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HomeMy WebLinkAbout0098 : ' ~ ap~~ly ruch renta, issu~w und pwtita received t~y it on the indebtedne~s ~ecund hereby ir sueb bnier as Mortgagee deter- minra. The right to enter and tuks Ewa~exsion o( the Mortga~ed Property. to munage and operate the same, und to collect the renta, i~sue~ and protib tlwroot. whethor by a receiver or otl~erwiae. ahall be cumulalive to any att~er risht or remedy hereunder or etto~ded by law, and awy be e:etcised conrurre~qy ther~witb or independentlr thereo(. Mortgasee '~hall bo liable to accou~t only tor such n~ts, issues and prolib aMually received by Mort~ejee. 14. It the indebtedn~ secured hereby i~ now or l~eresfter tuK6er ~ecu~ed by chattel moKguges, aecurily interesls, tinancins ~tateme~ta, pledges. contracti ot guaranty. aasignments of leasea. or other securitiea, or it the Morigaaed Pro- perty hereby encumbered consi~ta ot more than oae pan~el of ~eel pmpeKy. Mort`a~es mqy at ita option eshawt any one ' or more of said ~ecuritie~ and iecurity hereunde~. or s~~h parcela ot the ~scurity hereunder. either concurrently or inde- pet~dently. ead in suc6 onkr a~ it may determine. ~ . 16. Tfiis Mortgase shall ~ecure not only exiatina indebtedne~s. but abo ach tuturc advances. w6ether such ad~ances ars obliaatory or to be mads at tlie option ot Mortgagee. oe Mherwi~e. a. e,~ r,~as wi~hi,? tr?~enty (20) y~r. tro~ ehe aec~ hereof. to the ~enns extent es if such tuture advanoe~ were made on the date ot the e:ecution ot thia Mortgage. but such secured indebledness shall not e:ceed at any time the masimum principal surount ot i plw interest. and any disbureemeob made tor tha peyment ot ta:es. leviea, or insurance, on ths Mortgaged Property. with ~ interesi on such disbuesementa. Any auch tuture advances. whetber obligatory or to be made at the option of the Mortgagee. or otherwire, may be made either prior to or atter the due dete ot tbe Note er any other nota ~ecured by this MortaaBe. T6is Mortgaae is siven for the specitlc pur~~ ot iecuring any and a!l indebtedne~s by lhe Mos!a°'-~o~~r ~4 14fort~aaee (but . in no event ahall tl~e ~ecured indebtedne~s e:ceed at any tlme the maximum principal amount ~et torlh in this peragraph) in whatever manner this itidebtedt~en may be evidenced or represented, until this Mortgage is aatistied ot record. Ap coven- ants and ssreemenb contained iu this Mortgage ~aU be appliceble to aU turther advancea made by Mortseaee to Morlgagor under Wu tuture advance clawe. ~ 16. No delay by Mortga~ee in e:ercisins at~y risht or ~+emedy 6ernunder. or otbetwi~e attorded by law. aball operate ua a waiver. thereo[ or preclude the ~ee~cise thereof durins the continuence ot any default bsreunder. . No waiver by Mortgagee of any delault sball constitute a waiver ot or consent to sub~equent detaults. No failurs ot Mortgasee to e:ercise any option herein siven to accelerate maturity ot t6e debt hereby secured, no torbearance by Mortgugee betore or after the exerrise oi such option and no witbdtawal or abandonment ot lonclosure proceedins by Mortaasee ~hall be talcen or con- strued as a waiver of ib risht to ~e:orcise such option or to aocelerate tbe maturity of tha deM 6ereby secured by reason ot any past, present or ~uture default on the pert ot Morigagor: and, in like manner, the procurement of insurance or the pay- ment of faxea or other liene or chnrges by Mottgagee shall not t~e taken or constnted ns a waiver of ib right to accelemte the maturity ot the debt 6ereby secured. 17. Without af[ecting ihe liability of Mortgagor or any other person (except any person e:pressiy released in writing) tor payment of any indebtednee~ secured hereby or tor perfom4ance ot any obligation contained herein, and without altect- in~ the rigbts ot Mortgagee with rea~ect to any security not e:preasty released in writins. Morigagee may, at any time and from time to time. either be(ore or atter the maturity ot said note, and without notice or consent: (a) Relesse any person liable tor payment of all or any part of the indebtedne~s or for perfarmance ot any obligation. ' (b) Make any agreement e:tending the time or ot6erwise altering the terms of payment of all or any part of the indebtednese, or modityins or waiving any obligation, or subordinating, moditying or otherwise dealing with the lien or charge hereof. (c) Exercise or tefrain trom e:eniaing or waive any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherwiae deal with any property. reai or penonal. securin~ t6e indebtednees, including all or any part o( the Mortgaged Propedy. . 