Loading...
HomeMy WebLinkAbout0037 •i . , , . u~,E~ly euch mnta, ix~uru und pro(ita teceived by it on the i~debtedneas secured hereby !n wch order as Mortgugee deter- mines. The right to ente~ and tuke ~~osseasion ot the Mortguged Property, to manage and operate the same, and to collect ~ the reots, iasuea nnd protib thereof, whether by a receiver or othetwise, ~1w11 be rumulative to any athar right or remedy ~ hereunder or uttorded by lew, and mey be exemieed rnncurrently therewith or independenlly thereot. Mortgagee shuli ~ be liable to ac~wupt only tor such renta, issuea and pmtils acluaU~~~~. 14. lt the i~debtedneas aecured hereby is now or herea[ter fuYi1l~~~y~1~e~~oH~+~, security intereats. tinancins slalements, pledgea, ro~iracts ot guara~ty, asaignmenl~t~l~ai~~d'r~Rlili~~dllMi~?~lif~#Mortgaged Pro- perty hereby encumbered consiats of more than one parcel of nwl~property, Morigegee may at its option exhaust any one or more ot said securities and ~ecurity hereunder, or such parcels of the security hereunder, either concurrently or inde- pendently, and in such order as it may determine. . ~ ~ ~ i , 4 e = ~ ~n i , n- i to z i 16. No delay by Mortgagee in e:ercising any right or remedy hereunder, or otherwise at(orded by law, shall. operate ~ :u a waiver thereo[ or preclude the e:eccise thereot during the rnntinuance of any default hereunder. , No waiver by ~ Mortgagee ot any default shall constitute a waiver ot or consent to subeequent defaulta No failure ot Mortgagee to e:ercise ~ any option herein given to accelerate meturity of the debt hereby aecured. no forbearance by Mortgagee beforn or atter the . t ezerciae ot such option and no withdrawal or abendonment of toreclosure proreeding by Mortgagee shall be taken or con- strued as a waiver of ita right to e:ercise auch option or to aecelerate the maturity of the debl hereby secueed by reason o( any past, present or future detault on the Ewrt ot Martgagor; and, in like manner, the procurement of insurance or the {x~y-~ ment of taxee or other liens or charges by Mortgagee ahpl! not be taken ur rnnatrued as a waiver ot ita right to ~crelerale ' ~ the maturity of the debt hereby secured. ~ 19. Without a(fecting the liability of Mortgagor or any other person (e:cept any person eYptessly released in writing) (or payment of any indebtedness aecured hereby or for pertormance of any ot,ligation contained hemin, and without aftect- i ing the rights of Mortgagee with respect to any security not e:presaly released in writing, Mortgagee may, at any time and from time to time, either betore or atter the maturity of said note, and without notice or conaent: (a) Release any person liable tor payment ot al) or any part ot the indebtedness or for performance of any obligation. (b) Make any agreement extending the time or otherwise altering the temss oi payment of all or any part ot the indebtednesa, or moditying or waiving any obligation, or aubordinating, modifying or othetwise deating with the lien or charge~ hereoL (c) Exeniae or refrain trom exercising or waive any right Morlgagee may have. • (d) Accept additional secunty of any kind. ~ (e) Release or otherwise deal with any property, real or pe~sonal, securing the indebtedness, includinq all or any part ot the Mortgaged Properly. ~ ~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be su~~erior to the i rights o[ the holder ot any intervening lien or encumbrance. f ~ 19_ Mortgagor hereby waives all right oi homeatead exemption, if any, in the Mortgaged Properly_ ~ ~ 20_ ln the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable there- ~ under is hereby assigned to and shall be psiid to Mortgagee. Mortgagee shall be under no obligation to question the amount ~ of any such award or compensation arid may accept the same in the amount in which the same aha11 be paid. In any such ~ condemnation proceedings, Mortgagee may he represented by counael selected by Mottgagee. The proceeds o( any award ! or compensation so received aha0, at the option of Mortgagee, either be applied to !he prepayment of the Note and at the ~ rate of intereat provided therein, regardless o( the rate ot interest payable on the award by the condemning authority; or at the option ot Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. ~ 21. It Mortgaqee. pursuant to a construction loan aqreement or loan commitment made by Mortgagee with l~iortgagor, ' ~grees to make conatruMion loan advances up to the principal amount of the Note, then Mortgagor hereby covenants tha4 it ~ will comply with all o( the tertns, provisions and covenants of said constraction loan agreemenPor loan commitment, will diligently construct t~te improvements to be built pursuant to the terms thereof, all ot the terms thereof which are in- ~ cor{wrated herein by reterence as though set torth fully herein and will permit no defaults to occur thereunder and if a de- fault shall occur thereunder, it shall constitute a defaull under this Mortgage and the Note. 22. At the option of Mortgagec, Mortgagor shall provide Mortgagee with periodic certi(ied audited statements ot the financial condition of Mortgagor. k~ 23_ Mortgagor represents and warrants that it a cor~wration, it ia duly organized and validly existing, in good stand- ~ ing under the laws of lhe state oi its incorporation, 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 and authority to consummate the loan contem lated hereb ~nd, it a p y: . partnership, it is duly formed and validly ezisting, and ia tully qualified to do business ~ in the State of Ftorida; with tull power and authority to consummate the loan contemplated hereby. ~ = 24. In the event any one or more ot the provisions contained in this Mortgage or in the Note shall tor any reason ~ F?e held to t?e in~•alid, iilegal or unentomeable in any respect, such invalidity, illegality or unenforceablity ahall, at the option oF the Morigagee, not atfect any other provisions of this Mortgage, but this Mortgage shall be construed as if such - invalid, illegul or unenforceable provision had never been contained herein or therein. The total inter+est payable purauant ~ to the Note or this Mortgage shall not in any one year exceed the hiQhest lawfal rnte ot interest in the State ot Florida. ~ R,~' 25. The covenanls and agreements herein contained shall bind and the benetits and advantages ahall inure to the rc~~~ective heirs, executors, adminiatrators, successors, and assigns of the parties hereto. Wherever used, the singular 4:: number shall include the plural, the plural the aingular, and the use o! any gender shall be applicable to all genders. All x';;: c•ovenante, agreements and undertakinga shal) t~e joint and severaL In the event additional numbered covenants or para- ~ w; graphs are for com•enience inserted in thia Mortqage, such additional co~~enanis shall be read and gi~•en effect as though ~ following this covenant in consecuti~•e order. ~ ~ ~ ~ -3- ~ a~oK 3u1 ~~~f 37 ~ ~ ~ ; ~5. 'Y. . . . _ ~ . ~ ' a~~~-GS aM",; ~ Y . ; ~~..w i ~ •~?~~„r' " . ~c+t2 ~e„~.F...~ S ~ y _ _sr ~~°"`n' ~t•"` _ _ .