauBe. " 16_ No delay by 114ortgagee in exercising aay right or remedy hereunder, or othemiae afforded by law, shall operate :~s a waiver thereof or preclude the exenise thereot during the continuance ot xny detault hereunder. No waiver by liortgagee ot any de(nult sh~dl constitute a waiver ot or cpnsent lo sut~sequent dei~ults. No tailure o( Mortgagee to e:ercise any oplion herein gi~•en to accelerute mnturity of the debt hereby secured, no (orbearance by Morigagee befo~+e or atter the exercise o[ such option and no withdrawal or ahandonment of foreclosure pcni~eeding by 1ltortgagee shaU be tt~ken or con- strued as a wt~iver oi its riKht to e:etrise such option or to accelemte the nuiturity o( the debt hereby secured by reason ot ~ny }~st, present or (uture default on the ~mrt ot Mortgagor: and, in like m~nner, the procurement of insurance or the p:+y- ment o( taxes or other liens or ch~rges by Aiortg.igee shall not lie luken or construed as a waiver of its riRM to a~•~r1er.Ue the maturity of the debt hereby secured. - 17. Without atfectinq the lia!?itity ot Mortgagor or any other person (exce~~t any person e:pressly released in v~riting) for ~~ayment of :iny indebtedness secured hereby or for pertormnnce of any obligation contained herein, and without affect- ing the rights oi htorigagee with respect to any security not e:preasly released in writing, I14ortgagee may, at any time Tnd from time to time, either be(ore or atter the maturity of said note, and without notice or consent: (a) Release any person liable fur payment of al) or any part ot the indebtedness or for pertorman~~e ot any obligation. (b) lriake any agreement extending the time or otherwise allering the terms o[ payment ot all or any paH of the ~ indebtedness, or modifying or waiving any obliRation, or su6ordinating, modifying or otherwise dealing with the lien or charge hereo[. ~ ' (c) E:ercise or re[rain from exercising or waive any right rlortgagee may haee. ~ (d) Accept additional security ot any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any ~k~rt of the 114ortgaged Property_ 18. Any agreement herea(ter made by 111ortgagor and Mortgagee pursuant to this mortgage shall be su{~erior to the rights ot the holder of any intervening lien or encumbrance. I~i 19. MoHgagor hereby waives all right ot homestead eaemption, i( any, in the A1ortRaged Property. ~ 20. In the event o( condemnation procc~edinga ot t6e Mortgaged Properly, the award or compensation payable there- ! under is hereby assigned to and stu~ll be paid to Morigagee. Modgngee shall be under no obligation to queation the aaiount E 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, Mortgagee may be represented try counsel selected by Morfgagee_ The proceeds of any award or compensation so tecei~~ed shall, at the option of Morigagee, either be applied to the prepayment of the Note and at the r~te ot interest provided thereiri, regardless ot the rate ot interest payable on the award by the condemning aufhority, or pt the option of Mortgagee, such award shall be ~~aid over to Mortgagor tor restoration of the Mortgaged Propetty_ 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan ad~•ances up to the principal amount of the Note, then Mortgagor hereby covenants that it w~ill comply w7th all of the terms, provisions and covenants of said construction loan agmement or loan commitment, will diligently construct the impro~~ements to be built nutsuant to the terms thereof, all of the terms thereof which are in- . corporated herein by reterence as though set forth fully herein and wiU permit no de(aulta to occur thereunder and it a de- tault shali occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At ihe option ot Mortgagee, 1liortgagor stwll provide ;~lortgagee with periodic cerlified au~ited statements o( the financial condition ot Morigagor. 23_ Mortgagor represents and warrants that it a corporation, it is duly organized and validly existing, in good stand- ing under the law•s of the state of its ineor~wration, has stock outstanding which has been duly and validly issued, and is qualified to do business and is in good standing in the State of Florida, with full power nnd authority to consummate the loan contemplated hereby: and, i( a partnership, it is duly tormed and validly existing, and is fully qualitied to do business in the State ot Florida: with full power and authority to consummate the loan contemplated hereby. 24: In the event any one or more of the provisiona contained in this Mottgage or in the Note ahall for any reason ~ be held to tre invalid, illegal or unen[orceable in any respect, such invalidity, illegality or unenforceablity shaU, at the ~ o~~tion of the Mortgagee, not atfect any other provisions o( this Mortgage, but this Mortgage shall be construed as if such ~ incalid, illegal or unenforceable provision had never i?een contained herein or therein. The total interest payable pursuant ~ to the Note or this MortgaKe shall not in any one year exceed the highest law(ul rate of interest in the State ot Florida. ~ 25. The covenants and agreements herein contained shall bind and the benetita and advantagea shall inure to the ~ resE~ective heirs, e:ecutors, admeni.gtrators, successors, and assigns of the parties hereto. Wherever ueed, the singular ~ number shall include the plural, the plural the singular, and the ase o( any gender shall be applicable to all genders. All coverwnts, agreements and undertakinga shall he joint and aeveral. In the event additional numbered covenants or para- ~ graphs are tor convenience inaerted in thia Mortgage, auch additional cot•enants shall be read and given effect ae though ; ~ tollow~ing this covenant in consecutive order. _ -3- EOGK 296 856 ~ _ _ ~ ,f _ - - ~ ~ ~ ~ ` .~s._~.,~~~'~ . < ~ .