18. Aay agreement heteafter made by Morigagor and Mortgagee pursu~nt to this mortgage shall be superior to the righta ot the holder of any intervening lien or encumbrance. ~ 19. Mortgagor heteby waives all right ot homeetead exemption, it any, in the Mortgaged Property. 20. In tbe event oi condemnation proceedings of the Mortgaged Property~ We award or compensetion peyable there- under is hereby aasigned to and shell be paid to Mortgagee. Mortgegee ahall be under no obligetion to queation tbe amount ~ of any such award or oompensatioa and may aceept tbe aame in the amount ia which the eame ehall be paid. In any such condemnation pr~a~eedings~ Mortgagee mag be repreeented by counsel selected by Mortgagee. The pmceeds o[ any award E or compensation so received ahall, at t'6e option ot Mortgugee, either be applied to tbe prepayment ot tbe Note and at the ! rate of interest provided therein, regardle~ of tbe rate o( interest payable on the award by the condemning authority, or at - ~ the option of Mortgagee, such award ehall be paid over to Mortgagor for reatoration ot the Mortgaged Property. ; 21. It Mortgagee, pursuent to a construction loan agreement or loan commitment made by Mortgagee with -Mortgagor, ~ agreea to meke rnnsttuMion loan advances up to the principal amount ot tha Note, then Mortgagor hereby covenanta that it ~ wiil comply with all ot tbe ternis, provisions and covenants ot aaid construction laan agreement or loan rnmmitment, vrill ~ diligently construct the impwvements to be built pursuant to the ternu thereof, all of t6e terms thereof which are im corporated hernin by reterence aa though eet torth fully herein and will permit no defaulb to occnr thereunder and if e de- . ~ fault s6a11 occur t6ereunder, it ~hall conatitute a default under this Mortgage and the Note. ~ 22. At the option of Mortgagee, Mortgagor ahall pmvide Mortgagee with periadic certitied audited statemenb ot the g (inancial cor~dition o( Mortgagor. ~ 23. Mortgagor repreaenta and warrants that it a corporation. it is duly organized and validly e:iating, in good stand- ~ ing under the lewa of the state of ita incorporation, has stock outatanding which 6as been duly and validly issued, and ia ~ qualified to do buaineas and ia in good standing in the State ot Plorida, witb full power and authority to consummate the foan contemplated hereby; and, if a partnership, it ia duly (ormed and validly eziating~ and is fully qualified to do husineas ^ in the 3tate of Florida; with tull power and authority to consummate the loan contemplated hereby. ?A. In the event any one or more ot the provisions contained in this Mortgage or in tbe Note shall for any reason ~ be held to be invalid, illega) or upenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ; option of the Mortgagee, not atftrt any other proviaions ot this Mortgage, but this Mortgage shall be consttued as it such ~ invalid, illegal_or unentorceable proviaion had never been contained herein or therein. The total intereat peyable pursuant " to the Note or this Mortgase ~hall not in any one yenr exceed the higheat lawful rate of interest in tbe 3tate ot Florida. ~ 25. The covena~ts and agreemenb herein contained ehall bind and the beaefita and adva~tages shall inure to the ~ reapective heirs, e:ecutors, adminiattators, aucceseors, and aesigns ot the perties hereto. Wherever used. the singular ~ number ahall include the plural, tbe plural t6e singular, and the ux ot any gender ahal) be applicable to all genders. All - covenanb, agreemenb and undertakings shall be joint and several. In the event additional numbered covenanb or para- graphs are tor convenience inserted in this Mortgage, auch additional covenants shall be r~ad and given et[ect as though ~ (ollowing this covenant in consecutive order. ~ ~ BO~K ~99 PAGE ~ _ ~ ~ ~ ~ ~ - • r, _ . _ _ _ ~ ~ ~ - I ~ ~ - . .