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HomeMy WebLinkAbout0054 . ~x:~~ apE,ly such mnta iuxues and profi4 received bY il on 1l~e ind~+bta~dnes~ uex•umcf hereby in surh order ua 11lortg:~gee deter min~w. The right to enter and lalce ~wssesxiun ot the Morlgiiged Property, to munuge nnd opemte the s~me,~and to ~•ollect the renta. iasues and psotits thereot. wheiher by a receivee os othetwise. shall be camulalive to any other right or remc~ly hereunder or xltorded by law. and tnay Le exen•i~ad concurren/ly therewith or independenUy thareot. Mo~tgagee shull be linble to account o~ly tor such rents, ieaues and protib aMually received by Mortgugee. . ~ 14. 1t the indet?tednees secured herc+by is now or hereatter further secured by clwtlel morlgages, aerurity interests. financiry~ stntements. pledges, contracts ot Ruaranty. :~auiRnments ot leaees, or other ~ecuritiea, or i[ the Mort`aged Pro- perty hereby eacumbend ~wwisw o~ murv ihaa ~~?e parcel ot sen) property. Mortgagee muy at ib option e:huuat any one or more ot aaid securities aod security t~ereunder, or such parcela ot ihe security hereunder, either concurre~tly or inde- pendently, and in auch"order as it may determine. lb. 'This Mottgege at~uU secure not only existinR indebted~e~s, but also such tulure advances, whether such Hdvancee are obligptory or to be mad~ at the option ot Mortgagee, or otherwise, as are made within twenty (20) yeais fcom the dnte hereot, to the same extent aa it such [uture advances were made on the dnte ot the e:eculion ot this Mortgage, but auch # aecvted indebtedneas sball not exceed ut any time the ma:imum principal amounl ot i ~ plus interes~ and any disbureements made for the payment o[ ts~Yes. leviea, or insurance, on the l~fortgaged Pmperty, with ~ intere,~t on such disb~rsemente_ Any such tuture advancea, whethe~ ol~ligatory or to be made at the option of the Mortg~?gee, 3 or otherv~ise, n~ay 6e made either prior to or atter the due date of the Nole or any other notea secured by ihis Mortgege. This Mortgage is givea tor the specific purpoee of aecuring any and all indebtedne~s by the Mortg: bor to Mortgagee (b~t in no event ahall the eecured indebtedneas e:ceed at any time the ma:imum principnl amount ee! torth in thie paragrnph) in whatever m~nner lhia indebtedness may be evidence~ or represented, u~til thia Mortgage is aatistied of record. All coven= anta and agrezments containcd in this Mortgage ahaU be applicable to aU further advances made by Mortgagee to Mortgagor under this future_ adva~ce clause.- ~ • 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwiee aftorded by law. ahall operate ~ sis a waiver thereot or preclude the e:etrise thee~eot durin6 the continuance o[,any defaulR l~ereunder. No waiver bv . ~ Mortgagee ot any default ahall conatitute a waiver of or consent to au6eeqaent defaults. No tailure ot Mortgagee to exerciee ~ any option hereia given_ to arcelernte iaaturity of the debt here6y aecured, no torbearance by Modgagee betore or a[ter the ; exerciee of such option and no witbdrawal or abandonment ot foreclosure proceedintT by Mortgagee ahall be taken or con- ' atrued as a waiver of ita right to e:ercise auch option or to accelerate the maturity ot the debt hereby secured b~ reaaon ot any past, present or tuture defauit on the part oi Mortgagor: and, in like manner, the procurement o( insarance or the ~~ay-' ; ment o[ taxea or other liens or churges by Mortgagee shpll no[ be taken or construed as a wai.^er ot ita right to accelernte the maturity ot the debf hereby secured_ 17. Without atfecting lhe liability of Mortgagor or any other person (e:cept any person e:pre~ly released in writing) tor payment ot any indebtedness secured hereby or for pedorawnce of any obligation conteined herein, and without aftect- _ ing the rights of I?iortgagee with respect to any security not expressly released in writing,. Morlgagee may. at any time and E fmm time to time. either hefore or after the maturilY ot eaid note, and without notice or consent: i, (a) Releuse uny person liable for payment of all or any part ot the indebtedne~ or for performance oF any obligntion. ~ (o) Make any agreement extending the time or olherwise altering the terms oi payment ot all or any part o[ the ~ indebtedness, or modit~ing or waiving any obiigation, or sutwrdinating, modifying or otherwiae dealinq with the lien or ~ ctu~rge hereot. ~ _ 1 (c) E:erciae or re(min Irom exercising or wai~r. any right Mortgagee may have. ~ . , (d) Aca~ept additional security ot any kind. ~ ;e) Releax or otherwi~e deal with any property, real or personal. aecuring the indebledness, includinK all o~ any ~xirt of the htortgaged Property. ' ~ 18. Any agreement hereatter made by 114ortgagor and Mortgagee pursuant to thia mortgage ahall be su~~erior to the ~ righla of t6e holder of any intervening lien or encumbrance. ~ 19. Mortgagor hereby waives ali right ot homestead e:emption, ii any, in the Mortgaged Properiy. ~ 20_ In the event of condemnation pro~~eedings of the Mortgaged Property, the award or compensation payabte there- ' under is hereby asaigned to and shall be paid to Mortgagee. Mortgagee ahall be under no obligation to question lhe amount • ~ of any such awand or compensation and may accept the saroe in the amount in w6icb the same ahall be paid. In any sach condemnsition proceedinga, Mortgagee may be reprPSented by counsel aelected by Mortgagee. The proceeds of any award ~ ~ or compensation eo reeeived shall, at the option of Mortgagee, either be applied to the prepayment ot the Note and at the ~ rate of interest pmvided therein, rPgardle~ o( the rate ot intereat payable on the award by the rnndemning authority, or at ~ ~ the option of Mortgagee. such award ahall be paid over to Mortgagor tor restoration ot the Mortgaged Property. I 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment tnade by Mortgagee with Mortgagor. 3 i agreea to mnke constntction loan advancee up to the principal amount oi the Note, then Mortgagor 6ereby covenants that it ~ wiU comply with all of the terme, pro~~iaions and covenanta of aaid construction loan ngr¢ement or loan commitment, will ~ diligently rnnatruct the improYements to be built pursuant to the terms thereof, all of the terma.thereof which are in- ~ corporated herein by rnference as though set forth tully herein and will permit no defaults to occur thereunder and it a de- fault shall occur thereunder, it ahall constitute a detault under this Mortgage and the Note_ ~ 22. At the option of Mortgagee, Mortqagor shall provide Mortgagee with periodic certified sudited statementa ot the ~ financial condition of I~iortgagor. - ~ 23. Mortgagor representa and warmnts that if a corporation, it is duly organized and validly e:isting, in good stand- ~ ing under the laws of the atate of ita incorpomtion, has stock outatanding which haa been duly and validly i~ued, and is quali[ied to do business and is in good standing in the State of Florida, with tull power and authority to cor~ummate the ~ loan contemplated hereby; and, it a partnership. it ia duly tormed and validly e:isting, and ie [ully qualitied to do business j in the State of Florida; wit6 full power and authority to consummate the loan contemplated hereby. ~ 24. In the event any one or more ot the provisiona contained in this Mortgage or in the Note ahall tor any reason ~ be held to be invalid, illegal or unenforceable in any respect, suc6 invalidity. illegality or unentorceablity ahall, at the ~ option of the Mortg:agee, not atfect any other provisions of thia Mortgage, but thia Mortgage a6a11 be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable puisuant ; lo lhe Note or this Mor~Gage ahall not in any one year exceed the hig6eat lawful rate of intereat in t}ie State ot Florida. 4 f, 25. The covenanta and agreements herein contained shaU bind' and the benetita and advantages shall inure to the f respective heirs, e:ecutors. administrators. successor3, and a~igns of the parties 6er~to. Wherever ueed, the aiagular ~ number shall include the plural, the plural the aingular, and the uae oi any gender aha11 be epplicable to all genders. All ; covenanta, agreementa and undertakinga shall be joint and several. In t6e event additional riumbered covenanta or para- ~ grapba are for convenience inserted in this Mortgage, such additional covenanta shall be read and given ettect as though ~ following thia covenant in consetutive order. ~ s o r . ~ S ~ J:SX $ . ~ a M -`~.~~-`~''.+~"g~."`:~X~-~ _"."'_"'A, v-~~__ .J.-.~ _ .